ALASKA ENERGY METALS ANNOUNCES MAIDEN NI43-101 MINERAL RESOURCE ESTIMATE EXCEEDING 1.5 BILLION POUNDS OF CONTAINED NICKEL FOR THE NIKOLAI NICKEL PROJECT, ALASKA, USA Mineral Resource Estimate - Inferred Mineral Resources
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
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NR: 23-18
ALASKA ENERGY METALS ANNOUNCES MAIDEN
NI43-101 MINERAL RESOURCE ESTIMATE EXCEEDING
1.5 BILLION POUNDS OF CONTAINED NICKEL FOR
THE NIKOLAI NICKEL PROJECT, ALASKA, USA
Mineral Resource Estimate - Inferred Mineral Resources
Eureka Zone East: 88.6 million tonnes grading 0.35% NiEq% containing:
471 million pounds of nickel
165 million pounds of copper
34 million pounds of cobalt
548,700 ounces of platinum, palladium, and gold
Eureka Zone West: 182.8 million tonnes grading 0.28% NiEq% containing:
1,080 million pounds of nickel
208 million pounds of copper
81 million pounds of cobalt
792,400 ounces of platinum, palladium, and gold
VANCOUVER, BRITISH COLUMBIA, November 20, 2023 – Alaska Energy Metals
Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to
announce the first independent National Instrument 43-101 Standards of Disclosure for
Mineral Deposits (“NI 43-101”) mineral resource estimate (“MRE” or “2023 Resource”) for its
100% owned Nikolai Ni-Cu-Co-PGE-Au Project (“Nikolai Project”) in Alaska, USA. The study
was completed by Stantec Consulting Services, Inc., utilizing historical drill hole data the
Company purchased earlier in the year. The effective date of the MRE is November 20,
2023.
Alaska Energy Metals President & CEO Gregory Beischer commented: “The two areas in
which we were able to calculate an inferred mineral resource, based only on historical drill
holes, are approximately two kilometers apart. Other sparse, historical holes drilled between the
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Maiden NI 43-101
Resource Estimate
Page 2
deposits indicate a reasonable likelihood that further grid-based drilling will ultimately connect
the two deposits together. The drilling we recently conducted in Summer 2023 will go part way
towards joining the deposits together and is likely to further increase the contained metal in the
deposits substantially. The rapid growth in resources speaks to the consistency and predictability
of the deposit, which remains open in all directions. Eureka is quickly evolving into one of the
larger nickel resources on the continent.”
The results of the 2023 Resource are reported below:
• Total Eureka Zone MRE contains an inferred mineral resource of 1.5 billion pounds
of nickel, 372 million pounds of copper, and 115 million pounds of cobalt, plus a
total of 1.34 million ounces of platinum, palladium, and gold in a constrained model
totaling 319.6 million tonnes at an average grade of 0.30% total nickel equivalent
(“NiEq”) using a 0.20% NiEq cut-off grade. See the detailed breakdown in Table 1 and
Table 2 below.
• The Eureka Zone East MRE contains an inferred mineral resource of 471 million
pounds of nickel, 165 million pounds of copper, 34 million pounds of cobalt, plus
549 kozs of platinum, palladium, and gold in a constrained model totaling 88.6
million tonnes at an average grade of 0.35% total NiEq using a 0.20% NiEq cut-off
grade (Table 1 & 2).
• The Eureka Zone West MRE contains an inferred mineral resource of 1,081 million
pounds of nickel, 208 million pounds of copper, 81 million pounds of cobalt, plus
792 kozs of platinum, palladium, and gold in a constrained model totaling 231
million tonnes at an average grade of 0.28% total NiEq using a 0.20% NiEq cut-off
grade (Table 1 & 2).
• Deposits in the 2023 Resource are defined by 8 of 37 drill holes cored prior to 2023.
Several of the remaining drill holes provide early confirmation that the
mineralization is interconnected across all three deposits (Figure 1). The deposits
remain open in all directions.
• The Eureka Zone East and Eureka Zone West MRE are located approximately two
kilometers away from each other (Figure 1).
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
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Maiden NI 43-101
Resource Estimate
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• Received and pending assay results from the eight-hole 2023 drill campaign are not
included in the 2023 Resource. These eight holes were completed as ~250 to 300-
meter (“m”) step-outs to build outward from the 2023 Resource for the Eureka East,
Eureka Zone 2 (“EZ2”) deposit (Figure 1). An updated NI 43-101 Mineral Resource
Estimate is anticipated to be completed in 2024 with the additional drill results.
• Chrome and Iron are also present within the deposits but have not been reported in
the 2023 Resource due to the lack of historical assay data and analytical methods
used.
Mineral resources are not mineral reserves and do not have demonstrated economic
viability. The 2023 Resource estimate will be incorporated into a NI43-101 compliant
technical report for the Nikolai project to be filed within 45 days.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Maiden NI 43-101
Resource Estimate
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Table 1 – Nikolai Project Maiden Mineral Resource Estimate (MRE)
Effective November 20, 2023
Inferred Mineral Resource Tonnes and Grade
Area Mineralized Zone
NiEq Cutoff Tonnes
Base and Battery Metals PGM and Precious Metals Total
Ni Cu Co Pt Pd Au Ni
Eq*
(%) (MT) (%) (%) (%) (g/T) (g/T) (g/T) (%)
Eureka East Eureka Zone 2 (EZ2) >= 0.200 88.6 0.24 0.08 0.02 0.056 0.124 0.012 0.35
Eureka West
Eureka Zone 2 (EZ2) >= 0.200 182.8 0.21 0.05 0.02 0.036 0.071 0.013 0.28
Eureka Zone 3 (EZ3) >= 0.200 48.2 0.23 0.02 0.01 0.031 0.021 0.004 0.27
Total EZ2 + EZ2 + EZ3 >= 0.200 319.6 0.22 0.05 0.02 0.041 0.078 0.012 0.30
Inferred Mineral Resource Tonnes and Metal Content
Area Mineralized Zone
NiEq Cutoff Tonnage
Base and Battery Metals PGM and Precious Metals Total
Ni Cu Co Pt Pd Au Ni
Eq*
(%) (MT) (Mlbs) (Mlbs) (Mlbs) (tOz) (tOz) (tOz) (Mlbs)
Eureka East Eureka Zone 2 (EZ2) >= 0.200 88.6 471 165 34 160,373 353,993 34,359 676
Eureka West
Eureka Zone 2 (EZ2) >= 0.200 182.8 841 189 65 210,018 415,335 79,036 1,135
Eureka Zone 3 (EZ3) >= 0.200 48.2 240 19 16 48,816 32,694 6,495 287
Total EZ2 + EZ2 + EZ3 >= 0.200 319.6 1,552 373 115 419,138 802,003 119,915 2,098
• Canadian Institute of Mining, Metallurgy & Petroleum (“CIM”) definitions are followed for classification of Mineral Resource.
• Base case cut-off 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.
• The Mineral Resource is reported from within economic pit shells 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.
• 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.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Maiden NI 43-101
Resource Estimate
Page 5
SENSITIVITY ANALYSIS
A sensitivity analysis is provided in Table 2, demonstrating the variation in grade and
tonnage in the deposit at various cut-off grades. Constrained Mineral Resources are
reported at a base case cut-off grade of 0.20% NiEq. The values in the table reported above
and below the cut-off grades should not be misconstrued with a Mineral Resource
Statement. The values are only presented to show the sensitivity of the block model
estimates to the selection of cut-off grade. All figures are rounded to reflect the relative
accuracy of the estimate.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Maiden NI 43-101
Resource Estimate
Page 6
Table 2 – Nikolai Project MRE Grade Sensitivity
Effective November 20, 2023
Inferred Mineral Resource Tonnes and Grade Sensitivity
Area Mineralized Zone
NiEq Cutoff Tonnes
Base and Battery Metals PGM and Precious Metals Total
Ni Cu Co Pt Pd Au Ni Eq*
(%) (MT) (%) (%) (%) (g/T) (g/T) (g/T) (%)
Total EZ2 + EZ2 + EZ3
>= 0.100 329.9 0.22 0.05 0.016 0.040 0.077 0.011 0.29
>= 0.150 329.5 0.22 0.05 0.016 0.040 0.077 0.011 0.29
>= 0.200 319.6 0.22 0.05 0.016 0.041 0.078 0.012 0.30
>= 0.225 299.9 0.22 0.05 0.016 0.042 0.080 0.012 0.30
>= 0.250 261.5 0.23 0.06 0.017 0.043 0.085 0.013 0.31
>= 0.275 204.3 0.24 0.06 0.017 0.045 0.094 0.015 0.33
>= 0.300 129.2 0.25 0.07 0.018 0.051 0.108 0.019 0.35
>= 0.325 78.3 0.27 0.09 0.019 0.058 0.126 0.019 0.38
>= 0.350 46.1 0.28 0.11 0.019 0.069 0.153 0.018 0.40
>= 0.375 30.4 0.29 0.12 0.020 0.076 0.174 0.021 0.43
>= 0.400 22.3 0.30 0.13 0.020 0.079 0.187 0.023 0.44
Inferred Mineral Resource Tonnes and Metal Content Grade Sensitivity
Area Mineralized Zone
NiEq Cutoff Tonnes
Base and Battery Metals PGM and Precious Metals Total
Ni Cu Co Pt Pd Au Ni Eq*
(%) (MT) (Mlbs) (Mlbs) (Mlbs) (tOz) (tOz) (tOz) (Mlbs)
Total EZ2 + EZ2 + EZ3
>= 0.100 329.9 1,581 380 118 425,278 814,488 121,356 2,140
>= 0.150 329.5 1,581 381 118 425,018 814,018 121,298 2,139
>= 0.200 319.6 1,552 373 115 419,138 802,003 119,915 2,098
>= 0.225 299.9 1,482 358 109 402,929 772,884 116,665 2,006
>= 0.250 261.5 1,328 333 96 360,130 715,889 110,796 1,804
>= 0.275 204.3 1,075 289 77 298,687 614,584 99,847 1,474
>= 0.300 129.2 719 213 51 210,593 446,741 77,788 1,001
>= 0.325 78.3 458 156 32 146,992 318,318 48,846 651
>= 0.350 46.1 282 112 19 102,277 226,807 26,878 412
>= 0.375 30.4 193 83 13 73,920 169,681 20,638 287
>= 0.400 22.3 146 65 10 57,047 133,925 16,321 219
• 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,
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Maiden NI 43-101
Resource Estimate
Page 7
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 are 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 miner al
reserve.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Maiden NI 43-101
Resource Estimate
Page 8
Figure 1. Eureka Zone overview displaying geology, the 2023 MRE block model, and drill hole locations.
Note: Drill holes with reported NiEQ grades represent additional holes with interpreted intercepts of EZ2
mineralization but are not included in the2023 Resource due to drill spacing from the MRE.