AEMC.V · 2026-07-16 12:00:00

Alaska Energy Metals Announces Positive Metallurgical Testing Results, Nikolai Nickel Project, Alaska

Metallurgy & Processing

ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9

Direct: 604 609 7149 | Toll-Free: 877 217 8978 | www.alaskaenergymetals.com

NR: 26-06

LEGAL_48538203.1

ALASKA ENERGY METALS ANNOUNCES POSITIVE

METALLURGICAL TESTING RESULTS, NIKOLAI NICKEL

PROJECT, ALASKA

HIGHLIGHTS

• Recent locked cycle flotation test shows strong recoveries of nickel (49.4%), copper

(50.5%) and cobalt (21.0%) in a bulk flotation concentrate, also with strong platinum-

group-element and gold recoveries: platinum (49.1%), palladium (43.1%) and gold

(43.9%)

• Recent open cycle flotation tests indicate potential for increased metal recovery and

concentrate grade

• Follow-up locked cycle tests using further refinements are in progress and results

anticipated in early August

• Concentrate samples obtained in the locked cycle tests will be sent to Lifezone

Metals for hydrometallurgical refining amenability testing

• Internal economic analysis to be completed and as warranted plans for an

independent Preliminary Economic Analysis will be made

• CEO: “If successful, hydrometallurgical refining would allow us to produce [nickel and

multiple other critical and strategic] metals on site in Alaska for the American technology

and industrial market and the US defense industrial base.”

VANCOUVER, BRITISH COLUMBIA, July 16, 2026 – Alaska Energy Metals Corporation (TSX-

V: AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) is pleased to report positive results

from locked cycle testing (“LCT”) of drill core from the 2023-2024 exploration campaigns for

the Core Eureka Zone (“CEZ2”), Eureka Deposit, at its 100% owned Nikolai Project, Alaska.

The mineral processing work was completed by the SGS Laboratories in Quebec, Canada.

The results represent a significant advancement in the company’s primary asset and

clarifies the development path for the Nikolai deposit.

ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9

Direct: 604 609 7149 | Toll-Free: 877 217 8978 | www.alaskaenergymetals.com

Nikolai Metallurgy

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AEMC CEO Gregory Beischer commented: " Metal recovery rates are the primary input to

an economic analysis. We now know the metals present in the Nikolai deposit are

recoverable at robust rates. Therefore, we can complete our internal economic analysis

and upon successful completion, commission a Preliminary Economic Assessment. With

metallurgical recoveries now proven, Nikolai is emerging as a significant source of nickel,

copper and cobalt, producible in the USA. Going forward, we will evaluate the amenability

of further refining produced concentrates with hydrometallurgical processes. If successful,

hydromet would allow us to produce metals on site in Alaska for the American technology

and industrial market and the US defense industrial base. Nikolai potentially provides a

domestic solution for the country’s near-total reliance on foreign imports for nickel and can

contribute to domestic metal supply chain security for multiple critical and strategic metals.

RESULTS

Locked cycle test one (LCT-1) successfully achieved metal recoveries of 49.4% nickel, 50.5%

copper, 21.0% cobalt, 49.1% platinum, 43.1% palladium, and 43.9% gold. The flotation

concentrate grade was 7.22% nickel, 4.01% copper, 0.30% cobalt, 2.33 g/t platinum, 4.10 g/t

palladium and 0.78 g/t gold. Concentrate grades for other elements were 8.17% MgO,

18.6% sulfur and 39.6% iron. A total of 506 grams of concentrate, or 1.68% of the total

weight processed, was recovered during the locked cycle test (Table 1). De-sliming was

found to be unnecessary, which represents a significant cost savings in the flow sheet.

Table 1. LCT-1 Bulk Flotation Concentrate Metal Recoveries and Grades

Bulk Flotation Concentrate

Mass

(g)

Weight

(%)

(g/t)

(%)

MgO

(%)

Feed 30,054 100 0.26 0.13 0.03 0.08 0.16 0.03 10.1 0.95 36.3

Concentrate 506 1.68 7.22 4.01 0.30 2.33 4.10 0.78 39.6 18.6 8.17

Metal Recovery (%) 49.4 50.5 21.0 49.1 43.1 43.9 6.59 36.3 0.38

FUTURE METALLURGICAL TEST WORK

Recent Open Cycle Tests (OCT), using various reagents, indicate the potential to further

improve metal recoveries and concentrate grade. Based on these OCT results, further LCT

ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9

Direct: 604 609 7149 | Toll-Free: 877 217 8978 | www.alaskaenergymetals.com

Nikolai Metallurgy

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are being completed. It is anticipated the results of this test work will be published in

August 2026.

The concentrates produced by the two LCT will be sent to Lifezone Metals for

hydrometallurgical amenability testing. On-site hydrometallurgical refining would eliminate

the need to ship concentrate to an existing smelter (there are none in the US), increase

metal payability, serving to improve project economics, but balanced against increased

capital costs. Importantly, this could allow production of refined nickel and other critical

and strategic metals in Alaska for American industrial markets and the US Department of

War. Additionally, future metallurgical work will also focus on the magnetic concentrate to

see if a saleable iron – chrome product can be realized. In all, the nickel-dominant Nikolai

Project hosts six U.S. Government-listed Critical Minerals.

STUDY OBJECTIVES AND SAMPLE SELECTION

The main objective of this metallurgical study was to examine the potential of flotation for

recovering valuable minerals into a marketable concentrate. To accomplish this objective,

composite samples were subjected to feed characterization, grindability, flotation, and

magnetic separation testing. The data collected was to be sufficiently rigorous to include in

potential future preliminary economic studies.

Drill core samples were used to create modeled mineralized domains of composite

samples of the Core Eureka Zone 2 “CEZ2” that represent the average grade of the 2025

Mineral Resource Estimate of the Eureka Deposit. Feed grade for the CEZ2 LCT assayed

0.26% nickel, 0.13% copper, 0.03% cobalt, 0.16 g/t palladium, 0.08 g/t platinum, and 0.03 g/t

gold.

LOCKED CYCLE TESTING – CEZ2

Open cycle variability and optimization testing was used to develop a flow sheet which

consists of simple grinding, flotation and magnetic separation processes. A flotation

concentrate, and a magnetic concentrate are produced. Nickel, copper, and cobalt sulfides

report to the flotation concentrate. A significant amount of the precious metals – platinum,

palladium and gold also partition with the sulfides. Iron and chromium oxides report to the

magnetic concentrate. Challenges have included: 1) grain size, 2) depressing iron sulfide

ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9

Direct: 604 609 7149 | Toll-Free: 877 217 8978 | www.alaskaenergymetals.com

Nikolai Metallurgy

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flotation to increase concentrate grade, 3) separating nickel from copper sulfide, and 4)

recovering awaruite to the flotation concentrate. Optimization testing revealed desliming

was not necessary on the Nikolai mineralization. Final open circuit optimization testing

resulted in a rougher plus scavenger concentrate (1st – 3rd cleaners) recoveries of 47.7%

nickel, 50.5% copper, and 20.9% cobalt. Based on these open cycle results, a LCT was

completed on the CEZ2 mineralization to determine recoveries and concentrate grades in a

closed, steady state system. The flow sheet illustrated below was followed for the locked

cycle test (Figure 1):

Figure 1. LCT Flowsheet for CEZ2

ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9

Direct: 604 609 7149 | Toll-Free: 877 217 8978 | www.alaskaenergymetals.com

Nikolai Metallurgy

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QUALIFIED PERSON

Gregory Beischer, the Company’s President & CEO, 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.

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

ABOUT ALASKA ENERGY METALS

Alaska Energy Metals Corporation (AEMC) is an Alaska -based corporation with offices in

Anchorage and Vancouver working to sustainably deliver the critical materials needed for

U.S. national security and a bright energy future, all while generating superior returns for

shareholders.

AEMC is focused on delineating and developing the large -scale, bulk tonnage, polymetallic

Nikolai Project and related Eureka deposit containing nickel, copper, cobalt, chromium, iron,

platinum, palladium, and gold. Located in Interior Alaska near existing transportation and

power infrastructure, its flagship project, Nikolai, is well -situated to become a significant

domestic source of strategic metals for North America. In January 2026, AEMC’s Nikolai

Project was accepted for Fast -41 Transparency Dashboard listing to streamline federal

permitting for overland access and man camp placement for the next phase of Eureka

deposit drilling. AEMC also holds a secondary project in western Quebec; the Angliers –

Belleterre project. Today, material sourcing demands excellence in environmental

performance, technological innovation, carbon mitigation and the responsible management

of human and financial capital. AEMC works every day to earn and maintain the respect and

confidence of the public and believes that environmental, social and governance

performance is measured by action and led from the top.

ON BEHALF OF THE BOARD

“Gregory Beischer”

Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:

ALASKA ENERGY METALS CORP. | Suite 300 – 1055 West Hastings St. | Vancouver, BC V6E 2E9

Direct: 604 609 7149 | Toll-Free: 877 217 8978 | www.alaskaenergymetals.com

Nikolai Metallurgy

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Gregory A. Beischer, President & CEO

Toll-Free: 877-217-8978 | Local: 604-609-7149

Some statements in this news release may contain forward -looking information (within the

meaning of Canadian securities legislation) , including but not limited to: further metallurgical

including hydrometallurgical testing , the marketability of concentrates produced at the Nikolai

project, and follow-on economic analysis. 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 reason able

assumptions, such statements do not guarantee 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 but are not limited to

uncertainty relating to the estimation of mineral resources, 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.

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