CanAlaska Extends Warrant Terms and Grants Options

Vancouver, November 28, 2022 - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) ("CanAlaska" or the "Company") announces that it intends to extend the exercise period of a total of 6,501,839 outstanding share purchase warrants by 6 months. Each of the warrants is exercisable for one common share of the Company at prices ranging from $0.40 - $0.55 per share (collectively, the "Warrants"). The exercise prices will remain unchanged with these proposed extensions. The Warrants were originally issued pursuant to private placements completed between December 30, 2019 and December 23, 2020. The new expiration dates for the Warrants will be:

• June 23, 2023 (with respect to 3,277,712 Warrants originally issued on December 23, 2020);

• June 30, 2023 (with respect to 2,036,127 Warrants originally issued on December 30, 2019); and

• July 20, 2023 (with respect to 1,188,000 Warrants originally issued on January 20, 2020).

Insiders hold 181,578 of the Warrants having a proposed new expiry date of June 30, 2023. All of the above proposed Warrant exercise term extensions are subject to the acceptance of the TSX Venture Exchange.

CanAlaska also announces that it has granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to an aggregate of 2,195,000 common shares of the Company pursuant to CanAlaska's omnibus equity incentive plan. The options are exercisable for a period of three years at a price of $0.395 per share.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.

About CanAlaska Uranium

CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) holds interests in approximately 300,000 hectares (750,000 acres), in Canada's Athabasca Basin - the "Saudi Arabia of Uranium." CanAlaska's strategic holdings have attracted major international mining companies. CanAlaska is currently working with Cameco and Denison at two of the Company's properties 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.

On behalf of the Board of Directors
"Peter Dasler"
Peter Dasler, M.Sc.
President
CanAlaska Uranium Ltd.

Contacts:

Cory Belyk, Executive VP and CEO
Tel: +1.604.688.3211 x 306
Email: cbelyk@canalaska.com

Peter Dasler, President
Tel: +1.604.688.3211 x 138
Email: info@canalaska.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

Not for distribution to United States newswire services or for dissemination in the United States.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145834