Mr. Gregory Beischer reports

ALASKA ENERGY METALS ANNOUNCES POSITIVE METALLURGICAL TESTING RESULTS, NIKOLAI NICKEL PROJECT, ALASKA

Alaska Energy Metals Corp. has released positive results from locked-cycle testing (LCT) of drill core from the 2023-2024 exploration campaigns for the Core Eureka zone 2 (CEZ2) on the Eureka deposit at its 100-per-cent-owned Nikolai project in Alaska. The mineral processing work was completed by the SGS Laboratories in Quebec, Canada.

Highlights:

• Recent locked-cycle flotation test shows strong recoveries of nickel (49.4 per cent), copper (50.5 per cent) and cobalt (21.0 per cent) in a bulk flotation concentrate, also with strong platinum group element and gold recoveries: platinum (49.1 per cent), palladium (43.1 per cent) and gold (43.9 per cent);
• Recent open-cycle flotation tests indicate potential for increased metal recovery and concentrate grade;
• Follow-up locked-cycle tests using further refinements are in progress and results anticipated in early August;
• Concentrate samples obtained in the locked cycle tests will be sent to Lifezone Metals for hydrometallurgical refining amenability testing;
• Internal economic analysis to be completed and as warranted plans for an independent preliminary economic analysis will be made;
• Chief executive officer stated, "If successful, hydrometallurgical refining would allow us to produce [nickel and multiple other critical and strategic] metals on site in Alaska for the American technology and industrial market and the U.S. defence industrial base."

The results represent a significant advancement in the company's primary asset and clarify the development path for the Nikolai deposit.

Alaska Energy Metals chief executive officer Gregory Beischer commented: "Metal recovery rates are the primary input to an economic analysis. We now know the metals present in the Nikolai deposit are recoverable at robust rates. Therefore, we can complete our internal economic analysis and, upon successful completion, commission a preliminary economic assessment. With metallurgical recoveries now proven, Nikolai is emerging as a significant source of nickel, copper and cobalt, producible in the USA. Going forward, we will evaluate the amenability of further refining produced concentrates with hydrometallurgical processes. If successful, hydromet would allow us to produce metals on site in Alaska for the American technology and industrial market and the U.S. defence industrial base. Nikolai potentially provides a domestic solution for the country's near-total reliance on foreign imports for nickel and can contribute to domestic metal supply chain security for multiple critical and strategic metals."

Results

Locked-cycle test 1 (LCT-1) successfully achieved metal recoveries of 49.4 per cent nickel, 50.5 per cent copper, 21.0 per cent cobalt, 49.1 per cent platinum, 43.1 per cent palladium and 43.9 per cent gold. The flotation concentrate grade was 7.22 per cent nickel, 4.01 per cent copper, 0.30 per cent cobalt, 2.33 grams per tonne platinum, 4.10 grams per tonne palladium and 0.78 gram per tonne gold. Concentrate grades for other elements were 8.17 per cent MgO (magnesium oxide), 18.6 per cent sulphur and 39.6 per cent iron. A total of 506 grams of concentrate, or 1.68 per cent of the total weight processed, was recovered during the locked-cycle test (Table 1). Desliming was found to be unnecessary, which represents a significant cost savings in the flow sheet.

Future metallurgical test work

Recent open-cycle tests (OCTs), using various reagents, indicate the potential to further improve metal recoveries and concentrate grade. Based on these OCT results, further LCT are being completed. It is anticipated the results of this test work will be published in August, 2026.

The concentrates produced by the two LCTs will be sent to Lifezone Metals for hydrometallurgical amenability testing. On-site hydrometallurgical refining would eliminate the need to ship concentrate to an existing smelter (there are none in the United States), increase metal payability, serving to improve project economics, but balanced against increased capital costs. Importantly, this could allow production of refined nickel and other critical and strategic metals in Alaska for American industrial markets and the U.S. Department of War. Additionally, future metallurgical work will also focus on the magnetic concentrate to see if a saleable iron-chrome product can be realized. In all, the nickel-dominant Nikolai project hosts six U.S.-government-listed critical minerals.

Study objectives and sample selection

The main objective of this metallurgical study was to examine the potential of flotation for recovering valuable minerals into a marketable concentrate. To accomplish this objective, composite samples were subjected to feed characterization, grindability, flotation and magnetic separation testing. The data collected was to be sufficiently rigorous to include in potential future preliminary economic studies.

Drill core samples were used to create modelled mineralized domains of composite samples of the Core Eureka zone 2 (CEZ2) that represent the average grade of the 2025 mineral resource estimate of the Eureka deposit. Feed grade for the CEZ2 LCT assayed 0.26 per cent nickel, 0.13 per cent copper, 0.03 per cent cobalt, 0.16 gram per tonne palladium, 0.08 gram per tonne platinum and 0.03 gram per tonne gold.

Locked-cycle testing -- CEZ2

Open-cycle variability and optimization testing were used to develop a flow sheet which consists of simple grinding, flotation and magnetic separation processes. A flotation concentrate and a magnetic concentrate are produced. Nickel, copper, and cobalt sulphides report to the flotation concentrate. A significant amount of the precious metals -- platinum, palladium and gold -- also partition with the sulphides. Iron and chromium oxides report to the magnetic concentrate. Challenges have included: (1) grain size; (2) depressing iron sulphide flotation to increase concentrate grade; (3) separating nickel from copper sulphide; and (4) recovering awaruite to the flotation concentrate. Optimization testing revealed desliming was not necessary on the Nikolai mineralization. Final open-circuit optimization testing resulted in a rougher plus scavenger concentrate (first to third cleaners) recoveries of 47.7 per cent nickel, 50.5 per cent copper and 20.9 per cent cobalt. Based on these open-cycle results, an LCT was completed on the CEZ2 mineralization to determine recoveries and concentrate grades in a closed, steady-state system.

Qualified person

Gregory Beischer, the company's president and chief executive officer, is the qualified person, as defined under National Instrument 43-101, Standards of Disclosure for Mineral Projects, responsible for and having reviewed and approved the technical information contained in this news release.

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 U.S. national security and a bright energy future, all while generating superior returns for shareholders.

Alaska Energy Metals is focused on delineating and developing the large-scale, bulk-tonnage, polymetallic Nikolai project and the related Eureka deposit containing nickel, copper, cobalt, chromium, iron, platinum, palladium and gold. Located in interior Alaska near existing transportation and power infrastructure, the company's flagship project, Nikolai, is well situated to become a significant domestic source of strategic metals for North America. In January, 2026, Alaska Energy Metals' Nikolai project was accepted for FAST-41 transparency dashboard listing to streamline federal permitting for overland access and man camp placement for the next phase of Eureka deposit drilling. 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 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 environmental, social and governance performance is measured by action and led from the top.

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