Mr. Kit Marrs reports

ALASKA SILVER ANNOUNCES APPOINTMENT OF AARON SCHUTT AS CEO AND PLANNED RETIREMENT OF KIT MARRS

Aaron Schutt has accepted Alaska Silver Corp.'s offer to serve as chief executive officer of the company, effective Oct. 1, 2026. Mr. Schutt succeeds Christopher (Kit) Marrs, co-founder of the company, who will resign as president and CEO, effective as of Oct. 1, 2026. Mr. Marrs has been appointed executive chairman of the company's board of directors effective immediately and will continue in that role following this transition to maintain continuity and providing technical advice.

Mr. Schutt was appointed to the company's board of directors in May, 2026, and brings extensive leadership experience in Alaska-based business enterprises. A native Alaskan, Mr. Schutt was president and CEO of Doyon Ltd. until his retirement on June 1, 2026. In his role as CEO and president, Mr. Schutt was responsible for the overall direction of the Doyon Family of Companies with greater than $500-million of revenue. During his 20 years with Doyon, Mr. Schutt led the company in its pursuit of responsible natural resource development, Arctic-focused businesses as well as utilities development serving U.S. 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 has a bachelor of science in civil engineering from Washington State University. Mr. Schutt went on to receive a master of science in civil engineering from Stanford University, followed by his juris doctorate from Stanford Law School.

Mr. Schutt stated: "Since joining the board of directors last month, I have become increasingly excited about the opportunities ahead for the company. As I prepare to assume the role of chief executive officer in October, I look forward to helping lead the company's next chapter of growth. This role is particularly meaningful to me given my long-standing ties to Interior Alaska and my belief in its tremendous potential. I will work closely with our board, management team, technical experts and local stakeholders to advance the company's objectives and create long-term value for shareholders."

Mr. Marrs commented: "I am excited that Aaron is taking over leadership of the Alaska Silver team. His extensive background and connections in Alaska fill an important role for our company. His depth of leadership, engineering background and success in building businesses in Alaska will help accelerate our company as it moves into the next phase of resource expansion and predevelopment. Under his leadership, I foresee the Illinois Creek district evolving into an anchor of successful resource development in western Alaska."

Mr. Marrs first worked at Illinois Creek in the 1980s for Anaconda Copper Co. and later co-founded Western Alaska Copper & Gold Co. with his wife, Joan, in 2010. Mr. Marrs's retirement marks the culmination of over 50 years of working in mineral exploration and includes 17 years of dedicated service to Alaska Silver and its predecessor companies. He has served as its president and chief executive officer since inception, guiding Alaska Silver through its formative years as a private company, including its listing on the TSX Venture Exchange in 2021 and on the OTCQX market in 2025. He has been integral in the advancement of the company's flagship Illinois Creek project in western Alaska.

"It has been a privilege to have had a hand in the evolution of the Illinois Creek district over the last 46 years. Starting as the project geologist with Anaconda in the 1980s with drilling at Illinois Creek and Round Top and building the first camp and airstrip, this project is part of my heart and soul. I believe in its success," added Mr. Marrs. "But the true success of this project is due to the hard work and skill of many exploration geologists such as Nate Brewer (current Alaska Silver director), Dave Heatwole (former Alaska district geologist for Anaconda) and Joe Piekenbrock (current Alaska Silver chief exploration officer). I am very comfortable handing over leadership of the technical duties to our principal geologist, Sage Langston-Stewart, and operations to our logistical team."

Nate Brewer, independent director, remarked: "The board would like to thank Kit for his years of leadership and commitment to Alaska Silver and we are happy to have him remain on the board as executive chairman. During his tenure, the company has transformed the Illinois Creek project into a district-scale mineralized system with tremendous upside potential for silver-rich carbonate replacement deposits. The Board is delighted to welcome Aaron to the role of CEO as the company moves forward into its next phase of discovery and growth. Aaron's executive experience at Doyon, his engineering background as well as his native Alaskan heritage will position Alaska Silver a unique player in responsible mineral exploration and future development in the state."

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 its 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 million ounces silver equivalent at a grade of 279 grams per tonne silver, 11.28 per cent zinc and 9.87 per cent lead and 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, which closed due to low metal prices, leaving untouched indicated mineral resources of 260,000 ounces gold at 0.92 gram per tonne gold and 8.3 million ounces silver at 29.72 grams per tonne silver, along with inferred mineral resources of 290,000 ounces gold at 0.84 gram per tonne gold and 10.4 million ounces silver at 30.11 grams per tonne silver. 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.

Qualified person

Patrick Donnelly, PGeo, executive vice-president of Alaska Silver, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

We seek Safe Harbor.