Mr. Gregory Beischer reports

ALASKA ENERGY METALS ACHIEVES HIGH EXTRACTION RATES OF METALS FROM HYDROMET TESTING, NIKOLAI NICKEL PROJECT, ALASKA

Alaska Energy Metals Corp. has achieved high extraction results from pressure oxidation (POX) hydromet testing of the Eureka deposit's bulk Ni-Cu (nickel-copper) concentrate produced during flotation locked cycle testing. The hydromet test work was completed by Simulus Laboratories in Welshpool, Western Australia using Lifezone's proprietary hydromet technology. These positive results are an important step in understanding the potential downstream value of metals that could be produced for the Eureka deposit, Alaska.

Alaska Energy chief executive officer Gregory Beischer commented: "On-site hydrometallurgical refining would eliminate the need to ship concentrate to an existing smelter. No nickel smelters exist in the U.S. Additionally, we would realize much higher metal payability, particularly for copper, which is an important byproduct for Nikolai. Strong metal extraction rates and better metal payablity should serve to improve project economics but must be balanced against increased capital costs. Importantly, hydrometallurgical processing at Nikolai would result in production of refined nickel and other critical and strategic metals in Alaska for American industrial markets and the U.S. Department of War. Additionally, the increase in recovery rates in our most recent flotations tests are encouraging."

Hydromet objectives and results

The objective of this hydromet study was to examine how bulk nickel-copper-cobalt sulphide concentrates from the Eureka deposit respond to POX testing. To accomplish this objective, a composite flotation circuit sample from locked cycle tests (LCTs) was subjected to pressure oxidation and solution treatment to determine the extraction rates of nickel, copper, cobalt (Co), platinum (Pt), palladium (Pd) and gold (Au) into solution from the concentrate. Head assay of the composite LCT sample was 8.0 per cent Ni, 4.0 per cent Cu, 0.29 per cent Co, 2.19 grams per tonne (g/t) Pt, 4.80 g/t Pd and 0.51 g/t Au. POX testing successfully achieved high extraction rates of 97.2 per cent Ni, 99.3 per cent Cu, 98.9 per cent Co, 99.5 per cent Pt, 86.1 per cent Pd and 47.8 per cent Au (table 1).

The results indicate several possible processing options, including total or partial pressure oxidation, recovering the base and precious metals in a single stage via chlorinated pressure oxidation, or two-stage leaching to recover the base and precious metals in two distinct streams.

Alaska Energy plans further hydrometallurgical testing on lower-grade concentrate samples that will be collected to maximize nickel recovery. If similar extraction rates can be realized on lower-grade concentrate samples, there will be benefits to the project.

Economic assessment of the various options may be performed with this additional information in hand, including trade-off analysis of incremental metals recoveries against reagent consumptions and materials of construction and, for the selected case, further refining test work planned.

Additonal locked cycle flotation testing

Based on these successful results from hydromet POX testing, an additional flotation locked cycle test (LCT-4) was completed to determine if metal recovery rates could be increased. To achieve this, the secondary grind following the 1st cleaner cell was removed from LCT-4.

LCT-4 successfully achieved metal recoveries of 54.3 per cent Ni, 57.4 per cent Cu, 26.2 per cent Co, 43.1 per cent Pt, 42.5 per cent Pd and 43.5 per cent Au. This was an increase in recovery of nickel (plus 4.9 per cent), copper (plus 6.9 per cent) and cobalt (plus 5.2 per cent), but resulted in a slight recovery decrease of platinum (minus 6.0 per cent), palladium (minus 0.6 per cent) and gold (minus 0.4 per cent), when compared with the results reported on July 16, 2026. As expected, the concentrate grade assayed slightly lower at 5.79 per cent Ni, 3.15 per cent Cu, 0.23 per cent Co, 1.03 g/t Pt, 2.63 g/t Pd and 0.66 g/t Au.

Future metallurgical test work

The LCT-4 concentrate will be sent to Simulus Laboratories to determine if a lower-grade bulk concentrate can achieve similar high metal extraction rates from hydrometallurgical testing.

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 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.

The company 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's 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. The company 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 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.

We seek Safe Harbor.