|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 1 of 21
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CanAlaska Uranium Ltd.

CVV - TSX CVVUF - OTCBB DH7N – Frankfurt



Management Discussion and Analysis

For the Fourth Quarter and Year Ended

April 30, 2013







Dated July 19, 2013



For further information on the Company reference
should be made to the Company’s public filings which are available on SEDAR. Information is also available at the Company’s
website www.canalaska.com. The following information is prepared in accordance with International Financial Reporting Standards
(IFRS) as issued by the IASB and denominated in Canadian dollars, unless otherwise noted. This MD&A
should be read in conjunction with the Company’s audited consolidated financial statements for the year ended April 30, 2013.







Table of Contents:



|1. | OVERVIEW OF THE COMPANY AND STRATEGY       | 2 
|-- | ------------------------------------------ | --
|2. | MILESTONES AND PROJECT UPDATES             | 3 
|3. | FINANCIAL POSITION                         | 10
|4. | Expenditures Review                        | 13
|5. | CASHFLOW REVIEW                            | 14
|6. | Other matters                              | 15
|7. | Quarterly and annual Financial information | 20







This MD&A contains forward-looking information.
Refer to Section 6 “Forward-Looking Statements” and “Risks Factors” for a discussion of the risks, uncertainties
and assumptions relating to such information.



www.canalaska.com







CanAlaska Uranium Ltd. – MD&A April 30, 2013
    Page 2  of 21



1.	OVERVIEW
OF THE COMPANY



| | ü | Exploration expenditures of $0.6 million ($1.0million net of $0.4 million from reimbursements from partners and impairments) for year ended April 30, 2013 in the Athabasca
Basin
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | ü | Over 18projects covering 780,000hectares focused on Uranium
| | - | -----------------------------------------------------------

| | ü | Cash resources of $1.3 million (as at April 30, 2013)
| | - | -----------------------------------------------------

| | ü | 22,068,136common shares issued and outstanding
(July 18, 2013)
| | - | --------------------------------------------------------------



The Company has responded to the drop in market
activity and values since the Fukushima nuclear incident by actively marketing its expertise and uranium exploration projects to
industry and end users for project financings. There has been a slow resurgence in interest, and at the end of the fourth quarter
of our 2013 fiscal year, some renewed interest from North American and Chinese industry groups in response to the Canada-China
nuclear accord. Management has continued with evaluating its priorities and taking steps to streamline non-discretionary expenditures
and continues to explore all opportunities to sell and/or joint venture its properties. 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. From time to time, the Company
will evaluate new properties and direct activities to these based on the Board of Director’s evaluation of financial and
market considerations at the time.



1.1	Profile and Strategy

The Company is an exploration stage company
engaged in the acquisition and exploration of mineral properties, principally in Canada. The Company aims to acquire and advance
its projects to a stage where they can be exploited at a profit or it can arrange joint ventures, whereby other companies provide
funding for development and exploitation. The Company’s principal focus for the past eight years has been the exploration
for high-grade uranium deposits in the Athabasca Basin area of Saskatchewan. There are four projects on which the Company has expended
most of its recent efforts. Three of these projects, West McArthur, Cree East and Fond Du Lac are 50% joint ventures, and the fourth,
NW Manitoba, is 100% owned by the Company. Going forward it is expected that the Company will focus its effort on two of the projects,
West McArthur and Cree East. These two projects will be the focus of uranium targeting for the Company. The Company is marketing
the rest for option, joint venture or sale.



|Table 1: Canadian Strategic Property Summary |                                    |         
|-------------------------------------------- | ---------------------------------- | --------
|Property / Project Name                      | 2013 Notes                         | Hectares
|West McArthur                                | Ventured with Mitsubishi           | 36,000  
|Cree East                                    | Ventured with Korean Consortium    | 58,000  
|NW Manitoba                                  | 100% CanAlaska                     | 144,000 
|Fond Du Lac                                  | Option with Fond Du Lac Denesuline | 10,000  
|TOTAL                                        |                                    |         



In the Athabasca Basin, the Company’s
most advanced projects are those which the Company has under joint venture with Japanese and Korean entities. The Company has a
strong in-house exploration team along with outside consultants which it can access and has established strategic exploration funding
relationships with MC Resources Canada, a wholly owned subsidiary of Japan’s Mitsubishi Corporation Ltd. (“Mitsubishi”)
on the West McArthur project. On the Cree East project, the Company is the Operator of a 50% joint venture with a Korean Consortium
comprised of Hanwha Corp., Korea Resources Corp. (“KORES”), Korea Electric Power Corporation (“KEPCO”),
and SK Networks Co. Ltd.

Throughout the region, the Company controls
an exploration portfolio of 18 projects totalling over 3,012 square miles (780,000 hectares) and has a land position that rivals
the combined holdings of established uranium producing giants Cameco Corporation and Areva. The largest of these projects is the
NW Manitoba Project, located just east of the Saskatchewan-Manitoba provincial border. In 2012, the Company re-started exploration
at the NW Manitoba project, after waiting since 2007 for the Manitoba government approvals related to community consultation. In
early 2012, the Company completed an operating MOU with the local community and geophysics work and target definition started in
March 2012. At the current time, the Company is in consultation with various groups to fund a work program in the summer or winter
under a joint venture basis.

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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 3  of 21
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In addition, CanAlaska is the operator
of a joint venture with the Fond Du Lac Denesuline community over an area which covers the historic Fond Du Lac uranium deposit,
and where the Company has extended the target area to the east, with a drill intercept of 40.4 metres grading 0.32% uranium.

The Company’s exploration activities
are managed through CanAlaska offices maintained in Vancouver, BC (Head Office) and La Ronge, Saskatchewan (Field Support and Equipment
Warehouse).

The Company believes that the fundamentals
of the nuclear power industry and the economic superiority of uranium over other energy fuels will ensure the long-term future
of global uranium markets and prices. Since 2004, CanAlaska has expended over $85 million on
exploration and research towards the advancement of uranium discovery on our project areas. The information gained from this work
has provided the Company with significant evidence regarding the nature and location of mineral rich hydrothermal systems in areas
of the Athabasca where previous information was lacking. The increase in understanding of the geology of the target areas, and
the integration of modern geophysical methods with data processing to get more precise target definition at depth gives management
the confidence to continue exploration for large scale uranium deposits on our projects.



As of July 18, 2013, the Company had 22,068,136
shares outstanding with a total market capitalization of $1.9 million. The Company’s shares trade on the Toronto Stock Exchange
(“CVV”) and are quoted on the OTCBB in the United States (“CVVUF”) and the Frankfurt Stock Exchange (“DH7N”).
On July 5, 2013, the Company received notification that the Toronto Stock Exchange is reviewing the Company's eligibility for continued
listing on the Toronto Stock Exchange pursuant to Part VII of the TSX Company Manual regarding minimum market capitalization requirements.
The Company has until November 5, 2013 to remedy the matter. Should the Toronto Stock Exchange decide to delist the securities
of the Company, the securities will be listed on the TSX Venture Exchange.

1.2	Strategic and Operating Intent

·Targeted marketing of uranium projects for financing

·Restriction of uranium exploration activity until financial markets recover in this sector

·Strong commitment to option, joint venture or sale of individual exploration projects

·Evaluate alternate commodities and projects suitable for market financing, or acquisition
and sale

·Company believes that it has the projects, strategic partners, people and knowledge base,
corporate treasury and fund raising ability to maintain a position in the uranium exploration sector, but, due to increasingly
difficult market conditions facing junior mining and junior uranium exploration companies, management has taken steps to streamline
non-discretionary expenditures and financial overheads

·Company will continue to cut back on operations and project expenditures.

·The Company has tax loss carry-forwards of approximately $9 million and cumulative Canadian
exploration expenses of approximately $18 million

·Our Korean partners have contributed all of their $19.0 million funding commitment towards
the Cree East project, but have requested a slow-down in expenditures, or the introduction of an incoming partner

·At the West McArthur project, exploration is being carried out under a 50/50 joint venture
with MC Resources Canada (“MCRC”), a wholly owned subsidiary of Mitsubishi Corporation, and CanAlaska which may be
deferred in 2013/2014 to await better market conditions



2.	MILESTONES
AND PROJECT UPDATES



2.1Overview–
May 1, 2012 to July 19, 2013

| | · | Reduced project activities and marketing
non-core assets (June 2013)
| | - | --------------------------------------------------------------------

| | · | Acquired Patterson claims (January
2013)
| | - | ----------------------------------------

| | · | Reported assay results for West McArthur
project (June 2012)
| | - | ------------------------------------------------------------

·Acquired claims adjacent to Manitoba Ruttan Copper Mine (June 2012)

·Reported assay results for Cree East project (May 2012)

·Geophysical surveys defined new uranium drill targets at NW Manitoba project (May 2012)



In June 2013, the Company announced that it
has in the past 15 months, reduced project exploration activities to preserve a modest treasury such that there is a minimum of
dilution to existing shareholders during a time of depressed market prices. The Company has been active in the presentation and
marketing of its joint ventures and non-core assets. The marketing of the non-core assets had attracted a number of industry investors
and supporters who have entered into confidentiality agreements to review potential purchase or earn-in joint ventures with the
Company.



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 4  of 21
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In January 2013, the Company announced the
acquisition of the Patterson project by staking three blocks of claims, totalling 6,687 hectares located in the Patterson Lake
area of the western Athabasca basin, Saskatchewan.



In June 2012, the Company reported the results
of drill core geochemistry on the West McArthur property. Drill holes WMA028 and WMA034 produced very positive results for uranium.
Both intersected parts of a highly-altered graphitic pelite unit and are thought to be within 50 metres of the targeted conductor,
which was identified from the down-hole geophysical surveys. The targets generated at the eastern end of Grid 5 matched and extended
a historical conductor, which was drill-tested by Uranerz in 1989. Neither of the two historical drill holes intersected their
targeted basement conductor, but, significantly, contained dravite clay and pyrite along with narrow, steep, clay rich fault gouges/breccia
in the top 350 - 400 metres of the sandstone column. In one historical hole, the upper 400 metres of sandstone showed anomalous
uranium and trace elements. Drill holes WMA028 and WMA034 are located in this area. Both show deep alteration into the basement
rocks, indicating and confirming a substantial hydrothermal alteration system.



In June 2012, the Company announced the acquisition
by staking of two blocks of claims, totalling 1,055 hectares adjacent to and northeast of the past-producing Ruttan Copper Mine,
located near Leaf Rapids in Northern Manitoba.



In May 2012, the Company reported receipt of
uranium assay results and trace element geochemistry for the winter drill program on the Cree East project. The results confirm
the anomalous multi-element enrichments in the large alteration zone identified at Zone B and additional gold and uranium mineralization
in drill hole CRE080, which intersected mineralized iron formation at Zone J.



In May 2012, the Company reported strong geophysical
responses matching geology and uranium mineralized boulders from the recent surveys within the target areas at its NW Manitoba
uranium project. The recent ground resistivity and gravity geophysical surveys localized anomalous features typical of sulphide-bearing
mineralization, and zones of clay alteration within areas of shallow overburden. There is a striking correspondence between the
location of gravity anomalies and the low resistivity zones from the survey.



2.2	Project Updates

Overview

The Company currently has 18 projects within
the Athabasca basin area and has carried out exploration programs on 6 of these in the past year. In fiscal 2013, the Company spent
$0.6million ($1.0million net of $0.4million from reimbursements from partners) on exploration costs in the Athabasca Basin area. The two largest exploration
projects were at West McArthur and at Cree East.



Exploration spending in the fourth quarter
of 2013 is significantly down from the same comparative quarter of 2012, as the Company has reduced its exploration spend to conserve
cash relative to the prior period. In the fourth quarter, the Company historically spent this time drilling in the winter season
in the Athabasca Basin at our various projects.



The following table summarizes the Company’s
expenditures for twelve months ended April 30, 2013.



|Table 2: ($000's)
        Total Exploration | Cree East | West McArthur | Fond du Lac | NW Manitoba | Other Athabasca Basin Projects | New Zealand | Other and Generative Projects | Total
|------------------------------------------- | --------- | ------------- | ----------- | ----------- | ------------------------------ | ----------- | ----------------------------- | -----
|Camp Cost & Operations                      | 4         | (7)           | -           | -           | -                              | -           | 9                             | 6    
|Drilling                                    | -         | -             | 9           | -           | -                              | -           | -                             | 9    
|General & Admin                             | 37        | 77            | 3           | 10          | 13                             | 6           | 129                           | 275  
|Geochemistry                                | 6         | 16            | -           | 1           | -                              | -           | 8                             | 31   
|Geology                                     | 73        | 65            | 1           | 8           | 20                             | -           | 75                            | 242  
|Geophysics                                  | 2         | 226           | 4           | 8           | 23                             | -           | 62                            | 325  
|Other                                       | 62        | 28            | -           | 10          | 1                              | -           | 21                            | 122  
|Gross Expenditures                          | 184       | 405           | 17          | 37          | 57                             | 6           | 304                           | 1,010
|Reimbursement                               | (91)      | (213)         | -           | -           | -                              | -           | (74)                          | (378)
|Net Expenditures                            | 93        | 192           | 17          | 37          | 57                             | 6           | 230                           | 632  



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 5  of 21
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The following section contains a comparative
breakdown of project expenditures for the Company’s significant projects.



2.2.1	West McArthur Project, Saskatchewan
– Mitsubishi

The West McArthur project in the Athabasca
Basin, Saskatchewan, was optioned in April 2007 to Mitsubishi Development Pty Ltd., a subsidiary of Mitsubishi Corporation of Japan.
Under the option agreement, Mitsubishi could exercise an option to earn a 50% interest in the property by investing $11.0 million.
In February 2010, Mitsubishi exercised their option with a payment to the Company and an unincorporated 50/50 joint venture was
formed between the parties to pursue further exploration and development of the property. The Company acts as project operator
and earns a fee between 5% and 10%, based on expenditures incurred. The West McArthur project is located immediately west of the
McArthur River uranium mine operated by Cameco Corp, and covers approximately 36,000 hectares.



|Table 3: ($000's)      | Quarterly | Year Ended |      
|---------------------- | --------- | ---------- | -----
|West McArthur Project  | Q112      | Q212       | Q312 
|Camp Cost & Operations | -         | -          | 143  
|Drilling               | -         | -          | 72   
|General & Admin        | 40        | 32         | 27   
|Geochemistry           | 8         | 4          | 1    
|Geology                | 19        | 49         | 10   
|Geophysics             | 652       | 161        | 63   
|Other                  | 50        | 29         | 53   
|Gross Expenditures     | 769       | 275        | 369  
|Reimbursement          | (403)     | (144)      | (193)
|Net Expenditures       | 366       | 131        | 176  



On the property there is evidence of hydrothermal
alteration extending well into the sandstone, matching the typical alteration model of Athabasca unconformity style uranium deposits.
There is evidence of uranium mineralization from drill testing in multiple areas, either as enrichment at the unconformity or in
basement stringers. The most compelling features for further exploration are the uranium values in sandstone higher in the stratigraphy,
the hematized and broken rock in the sandstone, and the pattern of basement offsets and geophysical conductivity.



In April 2012, the Company announced a preliminary
summary of drilling at its West McArthur project. Seven diamond drill holes were completed in February and March 2012, to test
a series of individual zones where the resistivity lows were coincident with the EM conductors within the Grid 5 area. Total meterage
drilled in the season was 6,422 metres, including one abandoned drill hole. The winter 2012 drill programme has demonstrated on
Grid 5 the presence of requisite geological environment for unconformity uranium deposits. Significant faulting and fracturing
are present in a number of drill holes, with individual radioactive spikes or elevated radioactivity in zones of hydrothermal alteration.



In June 2012, the Company reported the results
of drill core geochemistry on the West McArthur property. Drill holes WMA028 and WMA034 produced very positive results for uranium.
Both intersected parts of a highly-altered graphitic pelite unit and are thought to be within 50 metres of the targeted conductor,
which was identified from the down-hole geophysical surveys. The targets generated at the eastern end of Grid 5 matched and extended
a historical conductor, which was drill-tested by Uranerz in 1989. Neither of the two historical drill holes intersected their
targeted basement conductor, but, significantly, contained dravite clay and pyrite along with narrow, steep, clay rich fault gouges/breccia
in the top 350-400 metres of the sandstone column. In one historical hole, the upper 400 metres of sandstone showed anomalous uranium
and trace elements. Drill holes WMA028 and WMA034 are located in this area. Both show deep alteration into the basement rocks,
indicating and confirming a substantial hydrothermal alteration system.



Included within Other expenses are management
fees charged to and reimbursed by Mitsubishi for CanAlaska acting as the project operator.



www.canalaska.com









|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 6   of 21
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2.2.2	Cree East Project, Saskatchewan
– Korean Consortium

The Cree East project is located in the south-eastern
portion of the Athabasca Basin, 35 kilometres west of the formerly producing Key Lake mine and 5 to 22 kilometres north of the
south rim of the Athabasca Basin. The project is comprised of 17 contiguous mineral claims totalling approximately 58,000 hectares.
A Korean Consortium (Hanwha Corp., Korea Electric Power Corp., Korea Resources Corp. and SK Networks Co. Ltd.), in December 2007
agreed to spend $19.0 million on the properties to earn into a 50% interest in the Cree East project.



As of April 30, 2013, the Korean Consortium
has contributed its $19.0 million towards exploration of the project and holds a 50% ownership interest in both CanAlaska Korea
Uranium Ltd. and the Canada-Korea Uranium Limited Partnership. The following table summarizes the Korean Consortium expenditures
and advances by quarter and life to date (“LTD”) on the project. The table does not include a $1.0 million payment
made directly to CanAlaska in 2007 ($0.6 million) and 2010 ($0.4 million) for intellectual property associated with the project.
As at April 30, 2013, the Company is holding approximately $605,000 of joint venture funds.



|Table 4: ($000's)      | Quarterly | Year Ended |     
|---------------------- | --------- | ---------- | ----
|Cree East Project      | Q112      | Q212       | Q312
|Camp Cost & Operations | -         | -          | 163 
|Drilling               | (6)       | -          | 186 
|General & Admin        | 62        | (19)       | 6   
|Geochemistry           | 3         | 1          | 2   
|Geology                | 30        | 14         | 44  
|Geophysics             | 4         | 10         | 171 
|Management Fees        | 8         | (31)       | 60  
|Other                  | 10        | 2          | 27  
|Net Expenditures       | 111       | (23)       | 659 



In May 2012, the Company reported receipt of
uranium assay results and trace element geochemistry for the winter drill program on the Cree East project. The results confirm
the anomalous multi-element enrichments in the large alteration zone identified at Zone B and additional gold and uranium mineralization
in drill hole CRE080, which intersected mineralized iron formation at Zone J.



Under the Cree East agreement, CanAlaska is
entitled to charge an operator fee of 10% to recoup its indirect costs associated with the project, which the Company recognizes
as management fees.



The Korean Consortium and CanAlaska are actively
marketing the Cree East project for option or joint venture to allow for the continuation of drill exploration. Work permits are
in place, but current expenditures are minimized.



2.2.3	NW Manitoba, Manitoba

This property consists of approximately 144,000
hectares and lies between 90 and 170 kilometres northeast along the Wollaston trend of basement formations hosting uranium deposits,
which include Rabbit Lake, Collins Bay and Eagle Point Uranium mines. In May 2012, the Company reported strong geophysical responses
matching geology and uranium mineralized boulders from the recent surveys within the target areas at its NW Manitoba uranium project.
The project was re-started in March 2012 following a four and a half year permitting delay due to consultations between the government
of Manitoba and the local community. The Company has now concluded an operating MOU with the local community and recommenced ground
survey work. The ground resistivity gravity geophysical surveys carried out in March 2012 localized anomalous features typical
of sulphide-bearing mineralization, and zones of clay alteration within areas of shallow overburden. There is a striking correspondence
between the location of gravity anomalies and the low resistivity zones from the survey. These targets are similar in style to
the Andrew Lake uranium project in Nunavut, which has similar resistivity and gravity geophysical responses related to uranium
mineralization hosted in regional fault structures.



The Company is actively seeking a joint venture
partner for this project and has permitting for drilling in 2013.



www.canalaska.com









|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 7  of 21
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2.2.4 Ruttan

In June 2012, the Company acquired the Ruttan
property by staking two blocks of claims, totaling 1,055 hectares adjacent to and northeast of the past-producing Ruttan copper
mine, located near Leaf Rapids in Northern Manitoba. There is a drill target indication from geophysics and historical drill information.
The Company is actively seeking a joint venture partner and has applied for drill permits.



2.2.5 Arnold

In July 2012, the Company recognized an impairment
on its Arnold claim ($35,240) as it did not renew its permits on this property.



2.2.6 Cree West

In October 2012, the Company recognized an
impairment on its Cree West claim ($48,193) as it did not renew its permits on this property.



2.2.7 Patterson

In January 2013, the Company acquired the Patterson
property by staking three blocks of claims, totaling 6,687 hectares located in the Patterson Lake area of the western Athabasca
basin.



2.2.8 Alberta

In April 2013, the Company recognized an impairment
on its Alberta claim ($10,625) as it did not renew its permits on this property.



2.2.9 BC Copper

In April 2013, the Company recognized an impairment
on certain of its BC Copper claims ($6,863) as it did not renew its permits on these claims. The Company has kept two claim blocks
(Big Creek and Quesnel). Big Creek was under option, but as of July 2, 2013, it has been returned to the Company.



2.2.10 Carswell

In April 2013, the Company recognized an impairment
on certain of its Carswell claims ($36,517) as it did not renew its permits on these claims.



2.2.11 Collins Bay

In June 2013, the Collins Bay Extension option
agreement dated July 4, 2009 and subsequently amended on March 29, 2011 with Bayswater Uranium Corporation was amended whereby
the Company extended the option period from six years to eight years. In consideration for the amendment, the Company accelerated
its staged common share issuances and issued 10,000 common shares on July 12, 2013. As a result, in July 2013, the Company issued
an aggregate of 20,000 common shares under the amended option agreement for the Collins Bay Extension project.



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2.2.12	Other Projects

The Company uses its technical staff between
field seasons to evaluate other mineral projects for acquisition, either by staking or by option, with the purpose of sale to third
parties. For a full description of the geology and setting of the current projects and of the Company’s other projects, reference
should be made to the “Projects” section, and accompanying news releases of work on the Company’s website at
www.canalaska.com.



|Table 5:
        Other projects update | Status                                        | Recent work undertaken                     
|-------------------------------------- | --------------------------------------------- | -------------------------------------------
|BC Copper                              | Seeking Venture Partner                       | No significant work undertaken             
|Carswell                               | Seeking Venture Partner                       | No significant work undertaken             
|Collins Bay Extension                  | Option with Bayswater Uranium                 | Preparation for drill testing              
|Grease River                           | Seeking Venture Partner                       | No significant work undertaken             
|Helmer                                 | Seeking Venture Partner                       | No significant work undertaken             
|Hodgson                                | Seeking Venture Partner                       | ZTEM survey evaluation                     
|Kasmere                                | Under application                             | Exploration permits pending                
|Key                                    | Seeking Venture Partner                       | No significant work undertaken             
|Lake Athabasca                         | Seeking Venture Partner                       | No significant work undertaken             
|McTavish                               | Seeking Venture Partner                       | No significant work undertaken             
|Moon                                   | Seeking Venture Partner                       | Evaluating drill targets                   
|Patterson                              | Seeking Venture Partner                       | No significant work undertaken             
|Poplar                                 | Seeking Venture Partner                       | No significant work undertaken             
|Waterbury                              | Seeking Venture Partner                       | Evaluating drill targets                   
|Rainbow Hill AK                        | Seeking Venture partner                       | No significant work undertaken             
|Zeballos                               | Seeking Venture Partner                       | Consolidating ownership                    
|Glitter Lake                           | Disposed, NSR retained                        |                                            
|Reefton Property,NZ                    | Option with Atlantic Industrial Minerals Inc. | Received $50,000 to cover annual permit fee



BC Copper is comprised of approximately
7,000 hectares located in south central British Columbia In March 2012, the Company optioned the claims to Tyrone Docherty. Tyrone
Docherty may earn a 50% interest in the property by making exploration expenditures of $470,000 by July 2014. In May 2012 the Company
amended the agreement where a third party, Discovery Ventures Ltd and Docherty will earn 50% interest for the expenditure of $75,000
(spent) in summer 2012, a further $87,500 of exploration expenditure by July 1 2013, and a further $87,500 of exploration expenditure
by July 1 2014. On July 2, 2013, the option agreement with Tyrone Docherty and Discovery Venture Ltd.. for the BC Copper (Big Creek)
project was terminated



CanAlaska's New Zealand subsidiary, Golden
Fern Resources Ltd., completed an agreement for work on the project in September 2012 with Atlantic Industrial Minerals Inc. Atlantic
Industrial Minerals Inc. has carried out the first work and entered the underground workings of the Morning Star Mine.



In fiscal 2013, the Company recognized an impairment
on its Arnold, Cree West, Alberta and certain of its BC Copper claims for approximately $101,000 as it did not renew its permit
on these properties.



CanAlaska maintains 14 other projects
in the Athabasca basin; one project in New Zealand; one project in Alaska and two projects in British Columbia. These other projects
have value to the Company but are not being actively explored, other than reviews and reporting. A number of these projects are
being marketed for sale or joint venture, and the company hopes to realize increased value in the future.



www.canalaska.com









|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 9  of 21
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2.2.13	Project Expenditure Summary

Details of life to date (“LTD”)
exploration and evaluation expenditures:



|Table 6: ($000’s)       | 2013 Fiscal Expenditures | Life to Date - April 30, 2013
|----------------------- | ------------------------ | -----------------------------
|Project                 | Acquisition Costs        | Exploration Expenditures     
|Athabasca Basin         |                          |                              
|Cree East               | -                        | 184                          
|West McArthur           | -                        | 406                          
|Poplar                  | -                        | -                            
|Fond Du Lac             | -                        | 17                           
|Grease River            | -                        | -                            
|Cree West               | -                        | -                            
|Key Lake                | -                        | -                            
|NW Manitoba             | -                        | 36                           
|Helmer                  | -                        | 14                           
|Lake Athabasca          | -                        | -                            
|Alberta                 | -                        | 2                            
|Hodgson                 | -                        | 81                           
|Arnold                  | -                        | -                            
|Collins Bay             | -                        | -                            
|McTavish                | -                        | 4                            
|Carswell                | -                        | 23                           
|Ruttan                  | 15                       | 32                           
|Other                   | 4                        | 2                            
|New Zealand             |                          |                              
|Reefton, NZ             | -                        | 6                            
|Other                   |                          |                              
|Other Projects, Various | 1                        | 194                          
|Total                   | 20                       | 1,001                        



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 10 of 21
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|Table 7: ($000’s)             | 2012 Fiscal Expenditures | Life to Date - April 30, 2012
|----------------------------- | ------------------------ | -----------------------------
|Project                       | Acquisition Costs        | Exploration Expenditures     
|Athabasca Basin               |                          |                              
|Cree East                     | -                        | 2,733                        
|West McArthur                 | -                        | 3,414                        
|Poplar                        | -                        | 11                           
|Fond Du Lac                   | -                        | 123                          
|Black Lake                    | -                        | 79                           
|Grease River                  | -                        | 50                           
|Cree West                     | -                        | -                            
|Key Lake                      | -                        | -                            
|NW Manitoba                   | -                        | 564                          
|Helmer                        | -                        | 2                            
|Lake Athabasca                | -                        | -                            
|Alberta                       | -                        | -                            
|Hodgson                       | -                        | 250                          
|Arnold                        | -                        | 1                            
|Collins Bay                   | -                        | 21                           
|McTavish                      | -                        | 12                           
|Carswell                      | -                        | 295                          
|Other                         | -                        | 15                           
|New Zealand                   |                          |                              
|Rise and Shine, NZ            | -                        | -                            
|Reefton and Other NZ Projects | -                        | 111                          
|Other                         |                          |                              
|Other Projects, Various       | 10                       | 126                          
|Total                         | 10                       | 7,807                        



3.
	FINANCIAL POSITION and CAPITAL resources



3.1Cash and Working Capital



|Table 8: ($000’s)
        Cash and Working Capital |  |  |  | Apr-13 | Apr-12
|-------------------------------------------------- |  |  |  | ------ | ------
|Cash and cash equivalents                          |  |  |  |        | 1,265 
|Trade and other receivables                        |  |  |  |        | 58    
|Available-for-sale securities                      |  |  |  |        | 86    
|Trade and other payables                           |  |  |  |        | (195) 
|Working capital                                    |  |  |  |        | 1,214 



For analysis and discussion of the movement
in cash and cash equivalents reference should be made to Section 5 of this MD&A. Included within cash and cash equivalents
are $0.3 million in funds from the CKU Partnership which are dedicated to the Cree East project. Reference should be made to note
5 of the consolidated financial statements for further details.



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 11 of 21
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As at April 30, 2013, included within trade
and other receivables is approximately $5,000 in GST refunds. The decrease in trade and other receivables for April 30, 2013 is
due primarily to decrease in the GST receivable account as the Company reduced its exploration expenditures in winter 2013 compared
to winter 2012.



The decrease in available-for-sale securities
is a result of marking the securities to market as well as recording an impairment of approximately $61,000 on a number of investments.



The decrease in trade and other payables is
consistent with the decrease in exploration activities compared with the fourth quarter of 2012. The Company did not operate an
extensive winter 2013 exploration program compared to that of the winter 2012 season.



| | 3.2 | Other Assets and Liabilities
| | --- | ----------------------------



|Table 9: ($000’s)
        Other Assets and Liabilities |  |  | Apr-13 | Apr-12
|------------------------------------------------------ |  |  | ------ | ------
|Reclamation bonds                                      |  |  |        | 203   
|Property and equipment                                 |  |  |        | 375   
|Mineral property interests (Section 2.2)               |  |  |        | 1,238 



During the fiscal year ended April 30, 2013,
approximately $110,000 of reclamation bonds were written down as these deficiency deposits were forfeited due to a lack of assessment
credits.



During the fiscal year ended April 30, 2013,
exploration and evaluation expenditures were made primarily on the West McArthur, Cree East, Hodgson and BC Copper (Section 2).



During fiscal 2013, the Company acquired the
Ruttan property by staking two blocks of claims totalling 1,055 hectares for approximately $16,000 and the Patterson property by
staking three blocks of claim totalling 6,687 hectares for approximately $4,000. In addition, the Company recognized an impairment
on its Arnold, Cree West, Alberta and certain of its BC Copper and Carswell claims for approximately $137,000 as it did not renew
its permit for these properties.



| | 3.3 | Equity and Financings
| | --- | ---------------------



|Table 10: ($000’s)
        Shareholders’ Equity |  |  | Apr-13 | Apr-12  
|----------------------------------------------- |  |  | ------ | --------
|Common shares                                   |  |  |        | 73,205  
|Equity reserve                                  |  |  |        | 10,682  
|Investment revaluation reserve                  |  |  |        | (1)     
|Deficit                                         |  |  |        | (80,856)
|Total shareholders’ equity                      |  |  |        | 3,030   





|Table 11: (000’s)
        Equity Instruments |  |  | Apr-13 | Apr-12
|-------------------------------------------- |  |  | ------ | ------
|Common shares outstanding                    |  |  |        | 22,058
|Options outstanding                          |  |  |        |       
|Number                                       |  |  |        | 3,598 
|Weighted average price                       |  |  |        | $0.55 
|Warrants outstanding                         |  |  |        |       
|Number                                       |  |  |        | 72    
|Weighted average price                       |  |  |        | $0.55 



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 12 of 21
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Equity instruments



As of July 18, 2013, the Company
had the following securities outstanding. Common shares - 22,068,136; Stock options – 3,532,750; and Warrants – 72,200.



In July 2013, the Company issued
10,000 common shares under the option agreement for the Collins Bay Extension project.



In March 2012, the Company issued
283,000 common shares for gross proceeds of $121,690. A finder’s fee of $4,867 in cash and 11,320 warrants were issued in
connection with the financing. Each finder’s warrant entitles the holder to purchase on additional common share for a period
of eighteen months from the closing date, at a price of $0.55 per warrant share. The share purchase warrants issued as part of
this placement have been recorded at a fair value of $1,825 using the Black Scholes model.



In March 2012, the Company issued
1,522,000 flow-through common shares for gross proceeds of $776,220. A finder’s fee of $31,049 in cash and 60,880 warrants
were issued in connection with the financing. $68,490 was allocated to premium as the market value on the date of close was less
than the offering price associated with this offering. Each finder’s warrant entitles the holder to purchase one additional
common share for a period of eighteen months from the closing date at a price of $0.55 per warrant share. The share purchase warrants
issued as part of this placement have been recorded at a fair value of $9,816 using the Black Scholes model.



In July 2011, the Company issued 5,000 common
shares under the option agreement for the Black Lake project.



In May 2011, the Company issued 418,141 flow-through
common shares for gross proceeds of $472,500, of which $133,805 was allocated to the flow-through share premium as the market value
on the date of close was less than the offering price associated with this offering.



|Table 12: Proceeds from Financings |                                                     |                                    
|---------------------------------- | --------------------------------------------------- | -----------------------------------
|Date                               | Type                                                | Intended Use                       
|March 2012                         | $0.1 million – 283,000 common shares                | Uranium exploration in Saskatchewan
|March 2012                         | $0.8 million – 1,522,000 flow-through common shares | Uranium exploration in Saskatchewan
|May 2011                           | $0.5 million – 418,141 flow through common shares   | Uranium exploration in Saskatchewan



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4.Expenditures Review



|Table 13: ($000’s)                          | Quarterly                                                                               | Year End |        
|------------------------------------------- | --------------------------------------------------------------------------------------- | -------- | -------
|Quarterly Loss & Comprehensive Loss Summary | Q112                                                                                    | Q212     | Q312   
|Revenue                                     | -                                                                                       | -        | -      
|Exploration Cost                            |                                                                                         |          |        
|                                            | Mineral property expenditures net of
        reimbursements                             | 1,223    | 396    
|                                            | Write-down on reclamation bonds                                                         | -        | -      
|                                            | Mineral property write-offs                                                             | -        | -      
|                                            | Equipment rental income                                                                 | -        | -      
|                                            |                                                                                         | 1,223    | 396    
|Other Expenses (Income)                     |                                                                                         |          |        
|                                            | Consulting, labour and
        professional fees                                        | 287      | 271    
|                                            | Depreciation                                                                            | 34       | 34     
|                                            | Gain on disposal of properties and equipments                                           | -        | (6)    
|                                            | Foreign exchange (gain) loss                                                            | (12)     | 7      
|                                            | Insurance, licenses and filing fees                                                     | 22       | 54     
|                                            | Interest income                                                                         | (50)     | (28)   
|                                            | Other corporate costs                                                                   | 31       | 40     
|                                            | Investor relations and presentations                                                    | 25       | 45     
|                                            | Rent                                                                                    | 35       | 36     
|                                            | Stock-based payments                                                                    | 31       | 2      
|                                            | Travel and accommodation                                                                | 5        | 30     
|                                            | Impairment and loss (gain) on
        disposal of available-for-sale
        securities | -        | -      
|                                            | Premium on flow-thru shares                                                             | -        | (134)  
|                                            | Management fees                                                                         | (51)     | 18     
|                                            |                                                                                         | 357      | 369    
|Loss for the period                         | (1,580)                                                                                 | (765)    | (1,386)
|                                            |                                                                                         |          |        
|Other comprehensive loss                    |                                                                                         |          |        
|                                            | Unrealized loss (gain) on available-
        for-sale securities                        | 124      | 115    
|Comprehensive loss                          | (1,704)                                                                                 | (880)    | (1,489)
|Basic and diluted loss per share            | (0.08)                                                                                  | (0.04)   | (0.07) 





In the fiscal year ended April 30, 2013, the
Company spent $1.0million on exploration costs and recovered $0.4million from our exploration partners for a net mineral property expenditure of $0.6million.



In Q113, the Company recognized mineral property
impairments on the Arnold project for approximately $35,000 and in Q213, the Company recognized mineral property impairments on
the Cree West project for approximately $48,000 as the Company did not renew its permit for these projects. In Q413, the Company
recognized mineral property impairments on the Alberta project and on certain of the BC Copper and Carswell claims for approximately
$54,000 as the Company did not renew its permit for these claims.



Camp and other miscellaneous exploration equipment
owned by the Company is maintained at our La Ronge warehouse. Equipment rental income is comprised of income (cost recapture)
from charging exploration projects for the rental of this equipment. In Q412, the equipment rental income is related to the winter
drill programs for the Cree East and West McArthur projects. . In Q1 and Q2 2013, the rental income is related to the summer work
program on the BC Copper project. Equipment rental income in fiscal 2013 is lower compared to fiscal 2012 as the Company did not
conduct a summer or winter exploration program in fiscal 2013.



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Consulting, labour, and professional fees are
lower than the same comparative prior period. The decrease is primarily attributed to a decrease in the salaries expense from the
re-negotiated employment agreements for senior staff and management which began effective August 2012. The Company has terminated
some staff and re-negotiated employment agreements with senior staff and management in efforts to minimize the Company’s
operating costs. The Company also reduced its usage of professionals and consultants in Q413 compared to Q412.



Insurance, licenses and filing fees are lower
for fiscal 2013 compared to fiscal 2012. In Q413, insurance, license and filing fees are consistent relative to the same comparative
prior period.



Interest income was lower in 2013 compared
to 2012. The decrease was attributed to the decreased cash balances held during the year.



Investor relations expenses were lower in
2013 compared to 2012. The decrease is primarily attributed to the decrease in services provided by a Canadian investor relations
firm. During the three months ended April 30, 2012, we received contract services from the Canadian investor relations firm which
started in June of 2011 and terminated in July 2012.



Rent expense was lower in Q413 compared to
Q313 as the Company sublet its office space in an effort to reduce its cash burn and operating costs going forward.



The share-based payments amount for the year
is lower than the amount for the previous year. The decrease was primarily due to the decrease in the fair value calculation on
the options granted in fiscal 2013 relative to fiscal 2012. During fiscal 2013, there were 1,357,500 options granted with an average
fair value of $0.13 per option compared to 1,339,500 options granted with an average fair value of $0.24 per option in fiscal
2012.



A write-down on available-for-sale securities
of approximately $83,000 was recorded in Q413. This was attributed to a significant or prolonged impairment on a number of investments.
The Company wrote the balances down to their market values due to the significant decline in market value that was viewed as other
than a temporary impairment.



Management fees were lower in fiscal 2013 compared
to fiscal 2012. This was primarily due to the decrease in our exploration activities relative to last year. During the same period
last year, the Company spent $6.2 million on exploration, of which the majority of the expenditures was related to our joint venture
projects where management fees were generated.



5.	CASHFLOW
and liquidity REVIEW



As of April 30, 2013, the Company had $1.3
million in cash and cash equivalents and working capital of $1.2 million and as of April 30, 2012, the Company had $4.4 million
in cash and cash equivalents and working capital of $3.1 million.



5.1	Operating Activities

The Company’s operating activities resulted
in net cash outflows of $3.2 million and $6.6 million for the fiscal years ended April 30, 2013 and 2012 respectively. Operating
activities and costs for fiscal 2013 are lower than fiscal 2012 as the Company reduced its exploration activities as well as continued
its efforts to minimize it operating costs to conserve its cash reserves.



5.2	Financing Activities

Financing activities resulted in net cash outflows
of $5,000 and net cash inflows of $1.3 million for the fiscal years ended April 30, 2013 and 2012 respectively. During the fiscal
year ended April 30, 2012, the Company raised $0.9 million from flow-through and ordinary common share financings completed in
March 2012, and $0.5 million from a flow-through financing completed in May 2011. In fiscal 2013, the Company incurred TSX listing
fees related to the Company’s share compensation plan. Currently, junior uranium exploration companies are finding it difficult
to seek financing. The Company is working to sell non core assets.



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5.3	Investing Activities

Investing activities resulted in net cash inflows
of $72,000 for fiscal year ended April 30, 2013. During the year ended April 30, 2013, the Company acquired the Ruttan property
and the Patterson Lake property by staking five blocks of claims totalling 7,742 hectares for approximately $20,000 and received
$75,000 in option payments from Discovery Ventures Ltd. The Company also received approximately $20,000 from the sale of certain
property and equipment. During the year ended April 30, 2012, the Company purchased additional property and equipment of approximately
$43,000 and received proceeds approximately $26,000 from the sale of certain property and equipment. The new Ruttan and Patterson
Lake projects and others are being actively marketed under Non Disclosure Agreements.





6. OTHER MATTERS



For a full version of the risks and critical
accounting estimates and policies, reference should be made to the Company’s audited consolidated financial statements for
the year ended April 30, 2013, which are available on the Company’s website at www.canalaska.com, and the risk factor section
of the most recently filed Form 20-F on EDGAR.



6.1	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 year ended April 30, 2013 and 2012 were as follows.



|Table 14: ($000’s)
        Compensations to Related Parties |  | 
|----------------------------------------------------------- |  | 
|($000’s)                                                    |  | 
|Employment benefits and directors fees                      |  | 
|Share-based compensation                                    |  | 



The directors and key management were awarded the following share
options under the employee share option plan during the fiscal year ended April 30, 2013:



|Table 15: Share Option Issuance
|-------------------------------
|Date of grant                  
|May 9, 2012                    
|August 13, 2012                
|October 3, 2012                
|February 1, 2013               



6.2	Financing

Management believes
that the funds on hand at April 30, 2013 are sufficient to meet corporate, administrative, exploration activities for the next
twelve months given the continuing funding from our joint venture partners.Due to increasingly difficult market conditions
facing junior uranium exploration companies management is currently in the process of evaluating its priorities and taking steps
to streamline non discretionary expenditures. Should management be unsuccessful in its coming exploration
programs it may either need to dilute its ownership in its properties and/or secure additional financing to continue to advance
the development of its projects.



6.3	Critical Accounting Estimates and Judgments



6.3.1	Share-Based Payment Plan

The Company has in effect a Stock Option Plan.
Stock options awarded are accounted for using the fair value-based method. Fair value is calculated using the Black Scholes model
with the assumptions described in the notes to the financial statements. These assumptions are estimated by management based on
available information and may be subject to change.



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 16 of 21
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6.3.2	Mineral Property Interest

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 increasingly 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 net acquisition costs incurred to date and do not necessarily represent current or future values of the
mineral properties.



6.3.3	Going Concern

The 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. The 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.



6.4	Disclosure
Controls and Internal Control over Financial Reporting

Disclosure controls and procedures ("DC&P")
are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management, including
the Company's Chief Executive Officer and Chief Financial Officer, on a timely basis so that appropriate decisions can be made
regarding public disclosure. Internal control over financial reporting ("ICFR") is designed to provide reasonable assurance
that such financial information is reliable and complete. As at the end of the period covered by this management's discussion and
analysis, management of the Company, with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated
the effectiveness of the Company's DC&P and ICFR as required by Canadian securities laws. Based on that evaluation, the Chief
Executive Officer and the Chief Financial Officer have concluded that, as of the end of the period covered by this management's
discussion and analysis, the DC&P were effective to provide reasonable assurance that material information relating to the
Company was made known to senior management by others and information required to be disclosed by the Company in its annual filings,
interim filings (as such terms are defined under National Instrument 52-109 – Certification of Disclosure in Issuers' Annual
and Interim Filings) or other reports filed or submitted by it under securities legislation were recorded, processed, summarized
and reported within the time periods specified in securities legislation. The Chief Executive Officer and the Chief Financial Officer
have also concluded that, as of the end of the period covered by this management's discussion and analysis, the ICFR provides reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with IFRS. To design its ICFR, the Company used the Internal Control –Integrated Framework (COSO Framework) published
by the Committee of Sponsoring Organizations of the Treadway Commission. There are no material weaknesses in the Company's ICFR.
During the year ended April 30, 2013 there were no changes to the Company's ICFR that materially affected, or are reasonably likely
to materially affect, the Company's ICFR.



6.5	Forward
Looking Statements

Certain statements included in this MD&A
constitute forward-looking statements, including those identified by the expressions “anticipate”, “believe”,
“plan”, “estimate”, “expect”, “intend”, “may”, “should”
and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical
facts but reflect current expectations regarding future results or events. This MD&A contains forward-looking statements. These
forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and
unknown risks, uncertainties and other factors.



Information concerning the interpretation
of drill results also may be considered forward-looking statements; as such information constitutes a prediction of what
mineralization might be found to be present if and when a project is actually developed. The estimates, risks and
uncertainties described in this MD&A are not necessarily all of the important factors that could cause actual results to
differ materially from those expressed in the Company’s forward-looking statements. In addition, any forward-looking
statements represent the Company’s estimates only as of the date of this MD&A and should not be relied upon as
representing the Company’s estimates as of any subsequent date. The material factors and assumptions that were applied
in making the forward-looking statements in this MD&A include: (a) execution of the Company’s existing plans or
exploration programs for each of its properties, either of which may change due to changes in the views of the Company, or if
new information arises which makes it prudent to change such plans or programs; and (b) the accuracy of current
interpretation of drill and other exploration results, since new information or new interpretation of existing information
may result in changes in the Company’s expectations. Readers should not place undue reliance on the Company’s
forward-looking statements, as the Company’s actual results, performance or achievements may differ materially from any
future results, performance or achievements expressed or implied by such forward-looking statements if known or unknown risks, uncertainties or other factors affect
the Company’s business, or if the Company’s estimates or assumptions prove inaccurate. Therefore, the Company cannot
provide any assurance that forward-looking statements will materialize.



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 17 of 21
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6.6	Future
Accounting Pronouncements

Unless otherwise noted, the following revised
standards and amendments are effective for annual periods beginning on or after January 1, 2013 with earlier application permitted.
The Company is determining the impact of adoption of these standards on its reported results or financial position.



(i) IFRS 9 Financial Instruments, was
issued in November 2009 and addresses classification and measurement of financial assets. It replaces the multiple category and
measurement models in IAS 39 for debt instruments with a new mixed measurement model having only two categories: amortized cost
and fair value through profit or loss. IFRS 9 also replaces the models for measuring equity instruments. Such instruments are either
recognized at fair value through profit or loss or at fair value through other comprehensive income. Where equity instruments are
measured at fair value through other comprehensive income, dividends are recognized in profit or loss to the extent that they do
not clearly represent a return of investment; however, other gains and losses (including impairments) associated with such instruments
remain in accumulated comprehensive income indefinitely.



Requirements for financial liabilities were
added to IFRS 9 in October 2010 and they largely carried forward existing requirements in IAS 39, Financial Instruments - Recognition
and Measurement, except that fair value changes due to credit risk for liabilities designated at fair value through profit
and loss are generally recorded in other comprehensive income. The effective date of IFRS 9 is January 1, 2015.



(ii) IFRS 10, Consolidated Financial Statements,
requires an entity to consolidate an investee when it has power over the investee, is exposed, or has rights, to variable returns
from its involvement with the investee and has the ability to affect those returns through its power over the investee. Under exiting
IFRS, consolidation is required when an entity has the power to govern the financial and operating policies of an entity so as
to obtain benefits from its activities.



(iii) IFRS 11, Joint Arrangements, requires
a venturer to classify its interest in a joint arrangement as a joint venture or joint operation. Joint ventures will be accounted
for using the equity method of accounting whereas for a joint operation the venturer will recognize its share of the assets, liabilities,
revenue and expenses of the point operation.



(iv) IFRS 12, Disclosure of Interests in
Other Entities, establishes disclosure requirements for interests in other entities, including subsidiaries, joint arrangements,
associates, and unconsolidated structured entities. The standard carries forward existing disclosures and also introduces significant
additional disclosures that address the nature of, and risks associated with, an entity's interests in other entities.



(v) IFRS 13, Fair Value Measurement,
is a comprehensive standard for fair value measurement and disclosure for use across all IFRS standards. The new standard clarifies
that fair value is the price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction
between market participants, at the measurement date. Under existing IFRS, guidance on measuring and disclosing fair value is dispersed
among the specific standards requiring fair value measurements and does not always reflect a clear measurement basis or consistent
disclosures.



(vi) There have been amendments to existing
standards, including IAS 27, Separate Financial Statements (IAS 27), and IAS 28, Investments in Associates and Joint
Ventures (IAS 28). IAS 27 addresses accounting for subsidiaries, jointly controlled entities and associates in non-consolidated
financial statements. IAS 28 has been amended to include joint ventures in its scope and to address the changes in IFRS 10 - 13.



(vii) IAS 1, Presentation of Financial Statements,
has been amended to require entities to separate items presented in OCI into two groups, based on whether or not items may be recycled
in the future. Entities that choose to present OCI items before tax will be required to show the amount of tax related to the two
groups separately.



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 18 of 21
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6.7	Risk Factors

The Company is engaged in the exploration of
mineral properties, an inherently risky business. There is no assurance that funds spent on the exploration and development of
a mineral deposit will result in the discovery of an economic ore body. Most exploration projects do not result in the discovery
of commercially mineable ore deposits.



6.7.1	Cash Flows and Additional Funding
Requirements

The Company has limited financial resources,
no sources of operating cash flows and no assurances that sufficient funding, including adequate financing, will be available.
If the Company’s exploration programs are successful, additional funds will be required in order to complete the development
of its projects. The sources of funds currently available to the Company are the sale of marketable securities, the raising of
equity capital or the offering of an ownership interest in its projects to a third party. There is no assurance that the Company
will be successful in raising sufficient funds to conduct further exploration and development of its projects or to fulfill its
obligations under the terms of any option or joint venture agreements, in which case the Company may have to delay or indefinitely
postpone further exploration and development, or forfeit its interest in its projects or prospects. Without further financing and
exploration work on its properties the Company expects its current 780,358 ha of property to reduce to 741,319 ha by December 31
2013, and 683,728 ha by December 31 2014. The Company’s Fond Du Lac property reaches its last anniversary on February 25
2014, following which time a new lease will be required by the Fond Du Lac community from Aboriginal and Northern Affairs Canada.
The Cree East and West McArthur projects, with current work filings are in good standing for a minimum 15 years from the current
date.



6.7.2	Commodity Prices

The profitability of the Company’s operations
will be dependent upon the market price of mineral commodities. Mineral prices fluctuate widely and are affected by numerous factors
beyond the control of the Company. The prices of mineral commodities have fluctuated widely in recent years. Current and future
price declines could cause commercial production to be impracticable. The Company’s future revenues and earnings also could
be affected by the prices of other commodities such as fuel and other consumable items, although to a lesser extent than by the
price of mineral commodities.



6.7.3	Competition

The mining industry is intensely competitive
in all of its phases, and the Company competes with many companies possessing greater financial resources and technical facilities
than itself with respect to the discovery and acquisition of interests in mineral properties, the recruitment and retention of
qualified employees and other persons to carry out its mineral exploration activities. The Company has a large land position in
the Athabasca Basin, and has carried out extensive exploration, but has not defined an economic deposit. Other exploration companies
have been successful with the discovery of deposits in the Athabasca, and these companies tend to attract investors away from CanAlaska.
CanAlaska relies on the ongoing support of its JV partners to fund their portion of exploration, however additional funding from
the current partners is uncertain. Competition in the mining industry could adversely affect the Company’s prospects for
mineral exploration in the future.



6.7.4	Foreign Political Risk

The Company’s material property interests
are currently located in Canada and New Zealand. Some of the Company’s interests are exposed to various degrees of political,
economic and other risks and uncertainties. The Company’s operations and investments may be affected by local political and
economic developments, including expropriation, nationalization, invalidation of government orders, permits or agreements pertaining
to property rights, political unrest, labour disputes, limitations on repatriation of earnings, limitations on mineral exports,
limitations on foreign ownership, inability to obtain or delays in obtaining necessary mining permits, opposition to mining from
local, environmental or other non-governmental organizations, government participation, royalties, duties, rates of exchange, high
rates of inflation, price controls, exchange controls, currency fluctuations, taxation and changes in laws, regulations or policies
as well as by laws and policies of Canada affecting foreign trade, investment and taxation.



6.7.5	Government Laws, Regulation and
Permitting

Mining and exploration activities of the Company
are subject to both domestic and foreign laws and regulations governing prospecting, development, production, taxes, labour standards,
occupational health, mine safety, waste disposal, toxic substances, the environment and other matters. Although the Company believes
that all exploration activities are currently carried out in accordance with all applicable rules and regulations, no assurance
can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a
manner which could limit or curtail production or development. Amendments to current laws and regulations governing the operations
and activities of the Company or more stringent implementation thereof could have a substantial adverse impact on the Company.



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|CanAlaska Uranium Ltd. – MD&A April 30, 2013 | Page 19 of 21
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The operations of the Company will require
licenses and permits from various governmental authorities to carry out exploration and development at its projects. In Canada,
the issuance of governmental licenses and permits are increasingly being influenced by land use consultations between the government
and local First Nations communities. There can be no assurance that the Company will be able to obtain the necessary licences and
permits on acceptable terms, in a timely manner or at all. Any failure to comply with permits and applicable laws and regulations,
even if inadvertent, could result in the interruption or closure of operations or material fines, penalties or other liabilities.



6.7.6	Title to Properties

Acquisition of rights to the mineral properties
is a very detailed and time-consuming process. Title to, and the area of, mineral properties may be disputed. Although the Company
has investigated the title to all of the properties for which it holds concessions or other mineral leases or licenses or in respect
of which it has a right to earn an interest, the Company cannot give an assurance that title to such properties will not be challenged
or impugned.



The Company has the right to earn an increased
economic interest in certain of its properties. To earn this increased interest, the Company is required to make certain exploration
expenditures and payments of cash and/or Company shares. If the Company fails to make these expenditures and payments, the Company
may lose its right to such properties and forfeit any funds expended up to such time.



6.7.7	Estimates of Mineral Resources

The mineral resource estimates used by the
Company are estimates only and no assurance can be given that any particular level of recovery of minerals will in fact be realized
or that an identified resource will ever qualify as a commercially mineable (or viable) deposit which can be legally or commercially
exploited. In addition, the grade of mineralization ultimately mined may differ from that indicated by drilling results and such
differences could be material.



6.7.8	Key Management

The success of the Company will be largely
dependent upon the performance of its key officers, consultants and employees. Locating mineral deposits depends on a number of
factors, not the least of which is the technical skill of the exploration personnel involved. The success of the Company is largely
dependent on the performance of its key individuals. Failure to retain key individuals or to attract or retain additional key individuals
with necessary skills could have a materially adverse impact upon the Company’s success. The Company on July 31, 2012, has
terminated all long term employment contracts with senior management and has completed the negotiation of reduced contracts with
the CEO, former CFO and VP Exploration. The VP Corporate Development position has been terminated and the responsibilities have
been assumed by the CEO. Non essential technical staff have been terminated and remaining technical staff are currently occupied
on third party contracts, and projects which require minimal funding. This status is being monitored and adjusted on a monthly
basis. In January 2013, Mr. Chan, the Corporate Controller took over the position of CFO replacing Mr. Ramachandran. In June 2013,
the Company received the resignation of board member, Hubert Marleau.



6.7.9	Volatility of Share Price

Market prices for shares of early stage companies
are often volatile. Factors such as announcements of mineral discoveries, financial results, and other factors could have a significant
effect on the price of the Company’s shares and the amount of financing that can be raised by the Company.



6.7.10	Foreign Currency Exchange

A small portion of the Company’s expenses
are now, and are expected to continue to be incurred in foreign currencies. The Company’s business will be subject to risks
typical of an international business including, but not limited to, differing tax structures, regulations and restrictions and
general foreign exchange rate volatility. Fluctuations in the exchange rate between the Canadian dollar and such other currencies
may have a material effect on the Company’s business, financial condition and results of operations and could result in downward
price pressure for the Company’s products or losses from currency exchange rate fluctuations. The Company does not actively
hedge against foreign currency fluctuations.



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6.7.11	Conflict of Interest

Some of the Company’s directors and officers
are directors and officers of other natural resource or mining-related companies. These associations may give rise from time to
time to conflicts of interest. As a result of such conflict, the Company may miss the opportunity to participate in certain transactions.



7.	QUARTERLY
and annual FINANCIAL INFORMATION



The following tables sets out a summary
of the Company’s results:



|Table 16: ($000’s)                          | Quarterly                                                                               | Year End
|------------------------------------------- | --------------------------------------------------------------------------------------- | --------
|Quarterly Loss & Comprehensive Loss Summary | Q112                                                                                    | Q212    
|Revenue                                     | -                                                                                       | -       
|Exploration Cost                            |                                                                                         |         
|                                            | Mineral property expenditures net of
        reimbursements                             | 1,223   
|                                            | Write-down on reclamation bonds                                                         | -       
|                                            | Mineral property write-offs                                                             | -       
|                                            | Equipment rental income                                                                 | -       
|                                            |                                                                                         | 1,223   
|Other Expenses (Income)                     |                                                                                         |         
|                                            | Consulting, labour and
        professional fees                                        | 287     
|                                            | Depreciation                                                                            | 34      
|                                            | Gain on disposal of properties and equipments                                           | -       
|                                            | Foreign exchange (gain) loss                                                            | (12)    
|                                            | Insurance, licenses and filing fees                                                     | 22      
|                                            | Interest income                                                                         | (50)    
|                                            | Other corporate costs                                                                   | 31      
|                                            | Investor relations and presentations                                                    | 25      
|                                            | Rent                                                                                    | 35      
|                                            | Stock-based payments                                                                    | 31      
|                                            | Travel and accommodation                                                                | 5       
|                                            | Impairment and loss (gain) on
        disposal of available-for-sale
        securities | -       
|                                            | Premium on flow-thru shares                                                             | -       
|                                            | Management fees                                                                         | (51)    
|                                            |                                                                                         | 357     
|Loss for the period                         | (1,580)                                                                                 | (765)   
|                                            |                                                                                         |         
|Other comprehensive loss                    |                                                                                         |         
|                                            | Unrealized loss (gain) on available-
        for-sale securities                        | 124     
|Comprehensive loss                          | (1,704)                                                                                 | (880)   
|Loss per share                              | (0.08)                                                                                  | (0.04)  



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|Table 17: ($000’s) Financial Position Summary              | As at                         
|---------------------------------------------------------- | ------------------------------
|Apr 30, 2011                                               | Jul 31, 2011                  
|Financial Position                                         |                               
|Assets                                                     |                               
|                                                           | Cash and cash equivalents     
|                                                           | Trade and other receivables   
|                                                           | Available-for-sale securities 
|Total Current Assets                                       | 10,623                        
|                                                           | Reclamation bond              
|                                                           | Property and equipment        
|                                                           | Mineral property interests    
|Total Assets                                               | 13,379                        
|Liabilities                                                |                               
|                                                           | Trade and other payables      
|Total Liabilities                                          | 2,461                         
|Shareholders’ Equity                                       |                               
|                                                           | Common shares                 
|                                                           | Equity reserve                
|                                                           | Investment revaluation reserve
|                                                           | Deficit                       
|Total Shareholders’ Equity                                 | 10,918                        
|                                                           | 13,379                        
|Weighted average common shares
        outstanding (000’s) | 18,114                        
|Working Capital                                            | 8,162                         



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