Alaska Energy Metals Provides Corporate Update On Nikolai Nickel Project, Alaska And Announces Amendment To Restricted Share Plan And Grants Of Stock Options And Restricted Share Units

Executive Summary

• First‑pass metallurgical testing on the Eureka deposit is nearing completion, with results expected in November 2025.
• The internal “Options Study” for the Nikolai project will feed into a Preliminary Economic Assessment slated for 2026.
• The board approved an amendment to the restricted share unit plan and granted 5,325,000 stock options and 9,250,000 RSUs, subject to shareholder approval.

Key Details

• Metallurgical Testing: Ongoing at SGS Laboratories (Lakefield, ON); magnetic separation and flotation work completed; flow sheet established; locked‑cycle test scheduled for the coming week.
• Concentrate Production: Bulk Ni‑Cu‑Co concentrate and Fe‑Cr concentrate to be produced; additional testing planned to assess feasibility of a separate copper concentrate for improved payability.
• Result Timeline: Full metallurgical results anticipated in November 2025.
• Hydrometallurgical Amenability Testing: Planned with Lifezone on SGS‑produced concentrates; positive outcomes could lead to more extensive tests in 2026, potentially enabling on‑site semi‑refined nickel, copper and cobalt production in Alaska.
• Options Study: Internal study nearing completion; will underpin a formal Preliminary Economic Assessment (PEA) for the Nikolai project in 2026.
• US Government Funding: Company continues to pursue U.S. government grant or investment opportunities for the Nikolai project.
• Compensation – RSU Plan Amendment: Board amended the Restricted Share Unit (RSU) plan, increasing authorized shares to 17,171,936; amendment pending TSX‑V and shareholder approval.
• Stock Options Granted: 5,325,000 options at $0.15 exercise price, five‑year term.
• 5,000,000 to insiders (vesting conditional on disinterested shareholder approval).
• 325,000 to arm’s‑length consultants (vest immediately).
• RSUs Granted: 9,250,000 RSUs.
• 8,500,000 to insiders (vest upon shareholder approval or one year after grant).
• 750,000 to consultants (vest on first anniversary of grant).
• Insider Grant Limitations: Combined options and RSUs to insiders may not exceed 10 % of outstanding shares within any 12‑month period; anticipated to represent ~16.2 % of total shares post‑grant, making shareholder approval a condition for issuance.

Notable Quotes

“Our metallurgical testing program is progressing on schedule, and we expect to deliver substantive results later this year that will inform the next phase of development at Eureka.” – Gregory Beischer, President & CEO

All forward‑looking statements are subject to risks and uncertainties as described in the release.