CanAlaska Announces Results from Nebula Winter Drill Program

About this update from Canalaska Uranium Ltd

Drilling Program Confirms Significant Graphitic Fault Zones and Associated Hydrothermal Alteration Results Highlight Potential for Basement-Hosted Uranium Mineralization Saskatoon, Saskatchewan--(Newsfile Corp. - July 14, 2026) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) (" CanAlaska " or the " Company ") is pleased to announce results from the winter drill program on its Nebula project (the "Project") in the southeastern Athabasca Basin (Figure 1). The drill program focused on multiple high-priority target areas identified from recent airborne geophysical surveys and the results of historical drilling. During the program, the Company successfully confirmed the presence of strongly graphitic pelite with re-activated cross-cutting and conductor parallel semi-brittle basement fault zones that had associated hydrothermal alteration. The results from the drill program highlight the potential for continued exploration for basement-hosted uranium mineralization on the Project. The Nebula project is 100% CanAlaska-owned and is located approximately 30 km southwest of the past-producing Key Lake Mine and currently operating Key Lake Mill (Figure 1). Figure 1 – Project Location Map To view an enhanced version of this graphic, please visit: https://images.newsfilecorp.com/files/2864/305044_97c7d63764bc9b0c_002full.jpg CanAlaska CEO, Cory Belyk, comments, "The first Nebula project drilling program by CanAlaska was a resounding success. Strongly graphitic fault zones in association with intense clay alteration are great indicators of the potential for uranium deposition nearby. On first pass drill programs the CanAlaska team looks for the right rocks, right structure and right alteration. All three are present in abundance on Nebula, which is a great start so early in the discovery process. I am optimistic the pending assay results will reveal the correct geochemical fingerprint to go along with these other positive features." 2026 Nebula Exploration Drill Program The 2026 winter drill program on the Nebula project consisted of eight diamond drill holes for a total of 1,618 metres in two target areas (Table 1; Figure 2). The program was focused on first-pass exploration testing of a series of high-priority target areas identified based on the recent airborne geophysical surveys and the review of historical drilling. Results from the winter program on the Nebula project were highlighted by a wide-graphitic package with multiple re-activated fault zones that had associated structurally-controlled hydrothermal alteration.

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