Bayridge Announces Acquisition of 40% Interest in Waterbury East Property

Executive Summary

• Bayridge Resources Corp. earned a 40 % working interest in the Waterbury East uranium property under its option agreement with CanAlaska Uranium Ltd.; CanAlaska retains the remaining 60 % and will act as lead operator.
• The company elected not to exercise its option to acquire any additional interest in Waterbury East beyond the 40 % already earned.
• Bayridge also declined to exercise its option for a 40 % interest in the Constellation Property, leaving it with no ownership or earn‑in rights there.

Key Details

• Waterbury East Interest: 40 % earned; CanAlaska holds 60 % and will serve as lead operator under the Waterbury East Agreement dated March 24 2024.
• No Additional Earn‑In: Bayridge notified CanAlaska that it will not pursue any further earn‑in percentage in Waterbury East beyond the 40 % already secured.
• Constellation Property: Option to acquire a 40 % interest (agreement dated March 25 2024) was not exercised; Bayridge retains no interest or future earn‑in rights in this property.
• Project Overview (Waterbury East): 1,337 ha project located ~25 km NE of Cigar Lake Mine in the Athabasca Basin; geophysical surveys identified a 7 km conductivity corridor with faulted/altered basement rock and localized uranium enrichment; significant portions remain untested.

Notable Quotes

• None provided in the release.