Mr. Kit Marrs reports

ALASKA SILVER ANNOUNCES APPOINTMENT OF AARON SCHUTT AS DIRECTOR

Alaska Silver Corp. has appointed Aaron Schutt to the board of directors of the company, effective May 13, 2026. A native Alaskan, Mr. Schutt is currently the president and chief executive officer of Doyon Ltd.

In his role as CEO and president, Mr. Schutt is responsible for the overall direction of the Doyon family of companies with $500-million-plus of revenue. During his 20 years with Doyon, Mr. Schutt has led the company in its pursuit of responsible natural resource development, arctic-focused businesses and utilities development serving United States military bases in Alaska, along with many traditional uses of the lands.

Prior to being named Doyon president and CEO, Mr. Schutt served as Doyon's senior vice-president and chief operating officer from 2008 to 2011. He graduated with honors and as an S. Town Stephenson scholar from Washington State University with a bachelors of science in civil engineering. Mr. Schutt went on to receive a masters of science in civil engineering from Stanford University, followed by his juris doctorate from Stanford Law School.

Mr. Schutt is Koyukon Athabascan and is an enrolled member of the Native Village of Tanana. He serves on the board of directors for Northrim BanCorp Inc., Akeela Inc. and the University of Alaska Fairbanks board of advisers.

Kit Marrs, chief executive officer, stated: "We are extremely excited about strengthening our board of directors with the addition of Aaron Schutt. He has a long track record of success building numerous Alaska-based companies with a wide range of business lines. Having someone with deep roots in Alaska, as well as someone who is highly respected in the Alaskan business community will greatly expand our connections in our home state."

"I am very pleased to join the board of Alaska Silver," said Mr. Schutt. "Alaska Silver's project area is in a part of Alaska I care deeply about and I look forward to helping responsible development move forward."

Grant of stock options and RSUs

In addition, the company announces that it has granted an aggregate of 1,045,609 restricted share units (RSUs) to directors and officers, and 960,000 stock options to certain directors, officers, employees and consultants, of which 500,000 stock options were granted to directors and officers of the company. The grants were made in accordance with the company's compensation policy. Each RSU entitles the holder to receive one common share of the company upon vesting and will vest one year from the grant date. Each stock option is exercisable at 80.5 cents per share for a term of five years.

About Alaska Silver Corp.

Alaska Silver is a junior exploration company focused on the discovery and development of high-grade silver, gold and critical metals assets within one of North America's major high-grade silver and critical minerals districts at the company's Illinois Creek (IC) project in western Alaska. Illinois Creek is a contiguous, 100-per-cent-owned land package totalling 80,895 acres (126.4 square miles or 32,337 hectares) anchored by two resource-level mineralization zones separated by eight kilometres of high-potential exploration ground. At one end lies the high-grade silver mineralization at the Waterpump Creek zone, which hosts an inferred mineral resource of 75 Moz (million ounces) AgEq (silver equivalent) at a grade of 279 g/t silver, 11.28 per cent zinc and 9.87 per cent lead, that remains open to the north and south, as well as by the Illinois Creek mine. At the western end is the historical past-producing Illinois Creek mine that closed due to low metal prices leaving untouched indicated mineral resources of 260,000 oz gold at 0.92 g/t Au and 8.3 Moz silver at 29.72 g/t Ag, along with inferred mineral resources of 290,000 oz gold at 0.84 g/t Au and 10.4 Moz silver at 30.11 g/t Ag. The IC project is located approximately 38 kilometres from the Yukon River, the region's primary marine transportation corridor. Headquartered in Alaska and Arizona, Alaska Silver is led by a team with a proven record of large-scale mine discoveries.

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