Mr. Gregory Beischer reports

ALASKA ENERGY METALS PROVIDES UPDATE ON FIELD WORK IN SUPPORT OF ACCESS INFRASTRUCTURE PERMITS AT THE NIKOLAI NICKEL PROJECT, ALASKA

Alaska Energy Metals Corp. has provided an update on permitting and related field activities supporting the proposed rehabilitation and extension of the existing Rainy Creek mining trail and associated infrastructure at its Nikolai nickel project in Alaska.

Highlights:

• Under the U.S. federal FAST-41 transparency dashboard permitting program, Alaska Energy Metals is seeking permits to upgrade and extend the existing Rainy Creek mining trail, a gravel trail that leads westward 25 kilometres from the paved Richardson Highway to the company's Eureka nickel-rich, multicritical, polymetallic deposit.
• Fieldwork in support of the permitting effort will be done by Alaska Energy Metals contractors in late July and August, 2026.
• Studies will include a cultural resources survey and additional wetland delineation work along the proposed access corridor.
• Permitting activities continue under the schedule established by the federal FAST-41 program, with continuing co-ordination amongst federal and state agencies on track.
• Permitting decisions are expected in late fall 2026.
• Ground access to the Eureka deposit will significantly reduce future exploration costs, increase safety and accelerate timelines for advanced exploration and future project development.
• Construction activities could begin as early as winter 2026/2027, depending on permitting and field conditions.

The Nikolai nickel project was accepted for coverage under the Federal Permitting Improvement Steering Council's FAST-41 transparency dashboard program in November, 2025. The FAST-41 listing is intended to improve transparency and co-ordination amongst federal agencies and establish clear timelines for the environmental review and permitting process associated with the proposed access infrastructure.

During the summer of 2026, Alaska Energy Metals is required to complete field surveys along the proposed access corridor, including a cultural resources survey and supplemental wetland delineation work. These studies will provide important information to support the federal and state permitting efforts. The company currently anticipates that permits required for the proposed road upgrade and extension, temporary bridge installations, and camp infrastructure could be issued in late 2026, subject to agency review schedules and completion of all necessary studies and consultations.

Upon receipt of the required permits, and subject to weather conditions and contractor availability, construction activities could commence as early as winter 2026/2027.

Alaska Energy Metals chief executive officer Gregory Beischer commented: "The permitting and baseline work being completed this year represents another important step toward establishing reliable ground access to the Eureka deposit. The access infrastructure improvements are expected to materially reduce exploration costs, improve operational efficiency and safety, and accelerate the timelines for advanced exploration and development of one of the most significant domestic critical mineral resources in the United States. We appreciate the continued co-operation and co-ordination of the state and federal agencies participating in the FAST-41 process."

The Eureka deposit of the Nikolai project is situated approximately 80 kilometres (60 miles) south of the town of Delta Junction and 32 kilometres (20 miles) west of the Richardson Highway. The Rainy Creek mining trail leads from the Richardson Highway to present and past-producing alluvial gold mines at Rainy Creek and Broxson Gulch. Alaska Energy Metals proposes to rehabilitate the existing roadway, parts of which were initially laid down more than a century ago, and extend it approximately eight kilometres (six miles) from Broxson Gulch southward to the Eureka deposit.

The proposed access improvements are expected to facilitate advanced exploration and future development of the Eureka deposit, which hosts multiple critical minerals, including nickel, copper, cobalt, chromium, platinum and palladium, as well as iron. Through drilling done to date, the company has established the Eureka deposit as a large nickel resource (2025 mineral resource estimate (MRE) containing 5,605 million pounds of in situ nickel in the indicated resource category and 9,384 miillon pounds of in situ nickel in the inferred resource category (1.19 million tonnes grading 0.21 per cent nickel and 2,087,000 tonnes grading 0.20 per cent nickel, respectively). The company believes, based on its own research, that Eureka is the largest known nickel resource in the United States and therefore a strategically important domestic source of critical minerals essential to the national economy and national defence. Cautionary note: The company has done research to document other large nickel resources in the United States. Because it is relatively recent news, Alaska Energy Metals' 2025 MRE for the Nikolai project does not yet appear in publications of the U.S. Geological Survey in which nickel resources are ranked. The company's research leads it to believe that the Nikolai project has the largest known nickel resource in the United States by a substantial margin but presently cannot point to an official source to confirm this contention.

FAST-41 permitting

In November, 2025, Alaska Energy Metals' Nikolai nickel project was accepted for coverage under the FAST-41 transparency dashboard by the Federal Permitting Improvement Steering Council. An environmental assessment (EA) is to be completed by the agencies with U.S. Army Corps of Engineers (USACE) as the lead co-ordinating agency. The transparency dashboard listing is intended to focus initially on infrastructure improvements supporting Nikolai, beginning with the rehabilitation and extension of the existing Rainy Creek mining trail, including installation of two temporary bridges and an on-site camp.

Subsequent to the listing, the USACE determined that a Section 404 clean water permit would be required following an environmental assessment. The Bureau of Land Management (BLM) was also identified as the U.S. federal agency that would have responsibility to review the project and, if appropriate, to grant a right-of-way (ROW). That ROW application has been filed and accepted by the BLM field office in Glennallen, Alaska. In accordance with the FAST-41 process, a schedule was determined amongst the permitting council, USACE and the BLM and published on the dashboard. Public comments for the road project were solicited by USACE. The comment period closed on Feb. 27, 2026. Alaska Energy Metals is scheduled to carry out wetlands mapping and an archeological survey in the summer of 2026. USACE and the BLM are subsequently scheduled to complete their review by late August, 2026.

While not part of the FAST-41 permitting process, State of Alaska agencies also have regulatory authority and must provide consultation and input in order for the federal agencies to issue permits. Alaska Energy Metals is working with the state's large-mine permitting team within the Office of Project Management and Permitting (OPMP) for authorizations and permits that are to be issued by the state. Late last year, OPMP and the Governor of Alaska signed a memorandum of understanding with the permitting council to maximize co-ordination between state regulatory agencies and the federal FAST-41 program to reduce permitting timelines.

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

Alaska Energy Metals 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, Alaska Energy Metals' flagship project, Nikolai, is well situated to become a significant domestic source of strategic metals for North America. 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 the 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 ESG (environmental, social and governance) performance is measured by action and led from the top.

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