CAMECO CORP

B.

Associate

i.

JV Inkai

JV Inkai is the operator of the Inkai uranium deposit located in Kazakhstan. Cameco holds a

% interest and Kazatomprom

holds a

% interest in JV Inkai. Cameco does not have joint control over the joint venture and as a result, Cameco accounts

for JV Inkai on an equity basis.

JV Inkai is a uranium mining and milling operation that utilizes in-situ recovery (ISR) technology to extract uranium. The

participants in JV Inkai purchase uranium from Inkai and, in turn, derive revenue directly from the sale of such product to third-

party customers.

The following table summarizes the total comprehensive income of JV Inkai (

%):

$

891,786

$

934,759

(204,998)

(147,103)

(56,909)

(57,739)

5,482

3,010

(520)

(704)

Other expense

(52,355)

(13,453)

(116,555)

(143,974)

465,931

574,796