Alaska Silver raises C$7.6 million for 9,000-metre 2026 drill program

Tucson, Arizona--(Newsfile Corp. - August 11, 2026) - Alaska Silver Corp. (TSXV: WAM) (FSE: MK71) (OTCQX: WAMFF) (the "Company" or "Alaska Silver") is pleased to announce a private investment in public equity financing (the " Financing ") of up to 13,846,910 units (" Units ") at an offering price of C$0.55 per Unit for aggregate gross proceeds of up to C$7,615,800 (approximately US$5,462,000).

Each Unit will consist of one common share and one common share purchase warrant (a " Warrant "). Each Warrant will entitle the holder to purchase one additional common share at C$0.75 for three years following closing.

Crescat Capital LLC, a current significant shareholder holding approximately 13.8% 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 ongoing 2026 exploration program at the Illinois Creek Project. The Company currently has a 6,000-metre drilling program underway 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 ongoing 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% and aggressively advance our highest-priority targets across the Illinois Creek district," said Kit Marrs, President and CEO 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%, 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 August 14, 2026, subject to the satisfaction of customary closing conditions and receipt of all necessary regulatory approvals, including that of the TSX Venture Exchange (the " TSXV "). Securities issued pursuant to the Financing will be subject to applicable resale restrictions under Canadian and United States 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.