Bayridge earns 40% of Waterbury East

Executive Summary

• Bayridge Resources Corp. has earned a 40 % working interest in the Waterbury East uranium property under its option agreement with CanAlaska Uranium Ltd.
• The parties will operate Waterbury East as a joint‑venture, with CanAlaska acting as lead operator.
• Bayridge elected not to exercise its option for an additional 40 % interest in the Constellation property and retains no further rights there.

Key Details

• Transaction: Earned 40 % working interest in Waterbury East property; option exercised per agreement dated March 24 2024.
• Counterparties: CanAlaska Uranium Ltd. (holds remaining 60 % interest).
• Operational Structure: Joint‑venture basis; CanAlaska designated as lead operator for the project.
• Non‑Exercise Notice: Bayridge did not exercise its option to acquire a 40 % interest in the Constellation property under the March 25 2024 agreement and relinquishes any further rights to that property.
• Project Overview (Waterbury East): 1,337‑hectare site located ~25 km NE of Cigar Lake mine; geophysical surveys identified a 7‑km conductivity corridor with faulted, altered basement rock showing localized uranium enrichment; significant portions remain untested.

Notable Quotes

• No executive quotes were included in the release.