Mr. Kit Marrs reports

ALASKA SILVER ANNOUNCES CLOSING OF C$7.6 MILLION PIPE FINANCING

Further to Alaska Silver Corp.'s news release dated Aug. 11, 2026, the company has closed its private investment in public equity financing (the PIPE financing) for aggregate gross proceeds of $7,615,800 (approximately $5.48-million (U.S.)). Pursuant to the financing, the company issued 13,846,910 units of the company at a price of 55 cents per unit.

Each unit comprises one common share and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional share at an exercise price of 75 cents per warrant share for three years from the date of issuance.

The net proceeds from the financing will be used to expand the company's 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 of 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.

"Our drilling this summer has advanced much faster than projected, so this financing comes at just the right time to enable our outstanding exploration team to maximize the Alaska summer and keep drilling into September, said Kit Marrs, president and chief executive officer of Alaska Silver. "Early indications from the drilling have been encouraging and this financing will provide the opportunity for testing new targets and expanding our discoveries at Silver Sage and Water Pump Creek. It will be exciting to see what a team that is outperforming as highly as ours can do with an extended drilling season."

Crescat Capital LLC, a current shareholder holding approximately 13.8 per cent of Alaska Silver's outstanding common shares prior to the closing of the financing, participated in the financing to maintain its ownership interest in the company at approximately 13.7 per cent. Funds managed by Crescat acquired an aggregate of 1,830,910 shares and 1,830,910 warrants pursuant to the financing. Crescat is an insider of the company (as such term is defined under applicable Canadian securities laws) and, as such, its participation in the financing is a related party transaction under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to related party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the shares purchased by Crescat nor the consideration paid exceeds 25 per cent of the company's market capitalization. The company did not file a material change report more than 21 days before the expected closing of the financing as the details of the financing and the participation therein by Crescat was not settled until recently and the company wished to close on an expedited basis for sound business reasons.

The financing remains subject to final acceptance from the TSX Venture Exchange.

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 (126.4 square miles or 32,337 hectares) anchored by two resource-level mineralization zones separated by eight kilometres 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 oz 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 Ag2,3. 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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