Saskatoon, Saskatchewan — January 15, 2026 — Leads & Copy — CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7) will start drill programs in the coming weeks at the Key Extension and Nebula projects and prepare other projects for future drilling. The Key Extension and Nebula projects are south of the Key Lake Mine and Mill.
CanAlaska is planning winter drill programs for the Key Extension and Nebula uranium projects in the southeastern Athabasca Basin, located 15 km and 30 km south of the Key Lake Mine. The company will also conduct ground and airborne geophysical programs to prepare multiple other projects for future drill programs.
The company also announced the start of the $15 million exploration program on the West McArthur Project, announced January 13th, 2026. CanAlaska is fully funded to complete its 2026 exploration programs.
The planned programs will focus on high-priority target areas identified from airborne geophysical surveys and historical drilling results. Since assembling a large exploration land portfolio 10 to 80 km south of the Key Lake Mine and Mill, the company has completed high-resolution helicopter-borne radiometrics and magnetics surveys over most of the land package. The company has also supplemented historical VTEM (Versatile Time Domain Electromagnetic) surveys with modern VTEM surveys.
During the winter of 2026, the company will focus on first-pass exploration testing on high-priority target areas identified based on the recent airborne geophysical surveys and the review of historical drilling. The surveys have outlined long-linear magnetic low corridors associated with mapped conductivity highs, which are interpreted to extend from the Key Lake Mine and Mill complex, through the company’s Key Extension project, and onto the Nebula project.
These magnetic lows with associated conductivity highs represent the graphitic metasedimentary rocks of the lower Wollaston Domain in the Wollaston-Mudjatik transition zone. Drill targets within the graphitic metasedimentary packages will focus on areas of structural complexity, where bends, breaks, and shifts in the conductive rocks may indicate the potential for transport and trap of hydrothermal uranium-bearing mineralizing fluids.
On the Key Extension project, the company has identified three priority target areas, representing over ten kilometres of untested conductive corridor. One priority target area is up-ice along the interpreted glacial ice direction of the historically reported radioactive Orchid Lake boulder field. The last drilling program on the Key Extension project, completed in 2023, intersected graphitic host rocks showing evidence of multiple post-Athabasca structural reactivation events, hydrothermal alteration, and associated uranium enrichment, announced August 29th, 2023.
On the Nebula project, the company has identified two priority target areas, highlighted by over 13 km of untested target conductor corridor with a similar geological configuration to Cameco’s Eagle Point Mine. In addition, the Karpinka Lake boulder train, with uranium grades up to 0.35%, is interpreted to be immediately down-ice of the highest priority target areas. The company believes that historical drilling in the Karpinka Lake area has not identified the source for this boulder train.
CanAlaska is also preparing discovery opportunities within its 500,000-hectare eastern Athabasca-focused land portfolio.
The company is evaluating a ground-based electromagnetic survey on the Waterbury South project in the northeastern Athabasca Basin. The survey aims to identify conductive corridors to generate targets for future drilling programs and follow up on historical mineralization and geochemical anomalism intersected during previous drill programs. The Waterbury South project is 100% CanAlaska-owned and is located 10 km southeast of the Cigar Lake Mine.
CanAlaska is evaluating a ground-based electromagnetic survey on the Cree East project in the eastern Athabasca Basin to further refine historical geophysical targets identified during compilation work ahead of the 2025 exploration program. The company will evaluate the potential for a summer drill program on the Cree East project. The Cree East project is located 35 km west-northwest of the Key Lake Mine and Mill complex and is 100% CanAlaska-owned. The Company recently received the Cree East project back fully unencumbered following the termination of an option agreement by Nexus Uranium. Under the option agreement, Nexus Uranium completed $3.4 million in new exploration work and defined numerous new priority exploration targets for follow-up drill testing, announced September 24th, 2025.
On the Moon Lake South project, the Joint Venture has approved a geophysical exploration program for 2026. The program is expected to focus on collecting high-resolution helicopter-borne VTEM and magnetics to map untested conductive corridors to generate exploration drill targets. The Moon Lake South project is adjacent to Denison’s Wheeler River property. CanAlaska currently holds a 25% ownership in the project and will fund its share of the 2026 exploration program.
The company is also evaluating potential for summer drill programs on the Key Extension, Nebula, Voyager, and Enterprise projects to further test exploration targets along long linear magnetic low corridors associated with mapped conductivity highs from modern VTEM surveys. The Voyager and Enterprise projects are 100% CanAlaska-owned and are located between 20 and 30 km south of the Key Lake Mine and Mill.
CanAlaska CEO, Cory Belyk, said the CanAlaska portfolio of projects is a world-class opportunity for discovery of new uranium deposits and believes the portfolio of projects south of the Key Lake Mine and Mill are vastly underexplored for basement-hosted unconformity-related uranium mineralization.
The 2026 winter drill program on the West McArthur project is ongoing, with the Company working to achieve an estimated 20 to 25 unconformity target intersections along the C10S corridor. The West McArthur drill program is focused on building upon past exploration programs with continued step outs from the Pike Zone high-grade mineralization to evaluate for additional zones of uranium mineralization and continuation of the associated large hydrothermal alteration system. The West McArthur project, a Joint Venture with Cameco Corporation, is operated by CanAlaska, which holds an estimated 88.86% ownership in the Project as a result of sole-funding exploration in 2025. The 2026 exploration program will be co-funded by Cameco and CanAlaska under the Joint Venture.
CanAlaska will be attending the Vancouver Resource Investment Conference on January 25th and 26th in Vancouver, BC and will have representatives at booth #102.
The Company will also be attending the Investor Icebreaker: The Michael Gentile Mining Showcase Event on January 27th in Vancouver, BC.
Cory Belyk, CEO and President
General Enquiry
Tel: +1.306.668.6900
Tel: +1.306.668.6915
Email: cbelyk@canalaska.com
Email: info@canalaska.com
Source: CanAlaska Uranium
