Recent developments highlight Alaska Silver Corp.'s active exploration and financing activities, including updates to the Illinois Creek resource, a 6,000-meter drill program, and successful capital raises.

• Alaska Silver updated its Illinois Creek resource amid a strong gold and silver price environment [N5].
• The company announced a 6,000-meter 2026 drill program at Illinois Creek, Alaska [N6].
• In October 2025, Alaska Silver closed a US$13.8 million offering to support its exploration activities [N7].
• The company filed registration statements for a proposed U.S. initial public offering in September 2025 [N8].
• Alaska Silver announced decompression of proportionate voting shares and grants of restricted stock units as part of compensation programs [N5].

The company’s recent successful capital raises and ongoing exploration programs, including a 6,000-meter drill program at Illinois Creek, provide operational momentum. The updated resource estimates in a favorable gold and silver price environment enhance the potential value of its mineral properties. The company’s ability to maintain liquidity and execute exploration plans supports its development prospects. Strategic management appointments and corporate governance certifications further strengthen operational execution.

Alaska Silver Corp. faces risks typical of mineral exploration companies, including the absence of current operating revenue, reliance on external financing, and the uncertainty of exploration outcomes. The company reported net losses in prior periods and has an accumulated deficit, indicating ongoing capital needs. Market and commodity price volatility, regulatory challenges, and potential dilution from equity issuances pose additional risks. The company’s going concern status is subject to uncertainties related to financing and operational success.

Alaska Silver Corp.'s moat is primarily based on its ownership and development of mineral properties in Alaska, including the Illinois Creek Project, which has demonstrated high-grade silver, zinc, and lead mineralization. The company’s technical expertise, exploration capabilities, and established permits and infrastructure in a mining-friendly jurisdiction contribute to its competitive position. However, as a mineral exploration company, its moat is subject to the inherent risks of exploration success, commodity price volatility, and capital availability.

• Financing Risk: The company requires additional financing to continue operations and exploration activities. Failure to secure adequate funding could adversely affect its financial position and operational success.
• Exploration and Development Risk: Mineral exploration is inherently uncertain, and there is no guarantee that exploration programs will result in economically viable mineral deposits.
• Market and Commodity Price Risk: Fluctuations in the prices of silver, gold, zinc, and other commodities can materially impact the company’s valuation and ability to finance operations.
• Regulatory and Environmental Risk: The company is subject to environmental regulations and permitting requirements that could delay or increase the cost of exploration and development.
• Liquidity Risk: While the company has a current ratio of 1.44 as of March 31, 2026, ongoing liquidity depends on managing liabilities and securing financing.

• Alaska Silver Corp. is a mineral exploration and development company incorporated in British Columbia on April 8, 2020.
• The company operates primarily in Alaska, United States, with mineral properties including the Illinois Creek Project, Round Top Property, Honker Property, and others.
• Alaska Silver Corp. has subsidiaries including Western Alaska Copper & Gold Company and Piek Inc., both located in the USA.
• The company is publicly traded with subordinate voting shares listed on the TSX Venture Exchange under the symbol 'WAM'.
• As of March 31, 2026, the company reported cash and cash equivalents of $6,433,387 USD and current assets of $6,810,524 USD, with current liabilities of $4,745,710 USD, resulting in a current ratio of 1.44 and a cash ratio of 1.36.
• For the quarter ended March 31, 2026, the company reported net income of $1,234,517 USD and basic and diluted earnings per share of $0.01.
• The company has issued subordinate voting shares through exercises of stock options and warrants during the quarter ended March 31, 2026.
• Alaska Silver Corp. has ongoing exploration programs, including a 6,000-meter 2026 drill program at Illinois Creek, Alaska.
• The company has completed a US$13.8 million offering in October 2025 and has filed registration statements for a proposed U.S. initial public offering.
• The company has promissory notes and related party loans with specified repayment terms and interest rates, including a promissory note originally issued in 2021 and amended with increased interest rates and repayment schedules.
• The company has asset retirement obligations related to its mineral properties, with estimated future reclamation costs and accretion expenses disclosed.
• The company reported a net loss of $4,773,977 for the nine months ended September 30, 2025, and an accumulated deficit of $45,277,464 as of that date.
• The company’s financial statements are prepared in accordance with US GAAP and SEC regulations, with the functional currency primarily the US dollar.
• The company’s management discusses risks including the need for further financing, the absence of current operating revenue, and uncertainties related to mineral exploration and development.
• Recent news highlights include updates on the Illinois Creek resource in a strong gold and silver price environment and ongoing exploration updates.
• The company announced decompression of proportionate voting shares and grants of restricted stock units and options as part of compensation.
• The company’s exploration activities include high-grade silver and zinc discoveries at Waterpump Creek and Silver Sage.
• The company’s liquidity and capital resources are detailed in SEC filings, including current assets, liabilities, and stockholders’ equity.
• The company’s board approved financial statements and management certifications pursuant to Sarbanes-Oxley Act requirements.