To our Valued Investors, Shareholders, and Neighbors,

As we continue a highly productive exploration season at our Illinois Creek Project, I am pleased to share several important milestones achieved by Alaska Silver. Our team has been working diligently to advance our exploration programs, further de-risk our assets, and strengthen the relationships with local communities that are fundamental to our long-term success in Alaska.

Below, you’ll find updates on our operational progress, strategic partnerships, and community initiatives as we continue to build momentum and create value for our stakeholders.

Advancing Silver Sage and Waterpump Creek

Our primary focus this season remains on our high-priority targets at the Waterpump Creek deposit and the Silver Sage prospect. Specifically, we are looking to extend and add additional high-grade mineralization at Waterpump Creek, and we are aggressively carrying out drilling at Silver Sage to understand the full scale of the mineralization.

In parallel with our drilling program, we have launched a comprehensive metallurgical testing program at the past-producing Illinois Creek Mine. Samples are currently being prepared for advanced test work by our metallurgical consultants, Kappes, Cassiday & Associates (KCA). Demonstrating the metallurgical performance of our mineralized material is a key milestone in advancing the project and unlocking shareholder value. We look forward to sharing the results as they become available.

Alaska Silver Geos Collecting Metallurgical Samples at Illinois Creek Mine 

Strategic Validation and Baseline Studies

Our emerging potential world-class mineral district  is drawing significant attention. Recently, we had the privilege of hosting geologists from the United States Geological Survey (USGS) for a site visit. Their interest in our district underscores the broader geological and strategic significance of our land package.

Furthermore, we are incredibly proud to announce a new partnership with the Critical Minerals Accelerator Program at the University of Alaska Fairbanks. This collaboration aligns Alaska Silver with vital national supply chain initiatives, providing us with enhanced resources and strategic visibility as we advance our projects.

Dr. Lee Ann Munk of the University of Alaska Fairbanks Geophysical Institute holds high grade core from Alaska Silver’s Waterpump Creek deposit containing gallium and silver-rich galena during a recent site visit

(Photo courtesy of Fairbanks Daily News Miner)

We are also executing environmental and cultural field work required for responsible development. Ongoing studies this season include:

• Cultural Resources: Working closely with consulting archaeologists to ensure the preservation and respect of local heritage sites.
• ABR Wetlands Study: Conducting thorough hydrological and ecological mapping to minimize our footprint.
• Alaska Fish & Game: Monitoring and documenting local wildlife corridors and habitats as part of a multi-year study.

Community First

In Alaska, the long-term success of a mining project depends as much on strong community relationships as it does on the quality of the resource.

This season, we are honored to welcome local Tribal leaders to our camp for dedicated site visits, providing them with a firsthand look at our exploration activities, operational practices, and safety standards. We are also continuing our regular community meetings in nearby villages to share project updates, answer questions, and listen to the priorities and concerns of local residents. Building trust through open dialogue and transparency remains a cornerstone of our approach.

Beyond fostering strong relationships through transparent communication, local hiring, and regular community engagement, we are committed to making lasting investments in the communities we serve. In keeping with that commitment, we recently provided a financial donation to the Yukon Koyukuk School District (YKSD) to support its educational programs in our closest village communities. Field courses covered in 2026 include: Welding HSL in Huslia, Small Engines in Koyukuk, Welding in Nulato, and Hunter’s Education in Kaltag.

The Hunter Education class helps students be safe, responsible, and successful while practicing their subsistence lifestyle. Students who passed the course received a LIFETIME BASIC HUNTER CERTIFICATION card (see pictured) from the Alaska Department of Fish and Game, which qualifies them to hunt in all game management units in Alaska and is accepted in all 50 of the United States. They also each received a Garmin hand-held GPS which was purchased with the funds Alaska Silver provided.

These classes are just one way we are helping to invest in the next generation.

Pictures of 2026 Field Courses Supported by Alaska Silver (Welding, Hunter’s Education & more)

Additionally, to help foster community spirit and youth engagement this summer, Alaska Silver proudly helped sponsor the local villages’ softball and little league tournaments. Seeing the community come together for these games is always a highlight of the summer season and we are excited to be part of the efforts to make these events the success that they are.

Looking Forward: Welcoming Aaron Schutt as CEO October 1, 2026

As we continue to advance our exploration activities and enter the next phase of Alaska Silver’s growth, we are strengthening our leadership team to support the Company’s continued success. It is my great pleasure to announce the appointment of Aaron Schutt as our new Chief Executive Officer effective October 1, 2026. Aaron brings unparalleled experience in Alaskan business, Alaska Native Corporation leadership, and natural resource development throughout Alaska. This makes Aaron exceptionally well suited to lead Alaska Silver through this dynamic next chapter.

“I’m excited to join the Alaska Silver team. We have a great project in a location I am both familiar with and care deeply about. We also have a strong and committed team. I look forward to helping advance and grow Alaska Silver over the coming years.”

–         Aaron Schutt, Alaska Silver Director & Incoming CEO.

 LEFT: Drill Supervisor, Bill Mundell, Co-Founder & VP of Administration, Joan Marrs, CEO, President & Co-Founder, Kit Marrs and Principal Geologist, Sage Langston-Stewart on the Alaska Silver airstrip.      RIGHT: Kit & Joan Marrs at Camp

Thank you for your continued trust and investment in Alaska Silver.

Sincerely,

Kit Marrs

President & CEO, Alaska Silver