CanAlaska Uranium Ltd. is preparing for winter drill programs at three of its projects in the southeastern Athabasca Basin. An approved $7.5 million exploration program on the West McArthur Joint Venture project is scheduled to start in early January. The 2024 West McArthur drill program will focus on continued expansion of the Pike Zone discovery and along strike unconformity testing to the northeast and southwest of the Pike Zone.

In addition, the Moon Lake South Joint Venture ("MLSJV") approved a $2.7 million exploration program for 2024. The Moon Lake South winter drill program will focus on expansion of the high-grade uranium mineralization intersected in drillhole MS-23-10A. The Company's partner, Basin Energy, is preparing for the 2024 winter drilling program on its Geikie project.

The Geikie winter program will focus on direct follow up of targets associated with gravity lows adjacent to uranium mineralization, alteration, and pathfinder anomalism identified during the 2023 drill campaign and additional regional exploration targets derived from the integration of multiple high resolution airborne geophysical data sets. Uranium mineralization was intersected in all four drill holes completed in the Pike Zone during the summer drilling campaign, highlighted by WMA082-2 that intersected 6.5 metres at 0.73% eU3O8, including 1.8 metres at 1.91% eU3O8. In addition, step out drill targets 200 and 800 metres to the northeast of the Pike Zone intersected target related alteration and fault structures in the basement and lower sandstone column, respectively.

Starting in January of 2024, the Company will have two drills active on the West McArthur project. Results from the recently completed drill programs indicate that priority targets exist both at the Pike Zone and as unconformity and basement extensions along the C10 South target corridor. At the Pike Zone, the drill program will focus on continues expansion of basement mineralization along the controlling fault structure, to the southwest where mineralization remains open, and to the northeast below the unconformity mineralization intersected in 2023.

In addition, the Company plans to continue testing the unconformity target areas both in the immediate Pike Zone area and along strike to the northeast and southwest Of the Pike Zone. The 15-kilometre-long C10S corridor remains completely untested to the southwest and only sparsely tested to the northeast between the Pike Zone and 42 Zone mineralization. Based on the positive 2023 summer drill program results, the Company believes significant potential for unconformity-related mineralization exists at Pike Zone and nearby along the C10 South corridor.

The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska that currently holds an 83.29% ownership in the project. 2024 Moon Lake South Exploration Program. The Moon Lake South project is a Joint Venture with Denison Mines Corp.

("Denison"), the operator. CanAlaska currently holds a 25% ownership in the project and will fund the Company's share of the 2024 exploration program. 2024 Geikie Exploration Program.

A winter drill program is planned in First Quarter of 2024 for the Geikie uranium project located along the eastern margin of the Athabasca Basin. The planned 2,000 metre program will be split between direct follow up targets associated with gravity lows associated with gravity lows adjacent to the alteration, uranium mineralization, and pathfinder anomalies identified during the 2023 drill campaigns and regional exploration targets from the integration of high-resolution airborne geophysical data. In September of 2023, the Company announced results from the maiden drilling program on the Geikie project which were highlighted by 0.5 metres @ 0.27% U3O8 in drillhole GKI002.

The 2023 drilling program also successfully intersected graphitic host rocks with evidence of multiple episodes of post-Athabasca structural reactivation events along north-south and northwest trending faults. The North Millennium and Marshall projects are currently being sole-funded by Basin Energy Limited under an sole-funded by Basin Energy Ltd. under an sole- funded by Basin Energy Limited under an independent independent drilling program.