Mr. Cory Belyk reports

CANALASKA ANNOUNCES UP TO C$15 MILLION "BEST EFFORTS" PRIVATE PLACEMENT

Canalaska Uranium Ltd. has entered into an agreement with Desjardins Capital Markets to act as sole bookrunner on behalf of a syndicate of agents pursuant to which the company intends to issue, on a best efforts private placement basis, up to 9,757,500 common shares of the company, comprising: (i) charity flow-through common shares of the company that will 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 NFT (non-flow-through) share; and (ii) charity flow-through common shares of the company to be issued to certain eligible Saskatchewan subscribers that will 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) (the SFT shares and together with the NFT shares, the offered securities) at a price of $1.65 per SFT share, for aggregate gross proceeds to the company of up to $15-million.

The offered securities will be offered to purchasers pursuant to the listed issuer financing exemption (LIFE) under Part 5A of NI 45-106, as amended by CSA Coordinated Blanket Order 45-935 -- Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, in all of the provinces and territories of Canada. The offered securities will not be subject to resale restrictions in Canada pursuant to applicable Canadian securities laws.

The gross proceeds of the offering will be used by the company 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 securities 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.

The offering is scheduled to close on or about Oct. 30, 2025, or such other date as the company and the agents may agree, subject to customary closing conditions, including receipt of all necessary approvals including the approval of the TSX Venture Exchange. The company has agreed to pay the agents a cash commission equal to 6.0 per cent of the gross proceeds raised under the offering.

There is an offering document related to the offering that can be accessed under the company's profile on SEDAR+ and on the company's website. Prospective investors should read this offering document before making an investment decision.

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 Pike zone. Fully financed for the continuing 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 of exploration for Canalaska Uranium, who has reviewed and approved its contents.

We seek Safe Harbor.