|       | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 1 of 28 |
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|       | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 2 of 28 |
|--------------------------------|--------------------------------------------------------|-------------------|

| 1. | OVERVIEW OF THE COMPANY AND OUTLOOK | 2  |
|----|-------------------------------------|----|
| 2. | MILESTONES AND PROJECT UPDATES      | 3  |
| 3. | FINANCIAL POSITION                  | 14 |
| 4. | EXPENDITURES REVIEW                 | 16 |
| 5. | CASHFLOW REVIEW                     | 18 |
| 6. | OTHER MATTERS                       | 18 |
| 7. | ANNUAL FINANCIAL INFORMATION        | 26 |

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|       | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 3 of 2 8  |
|--------------------------------|--------------------------------------------------------|-------------------------------|

| ü   | Exploration expenditures of $9.7 million for 2011 in the Athabasca Basin |
|--------------------|--------------------------------------------------------------------------|

| ü   | $6.4 million in funding provided from Korean Partners for the Cree East project ($19.0 million funded of $19.0 million) (section 2.2.1) |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------|

| ü   | $1.5 million in funding provided from our Japanese Partners for the West McArthur project. (section 2.2.2) |
|--------------------|------------------------------------------------------------------------------------------------------------|

| ü   | $0.8 million in funding provided from WestCan Uranium Ltd. for the Grease River project (section 2.2.7) |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ü   | Over 20 projects covering 961,000 hectares focused on Uranium (section 1.1) |
|--------------------|-----------------------------------------------------------------------------|

| ü   | Cash resources of $11.4 million (as at April 30, 2011) |
|--------------------|--------------------------------------------------------|

| ü   | 20,253,136 common shares issued and outstanding (August 15, 2011) |
|--------------------|-------------------------------------------------------------------|

| ü   | Over 16,000 metres drilled in fiscal 2011 |
|--------------------|-------------------------------------------|

|        | -  | Cree East (11,485 metres) |
|--------------------------------------|---------|---------------------------|

|        | -  | Fond Du Lac (4,442 metres) |
|--------------------------------------|---------|----------------------------|

|    | -  | Grease River (922 metres) |
|--------------|---------|---------------------------|

| Table 1: Canadian Land Position Summary    |                               |
|--------------------------------------------|------------------------------------|
|     Property / Project Name | 2011 Notes                         | Hectares |
| Alberta                                    |                               | 85,000 |
| Arnold                                     |                               | 14,000 |
| Black Lake                                 | Option with Black Lake Denesuline  | 16,000 |
| Carswell                                   |                               | 29,000 |
| Collins Bay Extension                      | Option with Bayswater Uranium      | 39,000 |
| Cree East                                  | Ventured with Korean Consortium    | 56,000 |
| Cree West                                  | Ventured with Westcan Uranium      | 20,000 |
| Fond Du Lac                                | Option with Fond Du Lac Denesuline | 17,000 |
| Grease River                               | Ventured with Westcan Uranium      | 38,000 |
| Helmer                                     |                               | 57,000 |
| Hodgson                                    |                               | 25,000 |
| Kasmere                                    | Awaiting licences                  | 267,000 |
| Key                                        | Ventured with Westcan Uranium      | 6,000 |
| Lake Athabasca                             |                               | 44,000 |
| McTavish                                   |                               | 16,000 |
| Moon                                       |                               | 4,000 |
| NW Manitoba                                |                               | 144,000 |
| Poplar                                     |                               | 42,000 |
| Waterbury                                  |                               | 6,000 |
| West McArthur                              | Ventured with Mitsubishi           | 36,000 |
| TOTAL                                      | 20 Projects                        | 961,000 |

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|        | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 4 of  28   |
|--------------------------------------|--------------------------------------------------------|------------------------------------------|

| ·   | Continued focus on exploration for the discovery of one or more significant uranium deposits in the Athabasca region of Northern Saskatchewan. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Company believes that it has the projects, strategic partners, people and knowledge base, corporate treasury and fund raising ability to deliver on this mission. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Completed and continuing drill programs have further defined our target zones and identified new targets for future drill programs. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------|

| ·   | At Cree East, our Korean Partners approved a $3.58 million winter 2011 drill program. The eighteen drill hole program, comprising approximately 7,650 metres, was split between three target zones on the property. However, in February 2011, an accident occurred at the Cree East project which suspended the 2011 winter program. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | As at April 30, 2011, our Korean partners have contributed $19.0 million of their 19.0 million funding commitment. |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

| ·   | 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. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Between January and April 2011, WestCan Uranium Ltd. funded $0.8 million towards the 2011 winter drill program for the Grease River project. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In February 2010, after the start of the winter season, MCRC earned a 50% interest in the West McArthur project by completing the $11.0 million investment specified under the project's option agreement. Over the next five years, the joint venture is planning to expend between $3.5 - $4.2 million annually to progressively test the 7 targets which exist on the property. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | At the Collins Bay Extension project, results from the Company’s winter drill program provided strong exploration targets for the 2011 winter season. The Company’s summer exploration program consisted of seismic profiling of the large breccia target on the property. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | At the Fond Du Lac project, the Company will be continuing to test for the extension of the higher grade uranium mineralization intersected in the August 2009 drill program (40.2 metres @0.32% U3O8). |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | CanAlaska is also actively marketing other projects to potential partners. |
|--------------------|----------------------------------------------------------------------------|

| 2.1   | Overview – fiscal year 2011 |
|-----------------|-----------------------------------|

|   ●      | Listed on Toronto Stock Exchange (TSX) (June 2011)                                                       |
|---------------------|----------------------------------------------------------------------------------------------------------|
|   ●      | Closed private placement of $0.5 million (May 2011)                                                      |
|   ●      | Grease River funding from WestCan Uranium of $0.08 million (April 2011)                                  |
|   ● | West McArthur funding from MC Resources of $0.39 million (March 2011)                                    |
|   ●      | Accident at Cree East project (February 2011)                                                            |
|   ●      | Four NI 43-101 reports filed (Hodgson, NW Manitoba, Grease River, and Lake Athabasca) (February 2011)    |
|   ●      | Grease River funding from WestCan Uranium of $0.24 million (February 2011)                               |
|   ●      | Grease River funding from WestCan Uranium of $0.48 million (January 2011)                                |
|   ●      | West McArthur funding from MC Resources of $0.78 million (January 2011)                                  |
|   ●      | Funding from Korean Consortium of $4.3 million for exploration at Cree East (December 2010)              |
|   ●      | Common share consolidation (10 old for 1 new – November 8, 2010)                                   |
|   ●      | Three NI 43-101 reports filed (Fond Du Lac, Waterbury and Carswell) (October 2010 – November 2010) |
|   ●      | The participating interest in Fond Du Lac project has increased from 49% to 50%. (September 2010)        |
|   ●      | Westcan options CanAlaska’s Grease River property (August 2010)                                    |
|   ●      | Funding from Korean Consortium of $1.72 million for summer exploration program at Cree East (July 2010)  |
|   ●      | West McArthur funding from MC Resources Canada of $0.17 million (June 2010)                              |

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|        | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 5 of  28   |
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|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 6 of  28   |
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|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 7 of  28   |
|--------------------------------------------|--------------------------------------------------------|------------------------------------------|

|                             |   |      |   |   |       |   |
|----------------------------------|--------|-----------|--------|--------|------------|--------|
|  Table 2: ($000's)          |   | Quarterly |   |   | Year Ended |   |
|  Total Deferred Exploration |   |      | Q110   |   |       |   | Q210 |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |
|  Camp Cost & Operations |   |      | 154    |   |       |   | 360 |   |   |   | 206 |   |   |   | 1,124 |   |   |   | 260 |   |   |   | 262 |   |   |   | 214 |   |   |   | 556 |   |   |   | 1,844 |   |   |   | 1,292 |   |
|  Drilling                   |   |      | 418    |   |       |   | 52 |   |   |   | 94 |   |   |   | 1,983 |   |   |   | 508 |   |   |   | 893 |   |   |   | 59 |   |   |   | 1,382 |   |   |   | 2,547 |   |   |   | 2,842 |   |
|  General & Admin        |   |      | 117    |   |       |   | 89 |   |   |   | 126 |   |   |   | 135 |   |   |   | 52 |   |   |   | 39 |   |   |   | 54 |   |   |   | 100 |   |   |   | 467 |   |   |   | 245 |   |
|  Geochemistry               |   |      | 24     |   |       |   | 57 |   |   |   | 5 |   |   |   | 61 |   |   |   | 77 |   |   |   | 71 |   |   |   | 10 |   |   |   | 52 |   |   |   | 147 |   |   |   | 210 |   |
|  Geology                    |   |      | 241    |   |       |   | 197 |   |   |   | 179 |   |   |   | 445 |   |   |   | 245 |   |   |   | 378 |   |   |   | 124 |   |   |   | 294 |   |   |   | 1,062 |   |   |   | 1,041 |   |
|  Geophysics                 |   |      | 466    |   |       |   | 427 |   |   |   | 370 |   |   |   | 936 |   |   |   | 302 |   |   |   | 463 |   |   |   | 99 |   |   |   | 1,639 |   |   |   | 2,199 |   |   |   | 2,503 |   |
|  Other                      |   |      | 317    |   |       |   | 226 |   |   |   | 743 |   |   |   | (299 | ) |   |   | 462 |   |   |   | 419 |   |   |   | 264 |   |   |   | 506 |   |   |   | 987 |   |   |   | 1,651 |   |
|  Gross Expenditures         |   |      | 1,737  |   |       |   | 1,408 |   |   |   | 1,723 |   |   |   | 4,385 |   |   |   | 1,906 |   |   |   | 2,525 |   |   |   | 824 |   |   |   | 4,529 |   |   |   | 9,253 |   |   |   | 9,784 |   |
|  Reimbursement/Write-offs   |   |      | (91    | )      |       |   | (328 | ) |   |   | (398 | ) |   |   | (1,353 | ) |   |   | (184 | ) |   |   | (189 | ) |   |   | (165 | ) |   |   | (1,420 | ) |   |   | (2,170 | ) |   |   | (1,958 | ) |
|  Net Expenditures           |   |      | 1,646  |   |       |   | 1,080 |   |   |   | 1,325 |   |   |   | 3,032 |   |   |   | 1,722 |   |   |   | 2,336 |   |   |   | 659 |   |   |   | 3,109 |   |   |   | 7,083 |   |   |   | 7,826 |   |

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|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 8 of  28   |
|--------------------------------------------|--------------------------------------------------------|------------------------------------------|

| Table 3: ($000's)                |   | Quarterly |   |   | Year Ended |   |   |   |   |
|----------------------------------|--------|-----------|--------|--------|------------|--------|--------|--------|--------|
| Cree East Project                |   |      | Q110   |   |       |   | Q210   |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |   | LTD |   |
|  Camp Cost & Operations |   |      | 8      |   |       |   | 145    |   |   |   | 123 |   |   |   | 379 |   |   |   | 227 |   |   |   | 222 |   |   |   | 203 |   |   |   | 161 |   |   |   | 655 |   |   |   | 813 |   |   |   | 2,898 |   |
| Drilling                         |   |      | -      |   |       |   | -      |   |   |   | 58 |   |   |   | 842 |   |   |   | 522 |   |   |   | 891 |   |   |   | 26 |   |   |   | 367 |   |   |   | 900 |   |   |   | 1,806 |   |   |   | 5,370 |   |
| General & Admin              |   |      | 37     |   |       |   | 39     |   |   |   | 33 |   |   |   | 14 |   |   |   | 15 |   |   |   | 8 |   |   |   | 10 |   |   |   | 32 |   |   |   | 123 |   |   |   | 65 |   |   |   | 376 |   |
| Geochemistry                     |   |      | 5      |   |       |   | 6      |   |   |   | 2 |   |   |   | 27 |   |   |   | 23 |   |   |   | 45 |   |   |   | 9 |   |   |   | 9 |   |   |   | 40 |   |   |   | 86 |   |   |   | 492 |   |
| Geology                          |   |      | 27     |   |       |   | 17     |   |   |   | 19 |   |   |   | 184 |   |   |   | 151 |   |   |   | 178 |   |   |   | 38 |   |   |   | 76 |   |   |   | 247 |   |   |   | 443 |   |   |   | 1,210 |   |
| Geophysics                       |   |      | 361    |   |       |   | 285    |   |   |   | 55 |   |   |   | 262 |   |   |   | 51 |   |   |   | 83 |   |   |   | 60 |   |   |   | 356 |   |   |   | 963 |   |   |   | 550 |   |   |   | 3,034 |   |
| Management Fees                  |   |      | 45     |   |       |   | 50     |   |   |   | 35 |   |   |   | 178 |   |   |   | 111 |   |   |   | 152 |   |   |   | 38 |   |   |   | 110 |   |   |   | 308 |   |   |   | 411 |   |   |   | 1,313 |   |
| Other                            |   |      | 40     |   |       |   | 30     |   |   |   | 88 |   |   |   | 99 |   |   |   | 131 |   |   |   | 104 |   |   |   | 76 |   |   |   | 96 |   |   |   | 257 |   |   |   | 407 |   |   |   | 1,317 |   |
| Net Expenditures                 |   |      | 523    |   |       |   | 572    |   |   |   | 413 |   |   |   | 1,985 |   |   |   | 1,231 |   |   |   | 1,683 |   |   |   | 460 |   |   |   | 1,207 |   |   |   | 3,493 |   |   |   | 4,581 |   |   |   | 16,010 |   |

| Table 4: ($000's)          |   | Quarterly |   |    | Year Ended |   |   |   |   |
|----------------------------|--------|-----------|--------|---------|------------|--------|--------|--------|--------|
| West McArthur Project      |   |      | Q110   |    |       |   | Q210   |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |   | LTD |   |
| Camp Cost & Operations |   |      | 4      |    |       |   | 3      |   |   |   | 51 |   |   |   | 432 |   |   |   | 6 |   |   |   | 6 |   |   |   | 4 |   |   |   | - |   |   |   | 490 |   |   |   | 16 |   |   |   | 2,611 |   |
| Drilling                   |   |      | -      |    |       |   | -      |   |   |   | 36 |   |   |   | 749 |   |   |   | - |   |   |   | - |   |   |   | 34 |   |   |   | - |   |   |   | 785 |   |   |   | 34 |   |   |   | 5,508 |   |
| General & Admin        |   |      | 25     |    |       |   | 11     |   |   |   | 18 |   |   |   | 34 |   |   |   | 33 |   |   |   | 27 |   |   |   | 30 |   |   |   | 26 |   |   |   | 88 |   |   |   | 116 |   |   |   | 1,898 |   |
| Geochemistry               |   |      | 2      |    |       |   | 5      |   |   |   | - |   |   |   | 26 |   |   |   | 12 |   |   |   | 8 |   |   |   | - |   |   |   | - |   |   |   | 33 |   |   |   | 20 |   |   |   | 283 |   |
| Geology                    |   |      | 31     |    |       |   | 17     |   |   |   | 55 |   |   |   | 136 |   |   |   | 66 |   |   |   | 36 |   |   |   | 14 |   |   |   | 15 |   |   |   | 239 |   |   |   | 131 |   |   |   | 681 |   |
| Geophysics                 |   |      | 4      |    |       |   | 7      |   |   |   | 281 |   |   |   | 406 |   |   |   | 165 |   |   |   | 147 |   |   |   | 16 |   |   |   | 977 |   |   |   | 698 |   |   |   | 1,305 |   |   |   | 4,398 |   |
| Other                      |   |      | 30     |    |       |   | 24     |   |   |   | 230 |   |   |   | 197 |   |   |   | 45 |   |   |   | 24 |   |   |   | 20 |   |   |   | 59 |   |   |   | 481 |   |   |   | 148 |   |   |   | 1,408 |   |
| Gross Expenditures         |   |      | 96     |    |       |   | 67     |   |   |   | 671 |   |   |   | 1,980 |   |   |   | 327 |   |   |   | 248 |   |   |   | 118 |   |   |   | 1,077 |   |   |   | 2,814 |   |   |   | 1,770 |   |   |   | 16,787 |   |
| Reimbursement              |   |      | (91    | )  |       |   | (57    | )      |   |   | (398 | ) |   |   | (2,005 | )  |   |   | (169 | )   |   |   | (129 | )   |   |   | (59 | ) |   |   | (563 | ) |   |   | (2,551 | ) |   |   | (920 | ) |   |   | (13,214 | ) |
| Net Expenditures           |   |      | 5      |    |       |   | 10     |   |   |   | 273 |   |   |   | (25 | ) |   |   | 158 |   |   |   | 119 |   |   |   | 59 |   |   |   | 514 |   |   |   | 263 |   |   |   | 850 |   |   |   | 3,573 |   |

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|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 9 of  28   |
|--------------------------------------------|--------------------------------------------------------|------------------------------------------|

| Table 5: ($000's)          |   | Quarterly |   |   | Year Ended |   |   |   |   |
|----------------------------|--------|-----------|--------|--------|------------|--------|--------|--------|--------|
| Poplar Project             |   |      | Q110   |   |       |   | Q210   |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |   | LTD |   |
| Camp Cost & Operations |   |      | 2      |   |       |   | 152    |   |   |   | 11 |   |   |   | 1 |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | 2 |   |   |   | 166 |   |   |   | 3 |   |   |   | 809 |   |
| Drilling                   |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| General & Admin        |   |      | 16     |   |       |   | 9      |   |   |   | 5 |   |   |   | 17 |   |   |   | (4 | ) |   |   | - |   |   |   | 2 |   |   |   | 7 |   |   |   | 47 |   |   |   | 5 |   |   |   | 345 |   |
| Geochemistry               |   |      | -      |   |       |   | 12     |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 12 |   |   |   | - |   |   |   | 139 |   |
| Geology                    |   |      | 25     |   |       |   | 45     |   |   |   | 12 |   |   |   | 9 |   |   |   | 1 |   |   |   | - |   |   |   | 3 |   |   |   | 4 |   |   |   | 91 |   |   |   | 8 |   |   |   | 392 |   |
| Geophysics                 |   |      | 12     |   |       |   | 1      |   |   |   | 5 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 118 |   |   |   | 18 |   |   |   | 118 |   |   |   | 1,797 |   |
| Other                      |   |      | 20     |   |       |   | 97     |   |   |   | 2 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 6 |   |   |   | - |   |   |   | 119 |   |   |   | 6 |   |   |   | 310 |   |
| Gross Expenditures         |   |      | 75     |   |       |   | 316    |   |   |   | 35 |   |   |   | 27 |   |   |   | (2 | ) |   |   | - |   |   |   | 11 |   |   |   | 131 |   |   |   | 453 |   |   |   | 140 |   |   |   | 3,792 |   |
| Reimbursement              |   |      | -      |   |       |   | (270   | )      |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (270 | ) |   |   | - |   |   |   | (3,210 | ) |
| Net Expenditures           |   |      | 75     |   |       |   | 46     |   |   |   | 35 |   |   |   | 27 |   |   |   | (2 | ) |   |   | - |   |   |   | 11 |   |   |   | 131 |   |   |   | 183 |   |   |   | 140 |   |   |   | 582 |   |

| Table 6: ($000's)          |   | Quarterly |   |   | Year Ended |   |   |   |   |
|----------------------------|--------|-----------|--------|--------|------------|--------|--------|--------|--------|
| Fond Du Lac Project        |   |      | Q110   |   |       |   | Q210   |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |   | LTD |   |
| Camp Cost & Operations |   |      | 100    |   |       |   | 53     |   |   |   | 9 |   |   |   | 9 |   |   |   | 22 |   |   |   | 3 |   |   |   | 5 |   |   |   | 253 |   |   |   | 171 |   |   |   | 283 |   |   |   | 804 |   |
| Drilling                   |   |      | 224    |   |       |   | 52     |   |   |   | - |   |   |   |   |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | 757 |   |   |   | 276 |   |   |   | 758 |   |   |   | 1,419 |   |
| General & Admin        |   |      | 6      |   |       |   | 23     |   |   |   | 39 |   |   |   | 2 |   |   |   | 1 |   |   |   | 1 |   |   |   | 2 |   |   |   | 13 |   |   |   | 70 |   |   |   | 17 |   |   |   | 190 |   |
| Geochemistry               |   |      | 8      |   |       |   | 24     |   |   |   | 1 |   |   |   | 4 |   |   |   | 35 |   |   |   | 12 |   |   |   | - |   |   |   | 35 |   |   |   | 37 |   |   |   | 82 |   |   |   | 200 |   |
| Geology                    |   |      | 94     |   |       |   | 40     |   |   |   | 43 |   |   |   | 7 |   |   |   | - |   |   |   | 1 |   |   |   | 21 |   |   |   | 123 |   |   |   | 184 |   |   |   | 145 |   |   |   | 510 |   |
| Geophysics                 |   |      | 18     |   |       |   | 9      |   |   |   | 4 |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | 1 |   |   |   | 100 |   |   |   | 32 |   |   |   | 101 |   |   |   | 585 |   |
| Option Payments            |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 98 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 98 |   |   |   | 215 |   |
| Other                      |   |      | 47     |   |       |   | 65     |   |   |   | 23 |   |   |   | 11 |   |   |   | 53 |   |   |   | - |   |   |   | 39 |   |   |   | 45 |   |   |   | 146 |   |   |   | 137 |   |   |   | 471 |   |
| Net Expenditures           |   |      | 497    |   |       |   | 266    |   |   |   | 119 |   |   |   | 34 |   |   |   | 112 |   |   |   | 115 |   |   |   | 68 |   |   |   | 1,326 |   |   |   | 916 |   |   |   | 1,621 |   |   |   | 4,394 |   |

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|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 10 of  28   |
|--------------------------------------------|--------------------------------------------------------|-------------------------------------------|

| Table 7: ($000's)          |   | Quarterly |   |   | Year Ended |   |   |   |   |
|----------------------------|--------|-----------|--------|--------|------------|--------|--------|--------|--------|
| Black Lake Project         |   |      | Q110   |   |       |   | Q210   |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |   | LTD |   |
| Camp Cost & Operations |   |      | 39     |   |       |   | 1      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 40 |   |   |   | - |   |   |   | 199 |   |
| Drilling                   |   |      | 194    |   |       |   | -      |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 194 |   |   |   | - |   |   |   | 366 |   |
| General & Admin        |   |      | 6      |   |       |   | 3      |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 10 |   |   |   | - |   |   |   | 99 |   |
| Geochemistry               |   |      | 9      |   |       |   | -      |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 9 |   |   |   | - |   |   |   | 50 |   |
| Geology                    |   |      | 30     |   |       |   | 1      |   |   |   | 8 |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 40 |   |   |   | - |   |   |   | 234 |   |
| Geophysics                 |   |      | 43     |   |       |   | 1      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 44 |   |   |   | - |   |   |   | 327 |   |
| Option Payments            |   |      | 52     |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | 6 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 52 |   |   |   | 6 |   |   |   | 181 |   |
| Other                      |   |      | 32     |   |       |   | 2      |   |   |   | 8 |   |   |   | 11 |   |   |   | 10 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 53 |   |   |   | 10 |   |   |   | 194 |   |
| Net Expenditures           |   |      | 405    |   |       |   | 8      |   |   |   | 17 |   |   |   | 12 |   |   |   | 16 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 442 |   |   |   | 16 |   |   |   | 1,650 |   |

| 2.2.6   | Collins Bay Extension Project – Optioned from Bayswater Uranium |
|-------------------|-----------------------------------------------------------------------|

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|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 11 of  28   |
|--------------------------------------------|--------------------------------------------------------|-------------------------------------------|

| Table 8: ($000’s)       |   |   | Quarterly |   |   | Year Ended |   |   |
|-------------------------------|--------|--------|-----------|--------|--------|------------|--------|--------|
| Collins Bay Extension Project |   |   | Q110      |   |   |       | Q210   |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |   | LTD |   |
| Camp Cost & Operations    |   |   | 1         |   |   |       | 5      |   |   |   | 9 |   |   |   | 180 |   |   |   | 1 |   |   |   | 11 |   |   |   | - |   |   |   | 2 |   |   |   | 195 |   |   |   | 14 |   |   |   | 210 |   |
| Drilling                      |   |   | -         |   |   |       | -      |   |   |   | - |   |   |   | 279 |   |   |   | (15 | ) |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 279 |   |   |   | (15 | ) |   |   | 264 |   |
| General & Admin           |   |   | 1         |   |   |       | -      |   |   |   | 6 |   |   |   | 1 |   |   |   | 1 |   |   |   | - |   |   |   | 1 |   |   |   | 3 |   |   |   | 8 |   |   |   | 5 |   |   |   | 13 |   |
| Geochemistry                  |   |   | -         |   |   |       | -      |   |   |   | - |   |   |   | 2 |   |   |   | 5 |   |   |   | 3 |   |   |   | - |   |   |   | - |   |   |   | 2 |   |   |   | 8 |   |   |   | 10 |   |
| Geology                       |   |   | 6         |   |   |       | 13     |   |   |   | 6 |   |   |   | 51 |   |   |   | 14 |   |   |   | 21 |   |   |   | 36 |   |   |   | 2 |   |   |   | 76 |   |   |   | 73 |   |   |   | 148 |   |
| Geophysics                    |   |   | 1         |   |   |       | -      |   |   |   | 2 |   |   |   | 139 |   |   |   | 17 |   |   |   | 159 |   |   |   | 21 |   |   |   | 8 |   |   |   | 142 |   |   |   | 205 |   |   |   | 346 |   |
| Option Payments               |   |   | 8         |   |   |       | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 8 |   |   |   | - |   |   |   | 8 |   |
| Other                         |   |   | 6         |   |   |       | 3      |   |   |   | 15 |   |   |   | 152 |   |   |   | 11 |   |   |   | 2 |   |   |   | 47 |   |   |   | 52 |   |   |   | 176 |   |   |   | 112 |   |   |   | 289 |   |
| Net Expenditures              |   |   | 23        |   |   |       | 21     |   |   |   | 38 |   |   |   | 804 |   |   |   | 34 |   |   |   | 196 |   |   |   | 105 |   |   |   | 67 |   |   |   | 886 |   |   |   | 402 |   |   |   | 1,288 |   |

| Table 9: ($000's)          |   | Quarterly |   |   | Year Ended |   |   |   |   |
|----------------------------|--------|-----------|--------|--------|------------|--------|--------|--------|--------|
| Grease River Project       |   |      | Q110   |   |       |   | Q210   |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |   | LTD |   |
| Camp Cost & Operations |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 17 |   |   |   | - |   |   |   | 137 |   |   |   | - |   |   |   | 154 |   |   |   | 719 |   |
| Drilling                   |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2 |   |   |   | - |   |   |   | 258 |   |   |   | - |   |   |   | 260 |   |   |   | 306 |   |
| General & Admin        |   |      | 8      |   |       |   | -      |   |   |   | 2 |   |   |   | 9 |   |   |   | - |   |   |   | 2 |   |   |   | 3 |   |   |   | 2 |   |   |   | 19 |   |   |   | 7 |   |   |   | 365 |   |
| Geochemistry               |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 2 |   |   |   | - |   |   |   | 5 |   |   |   | - |   |   |   | 7 |   |   |   | 118 |   |
| Geology                    |   |      | 15     |   |       |   | 6      |   |   |   | 2 |   |   |   | - |   |   |   | 4 |   |   |   | 111 |   |   |   | 2 |   |   |   | 49 |   |   |   | 23 |   |   |   | 166 |   |   |   | 1,293 |   |
| Geophysics                 |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 3 |   |   |   | - |   |   |   | 68 |   |   |   | - |   |   |   | 71 |   |   |   | 315 |   |
| Other                      |   |      | 5      |   |       |   | 2      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 16 |   |   |   | 2 |   |   |   | 133 |   |   |   | 7 |   |   |   | 151 |   |   |   | 461 |   |
| Gross Expenditures         |   |      | 28     |   |       |   | 8      |   |   |   | 4 |   |   |   | 9 |   |   |   | 4 |   |   |   | 153 |   |   |   | 7 |   |   |   | 652 |   |   |   | 49 |   |   |   | 816 |   |   |   | 3,577 |   |
| Reimbursement              |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (50 | ) |   |   | (82 | ) |   |   | (759 | ) |   |   | - |   |   |   | (891 | ) |   |   | (2,800 | ) |
| Net Expenditures           |   |      | 28     |   |       |   | 8      |   |   |   | 4 |   |   |   | 9 |   |   |   | 4 |   |   |   | 103 |   |   |   | (75 | ) |   |   | (107 | ) |   |   | 49 |   |   |   | (75 | ) |   |   | 777 |   |

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|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 12 of  28   |
|--------------------------------------------|--------------------------------------------------------|-------------------------------------------|

----

|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 13 of  28 |
|--------------------------------------------|--------------------------------------------------------|-------------------------------|

| Table 10: ($000's)         |   | Quarterly |   |   | Year Ended |   |   |   |   |
|----------------------------|--------|-----------|--------|--------|------------|--------|--------|--------|--------|
| NW Manitoba Project        |   |      | Q110   |   |       |   | Q210   |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   | Apr-10 |   |   | Apr-11 |   |   | LTD |   |
| Camp Cost & Operations |   |      | -      |   |       |   | -      |   |   |   | 1 |   |   |   | - |   |   |   | - |   |   |   | 2 |   |   |   | 1 |   |   |   | - |   |   |   | 1 |   |   |   | 3 |   |   |   | 1,367 |   |
| Drilling                   |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 373 |   |
| General & Admin        |   |      | 8      |   |       |   | -      |   |   |   | 2 |   |   |   | 1 |   |   |   | (5 | ) |   |   | - |   |   |   | 4 |   |   |   | - |   |   |   | 11 |   |   |   | (1 | ) |   |   | 706 |   |
| Geochemistry               |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 797 |   |
| Geology                    |   |      | -      |   |       |   | 8      |   |   |   | 1 |   |   |   | 1 |   |   |   | 2 |   |   |   | 16 |   |   |   | 5 |   |   |   | - |   |   |   | 10 |   |   |   | 23 |   |   |   | 2,336 |   |
| Geophysics                 |   |      | -      |   |       |   | -      |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   |   |   |   |   | - |   |   |   | - |   |   |   | 906 |   |
| Other                      |   |      | 2      |   |       |   | 7      |   |   |   | 5 |   |   |   | 4 |   |   |   | 10 |   |   |   | 21 |   |   |   | 20 |   |   |   | 21 |   |   |   | 18 |   |   |   | 67 |   |   |   | 238 |   |
| Net Expenditures           |   |      | 10     |   |       |   | 15     |   |   |   | 9 |   |   |   | 6 |   |   |   | 7 |   |   |   | 39 |   |   |   | 30 |   |   |   | 21 |   |   |   | 40 |   |   |   | 97 |   |   |   | 6,724 |   |

----

|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page  14 of  28  |
|--------------------------------------------|--------------------------------------------------------|-------------------------------------------|

| Table 11Other projects update | Status                                                         | Recent work undertaken                        |
|-------------------------------|----------------------------------------------------------------|-----------------------------------------------|
| Waterbury                     | Seeking Venture Partner                                        | 43-101 report completed                       |
| Hodgson                       | Seeking Venture Partner                                        | ZTEM survey commissioned  June 2011 |
| Moon                          | Seeking Venture Partner                                        | Follow-up ground geophysics planned           |
| Alberta                       | Seeking Venture Partner                                        | Viable drill targets identified               |
| Arnold                        | Seeking Venture Partner                                        | New ZTEM  surveys completed         |
| Kasmere                       | Under application                                              | Exploration permits pending                   |
| Rainbow Hill AK               | Option to District Gold terminated in  December 2009 | No significant work undertaken                |
| Zeballos                      | Under review for purchase                                      |                                          |
| Glitter Lake                  | Disposed, NSR retained                                         |                                          |
| Rise and Shine, NZ            | 10 year lease expired on Oct 2010                              | New Lease applied                             |
| Reefton Property, NZ          | Seeking Venture Partner                                        | Ground survey and mapping completed           |

----

|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 15 of  28  |
|--------------------------------------------|--------------------------------------------------------|---------------------------|

|           Table 12: ($000’s)Cash and Working Capital |   | Apr-10 |   |   | Apr-11 |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Cash and cash equivalents                                                                                    |   |   | 8,722  |   |   |   | 11,416 |   |
| Accounts receivable and prepaid expenses                                                                     |   |   | 1,148  |   |   |   | 422 |   |
| Available-for-sale securities                                                                                |   |   | 261    |   |   |   | 559 |   |
| Accounts payable and accruals                                                                                |   |   | (1,626 | )      |   |   | (2,461 | ) |
| Working capital                                                                                              |   |   | 8,505  |   |   |   | 9,936 |   |

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

|  Table 13: ($000’s)Other Assets and Liabilities |   | Apr-10 |   |   | Apr-11 |   |
|------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Property and equipment                                     |   |   | 743    |   |   |   | 616 |   |
| Mineral property interests (section 2.2)                   |   |   | 46,245 |   |   |   | 54,142 |   |
| Reclamation bonds                                          |   |   | 391    |   |   |   | 343 |   |
| Future income tax liability                                |   |   | (3,399 | )      |   |   | (3,596 | ) |

----

|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 16 of 28  |
|--------------------------------------------|--------------------------------------------------------|--------------------------|

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

|  Table 14: ($000’s)Shareholders’ Equity |   | Apr-10 |    |   | Apr-11 |   |
|----------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Common shares                                            |   |   | 60,878  |   |   |   | 65,182 |   |
| Contributed surplus                                      |   |   | 9,665   |   |   |   | 9,798 |   |
| Accumulated other comprehensive income                   |   |   | 10      |   |   |   | 267 |   |
| Deficit                                                  |   |   | (30,668 | )      |   |   | (32,806 | ) |
|                                                     |   |   | 39,885  |   |   |   | 42,411 |   |
| Non-controlling interest                                 |   |   | (12,600 | )      |   |   | (19,000 | ) |
|                                                     |   |   | 52,485  |   |   |   | 61,441 |   |

|  Table 15: (000’s)Equity Instruments |   | Apr-10 |   |   | Apr-11 |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Common shares outstanding                       |   |   | 17,187 |   |   |   | 19,830 |   |
| Options outstanding                             |   |   |   |   |   |   |   |   |
| Number                                          |   |   | 2,094  |   |   |   | 1,790 |   |
| Weighted average price                          |   | $      | 3.20   |   |   | $      | 1.03 |   |
| Warrants outstanding                            |   |   |   |   |   |   |   |   |
| Number                                          |   |   | 2,847  |   |   |   | 3,439 |   |
| Weighted average price                          |   | $      | 3.20   |   |   | $      | 2.44 |   |

----

|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 17  of  28  |
|--------------------------------------------|--------------------------------------------------------|--------------------------------------|

| Table 16: Proceeds from Financings |                                               |                                |
|------------------------------------|----------------------------------------------------|-------------------------------------|
| Date                               | Type                                               | Intended Use                        | Actual Use |
| May 2011                           | $0.5 million – 418,141 flow through units    | Uranium exploration in Saskatchewan | As Intended |
| December 2010                      | $2.75 million – 1,721,708ordinary units      | Uranium exploration in Saskatchewan | As Intended |
| December 2010                      | $0.71 million – 446,167flow-through units    | Uranium exploration in Saskatchewan | As Intended |
| December 2009                      | $1.90 million – 1,089,757 ordinary units     | Uranium exploration in Saskatchewan | As Intended |
| December 2009                      | $0.81 million – 387,630 flow-through units   | Uranium exploration in Saskatchewan | As Intended |
| November 2009                      | $2.25 million – 1,071,443 flow-through units | Uranium exploration in Saskatchewan | As Intended |
| October 2009                       | $0.25 million - 119,000 flow-through units         | Uranium exploration in Saskatchewan | As Intended |
| August 2009                        | $1.0 million - 582,676 flow-through units          | Uranium exploration in Saskatchewan | As Intended |

----

|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 18 of  28  |
|--------------------------------------------|--------------------------------------------------------|--------------------------------|

| Table 17: ($000’s)                                                   |   | Quarterly |      |          | Year End |   |
|----------------------------------------------------------------------------|--------|-----------|-----------|---------------|----------|--------|
| Quarterly Loss and Expense Summary                                         |   |      | Q110      |          |     |   | Q210 |   |   |   | Q310 |   |   |   | Q410 |   |   |   | Q111 |   |   |   | Q211 |   |   |   | Q311 |   |   |   | Q411 |   |   |   | 2010 |   |   |   | 2011 |   |
| Revenue                                                                    |   |      | -         |          |     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |
| Expensed Exploration Cost                                                  |   |      |      |          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net indirect exploration expenditures                                 |   |      | 126       |          |     |   | 69 |   |   |   | 201 |   |   |   | (76 | ) |   |   | 74 |   |   |   | 3 |   |   |   | 129 |   |   |   | 17 |   |   |   | 320 |   |   |   | 223 |   |
| Mineral property write-offs                                                |   |      | -         |          |     |   | - |   |   |   | - |   |   |   | 349 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 349 |   |   |   | - |   |
| Equipment rental income                                                    |   |      | (16       | )   |     |   | (74 | ) |   |   | (22 | ) |   |   | (155 | ) |   |   | (60 | ) |   |   | (75 | ) |   |   | (78 | ) |   |   | (90 | ) |   |   | (267 | ) |   |   | (303 | ) |
| Net option payments                                                        |   |      | 75        |          |     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (6 | ) |   |   | - |   |   |   | - |   |   |   | 75 |   |   |   | (6 | ) |
|                                                                       |   |      | 185       |          |     |   | (5 | ) |   |   | 179 |   |   |   | 118 |   |   |   | 14 |   |   |   | (78 | ) |   |   | 51 |   |   |   | (73 | ) |   |   | 477 |   |   |   | (86 | ) |
| Other Expenses (Income)                                                    |   |      |      |          |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consulting, labour and professional fees                              |   |      | 297       |          |     |   | 263 |   |   |   | 477 |   |   |   | 401 |   |   |   | 272 |   |   |   | 269 |   |   |   | 457 |   |   |   | 301 |   |   |   | 1,438 |   |   |   | 1,299 |   |
| Depreciation and amortization                                              |   |      | 48        |          |     |   | 49 |   |   |   | 59 |   |   |   | 55 |   |   |   | 44 |   |   |   | 44 |   |   |   | 45 |   |   |   | 45 |   |   |   | 211 |   |   |   | 178 |   |
| (Gain)/loss on disposal                                                    |   |      | -         |          |     |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (11 | ) |   |   | - |   |   |   | (11 | ) |
| Foreign exchange loss (gain)                                               |   |      | 2         |          |     |   | 7 |   |   |   | 2 |   |   |   | 5 |   |   |   | (2 | ) |   |   | (2 | ) |   |   | 1 |   |   |   | 7 |   |   |   | 16 |   |   |   | 4 |   |
| Insurance, licenses and filing fees                                        |   |      | 65        |          |     |   | 15 |   |   |   | 21 |   |   |   | 2 |   |   |   | 18 |   |   |   | 49 |   |   |   | 20 |   |   |   | 43 |   |   |   | 103 |   |   |   | 130 |   |
| Interest income                                                            |   |      | (30       | )   |     |   | (30 | ) |   |   | (13 | ) |   |   | (15 | ) |   |   | (38 | ) |   |   | (15 | ) |   |   | (26 | ) |   |   | (11 | ) |   |   | (88 | ) |   |   | (90 | ) |
| Other corporate cost                                                       |   |      | 33        |          |     |   | 87 |   |   |   | 44 |   |   |   | 72 |   |   |   | 35 |   |   |   | 32 |   |   |   | 53 |   |   |   | 39 |   |   |   | 236 |   |   |   | 159 |   |
| Investor relations and  presentations                                 |   |      | 10        |          |     |   | 35 |   |   |   | 28 |   |   |   | 17 |   |   |   | 13 |   |   |   | 56 |   |   |   | 46 |   |   |   | 48 |   |   |   | 90 |   |   |   | 163 |   |
| Rent                                                                       |   |      | 50        |          |     |   | 47 |   |   |   | 34 |   |   |   | 36 |   |   |   | 36 |   |   |   | 38 |   |   |   | 31 |   |   |   | 13 |   |   |   | 167 |   |   |   | 118 |   |
| Stock-based compensation                                                   |   |      | 350       |          |     |   | 371 |   |   |   | 222 |   |   |   | 109 |   |   |   | 49 |   |   |   | 485 |   |   |   | 178 |   |   |   | 7 |   |   |   | 1,052 |   |   |   | 719 |   |
| Travel and accommodation                                                   |   |      | 6         |          |     |   | 24 |   |   |   | 33 |   |   |   | 22 |   |   |   | 7 |   |   |   | 23 |   |   |   | 34 |   |   |   | 30 |   |   |   | 85 |   |   |   | 94 |   |
| Impairment and loss on disposal of available-for-sale securities |   |      | -         |          |     |   | - |   |   |   | - |   |   |   | 89 |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (28 | ) |   |   | 89 |   |   |   | (28 | ) |
| Management fee                                                             |   |      | (54       | )   |     |   | (63 | ) |   |   | (70 | ) |   |   | (252 | ) |   |   | (126 | ) |   |   | (164 | ) |   |   | (42 | ) |   |   | (228 | ) |   |   | (439 | ) |   |   | (560 | ) |
|                                                                       |   |      | 777  |          |     |   | 805 |   |   |   | 837 |   |   |   | 541 |   |   |   | 308 |   |   |   | 815 |   |   |   | 797 |   |   |   | 255 |   |   |   | 2,960 |   |   |   | 2,175 |   |
| Net loss before taxes                                                      |   |      | (962      | )             |     |   | (800 | ) |   |   | (1,016 | ) |   |   | (659 | ) |   |   | (322 | ) |   |   | (737 | ) |   |   | (848 | ) |   |   | (182 | ) |   |   | (3,437 | ) |   |   | (2,089 | ) |
| Future income tax (expense) recovery                                       |   |      | 138       |          |     |   | 107 |   |   |   | 198 |   |   |   | 18 |   |   |   | 61 |   |   |   | 57 |   |   |   | 150 |   |   |   | (317 | ) |   |   | 461 |   |   |   | (49 | ) |
| Net loss after tax                                                         |   |      | (824      | )             |     |   | (693 | ) |   |   | (818 | ) |   |   | (641 | ) |   |   | (261 | ) |   |   | (680 | ) |   |   | (698 | ) |   |   | (499 | ) |   |   | (2,976 | ) |   |   | (2,138 | ) |
| Unrealized (gain) loss on available- for-sale securities              |   |      | 48        |          |     |   | 6 |   |   |   | (22 | ) |   |   | (33 | ) |   |   | (50 | ) |   |   | 12 |   |   |   | (156 | ) |   |   | (63 | ) |   |   | (1 | ) |   |   | (257 | ) |
| Comprehensive loss                                                         |   |      | (872      | )             |     |   | (699 | ) |   |   | (796 | ) |   |   | (608 | ) |   |   | (211 | ) |   |   | (692 | ) |   |   | (542 | ) |   |   | (436 | ) |   |   | (2,975 | ) |   |   | (1,881 | ) |
| Loss per share                                                             |   |      | (0.06     | )             |     |   | (0.05 | ) |   |   | (0.05 | ) |   |   | (0.03 | ) |   |   | (0.02 | ) |   |   | (0.04 | ) |   |   | (0.04 | ) |   |   | (0.02 | ) |   |   | (0.19 | ) |   |   | (0.12 | ) |

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| Table 18: Proceeds from Financing $000's                                      |   | 2011   |   |   | 2010   |   |   | 2009   |   |
|-------------------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Engineering and consulting fee to the Vice-President Exploration              |   |   | 205    |   |   |   | 237    |   |   |   | 185 |   |
| Accounting fees to a company controlled by the former Chief Financial Officer |   |   | -      |   |   |   | 4      |   |   |   | 60 |   |
| Accounting fees to a company controlled by the former Chief Financial Officer |   |   | -      |   |   |   | 135    |   |   |   | - |   |
| Consulting fees to a company controlled by the Chief Financial Officer        |   |   | 82     |   |   |   | 7      |   |   |   | - |   |

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| ·   | Initial diagnostic phase (“Phase I”) – Involves preparing a preliminary impact assessment to identify key areas that may be impacted by the transition to IFRS. Each potential impact identified during this phase is ranked as having a high, moderate or low impact on our financial reporting and the overall difficulty of the conversion effort. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Impact analysis, evaluation and solution development phase (“Phase II”) – Involves the selection of IFRS accounting policies by senior management and the review by the audit committee, the quantification of the impact of changes on our existing accounting policies on the opening IFRS balance sheet and the development of draft IFRS financial statements. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| ·   | Implementation and review phase (“Phase III”) – Involves training key finance and other personnel and implementation of the required changes to our information systems and business policies and procedures. It will enable the Corporation to collect the financial information necessary to prepare IFRS financial statements and obtain audit committee approval of IFRS financial statements. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Initial analysis of key areas for which changes to accounting policies may be required.                                                                           | Completed                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------|
| Detailed analysis of all relevant IFRS requirements and identification of areas requiring accounting policy changes or those with accounting policy alternatives. | Completed                                       |
| Assessment of first-time adoption (IFRS 1) requirements and alternatives.                                                                                         | Completed                                       |
| Final determination of changes to accounting policies and choices to be made with respect to first-time adoption alternatives                                     | In progress, completion expected during Q1 2012 |
| Resolution of the accounting policy change implications on information technology, internal controls and contractual arrangements                                 | In progress, completion expected during Q1 2012 |
| Management and employee education and training                                                                                                                    | Throughout the transition process               |
| Quantification of the Financial Statement impact of changes in accounting policies                                                                                | Throughout 2011 and Q112                        |

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| Table 19: ($000’s)                                                   | Quarterly |   | Year End |   |
|----------------------------------------------------------------------------|-----------|--------|----------|--------|
| Loss & Comprehensive Loss Summary                                      |      | Q110   |     |   | Q210 |   |   |   | Q310 |   |   | Q410 |   |   | Q111 |   |   | Q211 |   |   | Q311 |   |   | Q411 |   |   | 2009 |   |   |   | 2010 |   |   | 2011 |   |
| Revenue                                                                    |      | -      |     |   | - |   |   |   |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   |   | - |   |   | - |   |
| Expensed Exploration Cost                                                  |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net indirect exploration expenditures                                 |      | 126    |     |   | 69 |   |   |   | 201 |   |   | (76 | ) |   | 74 |   |   | 3 |   |   | 129 |   |   | 17 |   |   | 1,017 |   |   |   | 320 |   |   | 223 |   |
| Mineral property write-offs                                                |      | -      |     |   | - |   |   |   | - |   |   | 349 |   |   | - |   |   | - |   |   | - |   |   | - |   |   | 494 |   |   |   | 349 |   |   | - |   |
| Equipment rental income                                                    |      | (16    | )        |   | (74 | ) |   |   | (22 | ) |   | (155 | ) |   | (60 | ) |   | (75 | ) |   | (78 | ) |   | (90 | ) |   | (316 | ) |   |   | (267 | ) |   | (303 | ) |
| Net option payments                                                        |      | 75     |     |   | - |   |   |   | - |   |   | - |   |   | - |   |   | (6 | ) |   | - |   |   | - |   |   | (187 | ) |   |   | 75 |   |   | (6 | ) |
|                                                                       |      | 185    |     |   | (5 | ) |   |   | 179 |   |   | 118 |   |   | 14 |   |   | (78 | ) |   | 51 |   |   | (73 | ) |   | 1,008 |   |   |   | 477 |   |   | (86 | ) |
| Other Expenses (Income)                                                    |      |   |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consulting, labour and professional fees                              |      | 297    |     |   | 263 |   |   |   | 477 |   |   | 401 |   |   | 272 |   |   | 269 |   |   | 457 |   |   | 301 |   |   | 1,049 |   |   |   | 1,438 |   |   | 1,299 |   |
| Depreciation and amortization                                              |      | 48     |     |   | 49 |   |   |   | 59 |   |   | 55 |   |   | 44 |   |   | 44 |   |   | 45 |   |   | 45 |   |   | 232 |   |   |   | 211 |   |   | 178 |   |
| (Gain)/loss on disposal                                                    |      | -      |     |   | - |   |   |   | - |   |   | - |   |   | - |   |   | - |   |   | - |   |   | (11 | ) |   | - |   |   |   | - |   |   | (11 | ) |
| Foreign exchange loss (gain)                                               |      | 2      |     |   | 7 |   |   |   | 2 |   |   | 5 |   |   | (2 | ) |   | (2 | ) |   | 1 |   |   | 7 |   |   | (193 | ) |   |   | 16 |   |   | 4 |   |
| Insurance, licenses and filing fees                                        |      | 65     |     |   | 15 |   |   |   | 21 |   |   | 2 |   |   | 18 |   |   | 49 |   |   | 20 |   |   | 43 |   |   | 61 |   |   |   | 103 |   |   | 130 |   |
| Interest income                                                            |      | (30    | )        |   | (30 | ) |   |   | (13 | ) |   | (15 | ) |   | (38 | ) |   | (15 | ) |   | (26 | ) |   | (11 | ) |   | (167 | ) |   |   | (88 | ) |   | (90 | ) |
| Other corporate cost                                                       |      | 33     |     |   | 87 |   |   |   | 44 |   |   | 72 |   |   | 35 |   |   | 32 |   |   | 53 |   |   | 39 |   |   | 218 |   |   |   | 236 |   |   | 159 |   |
| Investor relations and presentations                                  |      | 10     |     |   | 35 |   |   |   | 28 |   |   | 17 |   |   | 13 |   |   | 56 |   |   | 46 |   |   | 48 |   |   | 60 |   |   |   | 90 |   |   | 163 |   |
| Rent                                                                       |      | 50     |     |   | 47 |   |   |   | 34 |   |   | 36 |   |   | 36 |   |   | 38 |   |   | 31 |   |   | 13 |   |   | 200 |   |   |   | 167 |   |   | 118 |   |
| Stock-based compensation                                                   |      | 350    |     |   | 371 |   |   |   | 222 |   |   | 109 |   |   | 49 |   |   | 485 |   |   | 178 |   |   | 7 |   |   | 1,509 |   |   |   | 1,052 |   |   | 719 |   |
| Travel and accommodation                                                   |      | 6      |     |   | 24 |   |   |   | 33 |   |   | 22 |   |   | 7 |   |   | 23 |   |   | 34 |   |   | 30 |   |   | 80 |   |   |   | 85 |   |   | 94 |   |
| Impairment and loss on disposal of available-for-sale securities |      | -      |     |   | - |   |   |   | - |   |   | 89 |   |   | - |   |   | - |   |   | - |   |   | (28 | ) |   | 394 |   |   |   | 89 |   |   | (28 | ) |
| Management fee                                                             |      | (54    | )        |   | (63 | ) |   |   | (70 | ) |   | (252 | ) |   | (126 | ) |   | (164 | ) |   | (42 | ) |   | (228 | ) |   | (628 | ) |   |   | (439 | ) |   | (560 | ) |
|                                                                       |      | 777    |     |   | 805 |   |   |   | 837 |   |   | 541 |   |   | 308 |   |   | 815 |   |   | 797 |   |   | 255 |   |   | 2,815 |   |   |   | 2,960 |   |   | 2,175 |   |
| Net loss before taxes                                                      |      | (962   | )        |   | (800 | ) |   |   | (1,016 | ) |   | (659 | ) |   | (322 | ) |   | (737 | ) |   | (848 | ) |   | (182 | ) |   | (3,823 | ) |   |   | (3,437 | ) |   | (2,089 | ) |
| Future income tax (expense ) recovery                                      |      | 198    |     |   | - |   |   |   | - |   |   | 18 |   |   | 61 |   |   | 57 |   |   | 150 |   |   | (317 | ) |   | 268 |   |   |   | 461 |   |   | (49 | ) |
| Net loss after tax                                                         |      | (824   | )        |   | (693 | ) |   |   | (818 | ) |   | (641 | ) |   | (261 | ) |   | (680 | ) |   | (698 | ) |   | (499 | ) |   | (3,555 | ) |   |   | (2,976 | ) |   | (2,138 | ) |
| Unrealized (gain) loss on available- for-sale securities              |      | 48     |     |   | 6 |   |   |   | (22 | ) |   | (33 | ) |   | (50 | ) |   | 12 |   |   | (156 | ) |   | (63 | ) |   | 157 |   |   |   | (1 | ) |   | (257 | ) |
| Comprehensive loss                                                         |      | (872   | )        |   | (699 | ) |   |   | (796 | ) |   | (608 | ) |   | (211 | ) |   | (692 | ) |   | (542 | ) |   | (436 | ) |   | (3,712 | ) |   |   | (2,975 | ) |   | (1,881 | ) |
| Loss per share                                                             |      | (0.06  | )        |   | (0.05 | ) |   |   | (0.05 | ) |   | (0.03 | ) |   | (0.02 | ) |   | (0.04 | ) |   | (0.04 | ) |   | (0.02 | ) |   | (0.26 | ) |   |   | (0.19 | ) |   | (0.12 | ) |

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|         | CanAlaska Uranium Ltd. – MD&A April 30, 2011 | Page 28 of 28 |
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|                                                                                          |                                          | As at  |         |
|-----------------------------------------------------------------------------------------------|-----------------------------------------------|--------|--------------|
| Table 20: ($000’s) Financial Position Summary        | Apr 30,   2009       |   | Jul 31, 2009 |   |   | Oct 31, 2009 |   |   | Jan 31, 2010 |   |   | Apr 30, 2010 |   |   | Jul 31, 2010 |   |   | Oct 31, 2010 |   |   | Jan 31, 2011 |   |   | Apr 30, 2011 |   |
| Financial Position                                                                            |                                          |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Assets                                                                                        |                                          |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                          | Cash and cash equivalents                     |   |         | 6,339 |   |   |   | 5,061 |   |   |   | 4,119 |   |   |   | 11,326 |   |   |   | 8,722 |   |   |   | 8,971 |   |   |   | 5,702 |   |   |   | 14,009 |   |   |   | 11,416 |   |
|                                                                                          | Accounts receivable and prepaid expenses |   |         | 996 |   |   |   | 951 |   |   |   | 908 |   |   |   | 1,223 |   |   |   | 1,148 |   |   |   | 162 |   |   |   | 166 |   |   |   | 260 |   |   |   | 422 |   |
|                                                                                          | Available-for-sale securities                 |   |         | 276 |   |   |   | 228 |   |   |   | 289 |   |   |   | 316 |   |   |   | 261 |   |   |   | 318 |   |   |   | 317 |   |   |   | 573 |   |   |   | 559 |   |
| Total Current Assets                                                                          |                                          |   | 7,611        |   |   |   | 6,240 |   |   |   | 5,316 |   |   |   | 12,865 |   |   |   | 10,131 |   |   |   | 9,451 |   |   |   | 6,185 |   |   |   | 14,842 |   |   |   | 12,397 |   |
|                                                                                          | Reclamation bond                              |   |         | 317 |   |   |   | 308 |   |   |   | 308 |   |   |   | 354 |   |   |   | 391 |   |   |   | 364 |   |   |   | 348 |   |   |   | 350 |   |   |   | 343 |   |
|                                                                                          | Property and equipment                        |   |         | 827 |   |   |   | 792 |   |   |   | 755 |   |   |   | 774 |   |   |   | 743 |   |   |   | 720 |   |   |   | 693 |   |   |   | 659 |   |   |   | 616 |   |
|                                                                                          | Mineral property interests                    |   |         | 39,133 |   |   |   | 40,780 |   |   |   | 41,874 |   |   |   | 43,198 |   |   |   | 46,245 |   |   |   | 47,952 |   |   |   | 50,308 |   |   |   | 50,969 |   |   |   | 54,142 |   |
| Total Assets                                                                                  |                                          |   | 47,888       |   |   |   | 48,120 |   |   |   | 48,253 |   |   |   | 57,191 |   |   |   | 57,510 |   |   |   | 58,487 |   |   |   | 57,534 |   |   |   | 66,820 |   |   |   | 67,498 |   |
| Liabilities                                                                                   |                                          |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                          | Accounts payable and accrued liabilities |   |         | 1,194 |   |   |   | 1,057 |   |   |   | 345 |   |   |   | 856 |   |   |   | 1,626 |   |   |   | 1,080 |   |   |   | 358 |   |   |   | 1,702 |   |   |   | 2,461 |   |
|                                                                                          | Future income tax liability                   |   |         | 2,654 |   |   |   | 2,516 |   |   |   | 2,409 |   |   |   | 2,211 |   |   |   | 3,399 |   |   |   | 3,338 |   |   |   | 3,281 |   |   |   | 3,131 |   |   |   | 3,596 |   |
| Total Liabilities                                                                             |                                          |   | 3,848        |   |   |   | 3,573 |   |   |   | 2,754 |   |   |   | 3,067 |   |   |   | 5,025 |   |   |   | 4,418 |   |   |   | 3,639 |   |   |   | 4,833 |   |   |   | 6,057 |   |
| Shareholders’ Equity                                                                    |                                          |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                          | Common shares                                 |   |         | 56,183 |   |   |   | 56,190 |   |   |   | 57,327 |   |   |   | 62,070 |   |   |   | 60,878 |   |   |   | 60,884 |   |   |   | 60,901 |   |   |   | 65,232 |   |   |   | 65,182 |   |
|                                                                                          | Contributed surplus                           |   |         | 7,940 |   |   |   | 8,432 |   |   |   | 8,946 |   |   |   | 9,504 |   |   |   | 9,665 |   |   |   | 9,734 |   |   |   | 10,235 |   |   |   | 9,858 |   |   |   | 9,798 |   |
|                                                                                          | Accumulated other comprehensive  income  |   |         | 9 |   |   |   | (39 | ) |   |   | (45 | ) |   |   | (23 | ) |   |   | 10 |   |   |   | 60 |   |   |   | 48 |   |   |   | 204 |   |   |   | 267 |   |
|                                                                                          | Deficit                                       |   |         | (27,692 | ) |   |   | (28,516 | ) |   |   | (29,209 | ) |   |   | (30,027 | ) |   |   | (30,668 | ) |   |   | (30,929 | ) |   |   | (31,609 | ) |   |   | (32,307 | ) |   |   | (32,806 | ) |
| Total Shareholders’ Equity                                                              |                                          |   | 36,440       |   |   |   | 36,067 |   |   |   | 37,019 |   |   |   | 41,524 |   |   |   | 39,885 |   |   |   | 39,749 |   |   |   | 39,575 |   |   |   | 42,987 |   |   |   | 42,441 |   |
| Non-Controlling Interest                                                                      |                                          |   | 7,600        |   |   |   | 8,480 |   |   |   | 8,480 |   |   |   | 12,600 |   |   |   | 12,600 |   |   |   | 14,320 |   |   |   | 14,320 |   |   |   | 19,000 |   |   |   | 19,000 |   |
|                                                                                          |                                          |   | 44,040       |   |   |   | 44,547 |   |   |   | 45,499 |   |   |   | 54,124 |   |   |   | 52,485 |   |   |   | 54,069 |   |   |   | 53,895 |   |   |   | 61,987 |   |   |   | 61,441 |   |
|                                                                                          |                                          |   | 47,888       |   |   |   | 48,120 |   |   |   | 48,253 |   |   |   | 57,191 |   |   |   | 57,510 |   |   |   | 58,487 |   |   |   | 57,534 |   |   |   | 66,820 |   |   |   | 67,498 |   |
| Weighted average common shares outstanding (000’s)                                 |                                          |   | 13,716       |   |   |   | 13,779 |   |   |   | 14,029 |   |   |   | 14,801 |   |   |   | 15,377 |   |   |   | 17,187 |   |   |   | 17,200 |   |   |   | 18,297 |   |   |   | 18,114 |   |
| Working Capital                                                                               |                                          |   | 6,417        |   |   |   | 5,183 |   |   |   | 4,971 |   |   |   | 11,693 |   |   |   | 8,505 |   |   |   | 8,371 |   |   |   | 5,827 |   |   |   | 13,140 |   |   |   | 9,936 |   |
| Cash flows from:                                                                              |                                          |   |         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                          | Operating activities                          |   |         | (673 | ) |   |   | (507 | ) |   |   | (559 | ) |   |   | (537 | ) |   |   | 148 |   |   |   | 209 |   |   |   | (919 | ) |   |   | 610 |   |   |   | 436 |   |
|                                                                                          | Financing activities                          |   |         | (5 | ) |   |   | 879 |   |   |   | 1,146 |   |   |   | 8,861 |   |   |   | 59 |   |   |   | 1,720 |   |   |   | (1 | ) |   |   | 8,368 |   |   |   | 31 |   |
|                                                                                          | Investing activities                          |   |         | (973 | ) |   |   | (1,650 | ) |   |   | (1,529 | ) |   |   | (1,116 | ) |   |   | (2,812 | ) |   |   | (1,680 | ) |   |   | (2,349 | ) |   |   | (671 | ) |   |   | (3,060 | ) |
|                                                                                          | Net increase (decrease) in cash               |   |         | (1,651 | ) |   |   | (1,278 | ) |   |   | (942 | ) |   |   | 7,208 |   |   |   | (2,605 | ) |   |   | 249 |   |   |   | (3,269 | ) |   |   | 8,307 |   |   |   | (2,593 | ) |

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