Alaska Energy Metals Files NI 43-101 Technical Report for the Eureka Property, Nikolai Nickel Project, Alaska, USA

VANCOUVER, BRITISH COLUMBIA, January 05, 2024 – Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to announce that further to its news release on November 20, 2023, it has filed its National Instrument 43-101 Technical Report, dated January 5, 2024, on SEDAR+ at www.sedarplus.com for its 100% owned Eureka Property, Nikolai Nickel Project in Alaska, USA.

The Independent Mineral Resource Estimate (MRE) and technical report were prepared by Stantec Consulting Services, Inc. in accordance with National Instrument 43-101 regulations.

Furthermore, AEMC is pleased to announce that it has engaged Stantec Consulting Services, Inc. to complete an updated MRE for its Eureka Property. The updated MRE will incorporate the eight diamond drill holes (totaling 4,138 meters) drilled during the company’s 2023 exploration program and historical drilling, purchased in August 2023, that fall within a reasonable search distance for estimation and pass data verification procedures. The work will start immediately.

Alaska Energy Metals President CEO Gregory Beischer commented: “Based on historical drilling, we have been able to document over 1.5 billion pounds of nickel in an Inferred Resource. With the drilling our company executed in summer of 2023, the metal inventory should significantly increase. We are planning an aggressive drilling program in 2024 to expand the bulk tonnage resource further, and to explore for high-grade deposits.”

Table 1 – Nikolai Project Maiden Mineral Resource Estimate (MRE)

Effective November 20, 2023

-          CIM definitions are followed for classification of Mineral Resource.

-          Base case cutoff grade is 0.20% Ni calculated from a Ni price of US$23,946/tonne (US$10.9 US$/lb), surface mining cost of US$2.50 per tonne, and processing costs US$25.00 per tonne.

-          Mineral Resource are reported from within an economic pit shell whose extent has been estimated using a Ni price of US$23,946/tonne (US$10.9 US$/lb) and mining cost of US$2.50 per tonne, from a Ni equivalent grade calculated from Ni, Cu, Co, Pt, Pd, and Au, Ni recovery of 60% and 50% for other metals, fixed density of 2.80- and 45-degree constant slope angle.

-          Equivalent grade formula is Ni EQ = Ni/1 + Cu/2.7309 + Co/0.5321 + Pt/0.0008 + Pd/0.0004 + Au/0.0004

-          Metal pricing used to calculate Ni EQ is based on observation of monthly metal pricing for the past 24 months up to end-October 2023 with Ni at US$23,946/tonne (US$10.9/lb) (World Bank), Cu at US$ 8,768/tonne ($US4.0/lb) (World Bank), Co 45,000 US$/tonne (US24/lb) (Trading Economics), Pt at US$970/toz (World Bank), Pd at US$1,700/toz (Kitco), and Au at 1,855 (World Bank). Totals may not represent the sum of the parts due to rounding.

-          The Mineral Resource estimate has been prepared by Derek Loveday, P. Geo. of Stantec Consulting Services Inc. in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and is reported in accordance with the Canadian Securities Administrators NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.

QUALIFIED PERSON

Mr. Derek Loveday, P. Geo. of Stantec Consulting Services Inc. is the independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, and has prepared, or supervised the preparation of, or has reviewed and approved, the scientific and technical data pertaining to the MRE and technical report.  Mr. Loveday declares he has read this press release and that the scientific and technical information relating to the resource estimate are correct.

Gabriel Graf, the Company’s Chief Geoscientist, is the qualified person, as defined under National Instrument 43-101 guidelines, who reviewed and approved the preparation of the technical information in this news release.

For additional information, visit: https://alaskaenergymetals.com/

ABOUT ALASKA ENERGY METALS

Alaska Energy Metals Corporation is focused on delineating and developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, palladium, and gold. Located in central Alaska, the Nikolai Nickel project is located near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals for the American market. The Company is also exploring the Angliers Nickel project in Quebec.

ON BEHALF OF THE BOARD

“Gregory Beischer”

Gregory Beischer, President CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:

Gregory A. Beischer, President CEO

Toll-Free: 877-217-8978 | Local: 604-638-3164

Sarah Mawji, Public Relations

Final Edit Media and Public Relations

Email: [email protected]

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, that the Company (a) complete an updated resource calculation, and b) execute further drilling in 2024. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.