Mr. Cory Belyk reports

CANALASKA CLOSES $15 MILLION BROKERED PRIVATE PLACEMENT

Further to the news release dated Oct. 9, 2025, Canalaska Uranium Ltd. has completed its brokered private placement of 9,757,500 common shares of the company for aggregate gross proceeds to the company of $14,999,880. The offering was composed of: (i) 7,333,300 charity flow-through common shares of the company that qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) at a price of $1.50 per non-flow-through share; and (ii) 2,424,200 charity flow-through common shares of the company issued to eligible Saskatchewan subscribers that qualify as flow-through shares within the meaning of Subsection 66(15) of the Income Tax Act (Canada) and eligible flow-through shares as such term is defined in paragraph 2(2)(b) of the Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan), at a price of $1.65 per SFT share.

The offering was led by Desjardins Capital Markets, as sole bookrunner and co-lead agent, and Jett Capital Securities LLC, as co-lead agent, together with Red Cloud Securities Inc. and Cormark Securities Inc. In consideration for the services provided by the agents in connection with the offering, the company paid the agents a cash commission totalling $899,992.80.

The offered shares were sold and issued pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 (Prospectus Exemptions) as amended by CSA Coordinated Blanket Order 45-935 (Exemptions from Certain Conditions of the Listed Issuer Financing Exemption). The offered shares are not subject to a hold period in Canada pursuant to applicable Canadian securities laws.

The company will use an amount equal to the gross proceeds received by the company from the sale of the offered shares to incur: (i) Canadian exploration expenses that qualify as flow-through critical mineral mining expenditures as such terms are defined in the Income Tax Act (Canada); and (ii) in respect of certain eligible Saskatchewan subscribers of SFT shares, expenses that are eligible flow-through mining expenditures as defined in paragraph 2(2)(a) of the Mineral Exploration Tax Credit Regulations, 2014 (Saskatchewan), and if renounced will qualify for the Saskatchewan mineral exploration tax credit (within the meaning of the Income Tax Act, 2000 (Saskatchewan)) on or before Dec. 31, 2026. All qualifying expenditures will be renounced in favour of the subscribers of the offered shares, effective on or before Dec. 31, 2025. The qualifying expenditures to be incurred will include expenditures in connection with the exploration of the company's West McArthur project and other exploration projects in Saskatchewan.

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 2026 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 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, who has reviewed and approved its contents.

We seek Safe Harbor.