Mr. Gregory Beischer reports

ALASKA ENERGY METALS ANNOUNCES CLOSING OF SHARES FOR DEBT SETTLEMENT

Further to the news release of July 23, 2026, Alaska Energy Metals Corp. has issued 10,201,680 common shares in the capital of the company at a deemed price of five cents per share to certain arm's-length creditors in settlement of debt in the amount of $510,084 ($360,000 (U.S.)) for services provided to the company by the creditors.

All the shares to be issued in connection with the shares-for-debt settlement will be subject to a four-month hold period, which will expire on the date that is four months and one day from the date of issuance, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.

About Alaska Energy Metals Corp.

Alaska Energy 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 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 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 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.