Mr. Cory Belyk reports

CANALASKA BEGINS DRILL PROGRAM AT KEY EXTENSION PROJECT

Canalaska Uranium Ltd. has started the 2026 drill program on the Key Extension project in the southeastern Athabasca basin. The 2026 Key Extension winter program will focus on a series of high-priority target areas identified from recent high-resolution airborne geophysical surveys and the review of historical drilling programs on the project. One drill has been mobilized to the project site and drilling has now begun. The Key Extension project is 100 per cent Canalaska owned and is located approximately 15 kilometres south of the past-producing Key Lake mine and currently operating Key Lake mill.

Canalaska chief executive officer Cory Belyk comments: "I am very pleased with the start of this drilling program located immediately south of the Key Lake mine and mill complex. This region has not been extensively explored for basement-hosted uranium deposits and early results from Canalaska's first drill program in 2023 were very encouraging. Armed with new data, I look forward to results from drill testing of these high-priority targets. The uranium market continues to strengthen with uranium spot price near $100 (U.S.) per pound. The time is now for discovery of the next high-grade uranium deposit in the southeastern Athabasca basin."

2026 Key Extension winter exploration program

The 2026 winter drill program on the Key Extension project will consist of one diamond drill operating to complete an estimated eight to 12 drill holes. The primary focus for the winter program will be on drill testing a series of high-priority target areas identified based on the recent airborne geophysical surveys and the review of historical drilling on the project. The targets are located within a series of long-linear magnetic low corridors associated with conductivity high corridors that are interpreted to extend from the Key Lake mine and mill complex through the company's Key Extension and Nebula projects. The magnetic lows with associated conductivity highs are interpreted to represent the graphitic metasedimentary rocks of the lower Wollaston domain in the highly prospective Wollaston-Mudjatik transition zone. The Wollaston-Mudjatik transition zone is host to several unconformity-associated uranium deposits in the Eastern Athabasca. Drill targets within the graphitic metasedimentary package are focused on areas of interpreted structural complexity, where interpreted bends and breaks in the conductive rocks may create the potential for transport and trap of hydrothermal uranium-bearing mineralizing fluids.

The company has identified four key target areas on the Key Extension project for the winter exploration program.

Up-ice of the Orchid Lake boulder field: A series of drill holes are planned to test the conductive stratigraphy along the western conductive trend up-ice of the historically reported radioactive Orchid Lake boulder field. The targets are positioned immediately up-ice along the interpreted glacial ice direction of the Orchid Lake boulder field.

Western conductive trend: A series of drill holes are planned to test the long-linear conductive trend along the western margin of the Key Extension project. This conductive trend, which represents over 10 kilometres of sparsely tested conductive target stratigraphy, parallels the highly prospective Wollaston-Mudjatik transition zone. Along the trend, multiple conductor-parallel fault zones have been interpreted from the high-resolution geophysical data. The interaction between these conductor-parallel and cross-cutting fault zones represents high-priority exploration targets for basement-hosted uranium deposits. The last drilling program on the Key Extension project, completed in 2023, successfully intersected graphitic host rocks showing evidence of multiple post-Athabasca structural reactivation events, hydrothermal alteration and associated uranium enrichment along the western conductive trend (see news release dated Aug. 29, 2023).

Follow-up on historical drilling: A series of drill holes are planned to test conductive stratigraphy along strike of the KEY001, KEY002 and KEY003 drill holes. All three drill holes, completed by the company in 2007, intersected a graphitic fault zone associated with clay, chlorite and hematite alteration. Importantly, KEY001 intersected 487.3 parts per million uranium over 0.15 metre from 184.7 m to 184.85 m.

Eastern conductive trend: A series of drill holes are planned along the eastern conductive trend which stretches over five kilometres along the eastern margin of the Key Extension project. This conductive trend has not had historical drilling and represents a high-priority exploration target for the company.

Technical disclosure -- historical results, neighbouring properties and grab samples

The historical results contained within this news release have been captured from the Saskatchewan Mineral Assessment Database (SMAD) as available and may be incomplete or subject to minor location inaccuracies. Management cautions that historical results collected and reported by past operators unrelated to Canalaska have not been verified nor confirmed by a qualified person; however, the historical results form a scientific basis for continuing work on the subject projects. Any historical rock/boulder samples are selective samples by nature and as such are not necessarily representative of the mineralization hosted across the property.

This news release refers to neighbouring properties in which the company has no interest. Results, discoveries or mineralization on proximate land or neighbouring properties, whether in stated current resource estimates or historical resource estimates, are not necessarily indicative of results, discoveries or mineralization on the company's properties.

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 and 2025 leading to significant success at Pike zone. Fully financed for the upcoming 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 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.