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7	7	* Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world.
8	8	* Cameco's uranium assets are located on three continents – North America, Asia and Australia
9	9	* Cameco has the licensed capacity to produce more than 30 million pounds of uranium concentrates annually
10		-* The company is one of Canada’s largest employers of Indigenous people, and our land holdings, including exploration, span about 2.1 million acres
	10	+* The company is one of Canada’s largest employers of Indigenous people, and land holdings, including exploration, span about 2.1 million acres
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13	13	[[image:CCJ0.png||height="518" width="721"]]
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18	18	Cameco (NYSE:CCJ, TSX:CCO) is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Utilities around the world rely on its nuclear fuel products to generate safe, reliable, emissions-free nuclear power. Together, Cameco is meeting the ever-increasing demand for clean, baseload electricity while delivering energy solutions to support the world's net-zero goals. {{footnote}}https://www.cameco.com{{/footnote}}
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21		-Cameco has interests in tier-one mining and milling operations that have the licensed capacity to produce more than 30 million pounds (our share) of uranium concentrates annually, backed by more than 464 million pounds (our share) of proven and probable mineral reserves. Cameco is also a leading supplier of uranium refining, conversion and fuel manufacturing services.
	20	+Cameco has interests in tier-one mining and milling operations that have the licensed capacity to produce more than 30 million pounds of uranium concentrates annually, backed by more than 464 million pounds of proven and probable mineral reserves. Cameco is also a leading supplier of uranium refining, conversion and fuel manufacturing services.
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24	24	Cameco is proud to be one of Canada’s largest employers of Indigenous people, and its land holdings, including exploration, span about 2.1 million acres, the majority near its existing operations in northern Saskatchewan.
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60	60	|2018|JV Inkai Restructuring Takes Effect January 1, 2018
61	61	|2021|Cameco Sells Shares of UEX Corporation
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64	64	[[image:CCJ2.jpg]]
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80	80	Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world.
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82		-Cameco has interests in tier-one mining and milling operations that have the licensed capacity to produce more than 30 million pounds (our share) of uranium concentrates annually, backed by more than 464 million pounds (our share) of proven and probable mineral reserves. The company's operations and projects are diversified by geography and deposit type, backed up by extensive mineral reserves and resources. All of Cameco's operations demonstrate the company's high standards for safety, health and environmental performance.
	80	+Cameco has interests in tier-one mining and milling operations that have the licensed capacity to produce more than 30 million pounds of uranium concentrates annually, backed by more than 464 million pounds of proven and probable mineral reserves. The company's operations and projects are diversified by geography and deposit type, backed up by extensive mineral reserves and resources. All of Cameco's operations demonstrate the company's high standards for safety, health and environmental performance.
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85	85	**Canada**
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90	90	* McArthur River/Key Lake
91	91	* Rabbit Lake
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94	94	**Kazakhstan**
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96	96	Cameco owns a 40% share in Joint Venture Inkai's in situ recovery uranium mine in south central Kazakhstan. The remaining 60% belongs to Kazatomprom, majority-owned by the government of Kazakhstan.
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98	98	* Inkai
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101	101	**United States**
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103	103	The Smith Ranch-Highland and Crow Butte operations use in situ recovery methods.
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105	105	* Crow Butte
106	106	* Smith Ranch-Highland
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109	109	=== Uranium Projects ===
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111	111	Cameco's uranium projects are properties that may be developed into uranium-producing operations at some point in the future. The most significant are Yeelirrie and Kintyre in Australia, and the Millennium deposit in the Athabasca Basin of Saskatchewan. Work on all of its projects has been scaled back and will continue at a pace aligned with market signals.
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216	216	“The company believe Cameco has the right strategy to achieve its vision of ‘energizing a clean-air world’ and the company will do so in a manner that reflects its values. Embedded in all its decisions is a commitment to addressing the environmental, social and governance risks and opportunities that the company believe will make its business sustainable over the long term.”
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219		-* Net earnings of $40 million; adjusted net earnings of $17 million: first quarter results are driven by normal quarterly variations in contract deliveries and the continued execution of its strategy in a market that the company believe is in the early stages of transition. Adjusted net earnings is a non-IFRS measure, see page 4.
220		-* Strong performance in the uranium and fuel services segments: First quarter results reflect the impact of increased average realized prices in both the uranium and fuel services segments. In its uranium segment the company produced 1.9 million pounds (our share) during the quarter and sold 5.9 million pounds at an average realized price 34% higher than the same period last year. In its fuel services segment average realized prices were 8% higher than in the first quarter of 2021.
	214	+* Net earnings of $40 million; adjusted net earnings of $17 million: first quarter results are driven by normal quarterly variations in contract deliveries and the continued execution of its strategy in a market that the company believe is in the early stages of transition. Adjusted net earnings is a non-IFRS measure,
	215	+* Strong performance in the uranium and fuel services segments: First quarter results reflect the impact of increased average realized prices in both the uranium and fuel services segments. In its uranium segment the company produced 1.9 million pounds during the quarter and sold 5.9 million pounds at an average realized price 34% higher than the same period last year. In its fuel services segment average realized prices were 8% higher than in the first quarter of 2021.
221	221	* Significant pipeline of contract discussions in strengthened price environment: As the company announced in February, in its uranium segment, since the beginning of 2022, the company had been successful in adding 40 million pounds to its portfolio of long-term uranium contracts. While Cameco has not concluded any additional contracts in 2022, the company continue to have a significant pipeline of contract discussions underway. Origin risk is driving interest in securing uranium supply as well as conversion services. Cameco is being strategically patient in its discussions to capture as much value as possible in its contract portfolio. In addition to the off-market contracting interest, there has been a re-emergence of on-market requests for proposals from utilities looking to secure their future requirements and reduce origin risk.
222	222	* Operational readiness for McArthur River/Key Lake is on-track: During the first quarter, at the McArthur River mine and Key Lake mill the company focused on recruitment and training activities. There are now approximately 600 employees and long-term contractors employed at the mine and mill. When the company resume operations later this year, the company expect to have approximately 850 employees and long-term contractors. In addition, the company advanced the work necessary to complete critical projects and the maintenance readiness checks at both the mine and mill. The company expensed the operational readiness costs directly to cost of sales, which totaled approximately $40 million during the quarter. The company continue to expect the company could produce up to 5 million pounds (100% basis) this year depending on its success in completing operational readiness activities and managing the potential risks of the COVID-19 pandemic and related supply chain challenges.
223	223	* JV Inkai shipments: The geopolitical situation arising as a result of the Russian invasion of Ukraine is creating transportation risk in the region. Sanctions on Russia and restrictions on and cancellations of some cargo insurance coverage create uncertainty about the ability to ship uranium products from Central Asia, potentially complicating the logistics for deliveries from those areas, including JV Inkai’s final product. Cameco is working with Inkai and its joint venture partner, Kazatomprom, to secure an alternate shipping route that doesn’t rely on Russian rail lines or ports. In the meantime, Cameco has decided to delay a near-term delivery for its share of production from JV Inkai. In the event that it takes longer than anticipated to secure an alternate shipping route, the company could experience further delays in its expected Inkai deliveries this year. To mitigate the risk, Cameco has inventory, long-term purchase agreements and loan arrangements in place that the company can draw on. See Uranium 2022 Q1 updates in its first quarter MD&A for more information.
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225	225	* Strong balance sheet: As of March 31, 2022, the company had $1.5 billion in cash and cash equivalents and short-term investments and $996 million in long-term debt. In addition, Cameco has a $1 billion undrawn credit facility.
226	226	* Received dividends from JV Inkai in April: On April 28, the company received dividend payments from JV Inkai totaling $83 million (US). JV Inkai distributes excess cash, net of working capital requirements, to the partners as dividends.
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229	229	= Recent developments =
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231	231	**Cameco Increases Ownership Stake in Cigar Lake Mine**{{footnote}}https://www.cameco.com/media/news/cameco-increases-ownership-stake-in-cigar-lake-mine{{/footnote}}