Mr. Cory Belyk reports

CANALASKA ANNOUNCES GEOCHEMICAL ASSAY RESULTS FROM CREE EAST WINTER DRILL PROGRAM

Canalaska Uranium Ltd. has received assay results from the 2025 winter drill program completed on the Cree East project in the southeastern Athabasca basin. The program, which was the first on the project in over a decade, focused on a series of new high-priority targets identified based on the results of historical drilling and reinterpreted geophysical surveys in target area B. During the program, the company successfully tested the graphitic stratigraphy and intersected associated basement and sandstone hydrothermal alteration, reactivated semi-brittle basement and sandstone faults, and uranium mineralization within the graphitic fault zones. Basement-hosted uranium mineralization was intersected in CRE094.

Canalaska chief executive officer Cory Belyk commented: "The Cree East project has returned some significant early drilling results from the first drilling program completed on the project in over a decade. Uranium mineralization in basement faults and associated hydrothermal alteration in the basement and sandstone are indications that uranium mineralizing processes are present in the Cree East region. These results are an excellent guide for future exploration program design."

In April, 2025, the company announced successful completion of the winter drill program (see news release dated April 29, 2025). The winter drill program consisted of seven diamond drill holes, five of which intersected the unconformity target horizon, for a total of 3,339 metres. Two drill holes were lost due to technical issues. All of the drill holes were completed in target area B due to encouraging results as the program progressed. The drill program results are highlighted by CRE094, which intersected extensive hydrothermal alteration consisting of strong bleaching, limonite, clay and sooty pyrite in the lower sandstone column. In the basement of CRE094, a broad graphitic pelite interval was intersected, which contained multiple fault intervals associated with bleaching, chlorite alteration and localized structurally-controlled uranium mineralization (Table 1). The basement-hosted uranium mineralization is associated with common pathfinder elements, including elevated nickel (up to 1,470 parts per million nickel), molybdenum (up to 562 parts per million molybdenum) and copper (up to 7,540 parts per million copper).

The 2025 drilling program on the Cree East project successfully intersected graphitic host rocks showing evidence of post-Athabasca structural reactivation events, hydrothermal alteration and elevated radioactivity. In the lower sandstone column, the company also identified significant structure and hydrothermal alteration, now defined over approximately 450 metres of strike length. These features are commonly associated with basement-hosted uranium deposits. Results of the first drill program in over a decade on the Cree East project indicate evidence of potential uranium-bearing hydrothermal fluids moving through target area B.

The Cree East project is located approximately 35 kilometres west-northwest of the Key Lake mine and mill complex. The project is currently 100 per cent owned by Canalaska and work is being sole financed by Nexus Uranium Corp. under an option earn-in agreement with the company (see news release dated March 19, 2024).

Geochemical sampling procedures and scintillometer readings

All assay drill core samples from the program, completed as NQ-sized core, were shipped to the Saskatchewan Research Council Geoanalytical Laboratories (SRC) in Saskatoon, Sask., in secure containment for preparation, processing and multielement analysis by ICP-MS and ICP-OES using total (HF, NHO3 and HClO4) and partial digestion (HNO3 and HCl), boron by fusion, and U3O8 (triuranium octoxide) weight per cent assay by ICP-OES using higher-grade standards. Assay samples are chosen based on downhole probing radiometric equivalent uranium grades and scintillometer (SPP2 or CT007-M) peaks. Assay sample intervals comprise 0.3-to-0.8-metre continuous half-core split samples over the mineralized intervals. With all assay samples, one-half of the split sample is retained and the other is sent to the SRC for analysis. The SRC is an analytical laboratory certified under ISO/IEC 17025/2005 and the Standards Council of Canada. Blanks, standard reference materials and repeats are inserted into the sample stream at regular intervals by Canalaska and the SRC in accordance with Canalaska's quality assurance/quality control (QA/QC) procedures. Geochemical assay data are subject to verification procedures by qualified persons employed by Canalaska prior to disclosure.

All reported depths and intervals are drill hole depths and intervals, unless otherwise noted, and do not represent true thicknesses, which have yet to be determined.

About Canalaska Uranium Ltd.

Canalaska is a leading explorer of uranium in the Athabasca basin of Saskatchewan, Canada. With a project generator model, the company has built a large portfolio of uranium projects in the Athabasca basin. Canalaska owns numerous uranium properties, totalling approximately 500,000 hectares, with clearly defined targets in the Athabasca basin covering both basement and unconformity uranium deposit potential. The company has recently concentrated on the West McArthur high-grade uranium expansion, with targets in 2024 leading to significant success at the Pike zone. Fully financed for the coming 2025 drill season, Canalaska is focused on uranium deposit discovery and delineation in a safe and secure jurisdiction. The company has the right team in place with a record of discovery and projects that are located next to critical mine and mill infrastructure.

The company's head office is in Saskatoon, Sask., Canada, with a satellite office in Vancouver, B.C., Canada.

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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