CanAlaska Uranium Ltd. — Interim / Quarterly Report 2022

Dec 7, 2021

Condensed Interim Consolidated Financial Statements Second Quarter - October 31, 2021

(Unaudited) (Expressed in Canadian dollars, except where indicated)

NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

Under National Instrument 51-102, if an auditor has not performed a review of the condensed interim consolidated financial statements required to be filed, they must be accompanied by a notice indicating that the condensed interim consolidated financial statements have not been reviewed by an auditor.

The accompanying condensed interim consolidated financial statements have been prepared by and are the responsibility of the Company's management.

The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Canadian Institute of Chartered Accountants for a review of condensed interim consolidated financial statements by an entity's auditor.

Condensed Interim Consolidated Statements of Financial Position

(Unaudited)

(Expressed in Canadian dollars except where indicated)

	October312021$000's	April 302021$000's
Assets
Current assets
Cash and cash equivalents(note 4)	11,702	7,016
Prepaid and deposits	221	130
Equitysecurities(note 5)	943	669
Total current assets	12,866	7,815
Non-current assets
Reclamation bonds	62	49
Property and equipment(note 6)	527	76
Mineral property interests(note 7)	470	406
Total assets	13,925	8,346
Liabilities
Current liabilities
Trade and other payables	307	172
Deferred flow-through premium(note 9)	-	150
Current portion of lease liabilities (note 8)	60	-
	367	322
Non-current portion of lease liabilities(note8)	274	-
	641	322
Equity
Common shares(note 9)	88,107	86,265
Share subscription received (note 9)	6,202	-
Equityreserve(note 9)	17,148	16,805
Investment revaluation reserve	(1,233)	(1,506)
Accumulated deficit	(96,940)	(93,540)
	13,284	8,024
	13,925	8,346

Subsequent Events (note 12)

Approved by the Board of Directors

"Peter Dasler" "Jean Luc Roy"

Director Director

_________________________ ______________________

Condensed Interim Consolidated Statements of Comprehensive Loss

(Unaudited)

(Expressed in Canadian dollars except where indicated)

	ThreemonthsendedOctober 312021	Three monthsendedOctober 312020	Six monthsendedOctober 312021	Six monthsendedOctober 312020
	($000's)	($000's)	($000's)	($000's)
EXPLORATION COSTS
Mineral property expenditures net of reimbursements	1,677	91	2,089	104
Mineral property write-offs (note 7)	-	-	-	1
Net option payments(note 7)	(19)	(114)	(19)	(159)
	1,658	(23)	2,070	(54)
OTHER EXPENSES(INCOME)
Consulting, labour and professional fees	248	216	441	369
Depreciation and amortization(note 6)	26	3	42	6
Foreign exchange loss (gain)	1	(1)	(1)	1
Gain on sale of propertyand equipment	(7)	-	(7)	-
Insurance, licenses and filing fees	43	19	76	48
Interest	8	-	10	-
Interest income	(5)	(5)	(9)	(12)
Other corporate costs	17	5	32	9
Investor relations and presentations	40	19	95	52
Rent (note 12)	9	5	20	11
Share-based payments (note 9)	-	-	774	-
Traveland accommodation	4	1	7	7
Flow-through premium (note 8)	(75)	-	(150)	-
	309	262	1,330	491
Net lossfor the period	(1,967)	(239)	(3,400)	(437)
Other comprehensive loss
Items that have been reclassified to profit or loss:
Realized (loss)gainonequity securities	-	(208)	(158)	(194)
Items that will not be subsequentlyreclassified to profit or
Unrealized gainonequity securities	423	209	431	359
Total comprehensive lossfor the period	(1,544)	(238)	(3,127)	(274)
Basic and diluted lossper share ($ per share)	(0.02)	(0.00)	(0.04)	(0.01)
Basic and diluted weighted average common sharesoutstanding (000's)	83,690	57,576	83,292	57,576

Condensed Interim Consolidated Statements of Changes in Equity For the six months ended October 31, 2021 and 2020

(Unaudited)

(Expressed in Canadian dollars except where indicated)

	Common Shares		Share	EquityReserve	InvestmentRevaluatio	Accumulated	Total
	Shares000's	Amount$000's	SubscriptionsReceived	$000's	n Reserve$000's	Deficit$000's	Equity$000's
Balance - April 30, 2020	57,576	79,600	-	14,326	(1,851)	(89,774)	2,301
Issued on private placement for cash	-	-	567	-	-	-	567
Share issuance costs	-	(13)	-	-	-	-	(13)
Other comprehensive loss	-	-	-	-	164	-	164
Loss for the period	-	-	-	-	-	(437)	(437)
Balance-October31, 2020	57,576	79,587	567	14,326	(1,687)	(90,211)	2,582
Balance - April 30, 2021	81,208	86,265	-	16,805	(1,506)	(93,540)	8,024
Issued on private placement for cash	-	-	6,202	-	-	-	6,202
Share issuance costs	-	(11)	-	-	-	-	(11)
Issued on the exercise of stock options	870	567	-	(217)	-	-	350
Issued on the exercise of warrants	2,799	1,286	-	(214)	-	-	1,072
Share-based payments	-	-	-	774	-	-	774
Other comprehensive loss	-	-	-	-	273	-	273
Loss for the period	-	-	-	-	-	(3,400)	(3,400)
Balance-October31, 2021	84,877	88,107	6,202	17,148	(1,233)	(96,940)	13,284

Condensed Interim Consolidated Statements of Cash Flows

(Unaudited)

(Expressed in Canadian dollars except where indicated)

	SixmonthsendedOctober 312021	SixmonthsendedOctober312020
	$000's	$000's
Cash flows used in operating activities
Loss for the period	(3,400)	(437)
Items not affecting cash
Depreciation and amortization (note 6)	42	6
Gain on sale of propertyand equipment	(7)	-
Mineral property write-offs	-	1
Recoverieson option payments received	(19)	(159)
Flow-through premium (note 8)	(150)	-
Write down on reclamation bond	-	-
Interest expense	10	-
Share-based payments (note 9)	774	-
	(2,750)	(589)
Change in non-cash operating workingcapital
(Increase) decrease intrade and other receivables	(91)	48
Increase (decrease) in tradeand other payables	134	12
	(2,707)	(529)
Cash flows from financingactivities
Proceeds on exercise of stock options	350	-
Proceeds on exercise of warrants	1,072	-
Lease liability payments	(29)	-
Share subscriptions received	6,202	567
Issuance of common shares (net of share issuance costs)	(11)	(13)
	7,584	554
Cash flows (used in) from investingactivities
Additions to mineral property interests	(96)	(24)
Additions to property and equipment	(140)	-
Proceeds from sale of property and equipment	8	95
Reclamation bonds	(13)	-
Option payments	50	25
	(191)	96
Increase in cash and cash equivalents	4,686	121
(note 4)Cash and cash equivalents -beginning of period	7,016	1,611
Cashand cash equivalents -end of period(note 4)	11,702	1,732

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements.

CanAlaska Uranium Ltd. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2021 (Unaudited)

(Expressed in Canadian dollars except where indicated)

1 Nature of Operations

CanAlaska Uranium Ltd. (the "Company" or "CanAlaska") and its subsidiaries are principally engaged in the exploration of uranium, nickel and diamond properties. The Company may bring the properties to production, structure joint ventures with others, option or lease properties to third parties or sell the properties outright. The Company has not determined whether these properties contain ore reserves that are economically recoverable and the Company and its mineral interests are considered to be in the exploration stage. From time to time, the Company evaluates new properties and directs exploration on these properties based on the Board of Director's evaluation of financial and market considerations at the time. The Company's shares trade on the TSX Venture Exchange under the symbol "CVV". The Company's shares are also quoted on the OTCQB in the United States under the symbol "CVVUF" and the Frankfurt Stock Exchange under the symbol "DH7N". The Company's registered office is located at 625 Howe Street, Suite 580, Vancouver, British Columbia, V6C 2T6, Canada.

2 Going Concern

These condensed interim consolidated financial statements have been prepared on a going concern basis. The going concern basis of presentation assumes that the Company will continue in operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business. These consolidated financial statements do not include any adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classification that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

The recoverability of the amounts shown for mineral properties and related deferred costs is dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete the development, and upon future profitable production or proceeds from disposition of the mineral properties. Due to the difficult market conditions facing junior uranium exploration companies there is no assurance that the Company will be successful in raising additional financing. The amounts shown as mineral property costs represent acquisition costs incurred to date, net of recoveries.

The Company does not generate recurring revenues from operations and other factors as noted may cast significant doubt regarding the Company's ability to continue as a going concern. Management believes that the cash on hand is sufficient to meet corporate, administrative and selected exploration activities for at least the next twelve months. At October 31, 2021, the Company had cash and cash equivalents of $11.7 million (April 30, 2021: $7.0 million) (note 4) and working capital of $12.5 million (April 30, 2021: $7.3 million) and has a deficit of $96.9 million at October 31, 2021. Management may either need to dilute its ownership in its properties or secure additional financing to continue to advance the development of its exploration projects. Management has taken steps to streamline non-discretionary expenditures and financial overheads and is working to option, joint venture or sell its individual exploration projects.

3 Basis of Consolidation and Presentation

a) Statement of Compliance

These condensed interim consolidated financial statements of the Company, including comparatives, have been prepared in accordance with International Financial Reporting Standards 34 Interim Financial Reporting ("IAS 34") using the accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Boards ("IASB"). These condensed interim consolidated financial statements have been prepared on the basis of and using accounting policies, methods of computation and presentation consistent with those applied in the Company's April 30, 2021 consolidated annual financial statements.

These condensed interim consolidated financial statements were authorized for issuance by the Board of Directors of the Company on December 7, 2021.

b) Basis consolidation and preparation

These condensed interim consolidated financial statements are presented in Canadian dollars. The consolidated financial statements are prepared on the historical cost basis except for certain financial instruments that are measured on the fair value basis.

These condensed interim consolidated financial statements include the accounts of CanAlaska and its whollyowned subsidiary, CanAlaska West McArthur Uranium Ltd., a B.C. company.

Subsidiaries are entities over which the Company has control. Control is achieved when the Company has power over its investee; is exposed or has rights to variable returns from its involvement with the investee; and has the ability to use its power to affect its returns. Subsidiaries are consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date on which control ceases. All inter-company transactions, balances, income and expenses have been eliminated on consolidation.

c) New Accounting Standards and Interpretations

The following amendment to accounting standards has been issued but not yet adopted in the financial statements:

On May 14, 2020, the IASB published a narrow scope amendment to IAS 16 Property, Plant and Equipment - Proceeds before Intended Use. The amendment prohibits deducting from the cost of property, plant and equipment amounts received from selling items produced while preparing the asset for its intended use. Instead, amounts received will be recognized as sales proceeds and related cost in profit or loss. The effective date is for annual periods beginning on or after January 1, 2022. The Company does not expect to adopt this amendment until the effective date, and does not anticipate a material impact on its consolidated financial statements.

4 Cash and Cash Equivalents

	October31, 2021$000's	April 30, 2021$000's
Option-in advances	-	-
Cash and cash equivalents	11,702	7,016
Total	11,702	7,016

Option-in advances are advance cash funding by option exploration partners on various exploration properties.

5 Equity Securities

	October	April 30,2021
	Cost$000's	31,2021Market Value$000's	Cost$000's	Market Value$000's
Northern Uranium Corp.	700	600	700	240
Fjordland Exploration Inc.	120	84	278	194
Canterra Minerals Corp.	180	55	180	54
Voyageur Minerals Explorer Corp	80	94	80	64
Omineca Mining and Metals Ltd.	116	47	116	56
Other equitysecurities	647	63	647	61
Total	1,843	943	2,001	669

The Company holds equity securities as strategic investment and has less than 10% equity interest in each of the investees.

During the six months ended October 31, 2021, the Company disposed of 1,000,000 shares of Fjordland (six months ended October 31, 2020: sold 38,205 shares of various equity securities) for gross proceeds totaling $nil (six months ended October 31, 2020: $95,452) and recognized a loss on sale of equity securities of $157,955 (six months ended October 31, 2020: $193,896).

Notes to the Condensed Interim Consolidated Financial Statements

For the six months ended October 31, 2021

(Unaudited)

(Expressed in Canadian dollars except where indicated)

6 Property and Equipment

	Mining	Office		Right ofUse
	equipment$000's	equipment$000's	Automobile$000's	Asset$000's	Total$000's
Cost
At May 1, 2020	441	452	28	-	921
Additions	-	-	70	-	70
Disposals	-	-	(28)	-	(28)
At April 30, 2021	441	452	70	-	963
Additions	-	71	69	353	493
Disposals	(7)	-	-	-	(7)
At October31, 2021	434	523	139	353	1,449
AccumulatedDepreciationandAmortization
At May 1, 2020	(438)	(435)	(4)	-	(877)
Depreciation andamortization	(1)	(3)	(14)	-	(18)
Disposals	-	-	8	-	8
At April 30, 2021	(439)	(438)	(10)	-	(887)
Depreciation andamortization	-	(5)	(14)	(23)	(42)
Disposals	7				7
At October31, 2021	(432)	(443)	(24)	(23)	(922
Carrying Value
At April 30, 2021	2	14	60	-	76
At October31, 2021	2	80	115	330	527

Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2021 (Unaudited) (Expressed in Canadian dollars except where indicated)

7 Mineral Property Interests

The Company holds approximately 409,000 hectares of mining claims in the Athabasca Basin located across the provinces of Saskatchewan, Manitoba and Alberta in Canada. The holdings are comprised of 23 projects which are in various stages of exploration and discovery.

The Company also holds mining claims in British Columbia.

Details of acquisition costs and mineral property impairments for the twelve and six months ended April 30, 2021 and October 31, 2021 are as follows:

		Additions/		Additions/
		write-offs/		write-offs/
Project ($000's)	May 1, 2020	recoveries	April 31, 2021	recoveries	October 31, 2021
Athabasca Basin
Cree East (a)	85	-	85	-	85
West McArthur(b)	-	-	-	-	-
West Athabasca Kimberlite	36	-	36	-	36
Key Lake (c)	-	-	-	5-	5
Waterbury (d)	12		12	(12)	-
Moon	13		13	-	13
NW Manitoba	36	-	36	-	36
McTavish(e)	1	-	1	(1)	-
NE Wollaston(f)	1	23	24	1	25
Ruttan	-	-	-	-	-
Patterson	-	-	-	-	-
Manibridge(g)	161	-	161	(15)	146
Hunter	26	(26)	-	-	-
Thompson Nickel Belt(h)	-	-	-	14	14
Resting	-	18	18	-	18
Halfway Lake	-	20	20	-	20
Carswell (i)	-	-	-	8	8
Geikie (j)	-	-	-	20	20
Marshall (k)	-	-	-	7	7
Chymko (l)	-	-	-	20	20
Taggart (m)	-	-	-	17	17
Other
Other Project, Various	5	(5)	-	-	-
Total	376	8	406	64	470

Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2021

(Unaudited)

(Expressed in Canadian dollars except where indicated)

7 Mineral Property Interests (continued)

Summary of option payments duein the endingApril 302	Cash$000's	TotalSpend1$000's	Shares
2022	5	-	-
2023	-	-	-
2024	10	-	50,000
Thereafter	35	850	250,000
Total	50	850	300,000

**1**Represents cumulative spend required not the spend per fiscal year to maintain certain interest in the Company's properties.

2 Only considers payments paid during the fiscal year and not previous year's payments and issuances.

Summary of option payments receivable in theending April 302years	Cash$000's	TotalSpend1$000's	Shares
2022	30	-	500,000
2023	50	1,500	1,500,000
2024	-	-	-
Thereafter	100	5,000	2,000,000
Total	180	6,500	4,000,000

**1**Represents cumulative spend required not the spend per fiscal year to maintain certain interest in the Company's properties.

2Represents optionees' commitments to maintain certain interest in the Company's properties.

CanAlaska Uranium Ltd. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2021 (Unaudited)

(Expressed in Canadian dollars except where indicated)

7 Mineral Property Interests (continued)

a) Cree East, Saskatchewan

Cree East consists of approximately 58,000 hectares of mineral claims in the Athabasca. The property has a carrying value of approximately $85,000.

b) West McArthur, Saskatchewan - Cameco Corporation

West McArthur consists of approximately 36,000 hectares of mineral claims in the Athabasca. On January 13, 2016, the Company entered into a buy back agreement for the 50% interest in the West McArthur project held by Mitsubishi. The Company agreed to a staged cash payment of $600,000 ($600,000 paid) and a 1% royalty arrangement.

In February 2016, the Company entered into an option agreement with Cameco Corporation. A total of $725,000 cash was received and property expenditures of approximately $5.0 million were made. On October 19, 2018, Cameco Corporation gave notice to acquire its 30% interest on the West McArthur uranium project and the Company became the operator of the joint venture at that date.

The total expenditures on the property for the six months ended October 31, 2021 was approximately $1.6 million (six months ended October 31, 2020: $81,000) and has a carrying value of $nil.

c) Key Lake, Saskatchewan

On September 29, 2021. the Company entered into an option agreement with Durama Enterprises Limited ("Durama") to earn a 100% interest in the Key lake project in stages by carrying out $0.85 million in exploration expenditures, making cash payments totaling $50,000 ($5,000 paid) and issuing 300,000 common shares.

In October 2021, the Company staked 2 claim blocks totaling 1,358 hectares in the Athabasca for $304.

d) Waterbury, Saskatchewan

In September 2021, the Company entered into a letter of intent ("LOI") with Terra Uranium Pty Ltd. ("Terra") to negotiate an arm's length transaction whereby the Company will option to Terra up to 80% interest in certain mineral claims and mineral exploration licenses. The Company received $23,275 in an exclusivity payment. The Company recorded cost recoveries of $11,563 and recognized net option payments of $11,712.

e) McTavish, Saskatchewan

In September 2021, the Company entered into a letter of intent ("LOI") with Terra Uranium Pty Ltd. ("Terra") to negotiate an arm's length transaction whereby the Company will option to Terra up to 80% interest in certain mineral claims and mineral exploration licenses. The Company received $11,638 in an exclusivity payment. The Company recorded cost recoveries of $4,849 and recognized net option payments of $6,789.

7 Mineral Property Interests (continued)

f) NE Wollaston, Saskatchewan

In June 2021, the Company staked 2 claim blocks totaling 2,385 hectares in the eastern Athabasca for $1,431.

g) Manibridge, Manitoba

In May 2021, the Company entered into an option agreement with D Block Discoveries Inc. ("D Block") to earn up to a 100% interest into the Manibridge project. D Block may earn up to 100% interest in stages in the property by carrying out $4 million in exploration expenditures, making cash payment of $180,000 ($15,000 received) and issuing 6,500,000 commons shares.

h) Thompson Nickel Belt, Manitoba

In October 2021, the Company staked 3 claim blocks totaling 25,606 hectares in the Thompson Nickel Belt for $14,006.

i) Carswell, Saskatchewan

In September 2021, the Company staked 3 claim blocks totaling 13,352 hectares in the Athabasca Basin for $8,011.

j) Geikie, Saskatchewan

In September 2021, the Company staked 3 claim blocks totaling 13,352 hectares in the Athabasca Basin for $20,338.

k) Marshall, Saskatchewan

In September 2021, the Company staked 3 claim blocks totaling 11,225 hectares in the Athabasca Basin for $6,735.

l) Chymko, Saskatchewan

In September 2021, the Company staked 6 claim blocks totaling 32,603 hectares in the Athabasca Basin for $19,562.

m) Taggart, Saskatchewan

In September 2021, the Company staked 5 claim blocks totaling 28,328 hectares in the Athabasca Basin for $16,997.

Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2021

(Unaudited)

(Expressed in Canadian dollars except where indicated)

8 Lease Liability

At October 31, 2021, the Company's lease liability is as follow:

	October31, 2021	April 31, 2021
Opening balance	$-	$-
Addition/(disposition)	353,291	-
Interest	10,150	-
Lease payment	(29,115)	-
Ending balance	$334,326	$-
	October31, 2021	April 31, 2021
Current portion	$60,360	$-
Long-termportion	273,966	-
Ending balance	$334,326	$-

At October 31, 2021, the Company is committed to minimum undiscounted lease payments as follows:

	October31, 2021	April 31, 2021
Less than one year	$87,346	$-
One to five years	320,267	-
Totalundiscounted lease liabilities	$407,613	$-

8 Share Capital

The Company has authorized capital consisting of an unlimited amount of common shares without par value.

Share Issuances

• a) On March 26, 2021, the Company closed the second and final tranche of its non-brokered private placement and issued 1,165,000 flow-through units for gross proceeds of $745,600 and 2,488,800 non flow-through units for gross proceeds of $1,244,400, for total gross proceeds of $1,990,000. Each flow-through unit was sold at a price of $0.64 and consisted of one flow-through common share and one-half common share purchase warrant. Each unit was sold at a price of $0.50 and consisted of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one non-flow-through common share for a period of 2 years at a price of $0.75. In connection with this second and final tranche financing, the Company paid a total of $144,644 in finder's fees, legal and filing fees of $59,549 and issued a total of 263,192 finder's warrants. Each finder's warrant is exercisable for one common share at a price of $0.75/share for two years. The finder's warrants issued as part of this placement have been recorded at a fair valued of $60,525 using the Black Scholes option pricing model. Also, the Company recorded a flow-through premium of $116,500. As the Company has incurred approximately $1,124,357 of exploration expenditures related to the flow-through financing, it has recognized $41,650 of the $116,500 flow-through premium in the consolidated statement of net loss and comprehensive loss.
• b) On March 12, 2021, the Company closed the first tranche of its non-brokered private placement and issued 156,250 flow-through units for gross proceeds of $100,000 and 1,842,000 non flow-through units for gross proceeds of $910,000, for total gross proceeds of $1,010,000. Each flow-through unit was sold at a price of $0.64 and consisted of one flow-through common share and one-half common share purchase warrant. Each unit was sold at a price of $0.50 and consisted of one common share and one-half common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one non-flow-through common share for a period of 2 years at a price of $0.75. In connection with this first tranche financing, the Company paid a total of $20,400 in finder's fees and issued a total of 38,175 finder's warrants. Each finder's warrant is exercisable for one common share at a price of $0.75/share for two years. The finder's warrants issued as part of this placement have been recorded at a fair valued of $6,755 using the Black Scholes option pricing model. Also, the Company recorded a flow-through premium of $27,344. As the Company has incurred approximately $1,124,357 of exploration expenditures related to the flow-through financing, it has recognized $27,344 of the $27,344 flow-through premium in the consolidated statement of net loss and comprehensive loss.

9 Share Capital (continued)

• c) On December 23, 2020, the Company completed a non-brokered private placement and issued 1,633,713 flowthrough units for gross proceeds of $620,811 and 4,921,714 non flow-through units for gross proceeds of $1,378,080, for total gross proceeds of $1,998,891. Each flow-through unit was sold at a price of $0.38 and consists of one flow-through common share and one-half of one transferable common share purchase warrant. Each non flow-through unit was sold at a price of $0.28 and consists of one common share and one-half of one transferable warrant. Each whole warrant entitles the holder thereof to purchase one common share for a period of 2 years at a price of $0.55. In connection with this financing, the Company paid cash finder's fees of $111,229, legal and filing fees of $35,570 and issued a total of 347,235 finder's warrants. Each finder's warrant is exercisable for one common share at a price of $0.55/share for two years. The finder's warrants issued as part of this placement have been recorded at a fair valued of $59,735 using the Black Scholes option pricing model. No flow-through premium was recorded as the flow-through unit price was less than the market price of the Company's common shares on the December 23, 2020.
• d) On November 9, 2020, the Company closed the second and final tranche of its non-brokered private placement and issued 762,409 flow-through units for total gross proceeds of $167,729.98. Each flow-through unit was sold at a price of $0.22 and consisted of one flow-through common share and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one non-flow-through common share for a period of 2 years at a price of $0.28. In connection with this second and final tranche financing, the Company paid a total of $8,704.20 in finder's fees, legal and filing fees of $20,899 and issued a total of 39,564 finder's warrants. Each finder's warrant is exercisable for one common share at a price of $0.28/share for two years. The finder's warrants issued as part of this placement have been recorded at a fair valued of $2,777 using the Black Scholes option pricing model. Also, the Company recorded a flow-through premium of $22,872. As the Company has incurred approximately $1,124,357 of exploration expenditures related to the flow-through financing, it has recognized $22,872 of the $22,872 flow-through premium in the consolidated statement of net loss and comprehensive loss.
• e) On November 2, 2020, the Company closed the first tranche of its non-brokered private placement and issued 2,682,136 flow-through units for gross proceeds of $590,069.92 and 2,211,000 non flow-through units for gross proceeds of $442,200, for total gross proceeds of $1,032,269.92. Each flow-through unit was sold at a price of $0.22 and consisted of one flow-through common share and one common share purchase warrant (a "Warrant"). Each unit was sold at a price of $0.20 and consisted of one common share and one Warrant. Each Warrant will entitle the holder thereof to purchase one non-flow-through common share for a period of 2 years at a price of $0.28. In connection with this first tranche financing, the Company paid a total of $53,404.20 in finder's fees, legal and filing fees of $12,583 and issued a total of 250,927 finder's warrants. Each finder's warrant is exercisable for one common share at a price of $0.28/share for two years. The finder's warrants issued as part of this placement have been recorded at a fair valued of $19,910 using the Black Scholes option pricing model. Also, the Company recorded a flow-through premium of $40,232. As the Company has incurred approximately $1,124,357 of exploration expenditures related to the flow-through financing, it has recognized $40,232 of the $40,232 flow-through premium in the consolidated statement of net loss and comprehensive loss.

9 Share Capital (continued)

• f) During the six months ended October 31, 2021, the Company issued 2,799,381 common shares from the exercise of share purchase warrants for total gross proceeds of $1,071,978.
• g) During the six months ended October 31, 2021, the Company issued 870,000 common shares from the exercise of stock options for total gross proceeds of $350,200.

CanAlaska Uranium Ltd. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2021 (Unaudited)

(Expressed in Canadian dollars except where indicated)

9 Share Stock Options and Warrants

The Company has a stock option plan that permits the granting of stock options to directors, officers, key employees and consultants. Terms and pricing of options are determined by management at the date of grant. A total of 10% of the issued and outstanding common shares of the Company may be allotted and reserved for issuance under the stock option plan.

	Number of options000's	Weighted averageexercise price $
Outstanding -May 1, 2020	5,220	0.27
Granted	5,720	0.55
Exercised	(3,650)	0.29
Expired	(435)	0.34
Outstanding –April 30, 2021	6,855	0.49
Granted	2,360	0.63
Exercised	(870)	0.40
Outstanding –October31, 2021	8,345	0.53

As at October 31, 2021, the following stock options were outstanding:

	Number of optionsoutstanding 000's	Number of optionsexercisable 000's	Exerciseprice	Expiry date(Fiscal Year)
	1,065	1,065	$0.18	2022
	4,920	4,920	$0.42-$0.71	2023
	2,360	2,360	$0.47-$0.68	2024
Total	8,345	8,345

For the three months ended October 31, 2021, total share-based compensation expense was $nil (October 31, 2020: $nil). For the six months ended October 31, 2021, total share-based compensation expense was $774,076 (October 31, 2020: $nil).

Warrants

	Number of warrants000's	Weightedaverageexercise price $
Outstanding -May 1, 2020	23,215	0.55
Granted	12,687	0.47
Exercised	(2,141)	0.36
Expired	(2,810)	0.65
Outstanding –April 30, 2021	30,951	0.52
Exercised	(2,799)	0.38
Outstanding –October31, 2021	28,152	0.54

Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2021 (Unaudited) (Expressed in Canadian dollars except where indicated)

9 Share Stock Options and Warrants (continued)

At October 31, 2021, the following warrants were outstanding:

Number of warrants
outstanding	Exercise price
000's	$	Expirydate
193	$0.51	1November 20, 2021
465	$0.60	27, 2021 2December
3,725	$0.28	November3, 2022
156	$0.28	November 9, 2022
3,621	$0.55	December 23,2022
11,552	$0.60	May 16, 2024
520	$0.60	July 18, 2024
885	$0.60	August 15, 2024
2,725	$0.40	December 30, 2022
1,194	$0.40	January 20, 2023
1,026	$0.75	March 12, 2023
2,090	$0.75	March26, 2023
Total28,152

**1**Expiry date of warrants will be on November 20, 2021 provided that if the closing price of the Company's listed shares on the TSX Venture Exchange exceeds $0.90/share for 10 consecutive trading days then thereafter the exercise period of the warrants will be reduced to a period of 30 calendar days following the date express written notice of such acceleration is provided by the Company.

2 On December 10, 2020, the Company received TSX Venture Exchange approval to extend the expiry date of 465,000 outstanding share purchase warrants from December 27, 2020 to December 27, 2021. No value was attributed to the warrant extension. Also, the expiry date of warrants will be on December 27, ,2021, provided that if the closing price of the Company's listed shares on the TSX Venture Exchange exceeds $0.90/share for 10 consecutive trading days then thereafter the exercise period of the warrants will be reduced to a period of 30 calendar days following the date express written notice of such acceleration is provided by the Company.

Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2021

(Unaudited)

(Expressed in Canadian dollars except where indicated)

9 Share Stock Options and Warrants (continued)

Option and warrant pricing models require the input of highly subjective assumptions including the expected volatility. Changes in the assumptions can materially affect the fair value estimate, and therefore, the existing models do not necessarily provide a reliable measure of the fair value of the Company's stock options and warrants. The Company's expected volatility is based on the historical volatility of the Company's share price on the Toronto Stock Exchange or the TSX Venture Exchange. The following assumptions were used in the Black-Scholes option pricing model to calculate the compensation expense for the six months ended October 31, 2021 and 2020:

	Sixmonths ended October31
Options	2021	2020
Weighted average fair value	$0.33	-
Forfeiture rate	0%	-
Risk-free interest rate	0.33%-0.45%	-
Expectedlife	2.0 years	-
Expected volatility	100.0 –103.2%	-
Expected dividend	0%	-

10 Related Party Transactions

Related parties include the Board of Directors and Officers of the Company and enterprises which are controlled by these individuals.

The remuneration of directors and key management of the Company for the three and six months ended October 31, 2021 and 2020 were as follows.

	Three months ended October 31			Six months ended October 31
	2021	2020	2021	2020
($000's)	$	$	$	$
Employment benefits	167	106	303	200
Consulting fees	34	23	68	39
Directors fees	7	8	13	15
Share-based compensation	-	-	683	-

The directors and key management were awarded the following share options under the employee share option plan during the three months ended October 31, 2021:

Date of grant	Number of options	Exercise price	Expiry
May 12, 2021	1,555.000	$0.68	May 12, 2024
July 15, 2021	200,000	$0.54	July 15, 2024
July 28, 2021	300,000	$0.47	July28, 2024

11 Management of Capital

The Company considers its capital to consist of common shares, stock options and warrants. The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to pursue the exploration of its mineral properties and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk.

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares and, acquire or dispose of assets.

In order to maximize ongoing exploration efforts, the Company does not pay out dividends. The Company's investment policy is to invest its short-term excess cash in highly liquid short-term interest bearing investments with short term maturities, selected with regards to the expected timing of expenditures from continuing operations.

12 Subsequent Events

On November 17, 2021, the Company completed a non-brokered private placement and issued 6,163,064 flowthrough units for gross proceeds of $5,423,496.32 and 8,097,563 non flow-through units for gross proceeds of $6,073,172.25, for total gross proceeds of $11,496,668.57. Each flow-through unit was sold at a price of $0.88 and consists of one flow-through common share and one-half of one transferable common share purchase warrant. Each non flow-through unit was sold at a price of $0.75 and consists of one common share and one-half of one transferable warrant. Each whole warrant entitles the holder thereof to purchase one common share for a period of 2 years at a price of $1.00. In connection with this financing, the Company paid cash finder's fees of $597,191.65, legal and filing fees of $11,256 and issued a total of 732,626 finder's warrants. Each finder's warrant is exercisable for one common share at a price of $1.00/share for two years. The finder's warrants issued as part of this placement have been recorded at a fair valued of $163,333 using the Black Scholes option pricing model. Also, the Company recorded a flow-through premium of $1,972,180.