Mr. Cory Belyk reports

CANALASKA SIGNS DEFINITIVE AGREEMENT TO ACQUIRE MEL NICKEL DEPOSIT IN THOMPSON NICKEL BELT, MANITOBA

Canalaska Uranium Ltd. has now signed a definitive agreement with B. Riley Farber Inc., in its capacity as trustee in bankruptcy of Victory Nickel Inc., to acquire the Mel nickel deposit and surrounding mineral claims, subject to receipt of TSX Venture Exchange approval. Details of the property and the structure of the acquisition are set out in the company's news release of March 6, 2023.

Canalaska chief executive officer, Cory Belyk, comments: "The completion of this acquisition will provide Canalaska with a high-grade nickel resource in one of the premier sulphide nickel belts in the world. Canalaska and its shareholders will be positioned with a district-scale nickel portfolio and a significant NI 43-101-compliant resource right next to Vale's Thompson nickel mining operations in one of the world's best mining jurisdictions. As the world moves quickly toward carbon-free clean-energy electrification, Class 1 nickel is projected to be in high demand and short supply. Canalaska's Thompson nickel belt portfolio will be very well positioned to take advantage of this market reality."

About Canalaska Uranium Ltd.

Canalaska Uranium holds interests in approximately 300,000 hectares (750,000 acres) in Canada's Athabasca basin -- 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.

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