Mr. Peter Dasler reports

CANALASKA ANNOUNCES SECOND & FINAL TRANCHE CLOSING OF $3,000,000 PRIVATE PLACEMENT FINANCING

Further to the March 12, 2021, and March 15, 2021, news releases, Canalaska Uranium Ltd. has completed the second and final tranche of its non-brokered private placement. Under the second tranche, the company has issued 1,165,000 flow-through units for gross proceeds of $745,600 and 2,488,800 non-flow-through units for gross proceeds of $1,244,400. In connection with the second tranche, the company paid a total of $144,644 and issued a total of 263,192 warrants as finders' fees. Each finder's warrant is exercisable for one common share at a price of 75 cents for two years. All securities issued under the second tranche are subject to a hold period expiring July 27, 2021, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

Together with the first tranche closing announced March 12, 2021, the company has now raised a total of $3-million ($845,600 from the sale of flow-through units and $2,154,400 from the sale of non-flow-through units).

About Canalaska Uranium Ltd.

Canalaska holds interests in approximately 214,000 hectares (530,000 acres) in Canada's Athabasca basin and Wollaston area -- the Saudi Arabia of uranium. Canalaska's strategic holdings have attracted major international mining companies. Canalaska is currently working with Cameco and Denison at two of the company's properties in the eastern Athabasca basin. Canalaska is a project generator positioned for discovery success in the world's richest uranium district. The company also holds properties prospective for nickel, copper, gold and diamonds.

We seek Safe Harbor.