Nikolai Nickel Project Exploration Program Drilling

VANCOUVER - Alaska Energy Metals Corporation reported the receipt of all assay results from the 2023 exploration program at the Nikolai Nickel Project in Interior Alaska, during which eight diamond drill holes were drilled. These new results further demonstrate the Eureka Zone remains consistent and homogeneous, as indicated by historical drilling on the property. EZ-23-007 was drilled ~250m northwest of EZ-23-005 to test mineralization continuity along strike to the northwest.EZ-23-008 was drilled ~300m northwest of EZ-23-006 to test mineralization continuity along strike to the northwest. The results from all eight holes have confirmed mineralization continuity along a 1.2-kilometer strike length on the Eureka Zone, with the mineralization remaining open in all directions.

EZ-23-007 drilled into 21.0m of overburden and then into a poorly mineralized gabbro from 21.0m to 119.4m. The gabbroic unit transitioned into a weakly mineralized pyroxenite-rich unit from 119.4m to 170.7m. The main mineralized Eureka zone was intersected from 170.7m to 481.1m downhole, with assays grading 310.4m (295.7m estimated true thickness) @ 0.32% NiEq (0.21% Ni, 0.08% Cu, 0.02% Co, 0.30% Cr, 9.97% Fe, 0.106 g/t Pd, 0.052 g/t Pt and 0.013 g/t Au). The main mineralized Eureka zone intersection contains a central, higher-grade zone, included in the intersection above, with assays grading 93.6m @ 0.36% NiEq (0.22% Ni, 0.13% Cu, 0.02% Co, 0.30% Cr, 10.73% Fe, 0.157 g/t Pd, 0.075 g/t Pt and 0.014 g/t Au). The main mineralized zone was hosted within a pervasively serpentinized peridotite, with varying amounts of disseminated sulfides, with up to 10% disseminated sulfides within the Core Eureka Zone 2. Grades and sulfide abundance within the main mineralized zone decrease near the contact with a pyroxenite intrusive rock phase from 481.1m to 488.0m. Disseminated sulfides increase within a serpentinized pyroxenite/peridotite intrusion from 488.0m to 552.8m (EOH). This lower pyroxenite/peridotite unit assayed 64.8m @ 0.22% NiEq (0.15% Ni, 0.03% Cu, 0.02% Co, 0.44% Cr, 10.44% Fe, 0.021 g/t Pd, 0.035 g/t Pt and 0.010 g/t Au) and is still open at depth. The mineralization is currently open in all directions.

EZ-23-008 drilled into 9.8m of overburden and then into a poorly mineralized gabbro from 9.8m to 63.1m. The gabbroic unit transitioned into a weakly mineralized pyroxenite-rich unit from 63.1m to 65.8m. The main mineralized Eureka zone was intersected from 65.8m to 384.4m downhole, with assays grading 318.6m (304.4m estimated true thickness) @ 0.31% NiEq (0.21% Ni, 0.07% Cu, 0.02% Co, 0.31% Cr, 10.03% Fe, 0.090 g/t Pd, 0.042 g/t Pt and 0.012 g/t Au). The main mineralized zone was hosted within a pervasively serpentinized peridotite, with varying amounts of disseminated sulfides, with up to 10% disseminated sulfides within the Core Eureka Zone 2. The Core Eureka Zone 2, included in the intersection above, assayed 67.2m @ 0.33% NiEq (0.21% Ni, 0.10% Cu, 0.02% Co, 0.29% Cr, 10.66% Fe, 0.117 g/t Pd, 0.057 g/t Pt and 0.013 g/t Au). Disseminated sulfides decrease within a lower serpentinized peridotite intrusion from 384.4m to 446.1m (EOH). This lower peridotite unit assayed 61.7m @ 0.20% NiEq (0.14% Ni, 0.01% Cu, 0.02% Co, 0.44% Cr, 10.46% Fe, 0.012 g/t Pd, 0.022 g/t Pt and 0.008 g/t Au). The mineralization is currently open in all directions from EZ-23-008.