Alaska Energy Metals Significantly Increases Ni 43-101 Mineral Resource Estimate FOR the Eureka Deposit, Nikolai Nickel Project,
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
NR: 24-06
ALASKA ENERGY METALS SIGNIFICANTLY INCREASES
NI 43-101 MINERAL RESOURCE ESTIMATE FOR THE
EUREKA DEPOSIT, NIKOLAI NICKEL PROJECT,
ALASKA, USA
HIGHLIGHTS
• The Eureka West and Eureka East deposits reported in the maiden 2023 Mineral
Resource Estimate (“MRE”) are now connected as one deposit measuring 4.5
kilometers (2.8 miles) in length.
• Relative to the maiden MRE:
o A significant portion of the deposit was upgraded from Inferred to Indicated
MRE. Previously there was 0 tonnes of Indicated resource. There has been an
addition of 813 million tonnes of Indicated resource to the MRE.
o The grade of the Indicated resource is 0.29% nickel equivalent (“NiEq”).
o The Inferred resource has increased from 319.6 million tonnes to 896 million
tonnes, a 180% increase. The grade of the Inferred resource is 0.27% NiEq.
o There has been an addition of 3.877 billion pounds (1.758 million tonnes) of
contained nickel to the Indicated resource.
o There has been an increase in Inferred resource contained nickel metal from
1.552 billion pounds (703,975 tonnes) to 4.225 billion pounds (1.916 million
tonnes), a 172% increase.
• As a consequence of joining the two deposits together, the strip ratio has been
reduced from 3.7:1 to 1.5:1. Three parallel zones of mineralization are now
identified (EZ1, EZ2, and EZ3).
• A higher-grade core zone has been identified within EZ2 and it shows continuity
along much of the strike of the deposit. The higher-grade core contains an Indicated
resource of 211 million tonnes at a grade of 0.34% NiEq and an Inferred resource of
154 million tonnes at a grade of 0.33% NiEq.
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Updated NI 43-101 Resource Estimate
Page 2
THE MRE now stands at:
Indicated MRE:
813 million tonnes grading 0.29% NiEq containing:
3,877 million pounds (1.758 million tonnes) of nickel
1,276 million pounds (578,783 tonnes) of copper
303 million pounds (137,438 tonnes) of cobalt
4.0 million ounces of platinum, plus palladium and gold
Inferred MRE:
896 million tonnes grading 0.27% NiEq containing:
4,225 million pounds (1.916 million tonnes) of nickel
1,040 million pounds (471,736 tonnes) of copper
327 million pounds (148,324 tonnes) of cobalt
3.4 million ounces of platinum, plus palladium and gold
VANCOUVER, BRITISH COLUMBIA. February 12, 2024 – Energy Metals Corporation (TSX-V:
AEMC, OTCQB: AKEMF) (“AEMC” or the “Company”) announced today an updated
independent mineral resource estimate prepared in accordance with National Instrument
43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) (“2024 MRE” or “2024
Resource”) for its 100% owned Eureka Deposit, Nikolai Nickel Project (“Nikolai” or “Deposit”)
in Alaska, USA, with an effective date of February 12, 2023.
The newly-published 2024 MRE contains an addition of 813 million tonnes of indicated
resource, 896 million tonnes of inferred resource (an increase of 180%), and a strip ratio
decrease, when compared with the maiden resource published in 2023 (see press release
dated November 20, 2023). The study was completed by Stantec Consulting Services, Inc.,
and includes 35 historical drill holes, the data for which the Company purchased in August
2023, and eight diamond drill holes (totaling 4,138 meters) drilled by the Company on the
project in 2023.
Alaska Energy Metals President & CEO Gregory Beischer commented, “In less than a year, we
have taken an exploration concept to a substantial deposit of nickel and other critical metals.
The mineral resource estimate update has produced a 180% increase in the Inferred tonnage,
and added substantial, new Indicated tonnage to the deposit. The update increases the nickel
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Updated NI 43-101 Resource Estimate
Page 3
metal content of the deposit to over 8 billion pounds (more than 3.7 million metric tonnes) with
only a 0.01% grade decrease and a notably lower strip ratio. With this updated mineral resource
estimate, the Eureka deposit of the Nikolai Nickel project represents a globally significant
accumulation of nickel and has now become one of the larger known nickel deposits in the
United States. Nikolai could potentially become an important source of nickel for the USA,
catering to the needs of various manufacturing sectors including stainless steel, electric vehicles,
defense components, long-term, grid-scale renewable energy storage batteries and a myriad of
other uses. This significant achievement speaks volumes to the hard work our team has put into
the project over the past year. I am particularly encouraged by the delineation of a higher-grade
core zone. The presence of this core zone could dramatically affect project economics in a
positive way.”
Nikolai Mineral Resource Estimate Update
• Total Indicated mineral resources of 3.877 billion pounds (1.758 million tonnes) of
nickel, 1.276 billion pounds (578,783 tonnes) of copper, and 303 million pounds
(137,438 tonnes) of cobalt, plus a total of 4.0 million ounces of platinum, plus
palladium and gold in a constrained model totaling 813 million tonnes, at an
average grade of 0.29% total NiEq, using a 0.20% NiEq cut-off grade. See detailed
breakdown in Tables 1, 2, and 3 below.
• Total Inferred mineral resources of 4.225 billion pounds (1.916 million tonnes) of
nickel, 1.040 billion pounds (471,736 tonnes) of copper, and 327 million pounds
(148,324 tonnes) of cobalt, plus a total of 3.4 million ounces of platinum, plus
palladium and gold in a constrained model totaling 896 million tonnes, at an
average grade of 0.27% total NiEq, using a 0.20% NiEq cut-off grade. See detailed
breakdown in Tables 1, 2, and 3 below.
• A higher-grade core zone has been identified within EZ2, and it shows continuity
along much of the strike of the deposit. The higher-grade core contains an Indicated
resource of 211 million tonnes at a grade of 0.34% NiEq and an Inferred resource of
154 million tonnes at a grade of 0.33% NiEq. This zone will continue to be evaluated,
as it could positively affect project economics
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Updated NI 43-101 Resource Estimate
Page 4
• The 2024 MRE represents a significant, material tonnage increase in the MRE for the
Nikolai Nickel project compared to the maiden MRE (see press release dated
November 20, 2023).
• The 2024 MRE is defined by 43 drill holes comprising 35 historic and eight holes
drilled in 2023 by AEMC. The drill holes provide confirmation that mineralization is
interconnected across all three domains. The deposits remain open along strike and
in the down dip direction.
• The 2024 MRE incorporates three zones (EZ1, EZ2, EZ3) of sulfide mineralization that
cover 4.5 kilometers (2.8 miles) of the Eureka deposit (Figure 1). The Eureka Zone
East and Eureka Zone West MRE reported in the 2023 maiden MRE are now
connected to form one continuous deposit.
• As a consequence of joining the two deposits together, the strip ratio was
significantly decreased from 3.7:1 to 1.5:1.
• Chrome and iron are also present within the deposit but have not been reported in
the 2024 Resource due to the lack of historical assay data and analytical methods
used.
The 2024 MRE will be incorporated into a NI 43-101 compliant technical report for the
Nikolai Nickel 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
Updated NI 43-101 Resource Estimate
Page 5
Table 1 – Nikolai Project Mineral Resource Estimate (MRE)
Effective February 12, 2024
• NiEq = nickel equivalent, MT = million tonnes, Mlb = Million pounds, KtOz = thousand troy ounces.
• Totals may vary due to rounding.
• CIM definitions are followed for classification of Mineral Resource.
• Metal pricing used to calculate NiEq is based on observation of monthly metal pricing for the past 24 months up to end-
January 2024 with Ni at US$23,375/tonne (US$10.6/lb) (World Bank), Cu at US$ 8,644/tonne ($US3.92/lb) (World Bank), Co
41,050 US$/tonne (US18.62/lb) (Trading Economics), Pt at US$963/toz (World Bank), Pd at US$1,664/toz (Kitco), and Au at
1,878 (World Bank). Totals may not represent the sum of the parts due to rounding.
• Nickel equivalent grade formula is as follows:
*NiEq = (Ni%) + (Cu% * 0.31) + (Co% * 1.46) + (Pt% * 1,103) + (Pd% * 1,907) + (Au% * 2,153)
Coefficients used to calculate the value of other metals to Ni equivalent include allowances for differences in assumed recoveries
of other metals (50%) and nickel (60%), and are calculated as follows:
(Metal Price)/(Ni Price) x (metal recovery/Ni recovery).
Total
Ni Cu Co Pt Pd Au NiEq*
(%) (MT) (%) (%) (%) (g/T) (g/T) (g/T) (%)
Eureka Zone 1 (EZ1) >= 0.200 - - - - - - - -
Eureka Zone 2 (EZ2) >= 0.200 739 0.22 0.08 0.02 0.049 0.101 0.013 0.29
Eureka Zone 3 (EZ3) >= 0.200 74 0.21 0.02 0.02 0.035 0.023 0.006 0.25
Total EZ1 + EZ2 + EZ3 >= 0.200 813 0.22 0.07 0.02 0.048 0.094 0.012 0.29
Total
Ni Cu Co Pt Pd Au NiEq*
(%) (MT) (Mlbs) (Mlbs) (Mlbs) (KtOz) (KtOz) (KtOz) (Mlbs)
Eureka Zone 1 (EZ1) >= 0.200 - - - - - - - -
Eureka Zone 2 (EZ2) >= 0.200 739 3,532 1,243 279 1,166 2,400 310 4,770
Eureka Zone 3 (EZ3) >= 0.200 74 345 33 25 83 54 15 407
Total EZ1 + EZ2 + EZ3 >= 0.200 813 3,877 1,276 303 1,249 2,454 326 5,177
Eureka
Eureka
Indicated Mineral Resource Tonnes and Metal Content
Area Mineralized Zone
NiEq Cutoff Tonnage
Base and Battery Metals PGM and Precious Metals
Indicated Mineral Resource Tonnes and Grade
Area Mineralized Zone
NiEq Cutoff Tonnage
Base and Battery Metals PGM and Precious Metals
Total
Ni Cu Co Pt Pd Au NiEq*
(%) (MT) (%) (%) (%) (g/T) (g/T) (g/T) (%)
Eureka Zone 1 (EZ1) >= 0.200 85 0.19 0.02 0.02 0.025 0.020 0.004 0.22
Eureka Zone 2 (EZ2) >= 0.200 693 0.22 0.06 0.02 0.042 0.082 0.010 0.28
Eureka Zone 3 (EZ3) >= 0.200 118 0.21 0.02 0.02 0.033 0.022 0.006 0.25
Total EZ1 + EZ2 + EZ3 >= 0.200 896 0.21 0.05 0.02 0.039 0.068 0.009 0.27
Total
Ni Cu Co Pt Pd Au NiEq*
(%) (MT) (Mlbs) (Mlbs) (Mlbs) (KtOz) (KtOz) (KtOz) (Mlbs)
Eureka Zone 1 (EZ1) >= 0.200 85 356 31 29 67 56 10 422
Eureka Zone 2 (EZ2) >= 0.200 693 3,320 957 259 939 1,831 233 4,337
Eureka Zone 3 (EZ3) >= 0.200 118 549 52 39 127 85 22 647
Total EZ1 + EZ2 + EZ3 >= 0.200 896 4,225 1,040 327 1,133 1,972 265 5,406
Eureka
Eureka
Inferred Mineral Resource Tonnes and Metal Content
Area Mineralized Zone
NiEq Cutoff Tonnage
Base and Battery Metals PGM and Precious Metals
Inferred Mineral Resource Tonnes and Grade
Area Mineralized Zone
NiEq Cutoff Tonnage
Base and Battery Metals PGM and Precious Metals
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Updated NI 43-101 Resource Estimate
Page 6
• Base case NiEq cutoff grade is 0.20% calculated from a Ni price of US$23,375/tonne (US$10.60 US$/lb), surface mining cost
of US$2.50 per tonne, processing costs US$25.00 per tonne and Ni recovery of 60% and 50% for other metals (Cu, Co, Pt,
Pd, and Au).
• Mineral Resource are reported from within an economic pit shell whose ex tent has been estimated using a Ni price of
US$23,374.56/tonne (US$10.60 US$/lb) and mining cost of US$2.50 per tonne, from a Ni equivalent grade calculated from
Ni, Cu, Co, Pt, Pd, and Au, and 45-degree constant slope angle.
• 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 mineral
reserve.
SENSITIVITY ANALYSIS
A sensitivity analysis for Indicated and Inferred mineral resources are provided in Table 2
and Table 3 respectively, which demonstrates 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
Updated NI 43-101 Resource Estimate
Page 7
Table 2 – Nikolai Project MRE Indicated Grade Sensitivity
Effective February 12, 2024
Total
Ni Cu Co Pt Pd Au Ni Eq*
(%) (MT) (%) (%) (%) (g/T) (g/T) (g/T) (%)
>= 0.100 892 0.21 0.07 0.02 0.05 0.09 0.01 0.28
>= 0.150 891 0.21 0.07 0.02 0.05 0.09 0.01 0.28
>= 0.200 813 0.22 0.07 0.02 0.05 0.09 0.01 0.29
>= 0.225 735 0.22 0.08 0.02 0.05 0.10 0.01 0.30
>= 0.250 618 0.23 0.08 0.02 0.05 0.11 0.01 0.31
>= 0.275 467 0.24 0.09 0.02 0.06 0.12 0.02 0.32
>= 0.300 289 0.25 0.11 0.02 0.07 0.14 0.02 0.34
>= 0.325 177 0.26 0.13 0.02 0.07 0.16 0.02 0.37
>= 0.350 114 0.26 0.14 0.02 0.08 0.17 0.02 0.38
>= 0.375 70 0.27 0.15 0.02 0.08 0.18 0.02 0.39
>= 0.400 22 0.28 0.16 0.02 0.08 0.18 0.03 0.41
Total
Ni Cu Co Pt Pd Au Ni Eq*
(%) (MT) (Mlbs) (Mlbs) (Mlbs) (KtOz) (KtOz) (KtOz) (Mlbs)
>= 0.100 892 4,126 1,326 330 1,326 2,539 347 5,502
>= 0.150 891 4,123 1,324 329 1,325 2,535 347 5,498
>= 0.200 813 3,877 1,276 303 1,249 2,454 326 5,177
>= 0.225 735 3,593 1,218 277 1,167 2,345 305 4,815
>= 0.250 618 3,113 1,102 236 1,033 2,121 273 4,195
>= 0.275 467 2,434 934 183 851 1,773 227 3,320
>= 0.300 289 1,569 693 117 616 1,290 162 2,195
>= 0.325 177 995 501 75 423 896 115 1,426
>= 0.350 114 662 358 50 292 620 81 961
>= 0.375 70 415 234 31 185 393 52 606
>= 0.400 22 135 76 10 57 125 18 197
Total EZ2 + EZ2 + EZ3
Total EZ1+ EZ2 + EZ3
Indicated Mineral Resource Tonnes and Metal Content Grade Sensitivity
Area Mineralized Zone
NiEq CutoffTonnage
Base and Battery Metals PGM and Precious Metals
Indicated Mineral Resource Tonnes and Grade Sensitivity
Area Mineralized Zone
NiEq CutoffTonnage
Base and Battery Metals PGM and Precious Metals
ALASKA ENERGY METALS CORP. | Suite 1000 – 355 Burrard St. | Vancouver, BC V6C 2G8
Tel: 604 638 3164 | Fax: 907 677 3599 | www.alaskaenergymetals.com
Updated NI 43-101 Resource Estimate
Page 8
Table 3 – Nikolai Project MRE Inferred Grade Sensitivity
Effective February 12, 2024
Total
Ni Cu Co Pt Pd Au Ni Eq*
(%) (MT) (%) (%) (%) (g/T) (g/T) (g/T) (%)
>= 0.100 1,089 0.20 0.05 0.02 0.04 0.06 0.01 0.26
>= 0.150 1,076 0.20 0.05 0.02 0.04 0.06 0.01 0.26
>= 0.200 896 0.21 0.05 0.02 0.04 0.07 0.01 0.27
>= 0.225 752 0.22 0.06 0.02 0.04 0.08 0.01 0.29
>= 0.250 603 0.23 0.06 0.02 0.04 0.08 0.01 0.30
>= 0.275 413 0.24 0.07 0.02 0.05 0.09 0.01 0.31
>= 0.300 244 0.25 0.08 0.02 0.05 0.11 0.01 0.33
>= 0.325 124 0.26 0.10 0.02 0.06 0.12 0.01 0.35
>= 0.350 46 0.26 0.14 0.02 0.08 0.16 0.02 0.38
>= 0.375 26 0.27 0.16 0.02 0.08 0.18 0.03 0.39
>= 0.400 10 0.28 0.16 0.02 0.08 0.18 0.03 0.41
Total
Ni Cu Co Pt Pd Au Ni Eq*
(%) (MT) (Mlbs) (Mlbs) (Mlbs) (KtOz) (KtOz) (KtOz) (Mlbs)
>= 0.100 1,089 4,840 1,133 393 1,285 2,093 298 6,178
>= 0.150 1,076 4,810 1,127 389 1,278 2,087 297 6,139
>= 0.200 896 4,225 1,040 327 1,133 1,972 265 5,406
>= 0.225 752 3,685 959 277 981 1,824 234 4,733
>= 0.250 603 3,054 847 227 825 1,614 201 3,949
>= 0.275 413 2,183 665 160 617 1,244 151 2,854
>= 0.300 244 1,354 449 98 405 825 94 1,788
>= 0.325 124 717 268 52 232 476 57 965
>= 0.350 46 264 144 19 114 239 34 382
>= 0.375 26 155 93 11 72 151 22 228
>= 0.400 10 58 34 4 24 56 8 85
Total EZ2 + EZ2 + EZ3
Total EZ1+ EZ2 + EZ3
Inferred Mineral Resource Tonnes and Metal Content Grade Sensitivity
Area Mineralized Zone
NiEq CutoffTonnage
Base and Battery Metals PGM and Precious Metals
Inferred Mineral Resource Tonnes and Grade Sensitivity
Area Mineralized Zone
NiEq CutoffTonnage
Base and Battery Metals PGM and Precious Metals