Alaska Energy continues testing at Nikolai

Mr. Gregory Beischer reports 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 Alaska Energy Metals Corp. has provided the following update on its activities. Metallurgical testing has been continuing at SGS laboratories in Lakefield, Ont. Various experimentation with magnetic separation and flotation has been done. A flowsheet has been established and a locked cycle test is planned in the coming week. A bulk nickel-copper-cobalt concentrate will be produced, along with an iron-chromium concentrate. Further testing will be done to determine whether a separate copper concentrate can be extracted from the bulk concentrate in order to achieve better payability for copper. It is expected that results will be published in November, 2025. Hydrometallurgical amenability testing is also planned. Concentrates produced during flotation tests over the past months at SGS will be tested by Lifezone to determine whether metals can be readily and efficiently separated by their proprietary process. This will be preliminary work and if results are positive more robust tests will be planned for 2026. Hydrometallurgical processing of metal concentrates from the Eureka deposit would allow production of semi-refined or refined nickel, copper and cobalt on site in Alaska for use in the United States. This is viewed as a positive alternative to smelting at a foreign smelter. Options study The company has been conducting an options study on an internal basis to assess how a mine may be developed at Nikolai and to give a surficial evaluation of project economics. The results of the work will not be published but will lead to a formal preliminary economic assessment to be carried out in 2026. U.S. government funding The company continues to pursue government grant or investment from the U.S. government. It has noted with interest recent funding being awarded to other Alaska critical metals projects. Restricted share units and stock options Alaska Energy Metals' board of directors has made an amendment to its fixed restricted share unit (RSU) plan to increase the number of common shares issuable pursuant to the amended RSU plan to 17,171,936 common shares. The amended RSU plan is subject to acceptance by the TSX Venture Exchange and shareholder approval. The company further announces that it has granted an aggregate of 5,325,000 stock options and 9.25 million restricted share units (RSUs) to certain directors, officers, consultants and employees of the company. Each option is exercisable for one common share of the company at an exercise price of 15 cents per common share for a period of five years from the date of grant. Five million options issued to insiders of the company vest and are conditional upon the company's receipt of disinterested shareholder approval (as discussed herein). Three hundred twenty-five options issued to arm's-length consultants of the company shall vest immediately. All options are subject to the terms of the company's option plan. The 8.5 million RSUs issued to insiders vest at the latter of the company's receipt of disinterested shareholder approval or one year from the date of grant. Seven hundred fifty thousand RSUs issued to arm's-length consultants of the company shall vest on the first anniversary from the date of grant. All RSUs are subject to the terms of the company's amended RSU plan, applicable securities law hold periods and approval of the exchange. Pursuant to the company's option plan and the amended RSU plan, unless disinterested shareholder approval is obtained, the maximum aggregate number of common shares that may be reserved for issuance to insiders of the company (as a group) pursuant to both of the company's option plan and the amended RSU plan granted or issued within any 12-month period may not exceed 10 per cent of the issued and outstanding common shares of the company calculated on the date of grant of any RSU or option. It is anticipated that the issuance of options and RSUs to the insiders of the company will result in the insiders holding security-based compensation representing approximately 16.2 per cent of the company's issued and outstanding common shares as of the date of grant. Accordingly, the options and RSUs issued to the insiders over the insider grant limitations are conditional upon and subject to the company obtaining disinterested shareholder approval for such issuances at the next duly called meeting of the shareholders of the company. In the event that the company does not obtain disinterested shareholder approval for the issuance of the options and RSUs to the insiders over the insider grant limitations, such options and RSUs issued to the insiders over the insider grant limitations shall be null and void on a pro rata basis for each insider. About Alaska Energy Metals Corp. Alaska Energy Metals is an Alaska-based corporation with offices in Anchorage and Vancouver, working to sustainably deliver the critical materials needed for national security and a bright energy future, while generating superior returns for shareholders. Alaska Energy Metals is focused on delineating and developing the large-scale, bulk-tonnage, polymetallic Nikolai project, Eureka deposit, containing nickel, copper, cobalt, chromium, iron, platinum, palladium and gold. Located in interior Alaska near existing transportation and power infrastructure, its flagship project, Nikolai, is well situated to become a significant domestic source of strategic metals for North America. Alaska Energy Metals also holds a secondary project in western Quebec, the Angliers-Belleterre project. Today, material sourcing demands excellence in environmental performance, technological innovation, carbon mitigation, and the responsible management of human and financial capital. Alaska Energy Metals works every day to earn and maintain the respect and confidence of the public, and believes that ESG (environmental, social and governance) performance is measured by action and led from the top. We seek Safe Harbor.