Cameco Celebrates Completion of Calandria Tube Order for Bruce Power Unit 6 MCR

(COBOURG, Ontario, Canada – November 22, 2019) – Cameco and Bruce Power today celebrated the completion of the first full reactor set of 480 calandria tubes for Bruce Power’s Major Component Replacement (MCR) project that is scheduled to begin on Unit 6 in 2020.

The calandria tube order is part of a $62 million dollar contract award that was announced in 2017 and will see Cameco Fuel Manufacturing (CFM) produce all of the calandria tubes and annulus spacers needed for the six units at Bruce Power slated to undergo MCR between 2020 and 2033. Extending the life of these units will ensure reliable, affordable and clean energy is provided to Ontario homes and businesses to 2064, as well as the production of lifesaving medical isotopes.

“We have a talented workforce at CFM who are highly skilled at manufacturing these important reactor components that require a high level of precision and technical expertise,” said Tim Gitzel, president and CEO of Cameco. “Because of our employees, we were able to complete the first reactor set of calandria tubes on time and we remain committed to providing Bruce Power with the quality reactor components they expect from Cameco.”

“Cameco is a key partner in our Life Extension Program which is creating and sustaining 22,000 highly-skilled jobs across Ontario, helping us deliver more for less,” said Mike Rencheck, Bruce Power’s president and CEO. “Cameco’s long history of excellence and experience in the nuclear industry will help keep Canada’s largest infrastructure project on time and on budget. The ongoing investment in delivering clean, reliable electricity will generate economic opportunities for Ontario businesses and families for decades to come.”

“Cameco is vital to Ontario’s nuclear industry and the positive economic impacts of this industry and the Bruce Power MCR are felt right here in Northumberland County,” said David Piccini, MPP for Northumberland-Peterborough South. “I’m proud to be at Cameco today celebrating their contributions to the readiness of the Bruce Power MCR, and I’m proud of the local workforce for their hard work and dedication to producing quality components for our nuclear reactors. Our government supports Ontario’s nuclear sector and the clean energy it generates. ”

The calandria vessel contains 480 calandria tubes that run end-to-end through the reactor core, providing passage for the fuel channels. The annulus spacers maintain a gap within calandria tubes and fuel channels. Four annulus spacers are installed on each fuel channel.

The production of these important reactor components takes place at CFM in Cobourg which employs about 135 skilled workers in high-value positions. Calandria tube production is scheduled to continue through 2028.

-30-

About Cameco

Cameco is one of the world’s largest providers of uranium fuel, a significant supplier of conversion services and one of two Candu fuel manufacturers in Canada. Our competitive position is based on our controlling ownership of the world’s largest high-grade reserves and low-cost operations. Our uranium products are used to generate clean electricity in nuclear power plants around the world. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan.

About Bruce Power

Formed in 2001, Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable, low-cost nuclear power to families and businesses across the province. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.

For more information please contact:

Sara Forsey
Cameco Fuel Services Division
Stakeholder Relations & Sustainability
905.800.2023

John Peevers
Bruce Power
Media Relations
John.peevers@brucepower.com