Fault Architecture, Associated Structures and Uranium Mineralization, Eastern Athabasca Basin: A Provisional Empirical Classification

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December 2014 Fault Architecture, Associated Structures and Uranium Mineralization, Eastern Athabasca Basin: A Provisional Empirical Classification David Thomas, Alex Aubin, Dan Brisbin, Joshua Mukwakwami, Haiming Yang and Gerard Zaluski Cameco Exploration cameco.com

Forward-looking Statement Statements made in this presentation include statements and information about our expectations for the future. These may include statements regarding our strategy, plans and future performance, or other things that have not yet taken place. These statements are considered forward-looking information or forward-looking statements under Canadian and U.S. securities laws. They represent our current views, and can change significantly. They are based upon a number of material assumptions, which may prove to be incorrect. Actual results and events may be significantly different from what we currently expect, because of the risks associated with our business. We recommend that you review our current annual and any subsequent quarterly management s discussion and analysis (MD&A) for more information about these assumptions and risks. You should also review our current annual information form, which includes a discussion of other material risks that could cause actual results to differ significantly from our current expectations. Forward-looking information is designed to help you understand our current views, and may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. Slide 2 Presentation Name

Fault Architecture, Associated Structures and Uranium Mineralization Theme Improving understanding faults and their role in the formation of unconformity associated uranium deposits, Athabasca Basin Collins Bay Fault, Eagle Point Mine DDH EPE-290 3 SGS Open House Dec 2014

Fault Architecture, Associated Structures and Uranium Mineralization Describe elements of faults More completely More accurately Consistent terminology P2 Fault, McArthur River, underground exposure. Dip slip slickenlines on massive graphitic fault gouge. Synthesize / Interpret Temporal Geometric Kinematic Fluid flow Predictive models: guide prospect generation and drill targeting 4 SGS Open House Dec 2014

Athabasca Unconformity Uranium Model McArthur Cigar Eagle Point Millennium Faults 5 SGS Open House Dec 2014

Uranium Deposits Cross Sections McArthur Zone 2 NW SE NW SE Eagle Point 144 Zone W Sue - C E E W Millennium E W NW Key L Deilmann SE 6 SGS Open House Dec 2014

Uranium Deposits, Faults and Conductors Deposit Type Unconformity UC / Bsmt Basement Eagle Point McClean McArthur Cigar Lake Millennium Phoenix Conductors proxy Basement Faults 7 SGS Open House Dec 2014

Unconformity Uranium and Faults Pre-Athabasca Syn-Athabasca Post-Athabasca Pre- Athabasca faults ductile Post-Athabasca faults brittle Caution! complex history.. Protracted seismic reactivations; changing stress fields; contrasting rheological properties Variations strain rates and varying P, T fluid conditions Syn/Post-Mineral 8 SGS Open House Dec 2014

Fault Architecture Basic Elements UC Offset Dip /Strike Slip / sense of movement Fault width core/damage zone Fault rock types # Fault strands 9 SGS Open House Dec 2014

Athabasca Basin Faults Incohesive breccia Cataclasite Fracture desilicificaton Cataclasite and ultraclataclasite Sheeted deformation bands Phyllonite chaotic fault breccia / gouge Mylonite 10 SGS Open House Dec 2014

Athabasca Basin Faults fault, shear, structure, structural zone, fracture zone, broken core, breccia, gouge, cataclasite Lack of clarity and inconsistency in the use 11 SGS Open House Dec 2014

Fault Zone Architecture Rock Types use standard fault rock classifications and be rigorous in application (after Woodcock and Mort, 2008) 12 SGS Open House Dec 2014

Fault Architecture Basic Elements UC Offset Dip /Strike Slip / sense of movement Fault width core/damage zone Fault rock types # Fault strands 13 SGS Open House Dec 2014

Post Athabasca Faults Dip NW McArthur Zone 2 SE NW SE Post-Sst basement faults Range 50-85 Eagle Point 144 Zone NW Key L Deilmann SE Flatten or steepen in sst broad zones of fracturing and quartz dissolution correlation of discrete faults on sections problematic Variations in dip and strike create prospective structural settings Segment flexures, segment steps, termination splays 14 SGS Open House Dec 2014

Plan Section Post Athabasca Faults Dip / Strike Releasing Bend Contractional Bend Releasing Step Contractional Step Contractional Duplex McArthur Sue Releasing Step Millennium? Ranger Releasing Bend Jabiluka Contractional Bend Gryphon Extensional Duplex Eagle-144 Contractional Step Eagle-163 15 SGS Open House Dec 2014

McArthur Zone 2 NE 110 m P2 P2 P2 P2 SW 16 SGS Open House Dec 2014 After Thomas (2000)

McArthur Zone 2 NE 110 m SW Increased fracturing permeability Multiple fault strands fluid flux 17 SGS Open House Dec 2014 After Thomas (2000)

Unconformity Offset NW McArthur SE 20-100m Cumulative U.C. offset size of deposit? Cigar L (longitudinal section) W E 0-8 m Sue Deposits Millennium E 5-40 m Key L Deilmann W 0-5 m E NW 10-30 m SE 18 SGS Open House Dec 2014

NW Unconformity Offset McArthur SE 20-100m Cumulative U.C. offset size of deposit? W Sue Deposits E 5-40 m Cigar L (longitudinal section) 350 M lbs 19.6%U 3 O 8 NW Key L Deilmann 10-30 m E 0-8 m SE W Millennium 0-5 m E Sources: IAEA UDEPO and Cameco data, for illustrative purposes only, and not in accordance with CIM guidelines 19 SGS Open House Dec 2014

Fault Architecture Elements UC Offset Dip /Strike Slip / sense of movement Fault width core/damage zone Fault rock types # Fault strands 20 SGS Open House Dec 2014

Fault Zone Architecture Core Zone Damage Zone Upper Crust (<3 10 km depth) F T Mixed Zone R R Core Zone Zone of main movement Damage Zone Bounding zones, symmetric/asymmetric Extensive fractures, veins, small faults/slips, R-R Mixed Zone Between core and damage zone, Intercalation of variably strained rocks; heterolithologic fault breccia; Wall rock After Caine, JS, Evans, JP and Forster CB (1996) 21 SGS Open House Dec 2014

Fault Zone Architecture Rabbit L. Core Zone Bsmt Gn Sst Rabbit Lake Pit Damage Zone Outer structural zone Bedding/metamorphic layering intact Minor faults, extensive fracture / vein network Large-scale Riedel fractures Core Zone Zone of main movement Bounding slip surfaces Significant grain size reduction Anastomosing slip surfaces Gouge, incohesive breccias, cataclasites 22 SGS Open House Dec 2014

Faults - Core / Damage Zones Key Lake fault, Gartner deposit. SE-086 Thorburn Fault, Thorburn zone. Q14a-026 23 SGS Open House Dec 2014

% damage zone % damage zone Core and Damage Zones Distributed Deformation Composite Deformation % core Fault Zone Architecture Styles Hydrogeological units Fault zone permeability % Core vs % Damage Zone Conduit, barrier or combined conduit- barrier % core Single Fracture Fault Localized Deformation After Caine, JS, Evans, JP and Forster CB (1996) Caine, JS, Bruhn, RL and Forster, CB (2010) 24 SGS Open House Dec 2014

Fault Zone Architecture- Permeability Extensive Conduit Distributed Deformation Combined Conduit-barrier Composite Deformation Cigar, McClean, Phoenix McArthur, Eagle, Rabbit, Key, Sue Eagle Point (O2 O2N) Single Fracture Fault Restricted Conduit Localized Deformation Barrier 25 SGS Open House Dec 2014

Fault Architecture Elements UC Offset Dip /Strike Slip / sense of movement Fault width core/damage zone Number of fault strands Fault rock types 26 SGS Open House Dec 2014

Fault Architecture - Kinematic Uranium Deposits and Major Faults Eastern Athabasca Basin σ1 σ1 Faults associated with uranium mineralization Dip slip - reverse Oblique - reverse (transpressional) Strike slip ENE through ESE shortening σ1 Syn-mineralization far field stress ca. 1550-1600 Ma? 27 SGS Open House Dec 2014

Fault Architecture - Kinematic Uranium Deposits and Major Faults Eastern Athabasca Basin N-S structures high angle reverse NE structures oblique dextral reverse E-W structures sinistral/dextral strike slip These are generalizations! e.g. Gryphon zone..steep sinistral transpressional 28 SGS Open House Dec 2014

Fault Architecture Longitudinal Sections Millennium Cigar S N W E McClean North- Pod 1 W E SW Eagle Point NE McArthur Zone 2 144/163 02 SSW NNE 29 SGS Open House Dec 2014

Ore System Geometry/Orientation Cigar, McClean, Tamarack, J Zone, Phoenix Eagle Point, Key Lake, Dawn Lake McArthur, Millennium Roughrider, Gryphon Drill hole spacing Depth of drill holes Test along strike Test down-dip 30 SGS Open House Dec 2014

Athabasca Uranium and Faults: Summary Dip /Strike Variation Dip Slip Oblique Slip Strike Slip UC Offset Fault Rock Types Fault width % Core/ Damage Zone Localized vs Distributed Deformation 31 SGS Open House Dec 2014