Mr. Kit Marrs reports

ALASKA SILVER ANNOUNCES 6,000-METER 2026 DRILL PROGRAM FOR ILLINOIS CREEK, ALASKA

Alaska Silver Corp. will conduct a fully financed intensive summer 2026 exploration program -- including a minimum of 6,000 metres (m) of diamond drilling -- for its 32,737-hectare (80,895-acre), 100-per-cent-owned Illinois Creek silver-gold-lead-zinc and gallium project, located in western Alaska. The company will utilize two company-owned drill rigs, with simultaneous surface exploration and trenching. Activity should begin in early June.

The 2026 drilling program will focus on multiple priority targets at the high-grade Waterpump Creek deposit and the newly discovered Silver Sage zone, along with scout drilling of other high-priority targets. Building on 2025's successful discovery of the blind Silver Sage zone, systematic follow-up of legacy and newly generated geochemical and geophysical anomalies will be undertaken in high-potential areas identified within the overall Illinois Creek project area.

"With two drills turning and geologists' boots on the ground throughout the season, this will be our most aggressive summer program in our history," said Kit Marrs, president and chief executive officer of Alaska Silver. "Prime drilling objectives are expanding the Waterpump Creek resource and finding the source of Silver Sage while we trench and do initial drilling of newly recognized targets throughout the Illinois Creek property."

2026 Waterpump Creek

Alaska Silver has delineated a significant high-grade Ag-Pb-Zn inferred resource at Waterpump Creek with a grade of 980 grams per tonne (g/t) silver equivalent (see news release dated Feb. 22, 2024), interpreted to be part of a much larger integrated carbonate replacement deposit (CRD) system. This resource terminates abruptly against a postmineral fault making finding the continuation of the mineralization across the fault a prime target. The company's limited 2025 Waterpump Creek program consisted of only four drill holes totalling 2,057 m (see news release dated Jan. 20, 2026). Two holes intersected the postmineral fault zone, providing critical insight into the structural architecture of the area and the conduits that focused mineralizing fluids into carbonate-hosted traps. Two other holes intersected altered carbonate host rocks south of the fault, which clearly indicates that mineralization continues south of the postmineral fault. Aggressive drilling is planned for 2026 to better understand the structure, locate mineralization in the south block and follow that mineralization back toward its source.

2026 Silver Sage

Alaska Silver discovered the Silver Sage zone in early July, 2025, through trenching along a 1.5-kilometre-long (km) trend of untested historical soil anomalies (see news release of Nov. 3, 2025). The work outlined a 550 m long, deeply weathered breccia zone containing silver-bearing galena and cerussite (lead carbonate mineral). Trench sampling returned numerous high-grade silver-lead results, including multiple samples above 310 g/t silver (10 ounces per ton (oz/t)) and values up to 1,235 g/t silver (40 oz/t), with gold values reaching 0.55 g/t. Silver Sage is interpreted as another key mineralization centre within the overall Illinois Creek-Waterpump Creek CRD system.

Initial 2025 drilling comprised nine short, widely spaced holes totalling 906.5 m, designed to determine stratigraphy and structural controls. Four holes intersected significant localized silver and lead mineralization with anomalous zinc, gold exceeding one g/t locally, and copper locally approaching 1 per cent. This shallow drilling program showed that mineralization is thoroughly oxidized, with evidence of zinc leaching, and is hosted at the top of reactive carbonate rocks beneath an impermeable schist horizon, consistent with a CRD setting.

Based on the 2025 results, Alaska Silver has designed a 2026 summer drilling program to target the feeder structures for Silver Sage and locate coherent sulphide mineralization at depth.

Regional field exploration: two CRD-porphyry systems in the district

In addition to the planned drilling at Waterpump Creek and Silver Sage, Alaska Silver will advance a regional exploration initiative during the 2026 field season, reflecting the company's evolving interpretation of the Illinois Creek district as having two CRD-porphyry centres, with significant CRD potential developed within reactive carbonate stratigraphy surrounding each centre. The first centre (or hub) is the well-established Illinois Creek system, where multiple components of a large CRD system have been identified, including the Waterpump Creek Pb-Zn (lead-zinc) resource, the Illinois Creek Au-Ag (gold-silver) resource, Silver Sage, Warm Springs and other prospects. While the intrusive centre responsible for mineralization at Illinois Creek has not yet been located, the geological, structural, geophysical and geochemical evidence strongly supports its presence at depth. Two thousand twenty-six will see continued exploration for CRD mineralization in the Illinois Creek system to connect the dots along this major eight km long mineralization corridor.

The second hub is centred on the Round Top Ag-Cu-Mo (silver-copper-molybdenum) porphyry, located approximately 20 km from the Illinois Creek system. In contrast to Illinois Creek, the Round Top system exposes a well-defined mineralized intrusive porphyry centre surrounded by extensive carbonate host rocks that exhibit strong, widespread geochemical leakage to surface, including highly anomalous silver, lead, and zinc values over multikilometre strike lengths.

Within the Round Top hub, the TG and TG North (TGN) CRD prospects represent high-priority targets and will be a primary focus for one of the company's 2026 field exploration teams. Soil geochemistry outlines a strongly anomalous Ag-Pb-Zn trend extending over more than five km, with numerous samples exceeding 1,000 parts per million (ppm) lead, indicative of a robust and fertile mineralizing system. Reconnaissance mapping has identified multiple carbonate horizons interlayered with schist cap rocks, forming favourable stratigraphic and structural traps analogous to those hosting high-grade mineralization at Waterpump Creek.

The company believes the TG/TGN area has strong potential to host Waterpump Creek-style CRD mineralization, developed peripheral to the Round Top intrusive centre. Planned 2026 work will include detailed geological mapping, targeted soil and subsurface sampling, trenching, and refinement of drill targets to test for high-grade CRD mineralization beneath the soil geochemical anomalies.

Together, the Illinois Creek and Round Top hubs define a district-scale exploration opportunity, significantly expanding the company's target inventory and discovery potential across the project.

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.

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 (126.40 square miles or 32,337 hectares) anchored by two resource-level mineralization zones separated by eight km 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 (oz) silver equivalent (AgEq) at a grade of 279 g/t silver, 11.28 per cent zinc and 9.87 per cent lead (1) (2) that remains open to the north and south, as well as by the Illinois Creek mine. At the western end is the historically produced 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 million oz 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 million oz silver at 30.11 g/t Ag (2) (3). The IC project is located approximately 38 km from the Yukon River, the region's primary marine transportation corridor, Geadquartered in Alaska and Arizona, Alaska Silver is led by a team with a proven record of large-scale mine discoveries.

(1) For Waterpump Creek, the formula for AgEq is AgEq (g/t) equals Ag (g/t) plus 28.56 times Pb (per cent) plus 37.12 times Zn (per cent), and assumes metal prices of $24 (U.S.) per oz Ag, $1.30 (U.S.) per pound (lb) Zn and $1 (U.S.) per lb Pb (2).

(2) Please refer to the NI 43-101 technical report titled "Illinois Creek Project, Western Alaska, USA," dated Feb. 25, 2026 (effective date of Jan. 22, 2026).

(3) For Illinois Creek, AuEq values are based only on gold and silver values using metal prices of $3,500 (U.S.) per oz Au and $45 (U.S.) per oz Ag.

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