Mr. Cory Belyk reports

CANALASKA COMPLETES $12 MILLION PRIVATE PLACEMENT FINANCING

Canalaska Uranium Ltd. has closed its fully subscribed non-brokered private placement previously announced on Nov. 20, 2023, as increased on Nov. 21, 2023. Under the Offering, the Company has issued 6,944,444 non-flow-through units (the "NFT Units") for gross proceeds of $2,499,999.84, 17,406,991 flow-through units (the "FT Unit") for gross proceeds of $7,397,971.20 and 3,770,456 charity flow-through units (the "CFT Units") for gross proceeds of $2,102,029.23, for total gross proceeds of $12,000,000.27.

The gross proceeds received from the sale of the FT Units and the CFT Units will be used for work programs on the Company's exploration properties. The net proceeds received from the sale of the NFT Units will be used for general working capital.

In connection with the Offering, the Company paid a total of $682,270.33 and issued a total of 1,584,772 warrants as finder's fees. Each finder's warrant is exercisable for one common share at a price of $0.425 for two years.

All securities issued under this private placement are subject to a hold period expiring April 13, 2024, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.

Certain officers and directors of the Company (the "Insiders") participated in the Offering and purchased an aggregate of 209,007 FT Units. Participation by Insiders in the private placement is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the Insiders' participation in the Offering in reliance of sections 5.5(a) and 5.7(a) of MI 61-101, respectively, on the basis that participation in the Offering by the Insiders did not exceed 25% of the fair market value of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the closing of the Offering as participation of the Insiders had not been confirmed at that time.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) holds interests in approximately 350,000 hectares (865,000 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, and diamonds. For further information visit www.canalaska.com.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.

We seek Safe Harbor.