Alaska Energy Metals Acquires 100% Of The Canwell Ni-Cu-Co-Pge Claim Block, Nikolai Nickel Project, Alaska

Alaska Energy Metals Corporation (AEMC) has completed the acquisition of the Canwell claim block, a 3,172-hectare property in the Delta River Mining District, Alaska, adding it to the Nikolai Nickel Project. The transaction consideration consists of 7,000,000 common shares, US$500,000 in cash, a US$50,365 inflation adjustment, and a 3% net smelter return (NSR) royalty, which is redeemable for US$9 million. This acquisition finalizes a long-standing option agreement originally initiated in February 2022 and amended in January 2024 and August 2025.

Previous 2024 drilling on the Canwell block intersected sulfide mineralization in ultramafic and mafic rocks, confirming exploration potential for additional nickel systems, though no massive sulfides were identified. The property hosts prospects including Emerick, Forbes, Odie, and Canwell Ridge, with geological models suggesting deep-rooted magmatic conduits that could host rich, massive sulfide deposits.

Alaska Energy Metals Corporation (AEMC) completed an acquisition that was explicitly anticipated in prior corporate updates. A May 14, 2026, update stated the company was set to achieve 100% ownership following a final option payment in August 2026. The event represents an incremental step in project consolidation and exploration expansion.

The transaction involves the issuance of 7 million shares and a cash outlay of US$500,000. These figures are material relative to the company's approximately $11M market cap and limited cash reserves. The market had already priced in this option closure. Additionally, a 3% NSR royalty introduces a long-term revenue-sharing obligation that will need to be weighed against future project economics.

Alaska Energy Metals Corporation (AEMC) is a critical minerals exploration company focused on the Nikolai Nickel Project in interior Alaska and the Angliers-Belleterre project in Quebec. The flagship Nikolai project centers on the Eureka Deposit, which the company claims is the largest known nickel resource in the United States, hosting nickel, copper, cobalt, chromium, platinum, palladium, and iron.

The project has been accepted for the FAST-41 Transparency Dashboard to streamline federal permitting for access infrastructure. Metallurgical testing has demonstrated robust metal recoveries into bulk flotation concentrates, with plans to evaluate on-site hydrometallurgical refining to bypass foreign smelters.

• Nickel recovery: 49.4%
• Copper recovery: 50.5%
• PGEs recovery: ~43-49%