Alaska Energy Metals Announces Closing of $3 Million Non-Brokered Private Placement

VANCOUVER, Aug. 04, 2023 - Alaska Energy Metals Corp. (TSX-V: AEMC, OTCQB: AKEMF) ("Alaska Energy Metals" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement of units (the "Units") for aggregate gross proceeds of $3,055,000 (the "Offering").

The Company issued a total of 7,637,500 Units at a price of $0.40 per Unit. Each Unit consisted of one common share in the capital of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase an additional Common Share (each, a "Warrant Share") at a price of $0.80 until August 4, 2025.

The Company intends to use the net proceeds from the Offering towards the drilling program at the Eureka Zone of the Nikolai project in Alaska and general corporate purposes.

The Company paid cash finders' fees totaling $63,240 and issued 158,100 finder's warrants (the "Finder's Warrants") to certain qualified arm's length finders. Each Finder's Warrant entitles the holder thereof to acquire one Common Share (a "Finder's Share") at a price of $0.60 per Finder's Share until August 4, 2025.

The securities issued pursuant to the Offering are subject to a four-month hold period from the date of issuance under applicable Canadian securities laws.

Gregory Beischer, President, Chief Executive Officer and Director of the Company, and Roland Butler, Director of the Company, purchased an aggregate of 297,500 Units in the Offering for gross proceeds of $119,000. The participation by Mr. Beischer and Mr. Butler in the Offering constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The related party transactions were exempt from minority approval, information circular and formal valuation requirements pursuant to the exemptions contained in Sections 5.5(a) and 5.7(1) of MI 61-101, as neither the fair market value of the gross securities issued under the Offering nor the consideration paid by the insiders exceeded 25% of the Company's market capitalization.

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:
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: sarah@finaleditpr.com

Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the intended use of proceeds. 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 guarantees 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.

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.