Slide 1: Pike Zone, West McArthur, and Beyond: CanAlaska's 2026 Plans
CORPORATE PRESENTATION Pike Zone, West McArthur, and Beyond: CanAlaska’s 2026 Plans TSX.V: CVV OTCQX: CVVUF FRANKFURT: DH7 2 Mar 2026
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer TSX.V-CVV Cautionary Statement Regarding Forward-Looking Statements This presentation contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of Canadian securities laws. Where a forward-looking statement expr
Slide 3: Disclaimer: Market and Industry Data, Technical Information
Disclaimer TSX.V-CVV Market and Industry Data Forward Looking Statements This presentation includes market and industry data that has been obtained from third party sources, including industry publications. CanAlaska believes that the industry data is accurate and that the estimates and assumptions
Slide 4: West McArthur Expansion and New Targets
“Pike Zone” Ownership West McArthur Discovery Expands CanAlaska = 88.86% Expansion and New Targets at West McArthur Cameco = 11.14% 2025 Exploration Success: Pike Zone and C10S Corridor ● Expansion of High-Grade Uranium ● Ultra High-Grades continue ● Assays up to 85.4% U3O8 ● Unconformity and Upper
Slide 5: West McArthur Extension and Beyond
West McArthur Ownership Key X, Nebula, Cree East and West McArthur Extension CanAlaska = 88.86% Waterbury South Ownership and Beyond Cameco = 11.14% CanAlaska = 100% 2026 Plan Summary: Pike Zone and C10S Corridor ● Extension focused ● Seek Ultra High-Grade pod/pods ● Unconformity and Upper Basement
Slide 6: CanAlaska Advantage
CanAlaska Advantage TSX.V-CVV Providing opportunity for a Tier 1 uranium discovery Right Strategy Right Team Right Assets ● Focus on Tier 1 Uranium ● Cameco and Orano Trained ● + 500,000 ha (+ 1,235,000 ac) ● Safe and Secure Jurisdiction ● Athabasca Basin Leaders ● Partners: Cameco; Denison ● Easter
Slide 7: Corporate Structure
Corporate Structure TSX.V-CVV Well structured and VERY Well financed Share Structure February 23, 2026 Share Price C$0.86 Shares Outstanding 220.06 M Fully-Diluted Shares 241.94 M Market Capitalization C$189.25 M Cash C$36.0 M No Warrants Outstanding Management est. 4.09%, 10.07% fully diluted CanAl
Slide 8: Corporate Structure: Analyst Coverage
Corporate Structure TSX.V-CVV Analyst Coverage Analyst Coverage as of February 23, 2026 8
Slide 9: Technical Strength: Management Team
Technical Strength TSX.V-CVV Decades of Athabasca Discovery Experience Management Team Cory Belyk, P. Geo., FGC Harry Chan CHIEF EXECUTIVE OFFICER, PRESIDENT, DIRECTOR CHIEF FINANCIAL OFFICER, CORPORATE SECRETARY Mr. Belyk is a geologist with over 30 years of experience Harry Chan has over 20 years
Slide 10: Technical and Political Strength: Board of Directors
Technical and Political Strength TSX.V-CVV 150 Years of Uranium Discovery and Market Experience Board of Directors Karen Lloyd, Director and Chair of the Board Peter G. Dasler, Director Ms. Lloyd (B. Comm., M.B.A.) comes from a strong Mr. Dasler, in 2004, positioned CanAlaska Uranium, (then strateg
Slide 11: Uranium Bull Market Underway
Uranium Bull Market Underway TSX.V-CVV Step-Change to Incentivize New Production/Discoveries Long Term Fundamentals have never been better! Step-Change Zone URANIUM SPOT $88.90 USD 11
Slide 12: Uranium Bull Market Underway: Term Contracting Prices
Uranium Bull Market Underway TSX.V-CVV Term Contracting Prices are Climbing Long Term Fundamentals have never been better! URANIUM SPOT $88.90 USD 12 Source: UxC, 23 Feb 2026
Slide 13: WNA Takeaways – Market Simply Needs to Respond
Uranium Bull Market Underway TSX.V-CVV WNA Takeaways – Market Simply Needs to Respond 165,000,000 lbs U 220,000,000 lbs U WNA 2025 data Is ‘Planned’ and Reference Scenario ‘Prospective’ (Middle of the Road is Conservative) really in play at today’s U price? Cigar McArthur (?) At Risk? Impact of Ciga
Slide 14: WNA 2025 Report
WNA 2025 Report Development, Planned, Prospective: At Risk? ● Within this stack, what will it take to accomplish this production by 2040? ● Uranium Price increase? ● Jurisdiction Risk decrease? ● Technological Advancement? ● Something we don’t know? ● New Discoveries needed TODAY! 14 TSX.V: CVV OTCQ
Slide 15: WNA 2025 Report: Potential
WNA 2025 Report Potential: Maybe? ● Within this stack, what will it take to accomplish this production by 2040? ● Few, if any, are in the pipeline of consideration for 2040 that could offset prior ‘At Risk’ list ● New Discoveries needed TODAY! 15 TSX.V: CVV OTCQX: CVVUF Frankfurt: DH7 Source: World
Slide 16: Active Explorer & Project Generator
Active Explorer & Project Generator TSX.V-CVV Eastern Athabasca Basin Focus: Mines, Mills, Infrastructure Research / Acquire / Deal / Discover High-Grade Uranium Targets Technical Evaluation and Staking Deals Minimize: Shareholder dilution Maximize: Capital gain 500,000+ hectares (1,236,000+ acres)
Slide 17: Aggressive 2026 Plans
Aggressive 2026 Plans TSX.V-CVV Eastern Athabasca Basin Focus 2026 Work: West McArthur, Moon Lake South, Key X, Nebula, Waterbury South and Cree East in Eastern Athabasca Basin Region Focused Exploration Region West McArthur ($13.33M CVV share) Drilling on Pike Zone and nearby targets Cameco is Co-F
Slide 18: West McArthur: Pike Zone Discovery
West McArthur: Pike Zone Discovery TSX.V-CVV A high-grade corridor near the world’s richest uranium mine Ownership CanAlaska = 88.86% 68M lbs @ 7.99% U3O8 Cameco = 11.14% Cameco and Orano Cameco and Orano Fox Lake Deposit1 McArthur River Uranium Mine “42 Zone” McArthur River is the world’s richest P
Slide 19: Pike Zone Ultra High-Grade Uranium: Winter 2025
Pike Zone Ultra High-Grade Uranium TSX.V-CVV Winter 2025: Infill and Extension – Assays Up To 85.4% U3O8 Winter Focus: Infill and Extension of Pike Zone Assay Results Show Ultra High Grade: Up To 85.4% U3O8 250 metres Uranium Mineralization at Unconformity Target Continuity of High- Grade Footprint
Slide 20: Pike Zone Ultra High-Grade Uranium: Summer 2025
Pike Zone Ultra High-Grade Uranium TSX.V-CVV Summer 2025 – Step Out Drilling - System Improving to West Summer Focus: Step Out Drilling Focused on New ‘Pearls’ Mineralized Corridor Extended Over 250 Metres to West Mineralizing System Open and Improving to West Mineralization, Alteration, Structure –
Slide 21: Pike Zone Ultra High-Grade Uranium: Summer 2025
Pike Zone Ultra High-Grade Uranium TSX.V-CVV Summer 2025 – Step Out Drilling - System Improving to West Summer Focus: Step Out Drilling Focused on New ‘Pearls’ Mineralized Corridor Extended Over 250 Metres to West Mineralizing System Open and Improving WMA076-04 to West (13 m east of Ultra High Grad
Slide 22: Pike Zone Expansion 2026
“Pearls on a string” Pike Zone Expansion 2026 McArthur River Long Section at Unconformity (Schematic) McArthur River Zones: ● McArthur River Zone 2 is a small target Source: IAEA-TECDOC-1857 that contains 350M Lbs Uranium ● Series of “Pearls” on a string ● Drilling must account for small scale and g
Slide 23: Pike Zone Expansion 2026
Pike Zone Expansion 2026 500 m mineralization; OPEN Pike Zone HG = 140 m McArthur River Long Section at Unconformity (Schematic) McArthur River Zones: ● McArthur River Zone 2 is a small target Source: IAEA-TECDOC-1857 that contains 350M Lbs Uranium ● Series of “Pearls” on a string ● Drilling must ac
Slide 24: Zone 2 McArthur River – An Analogue?
Zone 2 McArthur River – An Analogue? TSX.V-CVV Athabasca Basin – Home of the ‘GIANTS’ (350m lbs Uranium) High-Grade = 80 metre length Source: IAEA-TECDOC-1857 Zone 2 at McArthur River is an extremely 350m lbs U small target that contains a lot of uranium 24
Slide 25: Pike Zone Ultra High-Grade Uranium: Winter 2026
Pike Zone Ultra High-Grade Uranium TSX.V-CVV Winter 2026 – Step Out Drilling - System Improving to West 2026 Focus: Step Out Drilling Focused on New ‘Pearls’ Budget Increased 20% Year-Over-Year $15 Million Budget For West McArthur Project Mineralizing System Open and Improving to West 25
Slide 26: Winter 2026 Update: New High-Grade Pearl to Northeast?
Pike Zone Ultra High-Grade Uranium TSX.V-CVV Winter 2026 Update: New High-Grade “Pearl” to Northeast? 2026 Focus: Step Out Drilling Focused on New ‘Pearls’ Budget Increased 20% Year-Over-Year $15 Million Budget For West McArthur Project Mineralizing System Open and Improving to West 26
Slide 27: Pike Zone New High-Grade Pearl?
Pike Zone New High-Grade “Pearl”? TSX.V-CVV Winter 2026 Update: Northeast 250 metres Sandstone and Basement: - Sooty pyrite - Clay - Bleaching 5.2 metres @ 3.10% eU3O8 - High-Grade Uranium 27
Slide 28: Pike Zone Extension
Pike Zone Extension TSX.V-CVV Winter 2026 Update: Southwest Strong Alteration Increasing Intense alteration in lower sandstone: - Sooty pyrite - Clay - Bleaching - Uranium 28
Slide 29: New Geophysics (25 Nov 2025)
New Geophysics (25 Nov 2025) TSX.V-CVV Expanded C10S; Parallel Corridor; Structural Complexity New Geophysics = 16km C10S and Parallel Conductor Priority Target Area Immediately SW of Pike Zone 29
Slide 30: CanAlaska Advantage: Small Environmental Footprint
CanAlaska Advantage TSX.V-CVV Small Environmental Footprint, Highly Cost Effective Pike Zone Drills and Drill Pads Only junior using Directional Drilling Technology January 2026 Significantly reduced environmental impact CanAlaska Geoscientists plan and execute Optimized 7,900 m (saved $3.15M) in 20
Slide 31: Key Extension Project 2026 (100% CVV)
Key Extension Project 2026 (100% CVV) Basement-Hosted Unconformity Uranium: ● 15 kilometres SW of Key Lake Mill ● Second drill program by CanAlaska ● Three priority target areas totalling 14 kilometres or target strike length ● First program (2023) intersected right rocks with structure, alteration,
Slide 32: Nebula Project 2026 (100% CVV)
Nebula Project 2026 (100% CVV) Up Ice Target Area Basement-Hosted Unconformity Uranium: ● 30 kilometres SSW of Key Lake Mill ● First drill program by CanAlaska ● Two priority target areas totalling 20 kilometres target strike length ● Geologic features very similar to Cameco’s Eagle Point Mine ● Kar
Slide 33: Cree East Project 2026
Cree East Project 2026 TSX.V-CVV CanAlaska planning geophysics and possible drilling Nexus Uranium Failed to Complete Option Agreement Unencumbered; 100% CVV Geophysics? Summer Drilling? 33
Slide 34: 2025 Exploration Drilling at Cree East
2025 Exploration Drilling at Cree East TSX.V-CVV Pike Zone Alteration Comparison: Faulted Grey Sandstone Impressive Alteration Intersected! Alteration reminiscent of that associated with ultra high-grades 34
Slide 35: Waterbury South Project 2026 (100% CVV)
Waterbury South Project 2026 (100% CVV) Unconformity Uranium: ● 10 kilometres E-SE of Cigar Lake Mine ● Drilled by CanAlaska in 2022 ● Strong Uranium enrichment; intense alteration in sandstone and basement ● Strong Nickel, Cobalt, Arsenic mineralization (Cigar Lake style) ● Open on strike ● Less th
Slide 36: New Exploration Opportunities
New Exploration Opportunities TSX.V-CVV Project generator business ongoing 2020 to 2025: (NEW staking) +20 projects acquired Cree East (Returned) • $19M Option Deal Geikie, Marshall, N Millennium • A$15M Option Deal Constellation (Returned) • $5M Option Deal Waterbury East (60:40 JV signed) • $5M Op
Slide 37: CanAlaska Pipeline
CanAlaska Pipeline TSX.V-CVV Early Stage Discovery – Forward Value Proposition $70.8B CanAlaska’s Pike Zone - Start of a Rapid Valuation Trajectory? Market Cap West McArthur Cree East $11.1B Moon Lake South Market Cap Waterbury South Key Lake Area Other JV/Options Project Generation Arrow Deposit $0
Slide 38: CanAlaska: 2026 Drill Activities
CanAlaska: 2026 Drill Activities TSX.V-CVV Drilling Catalyst Summary Splitting Ultra High-Grade Core DRILLING PROGRAMS Jan - Apr: West McArthur, SK Uranium Feb - Apr: Key Extension, SK Uranium Feb - Apr: Nebula, SK Uranium Jun - Oct: West McArthur, SK Uranium Jun - Oct: Winter Results Follow-Up Uran
Slide 39: CanAlaska Ticks All the Boxes
CanAlaska Ticks All the Boxes Photo of 69.1% U3O8 from Pike Zone ❏ Project Generator Model ❏ Major Industry Partners ❏ Experienced Management ❏ World Class Targets ❏ Co-Funding ❏ Low Price ❏ High Growth Potential ❏ Sector Recovery/Strong Fundamentals ❏ Multiple Trigger Events ❏ Advancing An Ultra Hi
Slide 40: Join Us For The Discovery Journey!
Join Us For The Discovery Journey! HEAD OFFICE CanAlaska Uranium Ltd. Unit 204, 75-24th Street East Saskatoon, SK S7K 0K3 GET IN TOUCH Tel: 604.688.3211 CORPORATE COMMUNICATIONS Carrie Howes Email: chowes@canalaska.com Tel: 306.668.6925 TSX.V: CVV OTCQX: CVVUF FRANKFURT: DH7