Highlights

• The Bambino property is adjacent to AEMC’s Angliers-Belleterre claim block and constructively adds to the property position.
• The combined claims are underlain by thick basalt flow interlayered with gabbro sills and komatiite flows in a regional setting thought to include a mantle plume, and prospective for Kambalda or Raglan-style high-grade nickel mineralization.
• Significant copper-nickel-PGE prospects Midrim and Alotta, held by Pivotal Metals Ltd.², are located on adjacent claims.
• AEMC’s exploration program is fully funded and will commence immediately. The program consists of approximately 4,000 soil samples, prospecting and a VTEM electromagnetic survey.

Alaska Energy Metals Corporation (TSX-V: AEMC) (OTCQB: AKEMF) is pleased to announce it has entered into an agreement, pursuant to which it will be granted an option to acquire 100% interest in the 57-claim, 3,320-hectare Bambino nickel – copper platinum group element property located in the Temiscaming Region of western Quebec, from a Quebec prospecting syndicate. The Property is located directly adjacent to the Company’s 100%-owned Angliers-Belleterre (Angliers) property acquired in 2023¹ (Figure 1).

“Our Nikolai nickel project in Alaska, which hosts the Eureka deposit, already contains one of the largest known nickel resources in the US. We intend to acquire Bambino so that we can further expand our contribution of nickel and other strategic metals to the rapidly growing lithium-ion battery industry and also the long-term energy storage industry in North America,” says Gregory Beischer, CEO of Alaska Energy Metals. “We are excited and ready to begin exploration in Quebec as we know these projects could further position AEMC as a leading producer of critical minerals in the North American market at a time when these commodities are going to be in even higher demand than they are today.”

 Figure 1: Location of AEMC’s Angliers and Bambino Claims

BAMBINO PROPERTY

The Bambino property covers the southern portion of the western segment of the Belleterre-Baby-Angliers Greenstone Belt and is predominately underlain by mafic volcanic rocks intruded by mafic to ultramafic sills. The volcanic stratigraphy includes thick layers of pillowed and subordinate massive basalt flows overlain by volcaniclastic sediments that are both interlayered with gabbro sills and komatiite flows. Mineralization in the area is primarily hosted or spatially related to the gabbro sills as: a) primary magmatic sulfide Ni+Cu±PGE mineralization (disseminated to massive sulfides), b) remobilized hydrothermal Cu+PGE mineralization (sheared sulfides) and c) volcanogenic, disseminated pyrite mineralization in tuffaceous rocks. The mineralization is thought to be related to a mantle plume in a geological setting analogous to Kambalda in Western Australia and Raglan in Northern Quebec.

On the adjacent BAGB property held by Pivotal Metals Ltd.², previous drilling at the Alotta and Midrim showings has returned significant intersections of high-grade Cu-Ni-PGE massive sulfide mineralization at shallow depths (Figure 2). Bambino has seen minimal, prior exploration work consisting only of regional airborne surveys and limited soil geochemistry. The Property has gold potential, demonstrated by the presence of many quartz veins on the property; however, no assurance can be given that assay results similar to those at the BAGB property will be obtained at the Bambino property. The Belleterre-Baby-Angliers Greenstone Belt is best known for the past producing Belleterre gold mine located approximately 50 km east of Bambino. Vior Inc. recently consolidated the area surrounding the former mine and is finalizing plans for a +60,000m drill program.³

Figure 2: Bambino Claims: Airborne Total Magnetic Field, mineral showings, and selected drill intersections on adjacent Pivotal Metals Ltd. Claims ²

TERMS OF AGREEMENT

Under the Option Agreement, AEMC will have the exclusive option to acquire a 100% interest in the Bambino Property by paying $105,000 cash and issuing 700,000 common shares of AEMC to the Vendors and completing $500,000 of exploration work, scheduled as annual installments over a three-year term. Upon exercise of the option, the Vendors will retain a 2.0% Net Smelter Returns royalty. AEMC will have the right at any time to buy back half of the royalty (i.e., 1.0%) for $1,000,000 cash. The Option Agreement is subject to approval by the TSX Venture Exchange.

EXPLORATION PROGRAM

AEMC intends to commence work immediately on the Angliers and Bambino claims with property-wide soil geochemistry, prospecting, rock sampling surveys and an airborne VTEM survey. The goal of this work is to identify anomalous zones to follow up with Controlled Source Audio Magnetotellurics (CSAMT) and time-domain electromagnetic geophysical surveys. The exploration program will be 100% funded from AEMC’s current flow-through account.

REFERENCES

1. AEMC Press Release November 24, 2023, https://alaskaenergymetals.com/news/closes-acquisition-of-the-angliers-belleterre-project-in-quebec/
2. Pivotal Metals Ltd. BAGB webpage, https://pivotalmetals.com/bagb/
3. Vior Inc. Belleterre webpage, https://www.vior.ca/projects/belleterre-gold/

QUALIFIED PERSON

Gabriel Graf, the Company’s Chief Geoscientist, is the qualified person, as defined under NI 43-101 Standards of Disclosure for Mineral Projects, and has reviewed and approved the scientific and technical information contained in this news release.

ABOUT ALASKA ENERGY METALS

Alaska Energy Metals Corporation is an Alaska-based corporation with offices in Anchorage and Vancouver working to sustainably deliver the critical materials needed for national security and a bright energy future, while generating superior returns for shareholders.

AEMC is focused on delineating and developing the large-scale, bulk tonnage, polymetallic Eureka deposit containing nickel, copper, cobalt, chromium, iron, platinum, palladium, and gold. Located in Interior Alaska near existing transportation and power infrastructure, its flagship project, Nikolai, is well-situated to become a significant domestic source of strategic energy-related metals for North America. AEMC also holds a secondary project, ‘Angliers-Belleterre,’ in western Quebec and the Bambino property, which is adjacent to the Angliers claim block. Today, material sourcing demands excellence in environmental performance, carbon mitigation, and the responsible management of human and financial capital. AEMC works every day to earn and maintain the respect and confidence of the public and believes that ESG performance is measured by action and led from the top.