Recent developments highlight Alaska Silver's active exploration programs, financing activities, and corporate governance updates.

• Alaska Silver announced a 6,000-meter drill program for 2026 at the Illinois Creek project in Alaska [N1].
• The company updated its Illinois Creek resource report amid a favorable gold and silver price environment [N2].
• In 2025, Alaska Silver completed a $13.8 million financing offering to support its exploration activities [N4].
• The company filed updated technical reports and offering documents related to its proposed U.S. initial public offering [N6][N7].
• Corporate governance updates include the appointment of Patrick Donnelly as Executive Vice President and the announcement of AGM results [N8].

The company has demonstrated active exploration and development efforts, including a significant 6,000-meter drill program planned for 2026 and updated NI 43-101 technical reports, which may enhance resource understanding and potential value. Successful financing rounds, including a $13.8 million offering, provide liquidity to support ongoing operations. The company's focus on high-grade silver and zinc deposits in Alaska positions it to capitalize on favorable metal price environments.

Alaska Silver operates without current revenue and has incurred substantial net losses, reflecting the risks inherent in mineral exploration. The company depends on continued financing to fund operations and exploration activities. There are uncertainties related to the timing and success of exploration programs, regulatory approvals, and the ability to achieve profitable operations. The company's going concern status is subject to material uncertainties due to its financial position and operating losses.

Alaska Silver's moat is primarily based on its ownership and exploration rights to mineral properties in Alaska, including the Illinois Creek Project and other high-grade silver and zinc deposits. The company's technical expertise, ongoing exploration programs, and regulatory filings support its position in the mineral exploration sector. However, as an exploration-stage company without producing assets, its competitive advantage depends on successful resource development and financing.

• Exploration and Development Risk: The company is in the exploration stage with no producing assets, and its success depends on the discovery and development of economically viable mineral deposits.
• Financial Risk: Alaska Silver has incurred significant losses and relies on external financing to fund operations, which may not be available on favorable terms or at all.
• Market and Commodity Price Risk: The company's prospects are sensitive to fluctuations in silver, zinc, and other metal prices, which can impact the economic viability of its projects.
• Regulatory and Environmental Risk: Exploration and development activities are subject to regulatory approvals and environmental requirements that may delay or restrict operations.

• Alaska Silver Corp. is a mineral exploration and development company incorporated in British Columbia, Canada, with operations primarily in Alaska, USA.
• The company was formerly known as Western Alaska Minerals Corp. and changed its name to Alaska Silver Corp. in April 2025.
• Alaska Silver's subordinate voting shares trade on the TSX Venture Exchange under the symbol 'WAM'.
• The company operates primarily in one geographical segment located in Alaska, where its mineral properties and equipment are situated.
• Key mineral properties include the Illinois Creek Project, Waterpump Creek, Silver Sage, Honker Property, Round Top Property, and other exploration targets in Alaska.
• The company has subsidiaries including Western Alaska Copper & Gold Company and Piek Inc., both 100% owned and located in the USA.
• Alaska Silver is in the exploration stage and currently has no operating revenue.
• The company has incurred net losses, including a net loss of $8,861,799 for the fiscal year ended December 31, 2025, and a net loss of $4,773,977 for the nine months ended September 30, 2025.
• Basic and diluted earnings per share were negative $0.13 for the fiscal year ended December 31, 2025.
• As of December 31, 2025, the company had cash and cash equivalents of approximately $9.05 million, current assets of $9.31 million, and current liabilities of $8.13 million, resulting in a current ratio of 1.14 and a cash ratio of 1.11.
• The company has promissory notes outstanding totaling approximately $3.1 million as of September 30, 2025, with scheduled repayments and interest obligations.
• Alaska Silver has issued subordinate voting shares and warrants as part of financing activities, including a $13.8 million offering closed in October 2025.
• The company has exploration expenses and other operating costs including consulting fees, management fees, depreciation, and stock-based compensation.
• The company has an asset retirement obligation estimated at approximately $222,791 as of September 30, 2025.
• Recent corporate developments include appointment of new executives, grant of stock options and RSUs, and updates to technical reports and resource estimates for the Illinois Creek deposit.
• The company announced a 6,000-meter drill program for 2026 at Illinois Creek and has filed updated NI 43-101 technical reports.
• The company has publicly filed registration statements and offering documents related to its proposed U.S. initial public offering.
• The company’s financial statements are prepared in accordance with U.S. GAAP and SEC regulations, with filings including a 10-K for the year ended December 31, 2025, and a 10-Q for the quarter ended September 30, 2025.