Alaska Silver Corp. (TSX-V: WAM) is pleased to announce that it has filed on SEDAR+ an independent National Instrument 43-101 – Standards of Disclosure for Mineral Projects technical report supporting the updated mineral resource estimate for the Illinois Creek gold-silver deposit at its 100%-owned Illinois Creek Project, located on state land in Western Alaska.

The updated NI 43-101 Technical Report, titled “NI 43-101 Technical Report – Illinois Creek Project, Western Alaska, USA”, has an effective date of January 22, 2026, and was prepared by Dr. Bruce Davis, PhD, FAusIMM, of BD Resource Consulting, Inc, an independent Qualified Person under NI 43-101.

This Technical Report supports the updated mineral resource estimate previously announced by the Company on January 22, 2026.

Below is a brief summary of the mineral resource estimate. For full details please refer to the Company’s press release dated January 22, 2026.

2026 Illinois Creek Oxide Deposit Mineral Resource Summary (NSR Cut-Off US$24/t)

• Mineral resources are reported within an optimized open-pit shell assuming metal prices of US$3,500/oz gold and US$45/oz silver, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A costs of US$9.75/t, 92% gold recovery, 65% silver recovery, and average pit slopes of 45°.
• Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources will be converted into mineral reserves.

Key Highlights

• Indicated gold and silver ounces increased by 11% and 7%, respectively, compared to previous estimates.
• Inferred gold and silver ounces nearly doubled.
• Mineralization is oxide material amenable to low-cost heap or vat leach recovery.
• Mineralization remains open along strike and at depth, with significant exploration potential.
• Historical mining and metallurgical data exist, providing a foundation for potential optimization and development.

Alaska Silver Investor Outreach

Investors are invited to meet with Alaska Silver at the Metals Investor Forum, Toronto on February 27–28, where CEO Kit Marrs will be presenting on February 28th. For more information visit https://metalsinvestorforum.com/metals-investor-forum-toronto/.

The Company will also be attending the PDAC Convention in Toronto with a Corporate Booth (#2902, Investors Exchange) and a Core Shack Booth (#3111B) and welcomes shareholders and prospective investors to stop by and connect with the team.

About Alaska Silver

Alaska Silver controls one of North America’s major high-grade silver and critical minerals districts at the Illinois Creek Project in western Alaska. The project is anchored by high-grade silver mineralization at the Waterpump Creek zone, which hosts an Inferred Mineral Resource of 75 Moz AgEq at a grade of 279 g/t silver, 11.28 % zinc and 9.87% lead ¹, ² and remains open to the north and south, as well as by the Illinois Creek mine. The previously operating mine contains Indicated Mineral Resources of 260,000 oz gold at 0.92 g/t Au and 8.3 Moz silver at 29.72 g/t Ag, along with Inferred Mineral Resources of 290,000 oz gold at 0.84 g/t Au and 10.4 Moz silver at 30.11 g/t Ag³, ⁴. Alaska Silver’s 100%-owned carbonate replacement deposit demonstrates significant exploration potential along an 8-kilometre strike length. The IC Project is located approximately 38 kilometres from the Yukon River, the region’s primary marine transportation corridor, and comprises a contiguous, 100%-owned land package totaling 80,895 acres (126.36 square miles or 32,337 hectares). Headquartered in Alaska and Arizona, Alaska Silver is led by a team with a proven track record of large-scale mine discoveries.

¹ For Waterpump Creek, the formulas for AgEq are AgEq (g/t)= Ag (g/t) + 28.56 x Pb(%) + 37.12 x Zn(%) and assume metal prices of US$24/oz Ag, US$1.30/lb Zn, and US$ 1.00/lb Pb.2
² Please refer to the NI 43-101 Technical Report titled “Illinois Creek Project Update” dated April 2, 2024 (effective date of February 20, 2024).
³ For Illinois Creek, NSR values are based only on gold and silver values using metal prices of US$3,500/oz Au and US$45/oz Ag.
⁴ Please refer to the NI 43-101 Technical Report titled “Illinois Creek Project Update” dated September 22, 2023 (effective date of May 22, 2023).

“Kit Marrs”

Kit Marrs
President & CEO
kit@alaskasilver.com
Phone: 1-520-200-1667

For further information, please contact:

Patrick Donnelly
Executive Vice President
pat@alaskasilver.com

Or visit our website at: www.alaskasilver.com