Mr. Gregory Beischer reports

ALASKA ENERGY METALS PROVIDES UPDATE ON THE NIKOLAI NICKEL PROJECT, ALASKA / PERMITTING - METALLURGY - GOVERNMENT COLLABORATION

Alaska Energy Metals Corp. has provided a corporate update outlining recent activities for the Nikolai nickel project, Alaska.

Highlights

• Fast-41 permitting of the existing Rainy Creek mining road improvement and extension are on track and moving forward. Permit issuance is expected in late summer 2026, paving the way for significantly reduced drilling program costs.
• Metallurgical work continues with focus on metal recovery and concentrate grade. Sequential flotation of copper and nickel with pyrrhotite suppression is being investigated.
• United States government -- The company recently participated in a new call for Defense Production Act Title III project funding through a new Department of War Defense Industrial Base Consortium offering. The proposal was recently qualified as "met" (having met all minimum qualifications for further consideration).
• AEMC will soon own a 100-per-cent interest in the Canwell claim block of the Nikolai project that is known to host very high-grade nickel occurrences. Per the underlying option agreement, the company has notified the owners that it intends to make final option payment.

FAST-41 permitting. In November, 2025, AEMC's 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 Corp of Engineers (USACE) as the lead coordinating 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 a 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 BLM, and published on the dashboard. Public comments for the road project were solicited by USACE. The comment period closed on Feb. 27, 2026. AEMC is scheduled to carry out wetlands mapping and an archaeological survey in summer 2026. USACE and 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 authorizations in order for the federal agencies to issue permits. AEMC 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 FAST-41 program to reduce permitting timelines.

Metallurgical work. AEMC, along with its consultants and SGS Laboratories in Quebec City, Canada, has been performing various tests to determine the best flowsheet for recovery of metals from the Eureka deposit. Work to date shows that a bulk concentrate containing nickel sulphide (predominantly pentlandite), copper sulphide (predominantly chalcopyrite) and cobalt sulphide with platinum group metals can be produced. An iron-chrome concentrate can also be produced. Some of the nickel in the deposit is in the form of the iron-nickel alloy awaruite, some of which partitions to the magnetic concentrate and must subsequently be cleaned from it. Sequential flotation of copper and nickel with pyrrhotite suppression is also being investigated to 1) generate a cleaner, higher-grade nickel concentrate, and 2) realize higher payability on copper. The work is continuing and the company anticipates publishing results in the coming months. AEMC is also preparing to assess hydrometallurgical recovery methods which have shown great success in the separation and recovery of high-value metals from lower-grade disseminated sulphide ores like those found at Eureka. This technology could be particularly applicable for the Nikolai project.

U.S. government funding. AEMC continues to engage the administration and key government agencies on opportunities for coordinated participation in its critical minerals strategy through strategic funding, stakeholder inclusion and policy programs that incentivize domestic production and resilient supply chains. Recently, through the Department of War Defense Industrial Base Consortium (DIBC) (of which AEMC is a member company), solicited a new call for projects to be considered for Defense Production Act Title III project funding. AEMC timely submitted its Nikolai project proposal. The proposal has received a "met" rating with detailed proposals for projects in this category expected to be requested as early as May, 2026.

Canwell block option. The Canwell claim block forms an important part of the Nikolai project. Very high-grade nickel copper mineralization has been discovered at surface and the sulphide mineralization is enriched in platinum group metals. A series of drill targets has been developed on the block based upon geophysical data, surface sampling and mapping. One final cash option payment of $150,000 (U.S.) (plus inflation adjustment) will be made to the underlying owners in August, 2026, securing AEMC's 100-per-cent ownership of the Canwell block. Pursuant to the option agreement, AEMC has advised the owners of its intention to make the payment.

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

Alaska Energy Metals is focused on delineating and developing the large-scale, bulk tonnage, polymetallic Nikolai project and related Eureka deposit containing nickel, copper, cobalt, chromium, iron, platinum, palladium and gold. Located in interior Alaska near existing transportation and power infrastructure, its flagship project, Nikolai, is well situated to become a significant domestic source of strategic metals for North America. In January, 2026, Alaska Energy Metals' Nikolai project was accepted for FAST-41 transparency dashboard listing to streamline federal permitting for overland access and man camp placement for the next phase of Eureka deposit drilling. 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 environmental, social and governance performance is measured by action and led from the top.

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