Second Quarter Report - MD&A and Financial Statements→ (2510 CVV MDA FINAL)

Management Discussion and Analysis For the Three and Six Months Ended October 31, 2025

For further information on the Company reference should be made to the Company's public filings which are available on SEDAR+. Information is also available at the Company's website https://www.canalaska.com. In addition, reference should be made to the risk factors section of the most recently filed Annual Information Form ("AIF") or the Company's audited consolidated financial statements for the year ended April 30, 2025. The following information is prepared in accordance with International Financial Reporting Standards (IFRS) and denominated in Canadian dollars, unless otherwise noted. This MD&A should be read in conjunction with the Company's unaudited condensed interim consolidated financial statements for the three and six months ended October 31, 2025.

1. OVERVIEW OF THE COMPANY AND STRATEGY 2
2. PROJECT UPDATES 4
3. FINANCIAL POSITION AND CAPITAL RESOURCES 16
4. EXPENDITURES REVIEW 19
5. CASHFLOW AND LIQUIDITY REVIEW 21
6. OTHER FINANCIAL INFORMATION 22
7. QUARTERLY FINANCIAL INFORMATION 26

This MD&A contains forward-looking information. Refer to Section 7 "Forward-Looking Statements" and "Risks Factors" for a discussion of the risks, uncertainties and assumptions relating to such information.

1. OVERVIEW OF THE COMPANY AND STRATEGY

   • 30 projects covering approximately 500,000 hectares focused on Uranium, 1 project covering 15,000 hectares focused on Diamonds and 6 projects covering 33,000 hectares focused on nickel, copper and other minerals (section 1.1)

   • Cash resources of $34.3 million (as at October 31, 2025)

   • 219,785,341 common shares issued and outstanding (December 17, 2025)

   1. Profile and Strategy

      The Company is an exploration stage company engaged in the acquisition and exploration of mineral properties, principally in Canada. The Company aims to acquire and advance its projects to a stage where they can be exploited at a profit or it can arrange joint ventures, whereby other companies provide funding for development and exploration. The Company's principal focus has been the exploration for high-grade uranium deposits in the Athabasca Basin area of Saskatchewan. There are several projects on which the Company has expended recent efforts. The West McArthur project is under a joint venture 14.026% with Cameco Corporation ("Cameco"), the Moon Lake South project is under a joint venture 75% with Denison Mines ("Denison"), the NW Manitoba project is under a joint venture 70% with Northern Uranium Corp ("Northern Uranium"), the North Millennium project is under a joint venture 40% with Basin Energy Limited ("Basin Energy"), the Mouse Mountain project is under option to Omineca Mining ("Omineca"), the Geikie project is under option to Basin Energy, the Waterbury East project is under option to Bayridge Resources ("Bayridge"). Going forward it is expected that the Company will focus its effort on West McArthur, Moon South, Cree East, Voyager, Nebula, Enterprise, Waterbury South, and Key Extension. The Company is actively marketing the remainder of its projects for option, joint venture, or sale.

      As at the date of this MD&A, the Company holds the following properties in its property portfolio:

      Table 1: Canadian Strategic Uranium Property Summary Property / Project Name Notes		Hectares
      West McArthur	Joint Venture with Cameco Corporation	35,831
      Cree East	Seeking Venture Partner	57,752
      Key Extension	Seeking Venture Partner	14,476
      Waterbury South	Seeking Venture Partner	988
      Waterbury East	Option Agreement with Bayridge Resources Corp.	1,337
      Moon Lake South	Joint Venture with Denison Mines	2,716
      NE Wollaston	Seeking Venture Partner	42,619
      North Millennium	Joint Venture with Basin Energy Ltd.	5,872
      Geikie	Option Agreement with Basin Energy Ltd.	37,312
      Carswell	Seeking Venture Partner	8,966
      McTavish	Seeking Venture Partner	2,865
      NW Manitoba	Joint Venture with Northern Uranium Corp.	22,765
      Enterprise	Seeking Venture Partner	20,793
      Frontier	Seeking Venture Partner	15,929
      Voyager	Seeking Venture Partner	7,246
      Taggart	Seeking Venture Partner	11,967
      Constellation	Seeking Venture Partner	11,142
      Nebula	Seeking Venture Partner	20,914
      Lowkey	Seeking Venture Partner	7,849
      Cree North	Seeking Venture Partner	23,985
      Sebring	Seeking Venture Partner	28,612
      Avenger	Seeking Venture Partner	23,943
      Intrepid East	Seeking Venture Partner	29,258
      Intrepid West	Seeking Venture Partner	29,490
      Chymko	Seeking Venture Partner	5,686
      Thor	Seeking Venture Partner	7,749
      Kasmere North	Seeking Venture Partner	19,010

      Kasmere South	Seeking Venture Partner	12,507
      North Arrow	Seeking Venture Partner	3,327
      Richmond	Seeking Venture Partner	3,340

      Table 2: Canadian Strategic Nickel Property Summary Property / Project Name Notes		Hectares
      Strong	Seeking Venture Partner	6,165
      Strong Extension	Seeking Venture Partner	13,606
      Wilson	Seeking Venture Partner	5,272
      Moak North	Seeking Venture Partner	5,240

      In November 2023, the Company completed the spin out five of its nickel properties, Halfway Lake, Resting, Hunter, Odei River and the Mel nickel deposit lease and claims. The spinout of the nickel properties was affected by way of a statutory plan of arrangement pursuant to which CanAlaska transferred the nickel properties to a wholly owned subsidiary, Core Nickel Corp. ("Core Nickel") in consideration for common shares of Core Nickel. The Core Nickel shares were then distributed to CanAlaska's shareholders pro rata their interest in CanAlaska resulting in CanAlaska's shareholders owning shares in two public companies after the completion of the Arrangement.

      Table 3: Canadian Strategic Diamond and Copper Property Summary Property / Project Name Notes		Hectares
      Ruttan Area	Seeking Venture Partner	1,551
      Quesnel Mouse Mountain	Option Agreement with Omineca Mining and Metals Ltd.	855
      West Athabasca Kimberlite	Seeking Venture Partner	15,318

      The Company's exploration activities are managed through CanAlaska offices maintained in principally in Saskatoon, SK. with a satellite office in Vancouver, BC.

      The Company believes that the fundamentals of the nuclear power industry and the economic superiority of uranium over other energy fuels will ensure the long-term future of global uranium markets and prices. Since 1985, CanAlaska has expended over $118 million of the total equity of $138.3 million on exploration and research towards the advancement of uranium, nickel, copper, and diamond discovery on our project areas. The information gained from this work has provided the Company with significant evidence about the nature and location of mineral rich hydrothermal systems in areas of the Athabasca Basin and Thompson Nickel Belt where previous information was lacking. The increase in understanding of the geology of the target areas, and the integration of modern geophysical methods with data processing to get more precise target definition at depth gives management the confidence to continue exploration for large scale mineral deposits on our projects.

   2. Strategic and Operating Intent

      • Complete equity financing options over the next months

      • Targeted marketing of uranium projects for financing

      • Targeted marketing of non-core projects

      • Strong commitment to option, joint venture, or sale of individual exploration projects

      • Evaluate alternate commodities and projects suitable for market financing, or acquisition and sale

      • Company believes that it has the projects, strategic partners, people and knowledge base, corporate treasury and fund-raising ability to maintain a position in the uranium and nickel exploration sectors.

        As of December 16, 2025, the Company had 219,785,341 shares outstanding with a total market capitalization of $123.1 million. The Company's shares trade on the TSX Venture Exchange ("CVV") and are quoted on the OTCQX in the United States ("CVVUF") and the Frankfurt Stock Exchange ("DH7").

        The unaudited condensed interim consolidated financial statements have been prepared under IFRS applicable to a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. For the six months ended October

        31, 2025, the Company reported a loss of $8.7 million and as at that date had cash and cash equivalents of $34.3 million, working capital balance of $31.2 million and an accumulated deficit of $138.3 million.

        The Company does not generate recurring revenues from operations and other factors may cast significant doubt regarding the Company's ability to continue as a going concern. Management believes that the cash on hand is sufficient to meet corporate, administrative and selected exploration activities for at least the next twelve months from October 31, 2025. Management may either need to dilute its ownership in its properties or secure additional financing to continue to advance the development of its exploration projects. Management is working to option, joint venture or sell its individual exploration projects.

2. PROJECT UPDATES
   1. Overview

The Company currently has multiple projects within the Athabasca Basin, Thompson Nickel Belt, and other areas. The majority of the first two quarters of 2026 exploration spend was carried out on the Company's West McArthur project, which is under a 85.974/14.026% joint venture with Cameco with CanAlaska holding 85.974%. In the first six months of fiscal 2026, the Company spent approximately

$5.96 million on exploration and recovered approximately $61,000 for net exploration expenditures of $5.9 million. The Cree East project activities were being funded under an option agreement with Nexus Uranium Corp. which terminated on September 19, 2025. The Marshall and North Millennium projects activities were funded under an option agreement and joint venture, respectively, with Basin Energy Limited.

Exploration spending in the first two quarters of 2026 is higher compared to the same comparative quarters in 2025. The increase in exploration spend is primarily due to increased exploration activities at the West McArthur project with the majority of the exploration activities being at the West McArthur property.

The following table summarizes the Company's expenditures for the six months ended October 31, 2025.

The following section contains a comparative breakdown of project expenditures for the Company's significant projects.

The West McArthur project is located in the Eastern Athabasca Basin in Saskatchewan, between 6 and 30 kilometers west of the producing McArthur River mine. The West McArthur property was staked by CanAlaska in 2004 and optioned in April 2007 to Mitsubishi Development Pty Ltd., a subsidiary of Mitsubishi Corporation of Japan. In January 2016, CanAlaska Uranium Ltd. bought Mitsubishi's 50% interest to hold 100% in the West McArthur property. In February 2016, the Company then entered into an option agreement with Cameco Corporation. The option agreement enabled Cameco to earn up to a 60% interest in the West McArthur project through total expenditures of $12.5 million until February 2022 consisting of cash payments ($725,000 received) to the Company and accelerated exploration programs, culminating in a joint venture. Under the option agreement drilling confirmed a new zone of high-grade uranium mineralization, the '42 Zone' at Grid 5. In late 2018 CanAlaska resumed Operatorship, with Cameco as a 30% joint venture partner. Since 2018, CanAlaska has been sole-funding exploration on the project, with the current ownership at 85.974% CanAlaska, 14.026% Cameco. In 2022, CanAlaska announced the discovery of the high-grade uranium basement-hosted Pike Zone on the West McArthur project. Since 2022, the Company has been focused on growing the Pike Zone discovery.

The project is accessible during the winter drill season by seasonal winter ice roads and winter trails and during the summer exploration season by land, air and water. There is no physical plant or permanent infrastructure on the property and no source of power. However, the property is in close proximity to the McArthur River uranium mine operated by Cameco.

In late 2018, upon formation of the joint venture, CanAlaska took over operatorship of the project. The Company focused on evaluating the mineralization, structures, and alteration immediately along strike to the southwest of the '42 Zone'.