CanAlaska Approves Moon Lake South JV Supplemental Budget

• Priority Geophysical Targets Identified During Winter Exploration Program
• Drill Program Planned to Commence in September

Vancouver, Canada, August 14, 2024 – CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7) (“CanAlaska” or the “Company”) is pleased to report that the Moon Lake South Joint Venture (“MLSJV”) has approved a supplemental 2024 exploration budget. The supplemental budget will be used to complete a fall drill program that will test newly identified conductivity anomalies along the mineralized CR-3 Corridor. The CR-3 corridor is host to high-grade uranium mineralization discovered in 2023 in drill hole MS-23-10A (2.46% U3O8 over 8.0 metres). The MLSJV is 75%-owned and operated by Denison Mines Corp. (“Denison”), and CanAlaska holds a 25% ownership (Figure 1). CanAlaska is funding the Company’s share of the 2024 exploration program.

CanAlaska CEO, Cory Belyk, comments, “I am very pleased with results from the winter geophysical program that have highlighted additional untested targets in the vicinity of high-grade mineralization intersected in 2023. The CR-3 corridor is already host to a significant number of mineralized drillholes which highlight its discovery potential. I congratulate our partner, Denison, for outlining additional priority targets and bringing this supplemental budget to the JV for consideration and approval. CanAlaska and its shareholders can look forward to continued news flow from the Moon Lake South JV in the fall.”

2024 Moon Lake South Fall Exploration Program
A Stepwise Moving Loop Electromagnetic survey was completed during the winter exploration program that revealed a series of strong conductivity anomalies along the western edge of the CR-3 Corridor on the Moon Lake South property (Figure 2). The CR-3 corridor is host to high-grade perched uranium mineralization discovered in 2023 in drill hole MS-23-10A which intersected 2.46% U3O8 over 8.0 metres, including 3.71% U3O8 over 4.5 metres, approximately 30 metres above the unconformity. Previous exploration programs on the Project have confirmed uranium mineralization in multiple showings over a strike length of approximately four kilometres along the CR-3 target corridor. The MLSJV has approved an increase to the 2024 exploration budget to include a supplemental 2024 fall drill program. The approved supplemental program is expected to start in September and consist of three drillholes for a total of up to 1,800 metres.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSX-V: CVV; OTCQX: CVVUF; Frankfurt: DH7) holds interests in approximately 500,000 hectares (1,235,000 acres) in Canada’s Athabasca Basin. CanAlaska’s strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco on the West McArthur JV project and Denison on the Moon Lake South JV project in the Eastern Athabasca Basin. CanAlaska is a project generator positioned for discovery success in the world’s richest uranium district. The Company also holds properties prospective for nickel, copper, gold and diamonds. For further information visit www.canalaska.com.

The Qualified Person under National Instrument 43-101 Standards of Disclosure for Mineral Projects for this news release is Nathan Bridge, MSc., P. Geo., Vice-President Exploration for CanAlaska Uranium Ltd., who has reviewed and approved its contents.

On behalf of the Board of Directors
“Cory Belyk”
Cory Belyk, P.Geo., FGC
CEO, President and Director
CanAlaska Uranium Ltd.

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Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements.  These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control.  Readers should not place undue reliance on forward-looking statements.  Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.