Mr. Kit Marrs reports

ALASKA SILVER ANNOUNCES SHAREHOLDER MEETING RESULTS AND SUMMER EXPLORATION PROGRAM UPDATE

Alaska Silver Corp. has released the voting results from the company's annual and special general meeting of shareholders held on June 19, 2026. A total of 26,946,579 common shares were represented at the meeting, representing 30.36 per cent of the issued and outstanding common shares of the company on the record date for the meeting.

All matters presented for approval at the meeting were duly authorized and approved, as shown in the attached table.

An ordinary resolution to elect all of management's nominees to the board of directors of the company.

An ordinary resolution approving the appointment of Davidson & Company LLP as auditor of the company for the ensuing year at a remuneration to be fixed by the directors of the company.

An ordinary resolution approving the company's long-term incentive plan.

An ordinary resolution of disinterested shareholders of the company approving the issuance of common shares of the company to certain insiders of the company in settlement of outstanding debts owed by the company to such insiders, as more fully set forth in the management information circular of the company dated May 19, 2026.

"The results of this year's shareholder meeting demonstrate strong support for Alaska Silver's vision and growth strategy," said Kit Marrs, president and chief executive officer of Alaska Silver. "As we advance one of the largest silver-focused exploration programs in the company's history, we remain focused on expanding our resource base, unlocking the broader district-scale potential of Illinois Creek and building a premier Alaska-based silver company."

Illinois Creek summer exploration program update

Alaska Silver's 2026 6,000-metre exploration program is off to a strong start, with just over 1,000 metres completed to date and drilling productivity meeting or exceeding planned targets at both the Silver Sage and Waterpump Creek targets. The program commenced on June 10 at Silver Sage, with a second drill rig beginning operations at Waterpump Creek North on June 14, accelerating the evaluation of multiple high-priority targets across the Illinois Creek district.

At Waterpump Creek North, drill holes WPC26-0038 and WPC26-0039, located approximately 200 metres north of the existing Waterpump Creek resource, have been completed, and drilling has commenced on WPC26-0040. These holes are testing a highly prospective area with the potential to significantly expand the known mineralized footprint of the district.

At Silver Sage, drill hole SS26-10 has been completed to target depth, while drilling is currently under way on SS26-11. Silver Sage is one of several priority targets being evaluated for its potential to add high-grade silver mineralization within trucking distance of the proposed Illinois Creek processing hub.

With drilling progressing efficiently and multiple targets being tested, management is encouraged by the pace of the program and looks forward to providing investors with a steady stream of assay results as they become available.

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 their 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 grams per tonne 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.

Qualified person

Patrick Donnelly, PGeo, 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.