Canalaska's Cree East optionee Nexus cancels option

Executive Summary

• Canalaska Uranium terminated its arm’s‑length option agreement with Nexus Uranium, regaining 100 % ownership of the Cree East project effective September 19 2025.
• The termination leaves the Cree East project unencumbered and positions Canalaska to resume exploration toward discovery, building on recent drill results and newly identified priority targets.
• Historical work totals >$20 M in exploration (geophysics and 91 diamond holes); recent 2025 drilling highlighted promising structural and hydrothermal alteration zones that could host uranium mineralization.

Key Details

• Termination Agreement: Effective 19 Sept 2025, Canalaska ends the March 18 2024 option agreement with Nexus Uranium Corp., which would have allowed Nexus to earn up‑to‑75 % of Cree East.
• Ownership Restored: Canalaska now holds 100 % of the Cree East project, free of any encumbrances.
• Exploration Outlook: Company will advance exploration plans, leveraging:
• New priority target inventory generated during Nexus tenure.
• Positive drill results from the 2025 winter program (Target Area B) showing graphitic host rocks, structural re‑activation, hydrothermal alteration, and localized uranium mineralization.
• Historical Investment: Over $20 M spent on geophysical surveys and 91 diamond drill holes since 2006; extensive data review and re‑processing conducted during the option period.
• Future Target Areas: Identified additional targets (Areas A, I, and an untested conductor) to test graphitic stratigraphy against a rigid banded iron formation, aiming to exploit structural conduits for uranium‑bearing fluids.
• CEO Comment: Cory Belyk expressed enthusiasm about the project’s return “unencumbered” and highlighted its proximity (≈35 km) to the Key Lake mill, which will need new Tier 1 ore supply in ~15 years.
• Related Operations: Ongoing 2025 summer drill program on West McArthur project targeting 15‑20 additional unconformity intersections along the C10S corridor; focus on step‑outs, Pike zone extensions, and infill targets.

Notable Quotes

“I am very pleased to have the Cree East project returned to Canalaska shareholders unencumbered… The work completed … resulted in identification of multiple new priority target areas… We are excited to get back on the ground with the next round of exploration.” – Cory Belyk, CEO

Materiality Assessment: Material – Positive (significant change in project ownership and strategic positioning for future uranium discovery).