Mr. Aaron Schutt reports

ALASKA SILVER ANNOUNCES TRANSITION OF AARON SCHUTT TO CEO

Alaska Silver Corp. has transitioned Aaron Schutt to chief executive officer of the company, effective Oct. 1, 2026. As previously announced on June 11, Mr. Schutt succeeds Christopher (Kit) Marrs, co-founder of the company, as president and chief executive officer. Mr. Marrs remains executive chairman of the company's board of directors and will continue in that role following this transition to maintain continuity and provide technical advice.

Mr. Schutt was appointed to the company's board of directors in May, 2026, and brings extensive leadership experience in Alaskan-based business enterprises. Mr. Schutt, an Alaska native, was president and chief executive officer of Doyon Ltd. until 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 $500-million-plus of revenue. During his 20 years with Doyon, Mr. Schutt 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.

Mr. Schutt stated: "Since joining the board of directors in June, I have become increasingly excited about the opportunities ahead for the company. As I assume the role of chief executive officer, 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's transition marks the culmination of over 50 years as an exploration geologist. Mr. Marrs first worked at Illinois Creek in the 1980's for Anaconda Copper Co. and later co-founded Western Alaska Copper & Gold Co. with his wife Joan, in 2010. Mr. Marrs's work 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. Mr. Marrs will continue to serve the company as executive chairman.

Mr. Marrs stated: "I look forward to Aaron's leadership and expertise in developing natural resources in Alaska. Aaron has the skills needed to take the Illinois Creek district into development. We control an entire mining district with multiple mineral deposits and two resources that are ready to move into predevelopment while we continue to explore our extensive land package and look to produce new discoveries."

Grant of stock options and RSUs

In addition, the company announces that it has granted an aggregate of 109,770 restricted share units (RSUs) to directors and a consultant and 525,000 stock options to directors and a consultant, of which 500,000 stock options were granted to a director and officer 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 68 cents per share for a term of five years.

Debt settlement

Further to the company's news release dated May 19, 2026, the company announces that it has issued 1,509,710 shares in settlement of outstanding management fee debt owing to certain officers of the company at a price of 82 cents per common share. For additional details regarding the debt settlement, please refer to the company's news release of May 19, 2026.

This settlement transaction represents deferred management fees owed to the company's executive chairman, Christopher (Kit) Marrs, its vice-president, administration, Joan Marrs, and its chief exploration officer, Joe Piekenbrock (collectively, the creditors), which accrued pursuant to employment and consulting agreements between the company and the creditors between 2023 and 2025 (in the case of Mr. Marrs and Ms. Marrs) and from 2022 to present (in the case of Joe Piekenbrock).

The company's board of directors and management believe that completing the debt settlement by issuing shares is in the best interests of the company as it will allow the company to preserve its cash resources for continuing and planned operations.

Mr. Marrs stated: "We are very pleased that this proposal to tighten up our balance sheet and remove this debt that has built up since 2022. Joan, Joe and I consciously deferred our compensation when times were tough because we wanted to prioritize cash for drilling and advancing our project, and ultimately increasing shareholder value."

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 totaling 80,895 acres (126.4 square miles or 32,337 hectares) anchored by two resource-level mineralization zones separated by eight km of high-potential exploration ground. At the eastern 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. At the western end is the historical past-producing Illinois Creek mine that closed in 1998 and was reclaimed in 2002 due to low metal prices, leaving untouched indicated mineral resources of 260,000 ounces 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 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, executive vice-president of Alaska Silver and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.

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