Alaska Silver Announces Transition of Aaron Schutt to CEO
Alaska appoints a new CEO as debt settles and a 9,000-metre drill program advances.
Aaron Schutt officially assumes the role of Chief Executive Officer on October 1, 2026, succeeding co-founder Kit Marrs, who transitions to Executive Chairman. Schutt brings over 20 years of natural resource and utilities leadership in Alaska, most recently as President and CEO of Doyon Limited.
The company settled approximately C$1.24M in outstanding management fee debt owed to three officers by issuing 1,509,710 common shares at $0.82 per share. Additionally, the company granted 109,770 Restricted Share Units (RSUs) and 525,000 stock options (exercisable at C$0.68) to directors and a consultant.
Alaska Silver Corp. (WAM) publicly announced a leadership transition on June 11, 2026, with shareholders approving a debt settlement on June 19, 2026. The settlement of management fee debt removes a liability but is dilutive, as it involves issuing shares at $0.82 against a current market price of approximately $0.68. This move aligns with the company's stated goal of tightening the balance sheet, though it adds to existing dilutive pressure.
Equity grants were issued as standard compensation mechanisms, which do not materially alter the capital structure or operational outlook. The release confirms administrative progress but lacks new exploration results, financing milestones, or operational updates.
Alaska Silver Corp. (WAM) is an Alaska-based exploration company focused on the 80,895-acre Illinois Creek Project in western Alaska. The project features a past-producing oxide gold-silver mine, Illinois Creek, alongside high-grade sulfide deposits at Waterpump Creek and Silver Sage.
Waterpump Creek hosts an Inferred Resource of 75 moz AgEq at 279 g/t Ag, 11.28% Zn, and 9.87% Pb. Illinois Creek oxide resources total 260,000 oz Au (Indicated) and 290,000 oz Au (Inferred), plus significant silver ounces.
The company is in the advanced exploration and early development stage, with no production or reserves. Infrastructure includes a 4,400-ft airstrip, a 20-km internal road, and a 45-person camp. A proposed 28-mile road to the Yukon River is currently in the permitting stages. No royalties or third-party agreements exist on the property.