Announcement • Jun 10
CanAlaska Uranium Begins Summer Drill Program At West Mcarthur Joint Venture CanAlaska Uranium Ltd. has announced the start of the summer drill program as part of the $15 million 2026 exploration program on the West McArthur Joint Venture Project in the southeastern Athabasca Basin. The 2026 West McArthur summer program will focus on continued step outs to the southwest and northeast of the currently defined high-grade mineralized footprint of the Pike Zone to evaluate for additional zones of high-grade uranium mineralization and continuation of the associated large hydrothermal alteration system. 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 2026 summer drill program on the West McArthur project will consist of three diamond drills operating to achieve an estimated 20 to 25 unconformity target intersections. The summer drill program will continue to build on results from the successful winter exploration program where the Company stepped out 350 metres southwest and 350 metres northeast from previous drilling, intersecting continued strong alteration, structure, graphitic host stratigraphy, and multiple drill fences with unconformity-associated and basement-hosted uranium mineralization. The primary focus for the summer program will be continued systematic testing to evaluate the C10S corridor for additional pods of high-grade uranium mineralization. Target areas are concentrated both to the southwest and northeast of the high-grade Pike Zone core. The drill program will focus on additional step-outs along the trend and infill testing of larger gaps along the trend where strong hydrothermal alteration and lower-grade uranium mineralization indicate the potential for additional pods. The Company will continue to utilize the recent geophysical survey results for targeting, which indicate interpreted structural complexity with sharp changes in orientation of the main conductor trend in the immediate four kilometres of strike length around the Pike Zone. Results from recent drill programs on the Project have defined the hydrothermal system associated with the unconformity target area along the C10S corridor over 1.3 kilometres strike length, with over one kilometre strike length containing uranium mineralization. The target corridor remains sparsely tested over 530 metres strike length to the northeast and 630 metres strike length to the southwest from the 140-metre-long high-grade core of the Pike Zone. The results from recent drill programs show similar continued hydrothermal alteration intensity, styles, and types as those that are observed in direct association with the Pike Zone near the most significant high-grade intersections drilled to date. The Company believes that the recent positive drill program results coupled with the already proven uranium endowment of the C10 and C10S corridors highlights the significant potential for the discovery of additional unconformity-related high-grade zones of uranium mineralization. As a result, continued systematic evaluation for additional high-grade pods of unconformity-associated uranium mineralization in both directions along the C10S corridor is the main priority for the summer drill program. The Company expects to complete the summer portion of the 2026 exploration program in September. The geochemical assay results from the winter portion of the 2026 exploration program are pending. 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 Derivative • May 13
Vice President of Exploration exercised options to buy CA$120k worth of stock. On the 11th of May, Nathan Bridge exercised options to buy 200k shares at a strike price of around CA$0.28, costing a total of CA$56k. This transaction amounted to 71% of their direct individual holding at the time of the trade. Since June 2025, Nathan's direct individual holding has decreased from 739.00k shares to 614.00k. Company insiders have collectively bought CA$453k more than they sold, via options and on-market transactions, in the last 12 months. 
