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TSX-V: CVVOTCQB: CVVUFFrankfurt: DH7N

IT’S ABOUT INVESTING IN

Carbon - Free Energy

Corporate Presentation Sept 2021

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Forward Looking StatementsAlso see www.canalaska.com

GLOBAL-SCALE, CARBON - FREE ENERGYREQUIRES MORE EXPLORATION FOR ENERGY METALS

URANIUM –NICKEL-COPPER

DISCLAIMER: This presentation contains forward-looking information or forward-looking statements under Canadian and U.S. securities laws. These forward-looking statements include, among others, statements with respect to CanAlaska’sobjectives, goals and strategies to achieve those objectives and goals, as well as statements with respect to CanAlaska’s beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words “may”, “will”, “could”, “should”,“would”, “suspect”, “outlook”, “believe”, “plan”, “anticipate”, “estimate”, “expect”, “intend”, “forecast”, “objective” and “continue” (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.

By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved.Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. CanAlaska cautions readers not to place undue reliance on thesestatements, as a number of important factors, many of which are beyond CanAlaska’s control, could cause actual results may differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in suchforward-looking statements. These factors include, but are not limited to, risks relating to: the speculative nature of exploration and development projects; industry matters including unexpected exploration, development and/or operating risks, delaysin obtaining permits and licenses for exploration and development of properties; risks related to accidents, equipment breakdowns or other unanticipated difficulties with or interruptions in production; risks related to the inherent uncertainty ofexploration and cost estimates and the potential for unexpected costs and expenses; reliance on other operators and partners; the failure of CanAlaska to realize benefits from transactions; risks and uncertainties relating to the interpretation of drillresults, the geology, grade and continuity of mineral deposits; results of initial feasibility, pre-feasibility and feasibility studies and the possibility that future exploration, development or mining results will not be consistent with CanAlaska’s expectations;CanAlaska’s inability to expand and replace its mineral reserves and resources and the imprecision of mineral reserves and resource estimates; the impact of volatility in uranium prices on the valuation of mineral reserves and resources; competition;risks related to the failure of CanAlaska or its partners to obtain adequate financing on a timely basis and on acceptable terms; risks related to environmental regulation, permitting and liability; legal matters; taxation and accounting matters; theinability of CanAlaska to reach development and revenue targets; the market price of CanAlaska’s shares; and local and global economic conditions. In addition, CanAlaska has made assumptions related to future demand for uranium, productionlevels and costs, exploration and mining conditions, relationships with partners and its ability to continue its operations as a going concern and without significant disruptions. Additional factors and assumptions made by CanAlaska are contained in itsmanagement discussion and analysis filed under its corporate profile on SEDAR (www.sedar.com). The foregoing list of factors that may affect future results is not exhaustive. When reviewing CanAlaska’s forward-looking statements, readers shouldcarefully consider the foregoing factors and other uncertainties and potential events. This presentation may use the terms “measured”, “indicated”, “inferred” and “historical” mineral resources. U.S. investors are advised that, while such terms arerecognized and required by Canadian regulators, the Securities and Exchange Commission does not recognize them. “Inferred mineral resources” and “historical estimates” have a great amount of uncertainty as to their existence and greatuncertainty as to their economic feasibility. It cannot be assumed that all or any part of any inferred mineral resource or a historical estimate will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resourcesmay not form the basis of feasibility or other economic studies. Further, historical estimates are not recognized under Canada’s NI 43-101. U.S. investors are cautioned not to assume that all or any part of measured or indicated mineral resources willever be converted to mineral reserves. All assumptions used in the preparation of this corporate presentation and related statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, readers arecautioned not to place undue reliance on these forward‐looking statements. CanAlaska undertakes no obligation to update or revise any forward‐looking statements included in this presentation, except as otherwise required by applicable law.

The technical information in this presentation has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 ‐ Standards of Disclosure for Mineral Projects (“NI 43-101”).Under NI 43-101, theQualified Person for this presentation is Peter Dasler P.Geo. CEO for CanAlaska, who has reviewed and approved its contents. Please see footnotes at bottoms of slides with historical technical information for disclosure information.

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Corporate Structure“The Resource market is cyclical…Are you ready for the up-turn?”

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Uranium Spot price2002-2021

CanAlaska closing price

CanAlaska is ready for the Up-Turn

Share Structure Sept 16, 2021

Share Price C$0.80 Shares Outstanding 81.8 MFully-Diluted Shares 119.0 MMarket Capitalization C$65.4MCash C$ 6.3M

Warrants at $0.28 $0.60, $0.70 $0.75Management 8%, 10% fully diluted

CanAlaska Uranium Ltd:CVV on the TSX Venture ExchangeDH7N on the Frankfurt ExchangeCVVUF in the USA on the OTCQB

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CanAlaska: “Active Explorer & Project Generator”

We have preserved and acquired new assets Further

uraniumclaims in the Athabasca

New nickelprojects in Manitoba

New copper project in British Columbia

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Research / Acquire / Deal / DiscoverFocused on:Uranium Technical evaluation Deal makingNickel Land acquisitionDiscovery Third party funding

Minimize: Shareholder dilution

Maximize: Capital gain

New Claims

New Discoveries

214,000+ hectares

New Opportunity

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CanAlaska: 2021 ActivitiesNews Schedule and Results: Active Programs/Discovery

DRILLING PROGRAMS

Jan: Quesnel, BC Copper

Feb: Waterbury, SK Uranium

Aug-Oct: W. McArthur, SK Uranium

Sept-Oct: Moon JV, SK Uranium

*Oct-Dec: Manibridge, MB Nickel

* Pending RTO by D Block Discoveries

New discovery announced GROUND EXPLORATION PROGRAMSJuly: NW Athabasca Diamonds

Drilling, Project Generation and Property Deals………. Ongoing for all of 2021

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The business scenario for uranium:World-wide demand, limited supply, CO2 free energy

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To meet the growing demand for sustainable energy, we will need nuclear to provide at least 25% of electricity by 2050 as part of a clean and reliable low-carbon mix. Achieving this means nuclear generation must triple globally by 2050.

Additional Reactors:200 Ships and Submarines280 Research, Science and Medical

• 447 Operational Power Reactors• 55 Power Reactors Under Construction• 441 Power Reactors Proposed / Planned

World Nuclear AssociationJuly 2019

Source: BMO Capital Markets, WNA UxC

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Large and small scale nuclear powerSmall Modular power plants for remote communities (SMR’s)

Nuclear is the answer

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CanAlaska’s Project PortfolioOur focus – Clean Energy Metals….. Uranium-Copper-Nickel

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Athabasca Basin Thompson Nickel Belt

Copper

Athabasca Basin Uranium

214,000+ hectaresClose to Infrastructure

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CanAlaska’s Target ScenariosMcArthur River, Cigar Lake, Phoenix , Arrow, Eagle Point Analogues

CanAlaska has unconformity and basement hosted uranium deposits in multiple situations

MID-DEPTHCree East

Unconformity Targets at 200 - 400m

DEEPWest McArthur

Very Large Unconformity Targets at 700 - 900m

SHALLOWNE Wollaston

Basement Targets at surface to 400m

Since 2005 we have had new geophysical tools and ideas with which to find new deposits

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New Athabasca Uranium DiscoveryOn a productive corridor near the world’s richest uranium mine

Cameco’sMcArthur River Uranium Mine

Grid 5 discovery“42 Zone”

Cameco’sFox Lake Deposit

New Exploration Corridor

McArthur is the world’s richest uranium mine

68M lbs @7.99% U3O8

+5% U3O8 in drill holesCanAlaska / Cameco

12 km from McArthur Mine and adjacent to Fox lake deposit

42 Zone

Drilling August – October 2021

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2021 Drilling Program: August to OctoberMultiple Opportunities for Discovery

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• Major faulting below unconformity for at least 3 kilometres to southwest

• Focus on multiple unconformity targets

8% Uranium

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42 Zone Discovery - ‘early days’Matches typical Athabasca targets - Tier 1 indications

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• On major structure that hosts nearby deposit• Uranium halos extending to near surface• >5% U3O8 in drill holes

DISCOVERY

42 Zone

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Fox LakeDeposits

Grid 5 Zone

Strategic Opportunities Nearby processing plant and infrastructure

Cameco’s Key Lake Mill

A Billion Dollar Asset

Key Lake Mill needs a new discovery to provide feed

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Fox Lake deposit and 42 Zone uranium discovery

A growing target on a mineralized corridor:

Fox Lake is 68 Mlbs @7.99% U3O8

42 Zone

New Supplyneeded

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New Exploration Opportunities Eastern Athabasca: large targets close to infrastructure

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West McArthur: Cameco JVNew large discovery at Grid 5.

Cree East: 100% CanAlaskaConsolidated 100% ownership of one of the largest and most prospective projects in the Athabasca

2020/2021: (NEW staking)Five projects acquired on land re-opening (2020)

Two projects acquired on open land (2021)

These projects are availablefor JV funding partners

New Projectsfor Joint Venture

Cree East ProjectAvailable for Funding

Partner - JV

New Projects for Joint Venture

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Waterbury ProjectsRegional Location…along major uranium corridors

Waterbury East• Along the Cigar Lake corridor• Recent discoveries by Cameco

• Brown Island• Thor

Waterbury South• Along the Rabbit Lake Fault• Historical discoveries

• Rabbit Lake mine• Sand/Wolf Lake• Thorburn

Drilling completed in April

Cigar Lake Mine

McClean Lake Mill

Rabbit Lake Mill

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Waterbury SouthIndications of a Hydrothermal System with Uranium

• Untested conductor swarm with associated uranium, alteration and geophysical anomalies

Waterbury South Claim

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Waterbury SouthNew Polymetallic Mineralization Discovery in Winter 2021

New Discovery5 km Target Corridor

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Waterbury EastResistivity anomaly same as Q11A mineralization

• East-West conductor flexure where coincident with resistivity anomaly is untested

• Modern Geophysics: AIIP anomaly same as Q11A area

• Conductor not tested

• Drill targets shown in yellow stars

Waterbury East Claim

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Cree East Uranium Project Targets: Zones A and B are priority for next drilling

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Chasing Tier-1 Discovery

• $20M investment from Korean Industry. Repurchased 2017

• Zone A target: over 2km of uranium in sandstone and to depth in basement

• Zone B target is also very large, with alteration halo which reaches surface (400 metres) and a 60 metres unconformity offset. In hiatus since 2011.

• Multiple other targets proven along a 4km trend.

See EM Survey insert

McArthur River Mine

Shallow to moderate unconformity or basement hosted uranium deposit potential (200-400m depth): McArthur River (600 M lbs) and Cigar lake (200 M lbs)

Key Lake Mill

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Cree East ProjectZones A and B: Strong Indications for large Uranium Targets

Chasing Tier-1 Discovery

• Zone A: 300 metre uranium halo in sandstone plus alteration to 300 metresdepth

• Zone B: 700 metre long conductor with extensive hydrothermal alteration and uranium to surface

• Regional structures with multiple other zones of uranium intercepted in first pass drilling. Depth to targets 250-400 metres

• In hiatus since 2011. Discussing new activity for extensive drilling

Zone A

Zone B

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NE Wollaston Projects: New StakingWatson, Warren, Burrill, Kingston, Maguire South

• Maguire Fault and the prolific Collins Bay Fault, crosscut these new properties

• Uranium in lake sediment, boulder and outcrop

• EM “Brightspots” & Gravity targets to prospect in 2021

Shallow Depth

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NE Wollaston Projects: TargetingGeophysics: Eagle Point and Arrow deposit examples

100 M lbs Uranium 300M lbs Uranium

Example of “EM Brightspot” Example of “Gravity Low”

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NE Wollaston ProjectsWatson Project – Uranium, EM and Gravity Anomalies

High-Priority Target Areas

1.41% U3O8 in Rock

New Projects Targeting Shallow Basement-Hosted

Uranium

42,000 hectares

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North Millennium Project: New StakingExtensions of the ‘Mother Fault’ at Cameco’s Millennium deposit

Announced: 26 August 2021

Extension of controlling fault for Cameco’s nearby Millennium uranium deposit

7 km from Millennium

This project is availablefor JV funding partners

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Moon Lake South JV: Drilling NowMineralized Corridor Near Denison’s Gryphon deposit

Announced: 9 September 2021

Drilling starting NOW

New JV with Denison Mines

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Key Extension Project: New OptionExtension of the ‘Key Lake Fault’ near Cameco’s Key Lake Mill

Announced: 14 Sept 2021

Extension of controlling fault for Cameco’s nearby Key Lake Deposits

20 km from Mill Complex

20 km from Cameco’s Key Lake Mill

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• Limited supplyPrice differential for sulphide nickel New demand for EV Batteries

Thompson Nickel Smelter, Manitoba

Part II: Discovering Sulphide NickelEV’s nickel demand is substantial

Demand is showing

Price is moving(5 yr)

Warehouse Supply (5 yr)

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Part II: Nickel Projects Staked & Under OptionThompson Nickel Belt, Manitoba

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• April 2021: Manibridge project under Option:$4M earn-in by “D Block” NewCo

• New staking in 2021

World’s Fifth Largest Nickel Belt

Vale’s Thompson Smelter

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Nickel Projects: Further StakingThompson Nickel Belt, Manitoba

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• 32 kms of structures

• Nickel mineralization in multiple zones and deposits

• Advanced geophysics ongoing

• Multiple opportunities for sulphide nickel discovery for clean energy battery supply

New Nickel Projects

90mt @ 0.3% Ni

15.8m @ 0.55% Ni

900kt @ 1.2% Ni

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• Mouse Mountain • Claims optioned to Omineca Minerals

• First drill program just completed

• Copper intersected

Copper ProjectsMouse Mountain, British Columbia & North Ruttan, Manitoba

CanAlaskaTarget

Ruttan Copper-Zinc Mine83M tons, 3rd largest U/G VMS in Canada

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Technical and Political Strength“We are here for success”

Ambassador Thomas Graham, Jr. has served under foursuccessive U.S. Presidents as a senior U.S. diplomat involved inthe negotiation of every major international arms control and non-proliferation agreement for the past 35 years.

Dr. Karl Schimann was a key member of the team that undertookthe discovery and development of the massive Cigar Lake uraniummine.

Jean Luc Roy has managed projects for companies such asInternational Gold Resources, Ashanti Goldfields Inc., Senafo,Ampella, Centamin and First Quantum Minerals.

Mr. Geoff Gay is currently CEO of Athabasca Basin Development,an Indigenous-owned investment company based in Saskatchewan.

Ms. Karen Lloyd is COO of Kreos Aviation and has extensiveexperience in mining, telecommunications, online payments,executive training and banking.

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OperationsPeter Dasler, M.Sc., P.Geo. President and DirectorCory Belyk, B.Sc., P.Geo.Executive VP and CEODr. Karl Schimann, PhD., P.Geo. Sr. Exploration Consultant and DirectorNathan Bridge, M.Sc., P.Geo. VP ExplorationCarey Galeschuk, B.Sc., P.Geo. Sr. Exploration GeologistGreg Gudmundson, B.Sc., P.Geo. Project Geologist

Board of AdvisorsDaniel FaureSimon SzetoShane Shircliff

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CanAlaska Ticks All the Boxes

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Project Generator ModelMajor Industry PartnersExperienced ManagementWorld Class TargetsCo-Funding

Low PriceHigh Growth PotentialSector RecoveryMultiple Trigger EventsADVANCING NEW DISCOVERIES

WE HAVE CHECKED THE BOXES

www.canalaska.com