Alaska Energy issues 1.49 M shares under ATM program

• Event: At-the-Market (ATM) Equity Offering Update.
• Date: April 10, 2026.
• Details: Issued 1,491,000 common shares under an existing ATM program.
• Price: Average price of $0.132 per share (significantly higher than recent trading levels of ~$0.09-$0.10).
• Proceeds: Gross proceeds of $197,076; Net proceeds approximately $192,344 after commissions.
• Use of Proceeds: Metallurgical studies, options assessment for mining scenarios, and general corporate purposes.
• Program Status: ATM program launched February 2025; company intends to continue in Q2 2026.

• Financial Impact: The $197k raise is immaterial relative to the company's annual burn rate of ~$8.8M (2024) and total cash needs for project development. It does not materially alter the capital runway but confirms ongoing reliance on equity markets.
• Dilution: Issuance adds 1.5M shares to the outstanding count, representing minor dilution (~0.8% of estimated post-financing share base).
• Pricing Anomaly: The average issue price ($0.132) is notably higher than the recent spot market price ($0.09-$0.10 in March/April 2026), suggesting sales occurred earlier in Q1 when prices were stronger or reflects a weighted average of prior ATM activity.
• Strategic Context: Follows a $3M private placement closing in January 2026; indicates management is managing liquidity conservatively rather than seeking large-scale capital infusions at this stage.
• Verdict: Routine operational financing. No material change to investment thesis, but reinforces the need for continuous equity raises which poses long-term shareholder value risk.

• Company: Alaska Energy Metals Corp. (TSX-V: AEMC).
• Flagship Project: Nikolai Nickel Project, Alaska.
• Deposit Profile: Eureka Deposit hosts 1,190 Mt Indicated and 2,087 Mt Inferred resources at ~0.30% NiEq (April 2025 update).
• Critical Minerals: Contains nickel, cobalt, copper, chromium, platinum, palladium, gold, and iron. Classified as critical minerals under U.S. Defense Production Act Title III.
• Strategic Partnerships: Member of MINAC consortium with Lucid Group; MOU with Recyclico for hydrometallurgical refining technology.
• Permitting: Accepted on Federal Permitting Improvement Steering Council (FAST-41) Transparency Dashboard, streamlining federal timelines.