Alaska Silver Completes Record-Breaking 2026 Drill Program at Illinois Creek

Alaska Silver Corp. (WAM) has completed its 2026 drilling program, advancing 9,495.90 meters across two company rigs. This total exceeds the expanded target of 9,000 meters and the original January 2026 plan of 6,000 meters over 90 drill days. The initial 6,000-meter goal was reached in 54 drill days, with the full program concluding in 84 days, finishing six days ahead of the original schedule.

Rig HD-1 (Silver Sage) drilled 5,022.49 meters at a rate of 62.0 meters per day, achieving 138% of its plan and accounting for 53% of the season’s metres. Rig HD-2 (Waterpump Creek) drilled 4,473.41 meters at 52.6 meters per day, reaching 117% of its plan and representing 47% of the season’s metres. The deepest hole ever drilled at the project reached a total depth of 1,288.24 meters. The program also recorded record single-shift totals of 217.58 meters on June 26 and 206.66 meters on August 8.

Safety performance remained strong with zero lost-time incidents, zero reportable safety incidents, and zero rig downtime. A total of 39 drill holes were sampled, with 27 at Silver Sage and 12 at Waterpump Creek. Logging, cutting, and sampling were completed on September 12, with final sample shipments occurring on September 23.

A total of 6,753 drill core samples weighing approximately 54,600 lbs (24.8 t) were shipped to ALS Global for preparation in Mexico and analysis in Reno or Vancouver. The total sample count, including soil, trench, and environmental samples, reached 7,380 samples weighing approximately 55,900 lbs (25.3 t). Additionally, more than 2,000 lbs (one ton) of material was collected from a 200-meter section of the Illinois Creek past-producing mine main pit. This material was sent to Kappes, Cassiday & Associates in Reno for metallurgical testwork aimed at recovering copper while maximizing silver and gold, with smaller samples sent to ALS for a chemical profile.

All assay and metallurgical results are pending. Patrick Donnelly, P.Geo., EVP, serves as the Qualified Person.

Alaska Silver Corp. (WAM) reported a first-half 2026 net loss of US$490,706, which included a US$4.67 million non-cash warrant-revaluation gain. The company recorded an operating cash outflow of US$3.69 million, reducing its cash position to US$4.08 million at June 30, 2026, down from US$9.05 million at year-end 2025. Working capital stood at US$480,873, with an accumulated deficit of approximately US$49.9 million. The management discussion and analysis included an explicit going-concern flag.

Alaska Silver is an advanced explorer with two 43-101 resources but no preliminary economic assessment, reserves, or revenue. At a market capitalization of approximately C$59 million, the company’s equity value is driven by perceived resource scale and the potential for pending assays to extend those resources. This release confirms execution, noting more metres and holes completed on schedule, funded by an August PIPE.

The company’s recent geological context includes the November 3, 2025 Silver Sage discovery, which yielded surface grabs to 1,235 g/t Ag and 65% Pb. First assays from January 20, 2026, included:

• WPC-35: 5.9 m @ 38 g/t Ag + 12.1% Zn
• SS25-04: 4.4 m @ 148 g/t Ag

The stock price moved from C$0.79 on October 8, 2025, to C$1.41 on January 7, 2026, before falling to C$0.57 by October 7, 2026. This represented a fresh 52-week low and was roughly 63% below the October 2025 US IPO price of US$0.65 (C$0.90).

Pending assays from 39 holes remain unpriced. A repeat or extension of Waterpump Creek’s approximately 980 g/t AgEq grade, or a real Silver Sage discovery intercept at depth, would constitute a material positive event against the stock’s current levels. This release offers no new geological information. If the stock moves 15% in either direction, the movement would likely be driven by flow, promotion, or short-covering rather than fundamental changes.

Alaska Silver Corp. (TSXV: WAM; OTCQX: WAMFF; FRA: MK17), headquartered in Alaska and Arizona, is advancing its Illinois Creek Project in western Alaska. The company holds 100% ownership of the 80,895-acre (32,337 ha) property, which sits entirely on Alaska State land with no federal land involvement and no disclosed royalties or underlying third-party agreements. The site is located approximately 38 km from the Yukon River and features a 4,400 ft C-130-capable airstrip, a 20 km internal road network, four company-owned drill rigs, a 45-person camp, and expanded fuel storage.

At the Waterpump Creek deposit, identified as a CRD sulphide system hosting silver, zinc, lead, and gallium, Alaska Silver reports an Inferred resource of 2.38 Mt grading 279 g/t Ag, 11.28% Zn, and 9.87% Pb, along with 980 g/t AgEq above a 200 g/t AgEq cutoff. This estimate contains 74.9 moz of silver, 591 Mlb of lead, and 517 Mlb of zinc. The deposit remains open to the north and south.

The past-producing Illinois Creek Mine, an oxide gold-silver-copper deposit, holds an Indicated resource of 9.0 Mt at 0.92 g/t Au and 29.72 g/t Ag, containing 260 koz Au and 8.3 moz Ag. An Inferred resource of 10.9 Mt grades 0.84 g/t Au and 30.11 g/t Ag, containing 290 koz Au and 10.4 moz Ag. Additionally, a leach-pad resource includes 1.3 Mt Indicated at 0.44 g/t Au and 44.3 g/t Ag, plus 152 kt Inferred. Recoveries are assumed at 92% for gold and 65% for silver, with an NSR cutoff of US$24/t. The 2026 restatement did not involve new drilling; instead, it re-ran the 2021 block model using higher metal prices and costs.

In 2025, the company made a blind discovery at Silver Sage, located approximately 4.8 km south of Waterpump Creek. The target features roughly 550 m of mineralized strike and over 1.1 km of alteration. Follow-up drilling in 2026 consisted of 27 holes totaling 5,022 m, with assays currently pending. Other targets include the Round Top and TG North CRD-porphyry systems, located approximately 20 km away, and the Honker high-grade gold veins, both of which have 43-101 reports in progress.

The company’s capital structure consists of 102.9 million shares outstanding, 6.5 million options and RSUs, and 51.5 million warrants, resulting in 161.0 million fully diluted shares. Founders hold 10.7%, directors and officers hold approximately 16%, and institutions hold approximately 32.3%, including Sprott, Crescat, APAC Resources, and the Value-Driven Performance Commodity Discovery Fund. Technical leadership includes CRD specialist Peter Megaw, Qualified Person Patrick Donnelly, and Chief Exploration Officer Joe Piekenbrock. Aaron Schutt assumed the role of CEO on October 1, 2026, with Kit Marrs serving as Executive Chairman.