Cameco IPO Presentation Deck
Cameco's Mineral Reserves
As of December 31, 2021
PROVEN AND PROBABLE
(tonnes in thousands; pounds in millions)
Property
Cigar Lake
Key Lake
McArthur River
Inkai
Total
Mining
Method
UG
OP
UG
ISR
Tonnes
271.0
61.1
2,139.6
264,001.7
266,473.4
.
Proven
Grade
% U₂O8
15.90
0.52
6.97
0.04
(UG- Underground, OP- open pit, ISR - in situ recovery)
Note that the estimates in the above table:
Content
(LBS U₂O₂)
95.0
0.7
328.9
226.9
651.5
Tonnes
177.5
575.1
80,459.5
81,212.1
Probable
Grade
% U₂O
14.67
5.13
0.03
Note: As of December 31, 2021 (100% - only the shaded column shows Cameco's share)
Content
(LBS U₂O₂)
57.4
65.1
54.3
176.8
Cameco
Energizing a clean-air world
Total Mineral Reserves
Tonnes
448.5
61.1
2,714.7
344,461.2
347,685.5
Grade
% U₂O8
15.41
0.52
6.58
0.04
Content
(LBS U₂O₂)
152.4
0.7
393.9
281.2
828.2
use a constant dollar average uranium price of approximately $50 (US) per pound U₂O, except Inkai, where an average uranium price of approximately $35 (US) per pound U₂O, was used by JV Inkai
• are based on exchange rates of $1.00 US-$1.25 Cdn and $1.00 US-425 Kazakhstan Tenge
Cameco Share
Reserves
Content
(LBS U₂O₂)
76.2
0.6
275.0
112.5
464.3
Metallurgical
Recovery (%)
98.5
95
99
85
Cameco's estimate of mineral reserves and mineral resources may be positively or negatively affected by the occurrence of one or more of the material risks discussed under the heading Forward looking information on page 4,
as well as certain property-specific risks discussed in Cameco's most recent annual information form.
Please see mineral reserves and resources section of Cameco's most recent annual information form for the specific assumptions, parameters and methods used in the estimate of Cigar Lake, McArthur River, and Inkai
mineral reserves.
Metallurgical recovery
Cameco reports mineral reserves as the quantity of contained ore supporting Cameco's mining plans and provided an estimate of the metallurgical recovery for each uranium property. The estimate of the amount of valuable
product that can be physically recovered by the metallurgical extraction process is obtained by multiplying the quantity of contained metal (content) by the planned metallurgical recovery percentage. The content and share of
uranium in the table above are before accounting for estimated metallurgical recovery.
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