Announcement • May 26
CanAlaska Uranium Reports Results From Winter Geophysical Program On West McArthur Project CanAlaska Uranium Ltd. reported the results from the recently completed geophysical program on the West McArthur Joint Venture Project in the eastern Athabasca Basin. During the winter exploration program, the company completed a modern Stepwise Moving Loop Time Domain Electromagnetics (SWML-TDEM) survey on the Epp Lake Corridor. The goal of the survey was to map a historical ZTEM conductivity anomaly that is associated with a magnetic low corridor using high-resolution ground-based survey methods. The survey identified multiple strong conductors stacked within a broad magnetic low corridor. As a result of the winter geophysical survey and the historical drilling completed immediately to the north of the survey area, the Company believes that these newly generated conductor targets represent a significant opportunity for the discovery of high-grade unconformity uranium mineralization. The winter geophysical survey on the West McArthur project highlighted multiple kilometres of stacked strong conductor anomalies along the Epp Lake Corridor. Combined with the pathfinder anomalism in the historical drilling, the newly defined geophysical targets represent a significant discovery opportunity. The team is currently analyzing the new geophysical data with historical knowledge to refine the best potential exploration targets in this target area. In addition, the team is working diligently to prepare for our upcoming summer drill program on the West McArthur project. The 2026 winter geophysical program on the West McArthur project consisted of four survey lines totaling 78.0 km of SWML-TDEM surveying across the Epp Lake corridor. Historical work on this portion of the West McArthur project identified a broad ZTEM conductivity corridor associated with a magnetic low. The winter survey highlighted multiple strong northwest-dipping and southwest-trending conductors stacked within a broad magnetic low. In total, over 20 kilometres of new conductor strike length was identified during the survey. After the data collection, the Company completed Maxwell plate modelling of the conductive features which shows a strong association between the magnetic low corridor and the conductors. Generally, the conductors are strongest in the northern lines of the survey. In Athabasca unconformity-associated uranium deposits, sandstone alteration halos are typically defined by several key pathfinder elements including spectral clay identification of illite, dravite, and kaolinite, and geochemical pathfinder enrichment consisting of various metals including uranium, arsenic, cobalt, nickel, lead, and copper. Historically, in this portion of the project, 20 drillholes have been completed testing various targets along the Epp Lake Corridor. Along the northern edge of the winter geophysical survey area, several of these historical drillholes map a prominent lower sandstone illite anomaly that is associated with a broader pervasive uranium pathfinder halo. In addition, northeast/southwest-trending structural corridors in the Eastern Athabasca Basin are host to several prominent high-grade unconformity-associated uranium deposits including McArthur River, Phoenix, and the Eagle Point system. As a result of the geophysical survey results and the pathfinder anomalies identified in the nearby historical drilling, the Company believes that these newly-mapped conductor targets are typical Athabasca Basin unconformity-associated uranium targets and represent a significant opportunity for the discovery of high-grade unconformity-associated uranium mineralization. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska, which holds an 88.89% ownership in the Project. The 2026 exploration program is being co-funded by Cameco and CanAlaska under the Joint Venture. 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 ongoing work on the subject projects. This news release refers to neighbouring properties in which the Company has no interest. Results, discoveries, or mineralization on proximate land or neighboring 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. Recent Insider Transactions • May 13
Vice President of Exploration recently sold CA$79k worth of stock On the 8th of May, Nathan Bridge sold around 125k shares on-market at roughly CA$0.63 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$716k more than they bought in the last 12 months. 
