Mr. Kit Marrs reports

ALASKA SILVER ANNOUNCES C$7.6 MILLION PIPE FINANCING TO EXPAND 2026 DRILL PROGRAM TO 9,000 METRES

Alaska Silver Corp. has arranged a private investment in public equity (PIPE) financing of up to 13,846,910 units at an offering price of 55 Canadian cents per unit for aggregate gross proceeds of up to $7,615,800 (Canadian) (approximately $5,462,000 (U.S.)).

Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at 75 Canadian cents for three years following closing.

Crescat Capital LLC, a current significant shareholder holding approximately 13.8 per cent of Alaska Silver's outstanding common shares, will participate in the financing to maintain its ownership interest in the company.

The company intends to use the proceeds from the financing to expand its continuing 2026 exploration program at the Illinois Creek project. The company currently has a 6,000-metre drilling program under way and intends to increase the program to approximately 9,000 metres. The company expects the expanded program to provide flexibility for additional drilling at priority targets, including Waterpump Creek and Silver Sage. The company also intends to use the proceeds for continuing metallurgical and technical work, baseline environmental studies, and general corporate purposes.

"We are delighted with the strong support for this financing from Crescat and others that lets us immediately expand our 2026 drill program by 50 per cent and aggressively advance our highest-priority targets across the Illinois Creek district," said Kit Marrs, president and chief executive officer of Alaska Silver. "Drilling is progressing so well at both Waterpump Creek and Silver Sage that the drillers are ahead of plan by nearly 25 per cent, which leaves plenty of time during the current exploration season for an additional 3,000 metres of follow-up drilling on what we've seen already."

The financing is expected to close on or about Aug. 14, 2026, subject to the satisfaction of customary closing conditions and receipt of all necessary regulatory approvals, including that of the TSX Venture Exchange. Securities issued pursuant to the financing will be subject to applicable resale restrictions under Canadian and U.S. securities laws.

The units are being offered and sold to accredited investors only pursuant to exemptions from the registration requirements of the U.S. Securities Act, including Rule 506(b) of Regulation D thereunder, and in compliance with applicable Canadian securities laws, including the listed issuer financing exemption under Part 5A of National Instrument 45-106. The securities issued pursuant to the financing will be restricted securities as defined in Rule 144 under the U.S. Securities Act and will be subject to a hold period of six months from the date of issuance for resale purposes under Rule 144 (subject to satisfaction of all other applicable conditions) as well as a four-month-and-one-day hold period under applicable Canadian securities laws.

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 its 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 million ounces silver equivalent at a grade of 279 grams per tonne silver, 11.28 per cent zinc and 9.87 per cent lead and remains open to the north and south. At the western end is the historical past-producing Illinois Creek mine, which closed due to low metal prices, leaving untouched indicated mineral resources of 260,000 ounces gold at 0.92 gram per tonne gold and 8.3 million ounces silver at 29.72 grams per tonne silver, along with inferred mineral resources of 290,000 ounces at 0.84 gram per tonne gold and 10.4 million ounces silver at 30.11 grams per tonne silver. 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 NI 43-101, has reviewed and approved the scientific and technical information in this news release.

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