Mr. Cory Belyk reports

CANALASKA SELLS TITAN URANIUM PROJECT TO COSA RESOURCES

Canalaska Uranium Ltd. has entered into a property purchase agreement with Cosa Resources Corp. dated Jan. 12, 2024, for the sale of the Titan project in the Athabasca basin, Saskatchewan. Pursuant to the purchase agreement, Canalaska has agreed to sell its 100-per-cent ownership in eight mineral claims comprising the Titan project to Cosa in consideration for $10,000 in cash and the issuance of 300,000 common shares of Cosa.

Canalaska chief executive officer Cory Belyk comments: "Canalaska's project generator business is at work. A few months earlier the team noticed an underexplored trend within the Athabasca basin and was able to successfully stake the Titan project. This deal returns more than the staking cost to Canalaska and provides value upside with exposure to a highly successful exploration team through ownership of Cosa shares in a very strong uranium market. The Canalaska and Cosa teams did an excellent job realizing quick value through identification of the appropriate transaction partnership."

Purchase agreement details

Pursuant to the Purchase Agreement, Canalaska has agreed to sell its 100-per-cent ownership in all eight mineral claims comprising Titan in consideration for $10,000 in cash and 300,000 consideration shares. The consideration shares will be subject to a four-month hold period pursuant to applicable Canadian securities laws. In addition, Canalaska has agreed to voluntary resale restrictions whereby 25 per cent of the consideration shares will become free trading on the date that is four months and one day after their date of issuance and an additional 25 per cent of the consideration shares will become free trading every three months thereafter. The transaction is subject to standard closing conditions, including the approval of the TSX Venture Exchange.

Other news

The company's management team will be attending the Vancouver Resource Investment Conference (VRIC) on Jan. 21 and 22 in Vancouver, B.C., and will have representatives at booth No/ 635.

About Canalaska Uranium Ltd.

Canalaska Uranium 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, gold and diamonds.

The qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc, PGeo, vice-president, exploration, for Canalaska Uranium, who has reviewed and approved its contents.

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