CanAlaska Uranium : Second Quarter Report - MD&A and Financial Statements→

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 1 of 25

CanAlaska Uranium Ltd.

CVV - TSX CVVUF - OTCQX DH7 - Frankfurt

Management Discussion and Analysis

For the Three and Six Months Ended

October 31, 2023

Dated December 19, 2023

For further information on the Company reference should be made to the Company's public filings which are available on SEDAR Plus. Information is also available at the Company's website www.canalaska.com. In addition, reference should be made to the risk factors section of the most recently filed Annual Information Form ("AIF") or the Company's audited consolidated financial statements for the year ended April 30, 2023. The following information is prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB and denominated in Canadian dollars, unless otherwise noted. This MD&A should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements for the six months ended October 31, 2023.

Table of Contents:
1.	OVERVIEW OF THE COMPANY AND STRATEGY	2
2.	PROJECT UPDATES	4
3.	FINANCIAL POSITION AND CAPITAL RESOURCES	14
4.	EXPENDITURES REVIEW	17
5.	CASHFLOW AND LIQUIDITY REVIEW	19
6.	OTHER FINANCIAL INFORMATION	20
7.	QUARTERLY FINANCIAL INFORMATION	24

This MD&A contains forward-looking information. Refer to Section 6 "Forward-Looking Statements" and "Risks Factors" for a discussion of the risks, uncertainties and assumptions relating to such information.

www.canalaska.com

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 2 of 25

1. OVERVIEW OF THE COMPANY AND STRATEGY

• 19 projects covering over 350,000 hectares focused on Uranium, 1 project covering 18,000 hectares focused on Diamonds and 7 projects covering 40,000 hectares focused on nickel, copper and other minerals (section 1.1)
• Cash resources of $6.9 million (as at October 31, 2023)
• 153,192,733 common shares issued and outstanding (December 19, 2023)

1.1 Profile and Strategy

The Company is an exploration stage company engaged in the acquisition and exploration of mineral properties, principally in Canada. The Company aims to acquire and advance its projects to a stage where they can be exploited at a profit or it can arrange joint ventures, whereby other companies provide funding for development and exploitation. The Company's principal focus has been the exploration for high-grade uranium deposits in the Athabasca Basin area of Saskatchewan and the exploration for nickel deposits in the Thompson Nickel Belt, Manitoba. There are several projects on which the Company has expended recent efforts. The West McArthur project is under a joint venture 16.71% with Cameco Corporation ("Cameco"), the Cree East project was under a 50% joint venture with Hanwha Corporation, Korea Electric Power Corporation, Korea Resources Corp. and SK Energy Co. Ltd. (together the "Korean Consortium") up to early July 2017, the Moon Lake South project is under a joint venture 75% with Denison Mines, the NW Manitoba project is under a joint venture 70% with Northern Uranium Corp ("Northern Uranium"), the Mouse Mountain project is under option to Omineca Mining and the Geikie, Marshall and North Millennium projects are under option to Basin Energy Limited. Going forward it is expected that the Company will focus its effort on West McArthur, Geikie, Moon South, Key Extension, and selected base metal and precious metal opportunities. The Company is actively marketing the remainder of its projects for option, joint venture or sale.

As at the date of this MD&A, the Company holds the following properties in its property portfolio:
Table 1: Canadian Strategic Uranium Property Summary
Property / Project Name	Notes	Hectares
West McArthur	Joint Venture with Cameco Corporation	35,831
Cree East	Seeking Venture Partner	57,752
Key Extension	Seeking Venture Partner	13,706
Waterbury (South and East)	Seeking Venture Partner	2,325
Moon Lake South	Joint Venture with Denison Mines	2,716
NE Wollaston	Seeking Venture Partner	45,909
North Millennium	Option Agreement with Basin Energy Ltd.	5,872
Geikie	Option Agreement with Basin Energy Ltd.	35,084
Chymko	Seeking Venture Partner	32,602
McTavish	Seeking Venture Partner	2,865
Taggart	Seeking Venture Partner	28,328
Carswell	Seeking Venture Partner	13,352
NW Manitoba	Joint Venture with Northern Uranium Corp.	22,765
Patterson West	Seeking Venture Partner	3,014
Enterprise	Seeking Venture Partner	14,344
Frontier	Seeking Venture Partner	15,929
Voyager	Seeking Venture Partner	5,633
Titan	Seeking Venture Partner	9,333
Constellation	Seeking Venture Partner	11,142

www.canalaska.com

	CanAlaska Uranium Ltd. - MD&A October 31, 2023	Page 3 of 25
Table 2: Canadian Strategic Nickel Property Summary
Property / Project Name	Notes	Hectares
Strong	LOI with NickelexResource Corporation	6,165
Strong Extension	LOI with Nickelex Resource Corporation	13,606
Wilson	LOI with Nickelex Resource Corporation	5,272
Moak North	LOI with Nickelex Resource Corporation	5,240

In November 2023, the Company completed the spin out five of its nickel properties, Halfway Lake, Resting, Hunter, Odei River and the Mel nickel deposit lease and claims. The spinout of the nickel properties was affected by way of a statutory plan of arrangement pursuant to which CanAlaska transferred the nickel properties to a wholly owned subsidiary, Core Nickel Corp. ("Core Nickel") in consideration for common shares of Core Nickel. The Core Nickel shares were then distributed to CanAlaska's shareholders pro rata their interest in CanAlaska resulting in CanAlaska's shareholders owning shares in two public companies after the completion of the Arrangement.

Table 3: Canadian Strategic Diamond and Copper Property Summary
Property / Project Name	Notes	Hectares
Ruttan Area	Seeking Venture Partner	1,551
Quesnel Mouse Mountain	Option Agreement with Omineca Mining and Metals Ltd.	2,275
West Athabasca Kimberlite	Seeking Venture Partner	18,301
Swan Bay	Seeking Venture Partner	9,262

The Company's exploration activities are managed through CanAlaska offices maintained in Vancouver, BC and Saskatoon, SK.

The Company believes that the fundamentals of the nuclear power industry and the economic superiority of uranium over other energy fuels will ensure the long-term future of global uranium markets and prices. Since 1985, CanAlaska has expended over $105 million of the total equity of $112.5 million on exploration and research towards the advancement of uranium, nickel, copper, and diamond discovery on our project areas. The information gained from this work has provided the Company with significant evidence about the nature and location of mineral rich hydrothermal systems in areas of the Athabasca Basin and Thompson Nickel Belt where previous information was lacking. The increase in understanding of the geology of the target areas, and the integration of modern geophysical methods with data processing to get more precise target definition at depth gives management the confidence to continue exploration for large scale mineral deposits on our projects.

1.2 Strategic and Operating Intent

• Complete equity financing options over the next months
• Targeted marketing of uranium projects for financing
• Targeted marketing of non-core projects
• Strong commitment to option, joint venture, or sale of individual exploration projects
• Evaluate alternate commodities and projects suitable for market financing, or acquisition and sale
• Company believes that it has the projects, strategic partners, people and knowledge base, corporate treasury and fund raising ability to maintain a position in the uranium and nickel exploration sectors.

As of December 18, 2023, the Company had 153,192,733 shares outstanding with a total market capitalization of $62.0 million. The Company's shares trade on the TSX Venture Exchange ("CVV") and are quoted on the OTCQX in the United States ("CVVUF") and the Frankfurt Stock Exchange ("DH7N").

The unaudited condensed interim consolidated financial statements have been prepared under IFRS applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. For the six months ended October 31, 2023, the Company reported a loss of $3.5 million and as at that date had cash and cash equivalents of $6.9 million, working capital balance of $7.3 million and an accumulated deficit of $112.5 million.

The Company does not generate recurring revenues from operations and other factors may cast significant doubt regarding the Company's ability to continue as a going concern. Management believes that the cash on hand is sufficient to meet corporate, administrative and selected exploration activities for at least the next twelve months from October 31, 2023. Management may either

www.canalaska.com

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 4 of 25

need to dilute its ownership in its properties or secure additional financing to continue to advance the development of its exploration projects. Management is working to option, joint venture or sell its individual exploration projects.

2. PROJECT UPDATES

2.1 Overview

The Company currently has 27 projects within the Athabasca Basin, Thompson Nickel Belt, and other areas. The majority of the first and second quarter 2024 exploration spend was carried out on the Company's West McArthur project, which is under a 83.29/16.71% joint venture with Cameco with CanAlaska holding 83.29%, and the Geikie project currently under option with Basin Energy Limited. In the first six months of fiscal 2024, the Company spent approximately $4.9 million on exploration and recovered approximately $1.6 million for net exploration expenditures of $3.3 million.

Exploration spending in the first two quarters of fiscal 2024 is down from the same comparative quarters of 2023. The decrease exploration spend is primarily due to exploration activities for the West McArthur, Moon Lake South, and Geikie properties with the vast majority being spent at West McArthur. The Geikie project activities are being funded under option agreement with Basin Energy Limited.

The following table summarizes the Company's expenditures for the six months ended October 31, 2023.

Table 4: ($000's)	West					Other
Total Exploration	McArthur	Geikie	McTavish		Moon	Projects	Total
Camp Cost & Operations	480	153		-	66	16	715
Drilling	1,696	900		-	49	9	2,654
General & Admin	225	100		2	19	66	412
Geochemistry	89	31		-	11	1	132
Geology	205	104		-	20	5	334
Geophysics	70	287		76	-	59	492
Other	185	1		2	10	11	209
Gross Expenditures	2,950	1,576		80	175	167	4,948
Reimbursement	-	(1,576)		-	-	(24)	(1,600)
Net Expenditures	2,950	-		80	175	143	3,348

The following section contains a comparative breakdown of project expenditures for the Company's significant projects.

www.canalaska.com

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 5 of 25

www.canalaska.com

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 6 of 25

2.2.1 West McArthur Project, Saskatchewan - Cameco Joint Venture

The West McArthur project is located in the Eastern Athabasca Basin in Saskatchewan, between 6 and 30 kilometers west of the producing McArthur River mine. Cameco's Fox Lake deposit is located immediately east of the property. The West McArthur property was staked by CanAlaska in 2004 and optioned in April 2007 to Mitsubishi Development Pty Ltd., a subsidiary of Mitsubishi Corporation of Japan. In January 2016, CanAlaska Uranium Ltd. bought Mitsubishi's 50% interest to hold 100% in the West McArthur property. In February 2016, the Company then entered into an option agreement with Cameco Corporation. The option agreement enabled Cameco to earn up to a 60% interest in the West McArthur project through total expenditures of $12.5 million until February 2022 consisting of cash payments ($725,000 received) to the Company and accelerated exploration programs, culminating in a joint venture. Under the option agreement drilling confirmed a new zone of high-grade uranium mineralization, the '42 Zone' at Grid 5. In late 2018 CanAlaska resumed Operatorship, with Cameco as a 30% joint venture partner. Since 2018, CanAlaska has been sole-funding exploration on the project, with the current ownership at 83.29% CanAlaska, 16.71% Cameco. In 2022, CanAlaska announced the discovery of the high-grade uranium basement-hosted Pike Zone on the West McArthur project.

The project is accessible during the winter drill season by seasonal winter ice roads and winter trails and during the summer exploration season by land, air and water. There is no physical plant or permanent infrastructure on the property and no source of power. However, the property is in close proximity to the McArthur River uranium mine operated by Cameco. There are multiple extensive lakes, which can provide a source of water for the project.

From 2004 to 2012, CanAlaska compiled historical exploration work on the project, which consisted of airborne and ground geophysics, lithogeochemical surveys, and lake sediment surveys covering more than half of the property, documented in over 60 assessment reports.

www.canalaska.com

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 7 of 25

CanAlaska then completed numerous airborne and ground geophysical surveys to locate targets for drilling. Eight main target areas have been defined on the project area, of which four have been drilled. Prospective alteration zones and mineralization were located in all four, with Grid 1 and Grid 5 producing the best results. Grid 5 is located on the Eastern edge of the project and the Grid 5 basement conductor appears to be a continuation of the C10 conductor corridor, which hosts Cameco's Fox Lake deposit off property to the east.

Starting in 2016, once the Cameco option was signed, drilling by Cameco focused almost exclusively on Grid 5, tracing the structure that is host to the Fox Lake deposit. These efforts lead to the discovery of a new zone of high-grade uranium mineralization in August of 2017, which the company now refers to as the '42 zone'. Over the course of five drill seasons, Cameco continued to evaluate the Grid 5 trend, identifying significant structure and zones of alteration along the trend to the southwest of the '42 zone'.

In late 2018, upon formation of the joint venture, CanAlaska took over operatorship of the project. The Company focused on evaluating the mineralization, structures, and alteration immediately along strike to the southwest of the '42 Zone'.

In 2022, the Company announced a new discovery, referred to as the Pike Zone, that consists of high-gradebasement-hosted uranium mineralization. The Pike Zone is approximately 6 kilometres to the southwest of the '42 zone' along the C10S conductive corridor. The discovery hole, WMA067 intersected 9.0 m @ 2.4% U3O8 over 100 m into the basement, including 6.0 m @ 3.5% U3O8. Additional drillhole results include WMA072-3, which returned several high-grade intersections over a 12.6-metre-wide zone, highlighted by 3.98% U₃O₈ over 2.3 metres from 845.9 metres, which contained a sub-interval of 25.40% U3O8 over 0.3 metres from 846.4 metres The Company has since concentrated its efforts on expanding this mineralized zone, as well as developing regional exploration targets along this open mineralized trend.

In May 2023, the Company announced the completion of the winter drilling program highlighted by WMA079 that intersected 2.3 metres at 0.58% eU3O8 and 3.9 metres at 1.39% eU3O8, including 0.5 metres at 7.16% eU3O8. During the winter program, uranium mineralization was intersected in six of the nine drill holes completed with step out drill fences 100 and 160 metres northeast of the original basement-hosted discovery and includes the first ever intersection of unconformity-associated uranium mineralization at Pike Zone. The mineralization drilled to date at Pike Zone remains open in all directions.

In August 2023, the Company mobilized of crews for the upcoming summer exploration drilling program at West McArthur. In addition, the Company announced geochemical results from the winter exploration program that confirm the equivalent uranium results. These results are highlighted by WMA079 that intersected 2.5 metres at 0.77% U3O8 and 2.6 metres at 2.80% U3O8, including 0.3 metres at 20.20% U3O8.

In November 2023, the Company announced the completion of the summer drilling program, highlighted by WMA082-2 that intersected

6.5 metres at 0.73% eU3O8, including 1.8 metres at 1.91% eU3O8. Basement-hosted uranium mineralization has now been confirmed over 160 metres into the basement along the controlling fault structures. In addition, step out drill targets 200 and 800 metres to the northeast of the Pike Zone intersected alteration and fault structures in the basement and lower sandstone, respectively.

The mineral rights to West McArthur are valid and in good standing with the earliest claim requiring renewal in May 2042 with no further exploration expenditures required. The West McArthur property is without known reserves and any proposed program is exploratory in nature.

www.canalaska.com

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 8 of 25

2.2.2 Cree East Project, Saskatchewan

The Cree East project is located in the southeastern portion of the Athabasca Basin, 35 kilometres west of the formerly producing Key Lake mine and 5 to 22 kilometres north of the south rim of the Athabasca Basin. The project is comprised of 17 contiguous mineral claims totalling 57,752 hectares.

Due to the project's proximity to the Key Lake mine, the area has been explored since the early 1970's. Most of this exploration was on the southern rim of the project area, as previous airborne geophysical surveys had limited depth penetration, and the depth to the unconformity increases to the north. Regional geochemical studies and geophysics have located numerous conductors around the southern and eastern edge of the property. Some of these conductors have been drilled, but the results were inconclusive.

CanAlaska carried out versatile time-domain electromagnetic ("VTEM") airborne surveys across the property area in 2005 and determined priority targets. In 2006, detailed collection of over 2,000 surface rock samples and over 400 lake sediment samples by the Company's field crews defined three large areas of dravite and clay alteration on surface, and localized boulder samples containing anomalous uranium. By 2007, initial ground geophysical data from the first lines of IP-Resistivity surveys, had provided the Company with evidence of strong alteration in the sandstone horizons overlying these basement conductors. Additional IP-Resistivity and Audio Magneto Telluric geophysical surveys were used to further define these targets. Drill programs started on the project in late February 2008 and large zones of alteration were intercepted. Extreme clay alteration and unconsolidated sands prohibited the Company from completing the majority of the winter 2008 drill holes.

During the summer of 2008, CanAlaska undertook a multi-faceted $1.6 million exploration program consisting of IP/Resistivity surveying on land and high-resolution single channel seismic data collection on Cree and McIntyre Lakes, lake sediment sampling on Cree Lake, and a 5- hole diamond drilling program. All of the drill holes reached their target depth in basement. The 2008 summer- drilling produced positive results.

The winter 2009 Cree East exploration program was successful in drilling 15 holes for a total length of 6,747 metres, with only one drill-hole abandoned in bad ground near surface. All of the holes but one reached their targeted depth and showed multiple zones of uranium and base metal enrichment, as well as basement offsets and hydrothermal alteration.

Further geophysical surveys were conducted in 2009, 2010, 2011 and 2012 to better define the drill targets on the Cree East property. These surveys include IP/Resistivity and both SQUID Time Domain EM as well as borehole Time Domain EM.

Drilling continued on Cree East in 2010, 2011, and 2012, bringing the total drilled to 34,638 metres in 91 drill holes. A total of 9 target zones have been tested, all of which showed indications of hydrothermal alteration and/or uranium mineralization.

The most notable results were obtained on Area B, where a zone of intense alteration was intersected that extends from below the unconformity at about 400 metres depth to near surface, with large intersections of re-healed breccias, large rotated blocks and fine pyrite impregnations. A broad arsenic geochemical halo characterizes this alteration, associated with some uranium enrichment. Horizontally this alteration zone has been observed in an area about 80 metres wide and which appears to extend 400 metres along the basement conductor.

In the 2014, a program of geophysics (DCIP, TDEM and gravity) and geochemistry (radon) was conducted to detail this area in preparation for further drilling.

The Cree East Project was previously funded by a Korean consortium, comprising Hanwha Corporation, Korea Electric Power Corporation, Korea Resources Corporation and SK Energy Co. Ltd. In July 2017, the company and its Korean partners entered into a buy back agreement. CanAlaska now owns 100% interest in the Cree East uranium project and is actively seeking joint venture partners to advance exploration efforts on the project. It is anticipated the next substantial work programs on the property will consist mainly of drill testing the current target inventory.

The mineral rights to Cree East are valid and in good standing with the earliest claim requiring renewal in December 2027 with no further exploration expenditures required. The Cree East property is without known reserves and any proposed program is exploratory in nature.

www.canalaska.com

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 9 of 25

2.2.3 Moon Lake South

The Company holds a 25% ownership in the Moon Lake South JV operated by our partner Denison Mines Corporation. The property is host to a five-kilometre-long northeast trending conductive corridor known as the CR-3 conductor. The CR-3 conductor is located two kilometres west of the K-trend, host to the Gryphon Deposit on Denison's adjacent Wheeler River property. Drill programs in 2016 and 2021 identified uranium mineralization along the CR-3 conductor trend in three drillholes. This was followed up by the discovery of high-grade uranium mineralization in the winter of 2023.

In 2022, the drill program focused on advancing the five-kilometre-longCR-3 conductive corridor where uranium mineralization was intersected in drill holes MS-21-02 (0.14% eU3O8 over 0.2 m from 488.5 m) and MS-21-06 (0.12 eU3O8 over 0.2 m from 550.6 m).

In the winter of 2023, the Company announced a new discovery in MS-23-10A, which contained 8.0 metres at 2.46% U3O8, including

4.5 metres at 3.71% U3O8. The MS-23-10A mineralized intersection remains open for 1,200 metres to the northeast. Additionally, the Moon Lake South JV has doubled the 2023 exploration budget with the approval of a newly planned supplemental drill program that will test for extensions of the high-grade uranium mineralization intersected this winter. CanAlaska currently holds a 25% ownership in the project and will fund the Company's share of the 2023 exploration program.

In September 2023, the Company announced mobilization of drill crews to the Moon Lake South project to complete the fall drill program. The program is focused on testing the extensions of high-grade uranium mineralization intersected during the winter of 2023.

2.2.4 Waterbury Projects (South and East)

The project is located in the northeastern Athabasca Basin in Saskatchewan and consists of two claims that lie 10 and 30 kilometres from the Cigar Lake mine site. The project area was explored historically by Saskatchewan Mining Development Corporation ("SMDC'), Noranda, COGEMA, and Cameco who performed a variety of geochemical surveys, airborne and ground based geophysical surveys. In the 1980's, Noranda exploration completed a drill fence on the south project, identifying basement-hosted uranium mineralization, assaying 0.12% U3O8 over 0.1 metres from 283 metres. In the early 2000's, Cameco completed an EM survey and three drill holes on the south project. SOD-253, was abandoned before reaching the unconformity but intersected pervasively bleached sandstone with weak sooty pyrite. On the Waterbury South claim, CanAlaska has completed a GEOTEM and airborne magnetic survey. In addition, a DC Resistivity Survey was completed on the project that has identified sandstone resistivity low breaches, a typical response for post-Athabasca structure and alteration on other projects in the area.

In 2021, the Company completed three drillholes on the south project. This drill program was highlighted by WAT009 which intersected a strongly altered lower sandstone column with bleaching, sooty pyrite, desilicification, and chlorite, which contained polymetallic mineralization at the unconformity. The polymetallic mineralization is characterized by 0.5 metres with 405 ppm uranium, 2.42% nickel, 2.34% arsenic, 0.5% zinc, and 801 ppm cobalt from 349 - 349.5 metres.

In 2022, the Company completed a drilling program on the south project. This drill program was highlighted by a complex structural network with associated sandstone and basement alteration. Future exploration programs should focus on expansion of these results.

The Company is actively seeking joint venture partners to advance exploration efforts on the project.

2.2.5 Key Extension

This project is located in the Southeastern Athabasca Basin in Saskatchewan and lies 15 kilometres from the Key Lake mill complex. The past producing Key Lake Deposits are located 15 kilometers from the project boundary, which have historically produced over 150 million lbs U3O8 from the Gaertner and Deilmann open pits. The project lands have been subject to historical regional and project scale ground and airborne geophysical surveys. Focused airborne magnetics and VTEM (Versatile Time Domain Electromagnetic) surveys were completed by past operators of the project in the early 2000's, outlining an east-northeast oriented conductive corridor coincident with a magnetic lineament that trends towards the historically producing Key Lake deposits. In addition, the surveys identified a prominent 10-kilometre-longNE-trending conductor corridor that is parallel to the Mudjatik-Wollaston transition. The Company is actively seeking joint venture partners to advance exploration efforts on the project.

In 2022, the Company conducted a high-resolutionhelicopter-borne airborne radiometrics and aeromagnetics survey on the property.

During the winter of 2023, the Company's drill program focused on initial drill testing of newly defined targets generated through a series of geophysical programs completed in 2022. The Company identified multiple graphitic packages with large reactivated and brecciated fault zones, associated hydrothermal alteration, and elevated radioactivity. The 2023 drill program consisted of 2,239 metres

www.canalaska.com

CanAlaska Uranium Ltd. - MD&A October 31, 2023

Page 10 of 25

in seven drill holes. This program represents the Company's first drill holes on the Key Extension project and significant results were received in three main target areas. The 2023 drilling program successfully intersected graphitic host rocks showing evidence of multiple post-Athabasca structural reactivation events, hydrothermal alteration, and elevated radioactivity.

In April 2023, pursuant to an option agreement with Durama, the Company exercised its option to acquire 100% interest in the Key Extension project by issuing 300,000 common shares with a fair value of $106,500 and paying $45,000 cash to Durama.

In August 2023, the Company announced geochemical results from the winter drilling program on the Key Extension project. Winter drill results confirmed uranium enrichment associated with hydrothermal alteration and structure. The 2023 drilling program successfully intersected graphite host rocks showing evidence of multiple post-Athabasca structural deactivation events, hydrothermal alteration, and elevated uranium enrichment.

2.2.6 NE Wollaston Area

The NE Wollaston project area consists of five sub-projects (Watson, Warren, Kingston, Burrill, Fife Island) totalling 45,909 hectares of non-contiguous claims located 20 to 90 kilometres northeast of the present-day Athabasca Basin. The main target on the NE Wollaston project is basement-hosted uranium deposits, similar to the Eagle Point deposit. The NE Wollaston projects host the structural extensions of the Collins Bay Fault zone, which is host to the Rabbit Lake, Collins Bay A, B, and D, and Eagle Point orebodies to the southwest of the claim block. Since acquiring the land package, the Company has identified several new uranium targets coincident with electromagnetic and gravity anomalies. The Company is actively seeking joint venture partners to advance exploration efforts on the project.

2.2.7 North Millennium

The North Millennium property, totaling 5,873 ha, is located in the Eastern Athabasca Basin, Saskatchewan, Canada. The property is located seven kilometres from Cameco's Millennium uranium deposit. Northeast trending conductors on the project are disrupted and offset by a north-south trending lineament that can be traced down through the Millennium deposit. This north-south feature is interpreted to be the continuation of the Mother Fault, which has been interpreted to be the main conduit for ore-bearing fluids to enter the basement rocks and form the Millennium deposit.

In 2022, the Company entered into a property option agreement with Basin Energy to earn up to an 80% interest in the North Millennium project. Basin Energy may earn up to 80% interest in stages in the property by making cash payments, issuing shares of Basin Energy, granting the Company 2.75% NSR and incurring AUD$7,500,000 in exploration expenditures.

2.2.8 Geikie

The Geikie property, totaling 35,084 ha, is located 7 kilometres southeast of the present-day Athabasca Basin edge, in Saskatchewan, Canada. The property straddles the extension of a fertile corridor of biotite gneisses hosting the Agip S high-grade uranium showing (up to 58% U3O8), and the recent Baselode Energy radioactive intersections near Beckett Lake. These uranium showings appear similar to 92 Energy's GMZ uranium zone and Baselode Energy's ACKIO uranium zone, recently discovered approximately 10 kilometres away. On the Geikie property, the Mud Lake uranium-molybdenum showing, containing up to 0.225% U3O8, 5.2% Mo, and 1.4% Cu, and the Marina lead-zinc showings, containing up to 2.03% Pb, 7.2% Zn and 0.93 oz/t Ag, have been documented. With its partner, Basin Energy, CanAlaska has completed multiple high-resolution airborne surveys and one drill program on the project.

In 2022, the Company entered into a property option agreement with Basin Energy to earn up to a 80% interest in the Geikie project. Basin Energy may earn up to 80% interest in stages in the property by making cash payments, issuing shares of Basin Energy, granting the Company 2.75% NSR and incurring AUD$7,500,000 in exploration expenditures.

The Company recently announced results from the 2023 summer drill program representing CanAlaska's first drill holes on the Geikie project. The 2023 summer drill program consisted of 2,217 metres in eight drill holes on it's 60%-owned Geikie project. The drill program was focused on a 15-kilometre-long conductive structural corridor with three main target areas. Results from the program confirmed the presence of hydrothermal alteration systems hosted within a complex structural framework at Geikie which is important in the formation of basement-hostedhigh-grade uranium deposits.

In August 2023, the Company announced the commencement of an airborne gravity gradiometer survey. The goal of the survey was to map basement hydrothermal alteration associated with structures on the project.

www.canalaska.com