Alaska Energy Metals acquires Nikolai Nickel project, Alaska

Alaska Energy Metals Acquires 100% Of The Canwell Ni-Cu-Co-Pge Claim Block, Nikolai Nickel Project, Alaska

VANCOUVER, BC / ACCESS Newswire / September 16, 2026 / Alaska Energy Metals Corporation (TSX-V:AEMC)(OTCQB:AKEMF) ("Alaska Energy Metals" or the "Company") is pleased to announce that it has completed the purchase of the Canwell claim block, a key part of the Nikolai Nickel Project, which is known to host high grade nickel (Ni) - copper (Cu) - platinum-group metal (PGE) mineralization (as documented in the Company's January 4, 2024 press release). The claim block has been the subject of an option agreement originally announced February 4, 2022 between AEMC predecessor Millrock Exploration Inc., and prospector David Johnson, as amended January 21, 2024 and August 15, 2025. With the final option payment having been made, a 100% interest in the claims is being tranferred. Total paid for the Canwell property is 7.0 million AEMC shares, US$500,000 with a US$50,365 inflation adjustment. The minimum exploration work commitment of US$3,200,000 was exceeded. A 3% royalty, which may be extinguished by payment of US$9 million is being granted.

The Canwell claim block is located ~30 kilometers from the company's Eureka Deposit, located in the Delta River Mining District in Alaska (Figure 1). The property covers 49 State of Alaska mining claims (3,172 hectares).

Gregory Besicher, President and CEO, commented: "The grades at surface on the Canwell block are compelling and demand more exploration. The Canwell intrusion represents the deepest portion of the magmatic conduit system present at Nikolai and therefore is a highly prospective for rich, massive sulfide deposits.

Figure 1. Nikolai Nickel Project - Property Location Map

At Canwell, Ni-Cu-PGE mineralization is associated with mafic and ultramafic dikes and sills and are hypothesized as deep-rooted feeders to the same ultramafic sills located at Eureka. Felsic intrusions on the property have the potential to upgrade the Ni-Cu-PGE mineralization through remobilization processes. Ni-Cu-PGE prospects located by previous explorers include Emerick, Forbes, Odie, and Canwell Ridge. Additionally, the property holds potential for Besshi-type Volcanic Massive Sulfides (VMS) in the Permian volcanic and volcaniclastic rocks adjacent to the mafic and ultramafic sequence.

In 2024, the company drilled three holes for a total of 1,048 meters on the Emerick, Odie and Upper Canwell targets. The drill holes at Odie and Upper Canwell reached the planned targets depths, while the drill hole at Emerick was stopped early due to extremely poor ground conditions. Logging of the drill core indicates that the drill holes intersected ultramafic and mafic rocks previously mapped on the surface. Sulfide mineralization has been observed in the drill holes and ranges from disseminated, blebby and net-textured sulfides. Full results from the 2024 drill program can be found in the Company's press release dated .

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