Bayridge Resources Corp. announce that, further to its press release dated February 14, 2024, it has entered into definitive option agreements (the "Option Agreements") with CanAlaska Uranium Ltd. to allow the Company to earn up to an 80% interest in each of CanAlaska's Waterbury East and Constellation Projects (the "Projects") in the Athabasca Basin, Saskatchewan. Under the terms of the respective Option Agreements, Bayridge may earn up to an 80% interest in each of the Projects by undertaking work and making cash and share payments in three defined earn-in stages: an initial 40% interest (Stage 1), an additional 20% interest for a total 60% interest (Stage 2),
and an additional 20% interest for a total 80% interest (Stage 3). With respect to each Option Agreement, after successful completion of (i) Stage 1, if Bayridge elects to not enter the next stage or fails to make the Stage 2 option payments when and as required; or (ii) Stage 2, if Bayridge elects to not enter the next stage or fails to make the Stage 3 option payments when and as required; or (iii) Stage 3, a joint venture will be formed and the parties will either co-contribute thereafter on a simple pro-rata basis or dilute on a pre-defined straight-line dilution formula. Any party diluting to a 10% interest will automatically forfeit its interest in the Project and in lieu thereof will be
granted a 2% net smelter return royalty on the Project. During all stages of both Option Agreements, Bayridge will be operator of the Projects and will be entitled to charge an operator fee. Bayridge will have deciding voting rights on annual exploration programs while sole funding at the various option stages. An area of mutual interest will extend two kilometres from the outer boundary of the Projects, excluding all properties within such area that are
currently held by CanAlaska at time of signing the definitive agreement.