Mr. Gregory Beischer reports

ALASKA ENERGY METALS ACQUIRES 100% OF THE CANWELL NI-CU-CO-PGE CLAIM BLOCK, NIKOLAI NICKEL PROJECT, ALASKA

Alaska Energy Metals Corp. has completed the purchase of the Canwell claim block, a key part of the Nikolai nickel project, which is known to host high grade nickel-(Ni)-copper-(Cu)- platinum-group-metal (PGE) mineralization (as documented in the company's Jan. 4, 2024, press release). The claim block has been the subject of an option agreement originally announced Feb. 4, 2022, between Alaska Energy predecessor Millrock Exploration Inc., and prospector David Johnson, as amended Jan. 21, 2024, and Aug. 15, 2025. With the final option payment having been made, a 100-per-cent interest in the claims is being tranferred. Total paid for the Canwell property is 7.0 million Alaska Energy shares, $500,000 (U.S.) with a $50,365 (U.S.) inflation adjustment. The minimum exploration work commitment of $3.2-million (U.S.) was exceeded. A 3-per-cent royalty, which may be extinguished by payment of $9-million (U.S.) is being granted.

The Canwell claim block is located approximately 30 kilometres from the company's Eureka deposit, located in the Delta River mining district in Alaska. The property covers 49 state of Alaska mining claims (3,172 hectares).

Gregory Besicher, president and chief executive officer, commented: "The grades at surface on the Canwell block are compelling and demand more exploration. The Canwell intrusion represents the deepest portion of the magmatic conduit system present at Nikolai and therefore is a highly prospective for rich, massive sulfide deposits."

At Canwell, Ni-Cu-PGE mineralization is associated with mafic and ultramafic dikes and sills, and are hypothesized as deep-rooted feeders to the same ultramafic sills located at Eureka. Felsic intrusions on the property have the potential to upgrade the Ni-Cu-PGE mineralization through remobilization processes. Ni-Cu-PGE prospects located by previous explorers include Emerick, Forbes, Odie and Canwell Ridge. Additionally, the property holds potential for Besshi-type volcanic massive sulphides (VMS) in the Permian volcanic and volcaniclastic rocks adjacent to the mafic and ultramafic sequence.

In 2024, the company drilled three holes for a total of 1,048 metres on the Emerick, Odie and Upper Canwell targets. The drill holes at Odie and Upper Canwell reached the planned targets depths, while the drill hole at Emerick was stopped early due to extremely poor ground conditions. Logging of the drill core indicates that the drill holes intersected ultramafic and mafic rocks previously mapped on the surface. Sulphide mineralization has been observed in the drill holes and ranges from disseminated, blebby and net-textured sulphides. Full results from the 2024 drill program can be found in the company's press release dated Nov. 12, 2024.

While no high-grade massive sulphides were revealed in the drilling, it provided confirmation for the potential of additional nickel mineralizing systems across the Nikolai district. The 2024 drilling results provide justification for additional drilling at Canwell with the goal of expanding disseminated sulfides zones and testing for massive sulphide mineralization.

Qualified person

Gabriel Graf, the company's chief geoscientist, is the qualified person, as defined under National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, responsible for reviewing and approving 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 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 ESG (environmental, social and governance) performance is measured by action and led from the top.

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