Energy

Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the third quarter ended September 30, 2020 in accordance with International Financial Reporting Standards (IFRS).

"As expected, our results continue to be impacted by the pro-active operational decisions taken earlier this year," said Tim Gitzel, Cameco's president and CEO. "We believe that the actions we have taken to slow the spread of the COVID-19 virus are prudent and reflect our values – placing priority on the health and safety of our employees, their families and their communities. However, our decisions do come with near-term costs.

"Consistent with our conservative financial management, we have positioned the company well to deal with uncertainty, whether that uncertainty arises as a result of Canada Revenue Agency's actions or the volatility that may arise due to the economic upheaval being felt globally. We have strengthened our balance sheet, and our committed sales portfolio provides us with certainty and predictability. Therefore, we remain resolved in our strategy to build long-term value and will continue to do what we said we would do.

"In an environment where we think trade policy, like the amendment to the Russian Suspension Agreement in the US, will create opportunities for commercial suppliers like Cameco and where utilities have growing uncovered requirements, we are excited about the fundamentals for our industry. We see demand for nuclear growing driven by an increasing focus on electrification and the recognition that to achieve this while still meeting clean-air and climate change goals, nuclear will be needed in the toolbox. And this is occurring precisely while there is growing uncertainty and risk around global uranium supply. We believe these fundamentals will lead to security of supply concerns and will allow us to layer in the long-term contracts necessary to support the restart of our McArthur River/Key Lake operations and solidify our role as a low-cost, safe, reliable, commercial supplier of the uranium fuel needed for carbon-free nuclear electricity generation.

"We are also excited about the growing focus on sustainability and the importance of environmental, social and governance matters not just to our investors, but also to our customers and other stakeholders. Sustainability is at the heart of what we do. Embedded in all our decisions is a commitment to addressing the environmental, social and governance risks and opportunities that we believe will make our business sustainable over the long term. In these uncertain times, perhaps more than ever, it will be critical that we continue to work together to build on the strong foundation we have already established."

  • Net loss of $ 61 million; adjusted net loss of $ 78 million: Results are driven by normal quarterly variations in contract deliveries and our continued execution on all strategic fronts. This quarter was also impacted by ongoing purchase activity and additional care and maintenance costs of $18 million resulting from the proactive decision to suspend production at the Cigar Lake mine in response to the COVID-19 pandemic. Adjusted net earnings is a non-IFRS measure, see below.
  • Cigar Lake restart : We safely restarted Cigar Lake in September. As planned, it took about two weeks to achieve initial production once the mine was restarted. Our share of production in the quarter was 0.2 million pounds. We continue to target our share of production for 2020 to be up to 5.3 million pounds in total. The continued operation of the Cigar Lake mine will be dependent on our ability to maintain safe and stable operating protocols along with a number of other factors, including how the COVID-19 pandemic is impacting the availability of the required workforce, northern Saskatchewan communities and the ability of the McClean Lake mill to continue to operate.
  • Str en g thened balance sheet: On October 21, 2020, we issued debentures in the amount $400 million, bearing interest of 2.95% per annum and maturing in 2027, and announced the redemption of our outstanding $400 million debenture bearing interest of 3.75% maturing in 2022, which is to be completed on or about November 20, 2020. As of September 30, 2020, we had $793 million in cash and short-term investments and $1.0 billion in long-term debt. In addition, we have a $1 billion undrawn credit facility. We expect our cash balances and operating cash flows to meet our capital requirements during 2020, therefore, we do not anticipate drawing on our credit facility this year.
  • Canada Revenue Agency (CRA) tax dispute: On October 30, 2020 we received notification that CRA has sought leave to appeal to the Supreme Court of Canada (Supreme Court) the June 26, 2020 decision of the Federal Court of Appeal, which found in our favour in our dispute of reassessments issued by CRA for the 2003, 2005 and 2006 tax years. The Supreme Court will decide whether to hear the appeal or decline CRA's request for leave. If the appeal proceeds, we estimate that it could take until the second half of 2022 before a decision is rendered by the Supreme Court. We remain confident in our position, which has thus far prevailed at every stage of the legal process. See our news release issued on October 30, 2020 at cameco.com for more details.
  • Annual dividend declared : For 2020, an annual dividend of $0.08 per common share has been declared, payable on December 15, 2020, to shareholders of record on November 30, 2020. The decision to declare an annual dividend by our board is based on our cash flow, financial position, strategy, and other relevant factors including appropriate alignment with the cyclical nature of our earnings.
Consolidated financial results
THREE MONTHS NINE MONTHS
CONSOLIDATED HIGHLIGHTS ENDED
SEPTEMBER 30
ENDED
SEPTEMBER 30
($ MILLIONS EXCEPT WHERE INDICATED) 2020 2019 CHANGE 2020 2019 CHANGE
Revenue 379 303 25% 1,250 988 27%
Gross profit (loss) (24) (2) >(100%) (2) 57 >(100%)
Net losses attributable to equity holders (61) (13) >(100%) (133) (54) >(100%)
$ per common share (basic) (0.15) (0.03) >(100%) (0.34) (0.14) >(100%)
$ per common share (diluted) (0.15) (0.03) >(100%) (0.34) (0.14) >(100%)
Adjusted net losses (non-IFRS, see below) (78) (2) >(100%) (114) (53) >(100%)
$ per common share (adjusted and diluted) (0.20) (0.01) >(100%) (0.29) (0.13) >(100%)
Cash provided by (used in) operations (after working capital changes)

(66)

232

>(100%)

(200)

253

>(100%)

The financial information presented for the three months and nine months ended September 30, 2019 and September 30, 2020 is unaudited.

NET EARNINGS
The following table shows what contributed to the change in net earnings and adjusted net earnings (non-IFRS measure, see below) in the third quarter and first nine months of 2020, compared to the same period in 2019.

CHANGES IN EARNINGS THREE MONTHS ENDED NINE MONTHS ENDED
($ MILLIONS) SEPTEMBER 30 SEPTEMBER 30
IFRS ADJUSTED IFRS ADJUSTED
Net losses – 2019 (13 ) (2 ) (54 ) (53 )
Change in gross profit by segment
(We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A))
Uranium Higher sales volume - - 5 5
Higher realized prices ($US) 25 25 16 16
Foreign exchange impact on realized prices 1 1 22 22
Higher costs (57) (57) (123) (123)
Change – uranium (31 ) (31 ) (80 ) (80 )
Fuel services Higher sales volume 3 3 7 7
Higher (lower) realized prices ($Cdn) (13) (13) 9 9
Lower costs 18 18 5 5
Change – fuel services 8 8 21 21
Higher administration expenditures (6) (6) (10) (10)
Lower exploration expenditures 1 1 3 3
Change in reclamation provisions (4) - 5 -
Higher (lower) earnings from equity-accounted investee 1 1 (8) (8)
Change in gains or losses on derivatives 36 (4) (24) 5
Change in foreign exchange gains or losses (19) (19) 27 27
Arbitration award in 2019 related to TEPCO contract (53) (53) (53) (53)
Change in income tax recovery or expense 15 23 25 19
Other 4 4 15 15
Net losses – 2020 (61 ) (78 ) (133 ) (114 )

Adjusted net earnings (non-IFRS measure)
Adjusted net earnings is a measure that does not have a standardized meaning or a consistent basis of calculation under IFRS (non-IFRS measure). We use this measure as a meaningful way to compare our financial performance from period to period. We believe that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate our performance. Adjusted net earnings is our net earnings attributable to equity holders, adjusted to reflect the underlying financial performance for the reporting period. The adjusted earnings measure reflects the matching of the net benefits of our hedging program with the inflows of foreign currencies in the applicable reporting period, and has also been adjusted for reclamation provisions for our Rabbit Lake and US operations, which had been impaired, and income taxes on adjustments.

Adjusted net earnings is non-standard supplemental information and should not be considered in isolation or as a substitute for financial information prepared according to accounting standards. Other companies may calculate this measure differently, so you may not be able to make a direct comparison to similar measures presented by other companies.

The following table reconciles adjusted net earnings with net earnings for the third quarter and first nine months of 2020 and compares it to the same periods in 2019.

THREE MONTHS NINE MONTHS
ENDED SEPTEMBER 30 ENDED SEPTEMBER 30
($ MILLIONS) 2020 2019 2020 2019
Net losses attributable to equity holders (61 ) (13) (133 ) (54)
Adjustments
Adjustments on derivatives (31 ) 9 (2 ) (31)
Reclamation provision adjustments 7 3 24 29
Income taxes on adjustments 7 (1) (3 ) 3
Adjusted net losses (78 ) (2) (114 ) (53)

Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as "other operating expense (income)". See note 7 of our interim financial statements for more information. This amount has been excluded from our adjusted net earnings measure.

Selected segmented highlights

THREE MONTHS NINE MONTHS
ENDED
SEPTEMBER 30
ENDED
SEPTEMBER 30
HIGHLIGHTS 2020 2019 CHANGE 2020 2019 CHANGE
Uranium Production volume (million lbs) 0.2 1.4 (86)% 2.3 6.3 (63)%
Sales volume (million lbs) 6.7 6.1 10% 22.0 17.5 26%
Average realized price ($US/lb) 33.77 30.94 9% 32.80 32.05 2%
($Cdn/lb) 44.85 40.91 10% 44.46 42.72 4%
Revenue ($ millions) 302 248 22% 976 748 30%
Gross profit (loss) ($ millions) (34 ) (3) >(100%) (63 ) 17 >(100%)
Fuel services Production volume (million kgU) 2.0 1.7 18% 8.4 9.3 (10)%
Sales volume (million kgU) 2.8 1.8 56% 9.2 8.0 15%
Average realized price ($Cdn/kgU) 26.95 31.56 (15)% 28.66 27.46 4%
Revenue ($ millions) 77 56 38% 263 219 20%
Gross profit ($ millions) 12 4 >100% 65 44 48%

Management's discussion and analysis and financial statements
The third quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and nine months ended September 30, 2020, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2019, first quarter, second quarter and annual MD&A, and our most recent annual information form, all of which are available on our website at cameco.com, on SEDAR at sedar.com, and on EDGAR at sec.gov/edgar.shtml.

Qualified persons
The technical and scientific information discussed in this document for our material property Cigar Lake was approved by the following individual who is a qualified person for the purposes of NI 43-101:

  • Lloyd Rowson, general manager, Cigar Lake, Cameco

Caution about forward-looking information
This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect.

Examples of forward-looking information in this news release include: our expectations that we are well positioned to deal with uncertainty whether it arises as a result of CRA's actions or the volatility that may arise from global economic upheaval, our committed sales portfolio provides us with certainty and predictability, regarding our ability to layer in long-term contracts to support the restart of our McArthur River/Key Lake operations and solidify our role as a low-cost uranium supplier, not drawing on our credit facility this year, and redemption of our $400 million 3.75% debentures maturing in 2022; our targeted share of Cigar Lake's 2020 production; our views on the uranium market, including trade policy, industry fundamentals, supply, demand and utilities' uncovered requirements; that we remain confident in our position in our CRA tax dispute; that it could take until the second half of 2022 before a decision is rendered by the Supreme Court; and the factors to be considered and the timing for determination of any future dividends.

Material risks that could lead to different results include: that we may be required to draw on our credit facility to manage disruptions to our business caused by the COVID-19 pandemic and to fund 2020 capital requirements; that we may be unable to successfully manage the uncertainty due to the volatility that may arise from global economic upheaval resulting from the COVID-19 pandemic and its related operational, safety, marketing or financial risks successfully, including the risk of significant disruption to our operations, workforce, required supplies or services, and ability to produce, transport and deliver uranium; that our Cigar Lake production plans do not succeed for any reason; the McClean Lake mill is unable to mill Cigar Lake ore; our views that the company is well positioned to deal with the uncertainty whether it arises as a result of CRA's actions or the volatility that may arise due to global economic upheaval, our committed sales portfolio provides us with certainty and predictability, on the uranium market, and redemption of our $400 million 3.75% debentures maturing in 2022, may prove to be inaccurate; unexpected changes in uranium supply, demand, contracting, and prices; a major accident at a nuclear power plant; changes in government regulations or policies; the risk of litigation or arbitration claims or appeals against us that have an adverse outcome; if leave is granted, we are unsuccessful in appeal of the Federal Court of Appeal's decision and this ultimately gives rise to material tax liabilities and payment obligations that would have a material adverse effect on us; the possibility that it will take longer to receive a decision if the Supreme Court agrees to hear an appeal; the risk our strategies may change, be unsuccessful or have unanticipated consequences; the risk our estimates and forecasts prove to be incorrect; and the risk that other factors may affect the determination of any future dividends.

In presenting this forward-looking information, we have made material assumptions which may prove incorrect, including assumptions regarding our ability to successfully manage the current uncertain environment resulting from the COVID-19 pandemic and its related operational, safety, marketing and financial risks successfully; assumptions about our ability to deal with the uncertainty whether it arises as a result of CRA's actions or the volatility that may arise from global economic upheaval, and to manage disruptions to our business caused by the COVID-19 pandemic including without drawing on our credit facility; assumptions about our committed sales portfolio; assumptions regarding our ability to maintain production at Cigar Lake and the McClean Lake mill's ability to mill Cigar Lake ore; assumptions about uranium supply, demand, contracting and prices; assumptions about redemption of our $400 million 3.75% debentures maturing in 2022; about the time it would take to receive a decision if the Supreme Court agrees to hear an appeal; market conditions and other factors upon which we have based our future plans and forecasts; the absence of any adverse government regulations, policies or decisions; and the successful outcome of any litigation or arbitration claims or appeals against us, including success in our tax dispute with CRA.

Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws.

Conference call
We invite you to join our third quarter conference call on Wednesday, November 4, 2020, at 8:00 a.m. Eastern.

The call will be open to all investors and the media. To join the call, please dial 1-800-319-4610 (Canada and US) or 1-604-638-5340. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at cameco.com. See the link on our home page on the day of the call.

A recorded version of the proceedings will be available:

  • on our website, cameco.com, shortly after the call
  • on post view until midnight, Eastern, December 4, 2020, by calling 1-800-319-6413 (Canada and US) or 1-604-638-9010 (Passcode 5292)

Profile
Cameco is one of the largest global providers of the uranium fuel needed to energize a clean-air world. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations. Utilities around the world rely on our nuclear fuel products to generate power in safe, reliable, carbon-free nuclear reactors. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

As used in this news release, the terms we, us, our, the Company and Cameco mean Cameco Corporation and its subsidiaries unless otherwise indicated.

Investor inquiries:
Rachelle Girard
306-956-6403
rachelle_girard@cameco.com

Media inquiries:
Jeff Hryhoriw
306-385-5221
jeff_hryhoriw@cameco.com

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HIGHLIGHTS

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Global Atomic Concludes Negotiations with the Government of Niger, forms Dasa Project Operating Company and appoints Board of Directors and Senior Management

Global Atomic Corporation ("Global Atomic" or the "Company"), (TSX: GLO) (OTCQX: GLATF) (Frankfurt: G12), is pleased to announce the incorporation of Société Minière DASA S.A. or "SOMIDA", the Company's Niger mining subsidiary under which the Dasa Uranium Project will operate. SOMIDA will be governed by a Board of Directors comprised of six representatives from the Company and three representatives of the Government of Niger .

Global Atomic Corporation Logo (CNW Group/Global Atomic Corporation)

HIGHLIGHTS:
  • Share ownership of SOMIDA will be 80% Global Atomic and 20% Government of Niger , including the 10% carried interest provided under the Niger Mining Code
  • The Niger Government will own 20% of the shares of SOMIDA and receive dividend income when paid
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  • Moussa Souley, the former Managing Director of Orano's COMINAK Mine, has been appointed Managing Director of SOMIDA
  • Robert Parr , Mining Engineer, MBA, has been appointed Project Manager for Dasa

"Global Atomic Corporation would like to thank His Excellency, President Mohamed Bazoum and Madame Hadizatou Ousseini Yacouba, Minister of Mines of the Republic of Niger , for their support of the Dasa Project. We look forward to a long-term partnership in the development and operation of our outstanding new uranium mine which will benefit all Nigeriens", said Stephen G. Roman , Global Atomic's President & CEO.

"The Niger Government's decision to acquire and fund an additional 10% interest in the Dasa Project reflects their confidence in the quality of the deposit and longevity of the mine.  Uranium mining plays an important social-economic role in Niger , providing steady long-term employment and associated economic benefits including royalty payments, tax revenue at the local, regional and national levels, foreign exchange earnings and funds for regional development and local communities."

"This agreement demonstrates the Niger Government's commitment to support the Dasa Project, which will be viewed positively by our Banking Syndicate, who are currently conducting their Due Diligence review. We are now constructing the Dasa mining camp to house employees during construction and early-stage mine development. The Mine Site infrastructure is currently well advanced, with completion timed to coincide with commencement of mining operations and the collaring of the Portal, scheduled for November, 2022."

About Moussa Souley

Moussa Souley, is a Nigerien mining engineer, who from 2016 to 2021 was the Managing Director of the COMINAK Underground Mine a subsidiary of the French nuclear energy company Orano Group, located 100 kms north of the Dasa Project.  The Cominak Mine employed over 1,000 people and shut down after 50 years of mining in March 2021 .

Starting in December 2002 , Mr. Souley held several management positions with Orano (previously AREVA) in Niger and France.  Prior to that Mr. Souley worked as a mining engineer for Noranda in Canada , where he also studied mining and mineral processing engineering and received his Masters Degree in Mineral Economics from the University of Montreal .  Mr. Souley has also lectured and designed workshops at the Engineering School of Mines, Industry and Geology in Niamey, Niger .  Mr Souley speaks French and English.

About Robert Parr

Robert Parr is a mining engineer with more than 25 years' operational and technical experience across both underground and open pit operating environments.  He brings valuable and extensive experience from the significant time he has spent on Australian and international projects ( Africa , South America , Asia and Scandinavia).  Mr. Parr has recently held the roles of Chief Operating Officer for both a leading African mining contractor (SFTP Mining) and a large Colombian gold miner ( Caldas Gold ).  Prior to that he was the Project Director for constructing Sissingue Gold Mine in Ivory Coast .  He also has mine construction experience with Ranger Uranium (Rio Tinto, Australia ), Hecla Mining (San Isidora, Venezuela ), Barrick Gold (Bulyanhulu, Tanzania ) and Porgera Joint Venture (Barrick, Nui Guini ).  Mr. Parr speaks native English, conversational French and Spanish, and beginner Arabic.  He is a member of AusIMM and qualifies as a Competent Person for evaluating mining reserves.

About Global Atomic

Global Atomic Corporation ( www.globalatomiccorp.com ) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company's Uranium Division includes four deposits with the flagship project being the large, high-grade Dasa Project, discovered in 2010 by Global Atomic geologists through grassroots field exploration.  With the issuance of the Dasa Mining Permit and an Environmental Compliance Certificate by the Republic of Niger , the Dasa Project is fully permitted for commercial production.  The Phase 1 Dasa Feasibility Study filed December 2021 represents approximately 20% of the current resource and estimates 45.4 million pounds U 3 O 8 production over a 12-year period to commence by the end of 2024.  Mine excavation began in Q1 2022.

Global Atomics' Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. ("BST") Joint Venture, which operates a modern zinc production plant, located in Iskenderun, Turkey . The plant recovers zinc from Electric Arc Furnace Dust ("EAFD") to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company's joint venture partner, Befesa Zinc S.A.U. ("Befesa") listed on the Frankfurt exchange under 'BFSA', holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe , Asia and the United States of America .

The information in this release may contain forward-looking information under applicable securities laws.  Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics' development potential and timetable of its operations, development and exploration assets; Global Atomics' ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks.  Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "is expected", "estimates", variations of such words and  phrases or statements that certain actions, events or results "could", "would", "might", "will be taken", "will begin", "will include", "are expected", "occur" or "be achieved".  All information contained in this news release, other than statements of current or historical fact, is forward-looking information.  Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made.  Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, readers should not place undue reliance upon forward-looking statements.  Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law.  Readers should also review the risks and uncertainties sections of Global Atomics' annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

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