Alaska Energy Metals Announces Financing, Drill Program, Advisory Board Formation and Grant of Stock Options

Not for Distribution to United States Newswire Services or for dissemination in the United States

Highlights

• Alaska Energy Metals plans to raise $4.0 million in a brokered financing at $0.40 per unit; each unit will consist of one common share and one-half of one share purchase warrant; each whole warrant will entitle the holder to purchase another common share at $0.80 for the next two years.
• A 4,800m, 12-hole drill program is beginning.
• An Advisory Board has been formed and includes:
  • Tyron Breytenbach - Respected capital markets veteran, former top mining analyst and investment banker, and a geologist with specialization in nickel.
  • Dr. Larry Hulbert - Retired Geological Survey of Canada geologist with very strong knowledge of magmatic nickel deposits and extensive experience on the Nikolai project.
  • Dr. Alex Steiner - A geologist with specialization in magmatic nickel deposits.

VANCOUVER, British Columbia, July 06, 2023 -- Alaska Energy Metals Corp. (TSX-V: AEMC, OTCQB: AKEMF) ("Alaska Energy Metals" or the "Company") announces that it plans to raise $4,000,000 gross proceeds through a brokered private placement (the "Offering") of units (the "Units") at a price of $0.40 per Unit. The Company intends to use the net proceeds for drilling to potentially outline a nickel (copper, cobalt, chrome, iron, platinum, palladium, gold) resource at the Eureka Zone of the Nikolai project in Alaska. Drilling of 4,800 meters in 12 holes is planned. This exploration work will be in addition to the previously announced geophysical and geological programs to develop high-grade drilling targets on the Canwell prospects at Nikolai.

Alaska Energy Metals has entered into an engagement letter with Emerging Equities Incorporated ("EEI") as lead agent with rights of syndication. Syndicate members include Canaccord Genuity Corp., Echelon Wealth Partners, Red Cloud Securities Inc., and Cormark Securities Inc. The financing will be done on a best-efforts basis. Each Unit will consist of one common share of the Company and one-half of one share purchase warrant. Each full warrant will entitle the warrant holder to purchase an additional Alaska Energy Metals common share at the price of $0.80 for a term of two years.

The securities issued under the Offering will be subject to a four-month hold period. The Offering is subject to receipt of TSX Venture Exchange acceptance.

Company President and CEO Gregory Beischer commented: "Following our initial project financing, a great deal of interest in the project was expressed by the finance community in the Eureka prospect where thick intervals of disseminated nickel sulfide mineralization are reported from historical drill holes over a twelve-kilometer-long strike extent. Our intention is to execute a drill program to further test a portion of the mineralized zone. Metallurgical studies are also planned."

Marketing Contracts

The Company has signed advisory and marketing / investor relations contracts with:

Omni8. Omni8 is an ambitious outsourced marketing firm that links Fortune 500/100 companies to target markets. The San Antonio, Texas-based company develops effective ways to promote client's products and services. Omni8 will: assist in developing a corporate marketing strategy and provide marketing and public relations advisory services; help coordinate marketing timeline around expected news flow and events; make introductions to its network of media contacts, internet and social media marketers and other such providers; assist with public relations efforts; Assist with development of marketing materials; and distribute marketing materials through affiliate publishers and distribution channels. The contract term is six month, starting on July 15, 2023, and Omni8 will be paid $60,000.

MMG Market Medium GmbH & Co. KG. ("MMG") is a service provider in the field of online marketing and investor relations services specializing in the European market and is based in Germany. MMG will create German-translated text materials, including text and display advertisements, advertorials with company-provided publicly disclosed information, and general information on the nickel and battery metals sector. The firm will create specialized and structured campaigns and ad groups, and optimize online advertising for detailed keyword research, and identify possible target groups of potential shareholders. MMG will coordinate third-party online advertisers and marketers corresponding to the online marketing targets. The contract has a term of six months starting on July 15, 2023 and MMG will be paid 150,000 euros (approximately $215,900) for their services, including the costs of third-party advertisers.

Advisory Board

Alaska Energy Metals has formed an advisory board consisting of three individuals.

Tyron Breytenbach: Mr. Breytenbach is a former equity analyst at Cormark Securities and Stifel Canada where he interacted extensively with the international investment community. Prior to joining Aris Mining in 2022, Mr. Breytenbach was a Managing Director in the investment banking group at Canada's largest employee-owned dealer - Cormark. Prior to entering capital markets, Mr. Breytenbach spent a decade in the mining industry as a geologist where he specialized in exploration, resource estimation and grade control. Mr. Breytenbach holds a BSc (Honours) Degree from Rand Afrikaans University in South Africa and is a designated P.Geo. He started his career under the Anglo Platinum Scholarship Program and has extensive experience in the Bushveld Intrusive Complex (the largest repository of magmatic ore deposits globally).

Dr. Alex Steiner: Alex Steiner has more than ten years of industry and academic experience exploring magmatic Ni-Cu-PGE deposits and studying the petrology of large mafic magmatic systems. He is currently a Senior Geologist with Big Rock Exploration where he leverages geochemistry and petrology to provide technical insight into a range of problems and deposit types. He has previously worked for Twin Metals Minnesota LLC at the Maturi Cu-Ni-PGE deposit, and Rio Tinto Exploration at the Tamarack Ni-Cu-PGE deposit and other PGE-rich systems in northwestern Ontario. He graduated from Indiana State University with a bachelor's in Geology and minor in geochemistry in 2012, followed by a Master's in Geology from University of Minnesota Duluth in 2014. He completed his Ph.D. in 2021 at Michigan State University studying the petrology of large mafic magmatic systems.

Dr. Larry Hulbert: Dr. Hulbert has over 40 years of experience in the metallogeny of mafic-ultramafic rocks and is an internationally recognized expert in platinum-group elements and nickel-copper sulphides. Previously, he was Senior Research Scientist with the Geological Survey of Canada and has extensive industry experience including working directly on the Company's Nikolai project for over 10 years.

Stock Option Grant

The Company's Board of Directors has authorized a grant of 1,700,000 stock options to employees, directors, consultants and advisors to the Company. The options are to be granted with a strike price equal to the closing market price of Alaska Energy Metals shares on July 7, 2023 and will have a five-year term.

Gregory Beischer, the Company's president and chief executive officer, is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release.

About Alaska Energy Metals
Alaska Energy Metals Corp. is focused on delineating and developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, palladium and gold. Located in development-friendly central Alaska near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals.

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

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the completion of the Offering, the Company's successful realization of adequate financing to drill exploratory holes at the Eureka prospect of the Nikolai project and to achieve milestones successfully. The potential quantity and grade of mineralized rock targeted by Alaska Energy Metals is conceptual in nature. There has been insufficient historical exploration drilling to estimate a mineral resource, and it is uncertain if further exploration will result in the estimation of a mineral resource. 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. 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.

This news release does not constitute an offer for sale, or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of the Company. The securities of the Company have not been, and will not be, registered under the 1933 Act or under any state securities laws and may not be offered or sold in the United States or to a U.S. Person absent registration under the 1933 Act and applicable state securities laws or an applicable exemption therefrom.

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