Mr. Geoff Balderson reports

CANADIAN URANIUM ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT AND PROVIDES CORPORATE UPDATES

Canadian Uranium Corp., further to its news releases of June 23, 2026, and Aug. 4, 2026, has closed its non-brokered private placement of: (i) 2,000,150 non-flow-through (NFT) units of the company at a price of $1 per NFT unit for gross proceeds of $2,000,150; and (ii) 833,000 flow-through (FT) units of the company at a price of $1.20 per FT unit for gross proceeds of $999,600.

"We are excited to close this financing and strengthen our position to advance our Rook 2 and King South projects, as well as our expected consolidated option to acquire a 100-per-cent interest in the Castle South project, formerly known as Cable Lake. We believe Canadian Uranium is well positioned for an exciting period of exploration and growth," states Geoff Balderson, chief financial officer of the company.

Each NFT unit comprises one common share of the company and one-half of one common share purchase warrant. Each FT unit comprises one common share issued as a flow-through share within the meaning of the Income Tax Act (Canada) and one-half of one warrant. Each whole warrant entitles the holder thereof to purchase one common share at a price of $1.50 at any time on or before that date that is 24 months after the closing date of the offering.

The net proceeds raised from the offering will be used for the exploration of the company's flagship Rook 2 and King South projects, and for working capital purposes. The gross proceeds raised from FT portion will be used to incur eligible Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures, as such terms are defined in the tax act. The company has agreed to renounce such qualifying expenditures with an effective date of no later than Dec. 31, 2026, in an amount of not less than the total amount of the gross proceeds raised from the issuance of FT units and incur such expenses by Dec. 31, 2027.

The company paid aggregate cash finders' fees of $174,400 to arm's-length finders of the company, as compensation for identifying purchasers in the offering.

All securities issued in connection with the offering are subject to a statutory hold period of four months plus one day in accordance with Canadian securities legislation. The securities issued pursuant to the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.

Castle South (formerly Cable Lake) update

The company also announces that it has entered into an option assignment agreement with Citizen Uranium Corp. and Doctors Investment Group Ltd. (the optionor), pursuant to which the company will issue 300,000 common shares to Citizen, at a deemed price of $1.19 per consideration share, as consideration for acquiring the option the to acquire the remaining 20-per-cent interest in the Castle South uranium project, located in the Athabasca basin of Saskatchewan. The company previously acquired from Citizen the option to acquire an 80-per-cent interest in the Castle South (formerly Cable Lake) project, pursuant to an option assignment agreement dated Oct. 1, 2025, among the company, Citizen and the optionor.

Upon completion of the Castle South transaction, the company will consolidate an option to acquire a 100-per-cent interest in the Castle South project, thereby simplifying the project ownership structure and providing the company with full control over all exploration, development and future strategic opportunities associated with the property. Upon closing of the Castle South transaction, the company may acquire a 100-per-cent interest in the Castle South project from the optionor by: with 100-per-cent option being consolidated, the company will have revised terms with the vendor forthcoming. The Castle South transaction is subject to receipt of all applicable regulatory approvals and the consideration shares issued pursuant to the Castle South transaction will be subject to resale restrictions in accordance with applicable securities laws and policies of the Canadian Securities Exchange.

The company announces that it has entered into an agreement with Equitrend Data Inc., pursuant to which Equitrend will provide marketing services to the company in accordance with the policies of the CSE. Under the terms of the agreement, Equitrend will receive total consideration of $350,000 (U.S.) for a three-month period or until such amounts have been expended. The company may elect to extend the agreement for an additional three months, under which Equitrend would receive an additional budget of $350,000 (U.S.) or until such amounts have been expended. Equitrend's services will include pay-per-click campaign development, social media and e-mail marketing, and the creation of landing pages, on-line banner and native advertisements. These campaigns may be conducted on platforms such as Google, Instagram, Facebook, YouTube or other digital channels. The principal of Equitrend is Mr. Khabbazian and Equitrend's address is Suite 1223, 329 Howe St., Vancouver, B.C., Canada, e-mail: info@equitrend-data.com, phone: 1-888-269-4724. Mr. Khabbazian, the principal of Equitrend, has no direct or indirect interest in the securities of the company, or any right or intent to acquire such an interest.

Lastly, the company is announcing the resignation of Binyomin Posen from its board of directors and sincerely wishes to thank Mr. Posen for his time serving the company over the past five years. The company is conducting a search for a replacement director and will provide further updates as the search progresses.

About Canadian Uranium Corp.

Building tomorrow's clean energy on yesterday's discoveries, Canadian Uranium is an emerging uranium exploration and development company focused on the prolific Athabasca basin -- the world's premier district for high-grade uranium deposits. The company's strategy centres on assembling highly skilled technical teams with expertise in uranium geology, advanced geophysics and northern exploration logistics. Through disciplined acquisitions, innovative exploration methodologies and strategic partnerships, the company aims to accelerate project advancement and unlock value across its exploration portfolio.

We seek Safe Harbor.