UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

40-F

☐

REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒

ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended

December 31, 2022

Commission file number

: 

1-14228

CAMECO CORPORATION

(Exact name of Registrant as specified in its charter)

Canada

(Province or other jurisdiction of incorporation or organization)

1090

(Primary Standard Industrial Classification Code Number)

98-0113090

(I.R.S. Employer Identification)

2121 – 11

th

Street West

,

Saskatoon

,

Saskatchewan

,

Canada

,

S7M 1J3

, Telephone: (

306

)

956-6200

(Address and telephone number of Registrant’s principal executive offices)

Cristina Giffin, Power Resources, Inc., Smith Ranch-Highland Operation

762 Ross Road

,

Douglas

,

Wyoming

, USA,

82633

Telephone: (

307

)

358-6541

(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)

Securities registered pursuant to Section 12(b) of the Act:

Title of Class:

Common Shares

,

no

 par value

Trading Symbol(s):

CCJ

Name of Exchange where Securities are listed:

New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

Information filed with this Form:

☒

 Annual Information Form 

☒

 Audited annual financial statements

Number of outstanding shares of each of the issuer’s classes of

capital or common stock as of the close of the period covered by the annual report:

432,518,470

 Common Shares outstanding as of December 31, 2022

2

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of

the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to

file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒

Yes

☐

No

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to

be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or

for such shorter period that the Registrant was required to submit and post such files).

☒

Yes

☐

No

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the

Exchange Act. 

Emerging growth company

☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by

check mark if the registrant has elected not to use the extended transition period for complying with any new or

revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment

of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act

(15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☑

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the

financial statements of the registrant included in the filing reflect the correction of an error to previously issued

financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis

of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery

period pursuant to §240.10D-1(b).

☐

FORWARD-LOOKING STATEMENTS

Certain statements in this Annual Report on Form 40-F and the documents filed as exhibits hereto, and including

certain information about Cameco’s business outlook, objectives, strategies, plans, strategic priorities and results

of operations, as well as other statements which are not current statements or historical facts, constitute “forward-

looking information ” within the meaning of applicable Canadian securities laws and “forward-looking statements”

within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking information and

statements involve risks, uncertainties and other factors that could cause actual results to differ materially from

those expressed or implied by them. Sentences and phrases containing words such as “anticipate”, “believe”,

“estimate”, “expect”, “forecast”, “goal”, “intend”, “outlook”, “plan”, “potential”, “predict”, “project”, “proposed”,

“scheduled”, “strategy”, “target” and “will”, and the negative of any of these words or variations of them or

comparable terminology that does not relate strictly to current or historical facts, are all indicative of forward-looking

information or statements.

3

The forward-looking information and statements included in this Annual Report on Form 40-F (including the

exhibits hereto) represent our views as of the date of such documents and should not be relied upon as

representing our views as of any subsequent date. While we anticipate that subsequent events and developments

may cause our views to change, we specifically disclaim any intention or obligation to update forward-looking

information and statements, whether as a result of new information, future events or otherwise, except to the

extent required by applicable securities laws. Forward-looking information and statements contained in this

Annual Report on Form 40-F about prospective results of operations, financial position or cash flows that are

based upon assumptions about future economic conditions and courses of action are presented for the purpose

of assisting our security holders in understanding management’s current views regarding those future outcomes,

and may not be appropriate for other purposes.

See Cameco’s Annual Information Form for the year ended December 31, 2022, attached as Exhibit 99.1 to this

Annual Report on Form 40-F, under the heading “Caution about forward-looking information” and Cameco’s

management’s discussion and analysis for the year ended December 31, 2022, attached as Exhibit 99.3 to this

Annual Report on Form 40-F (the “Cameco 2022 MD& A”), under the heading “Caution about forward-looking

information”, for a discussion of forward-looking statements.

Certifications and Disclosure Regarding Controls and Procedures

.

(a)

Certifications regarding controls and procedures

.

 See Exhibits 99.6 and 99.7.

(b)

Evaluation of disclosure controls and procedures

. As of December 31, 2022 an evaluation of the

effectiveness of Cameco Corporation’s “disclosure controls and procedures” (as such term is defined in

Rules 13a-15(e) and 15d-15(e) of the United States Securities Exchange Act of 1934, as amended (the

“Exchange Act”)) was carried ou t by Cameco Corporation’s Chief Executive Officer (“CEO”) and Chief

Financial Officer (“CFO”). Based on that evaluation, the CEO and CFO have concluded that as of such

date Cameco Corporation’s disclosure controls and procedures are effective to provide a reasonable

level of assurance that information required to be disclosed by Cameco Corporation in reports that it

files or submits under the Exchange Act is recorded, processed, summarized and reported within the

time periods specified in United States Securities and Exchange Commission (the “Commission”) rules

and forms.

It should be noted that while the CEO and CFO believe that Cameco Corporation’s disclosure controls

and procedures provide a reasonable level of assurance that they are effective, they do not expect the

disclosure controls and procedures or internal control over financial reporting to be capable of preventing

all errors and fraud. A control system, no matter how well conceived or operated, can provide only

reasonable, not absolute, assurance that the objectives of the control system are met.

(c)

Management’s annual report on internal control over financial reporting

.

 Management of the

Company, including the CEO and CFO, is responsible for establishing and maintaining adequate

“internal control over financial reporting”, as that term is defined in Rules 13a-15(f) and 15d-15(f) under

the Exchange Act, for Cameco Corporation. Management conducted an evaluation of the effectiveness

of internal control over financial reporting based on criteria established in Internal Control – Integrated

Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on that evaluation, management concluded that Cameco Corporation’s internal control over

financial reporting was effective as of December 31, 2022.

(d)

Attestation report of the registered public accounting firm

.

 The effectiveness of Cameco

Corporation’s internal control over financial reporting as of December 31, 2022 was audited by KPMG

LLP, an independent registered public accounting firm, as stated in its report, which accompanies the

Cameco 2022 Consolidated Audited Financial Statements that is filed as Exhibit 99.2 to this Annual

Report on Form 40-

F.

4

(e)

Changes in internal control over financial reporting

. During the fiscal year ended December 31,

2022, there was no significant change in Cameco Corporation’s internal control over financial reporting

that has materially affected, or is reasonably likely to materially affect, Cameco Corporation’s internal

control over financial reporting. 

Audit & Finance Committee Financial Expert

.

 Cameco Corporation’s board of directors has determined that at

least one member of its audit and finance committee (the “audit committee”) is an audit committee financial expert.

The audit committee financial expert is Daniel Camus. Mr. Camus has been determined by Cameco Corporation’s

board of directors to be an independent director as such term is defined under the Canadian Securities

Administrators’ National Instr ument 52-110 (Audit Committees) (“NI 52-110”) , the Commission’s audit committee

independence requirements, and the rules of the New York Stock Exchange (the “NYSE”) relating to the

independence of audit committee members.

Information concerning the relevant experience of Mr. Camus is included in his biographical information contained

in Cameco Corporation’s Annual Information Form that is filed as Exhibit 99.1 to this Annual Report on Form 40-F.

The Commission has indicated that the designation of a person as an audit committee financial expert does not

make such person an “expert” for any purpose, impose any duties, obligations or liability on such person that are

greater than those imposed on members of the audit committee and board of directors who do not carry this

designation, or affect the duties, obligations or liability of any other member of the audit committee or the board of

directors.

Code of Ethics

.

 Cameco Corporation’s code of conduct and ethics (the “Code”) is applicable to all directors, officers

and employees of Cameco Corporation, including the Company’s principal executive officer, principal financial

officer and principal accounting officer. The Code, as well as Cameco Corporation’s corporate governance practices

and mandates of the board of directors and its committees, and position descriptions for the CEO and the non-

executive chair, can be found on Cameco Corporation’s website at www.cameco.com under “About – Governance”

and are also available in print to any shareholder upon request. Since the adoption of the Code, there have not

been any waivers, including implied waivers, from any provision of the Code. In 2022, Cameco Corporation

amended its previously filed Code and made non-substantive changes, including the addition of information on

psychological safety; diversity, equity and inclusion; human rights; and compliance with sanctions. Except as set

forth in this Annual Report on Form 40-F, the information on the Company’s website is not part of this Annual Report

on Form 40-

F.

The Code was furnished to the Commission on January 13, 2023 as Exhibit 1 to a report on Form 6-K and is

incorporated by reference herein as Exhibit 99.17. 

Principal Accountant Fees and Services

.

 Our independent registered public accounting firm is

KPMG LLP

,

Saskatoon, Saskatchewan, Canada

, Auditor Firm ID:

85

. See Exhibit 99.4.

Off-Balance Sheet Arrangements

.

In the normal course of operations, Cameco Corporation enters into certain

transactions that are not required to be recorded on its balance sheet. These activities include the issuing of financial

assurances

and long-term product purchase contracts. These activities are disclosed in the following sections of

Exhibit 99.3 – 2022 Management’s Discussion and Analysis and the notes to the financial statements in Exhibit

99.2 – 2022 Consolidated Audited Financial Statements:

(a)

Financial assurances

. In the 2022 Management’s Discussion and Analysis, see the disclosure at “Off-

balance sheet arrangements” (page 54). In the 2022 Consolidated Audited Financial Statements, see

the disclosure at notes 16 and 26 of the financial statements.

(b)

Long-term product purchase contracts

. In the 2022 Management’s Discussion and Analysis, see the

disclosure at “Off-balance sheet arrangements” (page 54). 

(c)

Other arrangements

. In the 2022 Management’s Discussion and Analysis, see the disclosure at “Off-

balance sheet arrangements” (page 54). In the 2022 Consolidated Audited Financial Statements, see

the disclosure at notes 14 and 15

of the financial statements.

5

Tabular Disclosure of Contractual Obligations

.

 In the 2022 Management’s Discussion and Analysis, see the

disclosures at “Financing Activities” (pages 53 and 54) and “Off-balance sheet arrangements” (page 54).

Identification of the Audit Committee.

 Cameco Corporation has a separately-designated standing audit

committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. Cameco Corporation’s audit

committee is comprised of: Daniel Camus (chair), Ian Bruce, Catherine Gignac, Jim Gowans and Leontine van

Leeuwen-Atkins. 

Audited Annual Financial Statements

.

 The report of the independent registered public accounting firm relating to

Cameco Corporation’s Consolidated Audited Financial Statements as of December 31, 2022 and 2021 is included

in Exhibit 99.2 – 2022 Consolidated Audited Financial Statements. 

Mine Safety Disclosure

.

 Neither Cameco Corporation nor any of its subsidiaries is the “operator” of any “coal or

other mine”, as those terms are defined in section 3 of the Federal Mine Safety and Health Act of 1977 (30 U.S.C.

802), that is subject to the provisions of such Act (30 U.S.C. 801 et seq.). Therefore, the provisions of Section

1503(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 16 of General Instruction B

to Form 40-F requiring disclosure concerning mine safety violations and other regulatory matters do not apply to

Cameco Corporation or any of its subsidiaries or U.S. mines. 

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections.

Not Applicable

.

Disclosure Pursuant to the Requirements of the New York Stock Exchange

.

(a)

Corporate governance practices

. Disclosure of the significant ways in which Cameco Corporation’s

corporate governance practices differ from those required for U.S. companies under the New York Stock

Exchange (“NYSE”) listing standards can be found on Cameco Corporation’s website at www.cameco.com

under “About – Governance.”

(b)

Presiding director at meetings of non-management directors

. Cameco Corporation schedules regular

director sessions in which Cameco Corporation’s “non-management directors” (as that term is defined in

the rules of the NYSE) meet without management participation. Mr. Ian Bruce, as non-executive chair of

Cameco Corporation, serves as the presiding director (the “Presiding Director”) at such sessions. Each of

Cameco Corporation’s non-management directors is “independent” as such term is used in the rules of the

NYSE. Cameco Corporation’s criteria for director independence are available on Cameco Corporation’s

website at www.cameco.com under “About – Governance.”

(c)

Communication with non-management directors

. Shareholders may send communications to Cameco

Corporation’s Presiding Director or non-management directors by mailing (by regular mail or other means

of delivery) to the corporate head office at 2121 –

11

th

 Street West, Saskatoon, Saskatchewan, Canada,

S7M 1J3, in a sealed envelope marked “Private and Strictly Confidential – Attention: Chair of the Board of

Directors of Cameco Corporation”. Any such envelope will be delivered unopened to the Presiding Director

for appropriate action. The status of all outstanding concerns addressed to the Presiding Director will be

reported to the board of directors as appropriate.

(d)

Corporate governance guidelines

. According to Section 303A.09 of the NYSE Listed Company Manual,

a listed company must adopt and disclose a set of corporate governance guidelines with respect to specified

topics. Such guidelines and the charters of the listed company’s most important committees of the board

of directors are required to be posted on the listed company’s website and be available in print to any

shareholder upon request. Cameco Corporation operates under corporate governance guidelines that are

consistent with the requirements of Section 303A.09 of the NYSE Listed Company Manual. Cameco

Corporation’s corporate governance guidelines and the charters of its most important committees of the

board of directors can be found at Cameco Corporation’s website at www.cameco.com under “About –

Governance” and are available in print to any shareholder who requests them.

6

(e)

Independent directors

. The names of Cameco Corporation’s non-management directors are: Ian Bruce,

Daniel Camus, Donald Deranger, Catherine Gignac, Jim Gowans, Kathryn Jackson, Don Kayne and

Leontine van Leeuwen-Atkins. Each of the non-management directors is “independent”, as such term is

used in the rules of the NYSE. 

7

EXHIBIT INDEX

Exhibit No.

Description

99.1

2022 Annual Information Form

99.2

2022 Consolidated Audited Financial Statements

99.3

2022 Management’s Discussion and Analysis

99.4

Principal Accountant Fees and Services

99.5

Consent of Independent Registered Public Accounting Firm

99.6

Certification of Chief Executive Officer pursuant to Rule 13a-14(a) or 15d 14(a) of the U.S.

Securities Exchange Act of 1934, as amended

99.7

Certification of Chief Financial Officer pursuant to Rule 13a-14(a) or 15d 14(a) of the U.S.

Securities Exchange Act of 1934, as amended

99.8

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

99.9

Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of

2002

99.10

Consent of Alain D. Renaud, P. Geo.

99.11

Consent of Biman Bharadwaj, P. Eng.

99.12

Consent of Scott Bishop, P. Eng.

99.13

Consent of Lloyd Rowson, P. Eng.

99.14

Consent of Gregory M. Murdock, P. Eng.

99.15

Consent of Sergey Ivanov, P. Geo.

99.16

Consent of Daley McIntyre, P. Eng.

99.17

Code of Conduct and Ethics (as amended and restated as of July 2022) (incorporated by

reference to Cameco Corporation’s Form 6-K, furnished to the Commission on January 13,

2023)

101

Interactive Data File (formatted as Inline XBRL)

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

8

UNDERTAKING AND CONSENT TO SERVICE OF PROCESS

Undertaking

Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made

by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information

relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file

an Annual Report on Form 40-F arises; or transactions in said securities.

Consent to Service of Process

Registrant has previously filed a Form F-X in connection with the class of securities in relation to which the obligation

to file this Annual Report on Form 40-F arises.

Any change to the name or address of the agent for service of process of Registrant shall be communicated

promptly to the Commission by an amendment to the Form F-X referencing the file number of the relevant

registration statement.

SIGNATURES

Pursuant to the requirements of the Exchange Act, Registrant certifies that it meets all of the requirements for filing

on Form 40-F and has duly caused this Annual Report to be signed on its behalf by the undersigned, thereto duly

authorized.

DATED this 29

th

 day of March, 2023.

CAMECO CORPORATION

By: 

/s/ Grant Isaac

Name: Grant Isaac 

Title: Executive Vice-President and 

Chief Financial Officer