# EDGAR Filing Document

**Accession Number:** 0001893899
**File Stem:** 0001104659-26-037627
**Filing Date:** 2026-3
**Character Count:** 1051986
**Document Hash:** b16a3d1d27c89e2ef22b6c52e8674d29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-037627.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001104659-26-037627

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 181

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Alaska Silver Corp.
- **CENTRAL INDEX KEY:** 0001893899
- **STANDARD INDUSTRIAL CLASSIFICATION:** GOLD & SILVER ORES [1040]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-290204
- **FILM NUMBER:** 26820937

**BUSINESS ADDRESS:**
- **STREET 1:** 3573 E. SUNRISE DRIVE, SUITE 233
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85718
- **BUSINESS PHONE:** (520) 237-1475

**MAIL ADDRESS:**
- **STREET 1:** 3573 E. SUNRISE DRIVE, SUITE 233
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85718

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Western Alaska Minerals Corp.
- **DATE OF NAME CHANGE:** 20211115

?xml version='1.0' encoding='ASCII'? ALASKA SILVER CORP._December 31, 2025

[**Table of Contents**](#TOC)

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**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the fiscal year ended December 31, 2025

or

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Commission file number: 333-290204

**ALASKA SILVER CORP.**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **British Columbia** | **87-4818470** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3 Canada**  | **(520) 200-1667**  |
| (Address of principal executive offices including zip code) | (Registrant's telephone number, including area code) |

---

**SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:**

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| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| None | N/A | N/A |

---

**SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT:** None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value of the registrant's voting and non-voting common equity held by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant's most recently completed second fiscal quarter, was approximately $32,591,074 (based on the closing price of the voting shares of on that date, as reported on the TSXV).

As of March 16, 2026, 88,749,150 subordinate voting shares of the registrant were issued and outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

None.

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[**Table of Contents**](#TOC)

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| [**PART I**](#PARTI_171805) |  |
| [Item 1 - Business](#Item1Business_139815) | 5 |
| [Item 1A - Risk Factors](#Item1ARiskFactors_880657) | 9 |
| [Item 1B - Unresolved Staff Comments](#Item1BUnresolvedStaffComments_616568) | 28 |
| [Item 1C - Cybersecurity](#Item1CCybersecurity_847860) | 28 |
| [Item 2 - Properties](#Item2Properties_19922) | 29 |
| [Item 3 - Legal Proceedings](#Item3LegalProceedings_668987) | 43 |
| [Item 4 - Mine Safety Disclosures](#Item4MineSafetyDisclosures_423590) | 43 |
| [**PART II**](#PARTII_83839) |  |
| [Item 5 - Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#Item5MarketforRegistrantsCommonEquityRel) | 43 |
| [Item 6 - \[Reserved\]](#Item6Reserved_258144) | 45 |
| [Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations](#Item7ManagementsDiscussionandAnalysisofF) | 45 |
| [Item 7A - Quantitative and Qualitative Disclosures About Market Risk](#Item7AQuantitativeandQualitativeDisclosu) | 54 |
| [Item 8 - Financial Statements and Supplementary Data](#Item8FinancialStatementsandSupplementary) | 54 |
| [Item 9 - Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#Item9ChangesinandDisagreementswithAccoun) | 54 |
| [Item 9A - Controls and Procedures](#Item9AControlsandProcedures_199372) | 54 |
| [Item 9B - Other Information](#Item9BOtherInformation_744347) | 55 |
| [Item 9C - Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#Item9CDisclosureRegardingForeignJurisdic) | 55 |
| [**PART III**](#PARTIII_279072) |  |
| [Item 10 - Directors, Executive Officers, and Corporate Governance](#Item10DirectorsExecutiveOfficersandCorpo) | 56 |
| [Item 11 - Executive Compensation](#Item11ExecutiveCompensation_789297) | 60 |
| [Item 12 - Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#Item12SecurityOwnershipofCertainBenefici) | 66 |
| [Item 13 - Certain Relationships and Related Transactions, and Director Independence](#Item13CertainRelationshipsandRelatedTran) | 68 |
| [Item 14 - Principal Accounting Fees and Services](#Item14PrincipalAccountingFeesandServices) | 69 |
| [**PART IV**](#PARTIV_117415) |  |
| [Item 15 - Exhibits, Financial Statement Schedules](#Item15ExhibitsFinancialStatementSchedule) | 70 |
| [Item 16 – Form 10-K Summary](#Item16Form10KSummary_484203) | 73 |
| [Signatures](#SIGNATURES_847840) | 73 |

---

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**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K (this "Report") contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, which represent our expectations or beliefs statements concerning, without limitation, our operations, economic performance, financial condition, growth and acquisition strategies, investments, and future operational plans. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "intent," "could," "estimate," "might," "plan," "predict" or "continue" or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. These statements, by their nature, involve substantial risks and uncertainties, certain of which are beyond our control, and actual results may differ materially depending on a variety of important factors, including uncertainty related to our partnerships, licenses, strategic transactions, governmental regulation, economic conditions, managing and maintaining growth, operations, volatility of our stock price and any other factors discussed in this and other registrant filings with the Securities and Exchange Commission (the "Commission"). Certain forward-looking statements contained in this Report include those regarding, among other things:

● our strategies and objectives, both generally and in respect of our specific mineral properties;

● exploration plans and costs associated with the Illinois Creek Project;

● the timing and cost of our planned exploration programs, and the timing of the receipt of results therefrom;

● our future cash requirements;

● our retention of all available funds and any future earnings;

● general business and economic conditions;

● our ability to meet our financial obligations as they come due, including payments required to maintain our mineral property interests;

● the potential for the expansion of the known mineralized zones; and

● the potential for the amenability of mineralization to respond to proven technologies and methods for recovery of ore.

Although we believe that these statements, including those included elsewhere herein, are reasonable based on the information currently available to us, such forward-looking statement are subject to a number of risks and uncertainties and we can give no assurance that such expectations will prove to be correct. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including, but not limited to, those identified under "Part 1, Item 1A. Risk Factors" and those described below.

● We do not insure against all of the risks we face in our operations.

● Our operations rely on adequate infrastructure and without reliable infrastructure, our capital and operating costs may be affected.

● The occurrence of a significant event which disrupts the production of mineral resources at our properties and the subsequent sale thereof for an extended period, could have a material negative impact on our business, financial condition and results of operations.

● Our ability to acquire properties and develop mineral reserves in the future will depend on our ability to develop our present properties and our ability to select and acquire suitable producing properties or prospects for mineral exploration, of which there is a limited supply.

● We may experience an inability to attract or retain qualified personnel.

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● Our mineral resources described in our S-K 1300 Report are only estimates and no assurance can be given that the anticipated tonnages and grades will be achieved, or that the indicated level of recovery will be realized.

Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that could cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially and adversely from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation to revise or update any forward-looking statements or risk factors to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. **We qualify all of the forward-looking statements contained or incorporated by reference in this prospectus by the foregoing cautionary statements.**

**CAUTIONARY NOTE TO INVESTORS REGARDING ESTIMATES OF MEASURED, INDICATED AND INFERRED RESOURCES AND PROVEN AND PROBABLE MINERAL RESERVES**

We have adopted the mining disclosure standards of S-K 1300. We are subject to and required to disclose mineral resources and mineral reserves in accordance with S-K 1300. We are also subject to NI 43-101, and while the S-K 1300 rules are similar to the NI 43-101 rules in Canada, they are not identical. Therefore, two reports have been produced for the Illinois Creek project. The information about our mining operations has been prepared under S-K 1300.

As currently reported, there are no material differences in our disclosed, indicated, and inferred resource under each of S-K 1300 and NI 43-101. We have not currently reported any proved or probable mineral reserves or measured mineral resources. The estimation of measured resources and indicated resources involve greater uncertainty as to their existence and economic feasibility than the estimation of proven and probable reserves; therefore, investors are cautioned not to assume that all or any part of measured or indicated resources will ever be converted into reserves. Estimations of inferred resources involve far greater uncertainty as to their existence and economic viability than the estimations of other categories of resources; therefore, it cannot be assumed that all or any part of inferred resources will ever be upgraded to a higher category. Investors are cautioned not to assume that all or any part of inferred resources exist, or that they can be mined legally or economically.

[**Table of Contents**](#TOC)

**PART I**

**Item 1. Business**

**Company Overview**

Alaska Silver Corp. (the "Company," "we," "us," or "our") is a mineral exploration company. Our portfolio consists of five mineral deposits, which contain gold, silver, copper, lead, and zinc at varying stages of exploration and deposit styles, including a Carbonate Replacement Deposit ("CRD") and a past-producing oxide gold mine. We hold all claims in the district, which is located in western Alaska near the Yukon River, covering over 80,000 acres. Our mineral deposits include Round Top Property, Alaska; Illinois Creek Mine Project, Alaska; and Honker Property, Alaska. The Round Top Property consists of 92 state mineral claims, located in the Mount McKinley and Nulato mining districts of Alaska. The Honker Property consists of 24 state mineral claims, located in the Mount McKinley mining district of Alaska. Our Illinois Creek Project is located in the Mount McKinley mining district of Alaska. Our exploration target projects in Alaska include Paw Print and Khotol Property. Each of the above projects is described in further detail under "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations."

**Corporate Information**

We were incorporated in the province of British Columbia on April 8, 2020, under the Business Corporations Act of British Columbia, or "BCBCA". We are a public company whose subordinate voting shares are listed for trading on the TSXV under the symbol "WAM" as well as on the OTCQX under the symbol "WAMFF". Our telephone number is (520) 200-1667. Our head office is located at 1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3 Canada. Our internet address is www.alaskasilver.com.

**Organizational Structure**

We have one directly-held wholly-owned subsidiary, Alaska Silver USA Corp ("ASUS"), formerly known as Western Alaska Copper & Gold Company, and one indirectly-held wholly owned subsidiary, Piek Incorporated ("Piek"). ASUS exists under the laws of Alaska and carries out exploration activities in Alaska.

Our organizational chart is as follows:

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| |
|:---|
| Alaska Silver Corp<br>(British Columbia, Canada) |
| Alaska Silver USA Corp <br>(Alaska, USA)<br>100% |
| Piek Incorporated<br>(Alaska, USA)<br>100% |

---

ASUS is an Alaska corporation incorporated in 2010 for the primary purpose of conducting mineral exploration on the mining claims which it owns.

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*Markets*

The mining industry is highly competitive. Mining companies compete for, among other things, mining properties from which minerals and other substances can be profitably extracted; personnel with technical expertise to find, develop, and operate mining properties; labor to operate the properties; and capital to finance the development of such properties. Many of our competitors have greater financial resources and technical facilities for the acquisition and development of mineral concessions, claims, leases and other interests, as well as for the recruitment and retention of qualified employees and consultants. Our relatively small size and limited capital resources, and current or future competition, could have a material adverse effect on our ability to develop our mineral projects, recruit and retain qualified personnel, or acquire the capital needed to fund our operations and develop mining projects.

*Raw Materials*

We use critical components such as water, electrical power, explosives, diesel and propane in our business, all of which are readily available. Potable water is supplied by an on-site water well permitted by the State of Alaska. Water for drilling needs is obtained by surface sources permitted by the State of Alaska. Electrical power is provided by company owned generators on site. Fuel (gasoline, diesel, Jet A and aviation fuel) is purchased from Everts Air Fuel, Inc. ("Everts"), based in Fairbanks, Alaska at competitive prices. Everts purchases fuel direct from the Marathon Petroleum refinery in Kenai, Alaska, which is located approximately 60 miles south of Anchorage, Alaska. No explosives are currently being used. Propane is purchased in Fairbanks, Alaska and delivered to our camp by Wright Air Service, Inc. ("Wright Air Service"). Building materials are purchased in Fairbanks and delivered to site by Wright Air Service. Wood timbers for construction and drill pads are produced on site.

*Government Approvals and Regulations*

Mining is an extractive industry that impacts the environment. Our goal is to constantly evaluate ways to minimize such impact. We expect to meet or exceed environmental standards at each of the properties (including the Illinois Creek Project) and to continue this approach through effective engagement with affected stakeholders, including local communities, government and regulatory agencies and indigenous groups.

We are currently operating only in Alaska, which has established environmental standards and regulations that we strive to exceed. Our environmental performance is overseen at the board level and environmental performance is our responsibility. We recognize environmental management as a corporate priority and place a strong emphasis on preserving the environment for future generations, while also providing for safe, responsible and profitable operations by developing natural resources for the benefit of our employees, shareholders and communities.

We received a five-year exploration permit known as "APMA" from the Alaska Department of Natural Resources (the "DNR") at a cost of less than $1,000 per application. We have a plan of operations ("Plan of Operations"), approved by the DNR, for our camp, structures and exploration activities with minimal costs to update. Water source permits for drilling operations (five) currently cost $50 per year. We participate in the State of Alaska Large Mine Permit Team. Annual costs are approximately $25,000 and include fish habitat monitoring by Alaska Department of Fish & Game and coordination of permit and program reviews by various state agencies. Please see "*Risk Factors— The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations" for a more detailed discussion of those regulations*."

Our current exploration operations are subject to certain state and federal regulations aimed at reducing the impact of our business on the environment. In the future, if our project advances to full commercial production, we will be subject to additional state and federal regulations with the same aim.

Currently, our exploration activities are undertaken under state permits that authorize limited surface disturbance and water withdrawals from surface water bodies. We believe we are currently in compliance with the stipulations in those permits, and there is no measurable risk that we will not meet our obligations under those exploration permits in the future.

Our project is located in unincorporated Alaska and not within any local jurisdiction; accordingly, we do not believe there are currently any local statutes applicable to our project.

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Our project is subject to regulations of the DNR, Division of Mining, Land and Water. We operate under a Miscellaneous Land Use permit on our state mining claims and an approved Plan of Operations for our exploration activities on our Upland Mining Lease. One July 1, 2024 we recorded an Upland Mining Lease ADL No. 422236 from the State of Alaska which converted 70 existing claims (11,135 acres) into one lease. The lease term is 20 years and gives the company the right, subject to all necessary permits and approvals, to mine and produce locatable minerals from the leased ground. The Company believes it is currently in full compliance with its exploration permits. Similar DNR statutes will apply to any future mine development including requirements to provide a financial assurance sufficient to fund the likely and reasonable cost of mine reclamation.

Future development of a commercial mine will require us to comply with and maintain compliance with the conditions under a significant number of additional permits from state and federal regulatory agencies, generally with the same aim of protecting the environment. We are already taking initial steps to characterize the pre-mining site environmental conditions through an expanding baseline environmental program to support a robust future mine design and permitting process. However, there is some risk that any future mine may encounter site conditions that are significantly different than anticipated. This could require modifications of mine facilities, operations and permit requirements, potentially with a significant increase in capital and operating costs. See "*Risk Factors—The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations.*"

*Costs and Effects of Compliance with Laws and Regulations*

We are required to perform annual assessment work in order to maintain the Illinois Creek Project. If annual assessment work is not performed we must pay the assessment amount in cash in order to maintain the claims. Completion of annual assessment work in the amount of $400 per 1/4 section (160 acre) claim or $100 per 1/16 section (40 acre) claim extends the claims for a one-year period. Assessment work performed in excess of the required amount may be carried forward for up to four years to reduce future obligations for assessment work.

We currently have no material costs to comply with environmental laws concerning our exploration program as we are at the pre-development stage. In the future, we will have to sustain the cost of reclamation and environmental remediation for all work undertaken which causes sufficient surface disturbance to necessitate reclamation work. Both reclamation and environmental remediation refer to putting disturbed ground back as close to its original state as possible. Other potential pollution or damage must be cleaned up and renewed along standard guidelines outlined in the usual permits. Reclamation is the process of bringing the land back to a natural state after completion of exploration activities. Environmental remediation refers to the physical activity of taking steps to remediate, or remedy, any environmental damage caused, i.e. refilling trenches after sampling or cleaning up fuel spills. Our initial programs do not require any reclamation or remediation other than minor clean up and removal of supplies because of minimal disturbance to the ground. The amount of these costs is not known at this time as we do not know the extent of the exploration program we will undertake, beyond completion of the recommended three phases described in the chart below. Because there is presently no information on the size, tenor, or quality of any resource or reserve at this time, it is impossible to assess the impact of any capital expenditures on our earnings or competitive position in the event a potentially economic deposit is discovered.

Our fuel storage facility is reviewed by a third-party service for compliance with state regulations at a cost of approximately $1,500 per year.

*Employees and Contractors*

As of December 31, 2025, we have engaged five contractors and five employees. Contractors serve us part-time, except for one full-time contractor. All employees serve us full-time. These contractors provide management, technical, administrative, accounting and legal services to us. We believe the contractors are an efficient use of our resources, providing us greater flexibility in our cost structure as we commence exploration programs.

**Description of Business**

*Revenue Generating Activities*

We have no operating revenues or earnings and have a history of losses. We will have no operating revenues and maintain a history of losses, and no operating revenues are anticipated until one of our projects comes into production, which may or may not occur. We will continue to experience losses unless and until we can successfully develop and begin profitable commercial production at one of our mining properties, and there can be no assurance that we will be able to do so.

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*Status of Exploration Efforts*

We have announced mineral resources at two of our deposits, the past producing Illinois Creek ("Illinois Creek" or "IC") Gold-Silver Mine and the high-grade Waterpump Creek ("WPC") Carbonate Replacement Deposit (silver-zinc-lead-gallium). These resources are end members of a large-scale carbonate replacement mineralizing system. The two resources will utilize different types of metallurgical processing systems. Metallurgical testing is underway on samples from both deposits in order to quantify mineral recoveries.

In 2026, we are currently undergoing an initial options analysis using Fuse Engineering to build economic models for both deposits (IC and WPC). If this work yields positive results, we will decide whether to advance one or both deposits towards a Preliminary Economic Analysis, or "PEA" which will likely require additional test work.

We are a member of the Large Mine Permit Team organized by the Alaska Department of Natural Resources ("Large Mine Permit Team") and managed by the Office of Project Management & Permitting. The Large Mine Permit Team brings together all state agencies that will be involved in permitting a mining exploration and development project. This is a major part of our effort to advance environmental baseline studies to de-risk both deposits. We have engaged with the Large Mine Permit Team and have initiated discussions with the federal permitting regulators to explore the permitting requirements for a planned Yukon River access route. Previous studies include multiple years of fish habitat studies conducted by Alaska Fish & Game, wetlands delineation and surface water quality sampling.

During 2025, we conducted a trenching program and a short drill program. The trenching program quickly identified a 550m long deeply weathered breccia zone containing distinctive rubbly boulders of massive silver-bearing galena and cerussite (oxidized galena) at the Silver Sage zone, located 4.8km south of Waterpump Creek. Trench sampling returned numerous high-grade silver-lead values, including multiple samples reporting assays above 310 g/t silver (10 oz/T), with grades up to 1,235 g/t silver (40 oz/T). Sampling also returned gold values as high as 0.55 g/t. A short follow-up drilling program was conducted from July 25, 2025 to September 28, 2025. A total of 2,964.0 meters were drilled across 13 exploration drill holes. The 2025 program comprised 2,057 m of drilling in 4 holes at the Waterpump Creek deposit, with WPC25-0035 which cut 5.9m (core length) grading 38 g/t (1.2 oz/T) Ag and 12.1% Zn, including 3.2m grading 67 g/t (2.1 oz/T) Ag and 16.9% Zn. In addition, 906.5 m of drilling in 9 shallow scout holes was completed at the newly discovered high-grade silver-lead zone, Silver Sage. Among these holes, SS25-04 cut 4.4m (core length) reporting 148 g/t (4.8 oz/T) Ag; 0.68% Pb and 0.24% Zn, including 1 m grading 349g/t (11.2 oz/T) Ag 2.2% Pb and 0.20% Zn

The proposed 2026 drill program will consist of a minimum of 6,000 meters of diamond drilling utilizing our two company-owned drill rigs. The 2026 drilling program will focus on multiple priority targets at the high-grade Waterpump Creek deposit and the newly discovered Silver Sage Zone, along with scout drilling of other high priority targets. Building on 2025's successful discovery of the blind Silver Sage Zone, systematic follow up of legacy and newly generated geochemical and geophysical anomalies will be undertaken in high-potential areas identified within the overall Illinois Creek Project area. Additional surface exploration and trenching will also be undertaken at Illinois Creek property and Round Top Property.

When either or both the Illinois Creek and Waterpump Creek resources produce positive PEAs, we intend to determine if either or both projects are ready to advance to pre-feasibility and feasibility studies.

*Seasonal Variations in Business*

The mining business is subject to mineral price and investment climate cycles. The marketability of minerals is also affected by worldwide economic and demand cycles. In recent years, the significant demand for minerals in some countries has driven increased commodity process. It is difficult to assess if the current commodity prices are long-term trends, and there is uncertainty as to the recovery, or otherwise, of the world economy. If global conditions weaken, and commodity prices decline as a consequence, a continuing period of lower prices could significantly affect the economic potential of each of the Illinois Creek Project and the other properties.

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**Facilities and Equipment**

We own the Illinois Creek camp which includes all buildings, kitchen/dining facility, offices, dormitory/sleeping facilities, tents, core sheds, electrical generators, water supply and storage systems, radio and internet communication equipment. Camp personnel capacity is 45 persons. We own our exploration drilling equipment which includes two new mechanized drill rigs and rod sloops purchased in 2023 and 2024 and three older, used drill rigs. We maintain extensive spare parts for its drilling equipment. We own and maintain a fleet of vehicles that include pickup trucks, side by side off road vehicles, fuel and water trucks and a dump truck. Heavy equipment includes a CAT D6 dozer, CAT 630 loader, CAT motor grader for road and runway maintenance, Hitachi excavator, John Deere dozer & excavator, snow machines and numerous miscellaneous minor equipment.

We utilize the State of Alaska-owned 4,400 ft Illinois Creek airstrip for delivery of food, supplies and personnel. Fixed wing support is contracted to Wright Air Service and Everts Air Cargo. Lynden Air Cargo, LLC provides C-130 Hercules cargo aircraft with a 50,000pound payload for drill rigs and other heavy equipment.

We do not lease any buildings or equipment related to the Illinois Creek Project.

**Item 1A. Risk Factors**

*An investment in our securities involves a high degree of risk. You should carefully consider the following risk factors, as well as the other information in this Report, before deciding whether to invest in our securities. If any of the following risks actually occur, our business, financial condition, results of operations, and prospects could be materially and adversely affected. In that case, the trading price of our securities could decline, and you could lose part or all of your investment. The following is a summary of the principal risks we face.*

**Risks Related to Our Business**

***We may be unable to make the payments required under the Piek Promissory Note and the Loan (each as defined below) and as a result we may be in default under the Piek Promissory Note and the Loan.***

In 2021, ASUS and Piek entered into the Piek Acquisition Agreement ("Piek Acquisition Agreement"), whereby ASUS acquired all of the issued and outstanding shares of common stock of Piek for a total purchase price of $3,698,000, which ASUS satisfied by the issuance of a promissory note (the "Piek Promissory Note"). The Piek Promissory Note requires us to make certain expenditures with respect to our company. Since 2021, the Piek Promissory Note has been amended nine times, and both parties have been previously amenable to make amendments in the best interests of our company, including to postpone or modify the required expenditures by us thereunder. Additionally, on March 21, 2025, we completed an unsecured loan transaction with certain Lenders (the "Loan") pursuant to which we issued promissory notes in the aggregate principal amount of $1,200,000. On March 21, 2026 we repaid $1,320,000, including accrued interest, under the terms of the Loan. However, if we are unable to make the payments or expenditures required under the Piek Promissory Note and are unable to agree on an amendment to the Piek Promissory Note, we could be in default under the Piek Promissory Note, as applicable, which could have a material adverse effect on our company. In the event of default, non-defaulting parties may accelerate demand for repayment.

***We have incurred significant losses and have limited cash on hand, and there is substantial doubt as to our ability to continue as a going concern.***

We incurred net losses of $7,279,098 and $8,861,799 for the years ended December 31, 2024 and December 31, 2025, respectively. In its report for the fiscal year ended December 31, 2025, our auditor has expressed that there is substantial doubt as to our ability to continue as a going concern. We have incurred operating losses since our formation, expect to incur substantial losses and negative operating cash flows for the foreseeable future and may never become profitable. We also expect to continue to incur significant operating and capital expenditures for the next several years and anticipate that our expenses will increase substantially in the foreseeable future. We also expect to experience negative cash flow for the foreseeable future as we fund our operating losses and capital expenditures. As a result, we will need to generate significant revenues in order to achieve profitability and maintain our operations. If we are unable to generate the revenue necessary to achieve profitability and maintain our operations in the future, we could be required to cease operations, and, even if we are able to maintain our operations, our inability to achieve or maintain profitability could negatively impact the value of our subordinate voting shares.

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***We rely on a limited number of properties, and, unless we acquire additional property interests, adverse developments affecting our current properties could have a material adverse effect upon our business.***

The only material property of ours is the Illinois Creek Property located in Alaska. As a result, unless we acquire additional property interests, any adverse developments affecting this property could have a material adverse effect upon our business and would materially and adversely affect the potential mineral resource production, profitability, financial condition and results of operations of our business. While we may seek to acquire additional mineral properties to help us fulfill our business objectives, there can be no assurance that we will be able to identify suitable additional mineral properties or, if we identify suitable properties, that we will have sufficient financial resources to acquire such properties or that such properties will be available on terms acceptable to us or at all.

***Our mineral resources described in the S-K 1300 Report are only estimates as we have no established mineral reserves, and the anticipated tonnages and grades described in the S-K 1300 Report may not be achieved, or the indicated level of recovery may never be realized.***

We are a resource company focused primarily on the acquisition, exploration and development of mineral properties located in Alaska. Our properties have no established mineral reserves. There can be no assurance that any of our projects can be mined profitably. Any reference to potential quantities and/or grade is conceptual in nature, as there has been insufficient exploration to define any mineral resource, and it is uncertain if further exploration will result in the determination of any mineral resource. Quantities and/or grade described in this registration statement should not be interpreted as assurances of a potential resource or reserve, or of potential future mine life or of the profitability of future operations. Accordingly, we may not realize any profits in the short to medium term, or at all. Any profitability in our future business will be dependent upon developing and commercially mining an economic deposit of minerals, which in itself is subject to numerous risk factors.

We intend to continue exploration on our properties, and we may or may not acquire additional interests in other mineral properties. The search for mineral deposits at our existing properties and any future properties we acquire is extremely risky. We can provide investors with no assurance that exploration on our current properties, or any other property that we may acquire, will establish that any commercially exploitable quantities of mineral deposits exist. There are various ways we may be prevented from discovering any mineral deposits, including unanticipated problems relating to exploration and additional costs and expenses associated with our exploration activities that may exceed current estimates. If we are unable to establish the presence of viable mineral deposits on our properties, our ability to fund future exploration activities will be impeded, we will not be able to operate profitably, and investors may lose all their investment in our company.

***We have faced, and may continue to face, liquidity concerns.***

In the past, we experienced liquidity issues as a result of excess financial obligations due to our limited available financial assets at various points in time. Similar liquidity challenges may arise in the future, particularly if market conditions deteriorate or unforeseen events impact our business. Our objective in managing liquidity risk is to maintain sufficient readily available cash reserves and credit in order to meet our liquidity requirements at any point in time. The total cost and planned timing of acquisitions and/or other development or construction projects is not currently determinable, and it is not currently known precisely when we will require external financing in future periods.

***Mining operations generally involve a high degree of risk, and there is no certainty that the expenditures to be made by us towards the exploration and evaluation of minerals will result in discoveries or production of commercial quantities of minerals.***

Mining operations generally involve a high degree of risk. Our operations are subject to all the hazards and risks normally encountered in the exploration, development and production of minerals, including unusual and unexpected geologic formations, seismic activity, rock bursts, cave-ins, flooding and other conditions involved in the drilling and removal of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage and possible legal liability. The financing, exploration, development and mining of any of our properties is furthermore subject to a number of macroeconomic, legal and social factors, including commodity prices, laws and regulations, political conditions, currency fluctuations, the ability to hire and retain qualified people, the inability to obtain suitable adequate machinery, equipment or labor and obtaining necessary services in jurisdictions in which we operates. Unfavorable changes to these and other factors have the potential to negatively affect our operations and business.

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Major expenses may be required to locate and establish mineral reserves, to develop metallurgical processes and to construct mining and processing facilities at a particular site. Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our operations, financial condition and results of operations. It is impossible to ensure that the exploration or development programs planned by us will result in a profitable commercial mining operation. Whether a precious or base metal or mineral deposit will be commercially viable depends on a number of factors, some of which are: the particular attributes of the deposit, such as quantity and quality of mineralization and proximity to infrastructure; mineral prices which are highly cyclical; and government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in us not receiving an adequate return on invested capital.

There is no certainty that the expenditures to be made by us towards the exploration and evaluation of minerals will result in discoveries or production of commercial quantities of minerals. In addition, once in production, mineral reserves are finite, and there can be no assurance that we will be able to locate additional reserves as our existing reserves are depleted.

***The development and exploration of our properties may require substantial additional financing, and there are significant uncertainties regarding the mineral prices and, by extension, the availability of equity financing for mineral exploration and development. If we fail to obtain such additional financing as and when we need it, further exploration and development of our projects may be delayed or indefinitely postponed.***

There are significant uncertainties regarding the price of minerals and the availability of equity financing for the purposes of mineral exploration and development. Our future performance will be largely tied to the operation of the Illinois Creek Property, the development of the Illinois Creek Property, and the commodity and financial markets. Financial markets were volatile throughout 2025 and may continue to be volatile for 2026 and beyond, reflecting ongoing concerns about the stability of the global economy and global growth prospects. These economic trends may impact the interests of investors and, relatedly, the availability of equity financings, limiting our ability to develop and/or further explore the mineral properties in which we currently, or may in the future, hold an interest. If these increased levels of volatility and market uncertainty continue, our operations and the price of our subordinate voting shares could be adversely impacted.

Failure to obtain such additional financing could result in the delay or indefinite postponement of further exploration and development of our projects.

***Our business is strongly affected by the world market price of precious and base metals and there can be no assurance we will be able to develop our properties profitably or at all.***

Our business is strongly affected by the world market price of precious and base metals. Global metal prices fluctuate widely and are affected by numerous factors beyond our control, including global demand and production levels; political and economic conditions; producer hedging activities; speculative activities; inflation; interest rates; central bank lending, sales and purchases of metals; the strength of, and confidence in, the U.S. dollar, the currency in which the price of metals are generally quoted; and currency exchange rates.

The price of metals has fluctuated widely in recent years, and future sustained metal price declines could cause development of, and commercial production from, our projects to be uneconomic. Depending on the price of metals, our cash flow from any mining operations may be insufficient to meet our operating needs and capital expenditures, and as a result, we could experience losses and/or may curtail or suspend some or all of our exploration, development, construction and mining activities or otherwise revise our mine plans, and exploration, development and construction plans, and could lose our interest in, or be forced to sell, some or all of our properties. Further, if forced to use significantly lower metal prices for Mineral Resource calculations for the Illinois Creek Property life-of-mine could result in material write-downs in Company's mining properties and increased amortization, reclamation and closure charges.

In addition to adversely affecting our mineral reserve estimates and our financial condition, declining commodity prices could impact operations by requiring a reassessment of the feasibility of our projects, including the Illinois Creek Property. Such a reassessment may be the result of a management decision or may be required under financing mergers related to a particular project. Even if such project is ultimately determined to be economically viable, the need to conduct such a reassessment may cause substantial delays or may interrupt operations until the reassessment can be completed.

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Our operating results are expected to be substantially dependent upon the market price of metals, the prices for which fluctuate widely. The volatility of precious metal prices represents a substantial risk, which no amount of planning or technical expertise can fully eliminate. In the event metal prices decline or remain low for prolonged periods of time, we might be unable to develop our properties, which may adversely affect our results of operations, financial performance and cash flows.

***We have no history of mineral production on our properties, and commercial quantities of gold, silver, zinc, gallium or other minerals may never be profitably mined by us.***

Other than the Illinois Creek Mine, which was in production from 1996 through 2002, there is no history of mineral production on the properties. As such, we have had no operating revenues and have had a history of losses, and no operating revenues are anticipated until one of our projects comes into production, which may or may not occur. While there was some historical exploration and sampling starting in the 1980's, the Illinois Creek Property is a high risk, speculative venture, and only a minimal amount of exploration and sampling has been conducted by us. There is no certainty that the expenditures proposed to be made by us towards the search for and evaluation of gold, silver, zinc, gallium or other minerals with regard to the Illinois Creek Property or otherwise will result in discoveries of commercial quantities of gold, silver, zinc, gallium or other minerals.

Furthermore, there can be no assurance that commercial quantities of gold, silver, zinc, gallium or other minerals will be discovered at any future properties nor is there any assurance that any future exploration programs of ours on the properties or any other properties will yield any positive results. Even where commercial properties of minerals are discovered, there can be no assurance that any property of ours will ever be brought to a stage where mineral reserves can be profitably produced thereon. It is difficult to evaluate our prospects, and our future success is more uncertain than if we had a more proven history. We will continue to experience losses unless and until we can successfully develop and begin profitable commercial production at one of our mining properties.

You should not rely on the S-K 1300 Report as an indication that we will have profitable commercial operations in the future. Factors which may limit our ability to produce mineral resources from our properties include, but are not limited to, the price of mineral resources are explored, availability of additional capital and financing and the nature of any mineral deposits.

In addition, we are and will continue to be subject to all the risks associated with establishing new mining operations, including: the timing and cost, which can be considerable, of the construction of mining and processing facilities; the availability and cost of skilled labor and mining equipment; the need to obtain necessary environmental and other government approvals and permits and the timing of the receipt of those approvals and permits; the availability of funds to finance construction and development activities; potential opposition from non- governmental organizations, indigenous peoples, environmental groups or local groups which may delay or prevent development activities; and potential increases in construction and operating costs due to changes in the costs of fuel, power, materials and supplies.

It is common in new mining exploration operations to experience unexpected costs, problems and delays during construction, development and mine start-up. In addition, delays in the early stages of mineral production often occur. Accordingly, our mining operations at our mineral properties may not be, and may never become, profitable.

***The development and exploration plans and costs associated with the Illinois Creek Property may differ from the estimates in the S-K 1300 Report.***

The S-K 1300 Report contains estimates of future production, development plans, operating and capital costs, financial returns and other economic and technical estimates relating to the Illinois Creek Property. These estimates are based on a variety of factors and assumptions, and there can be no assurance that such production, plans, costs or other estimates will be achieved. Actual costs and financial returns may vary significantly from the estimates in the S-K 1300 Report depending on a variety of factors, many of which are not within our control, including, but not limited to: actual ore mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the price of gold and silver; short-term operating revisions to mine plans; equipment failures; industrial accidents; natural phenomena; encountering unusual or unexpected geological conditions; changes in power costs and potential power shortages; exchange rate and commodity price fluctuations; shortages of principal supplies needed for development and operations; labor shortages or strikes; high rates of inflation; civil disobedience, protests and acts of civil unrest or terrorism, applicable taxes and restrictions or regulations imposed by governmental or regulatory authorities or other changes in the regulatory environments. Failure to achieve estimates or material increases in costs could have a material adverse impact on our future cash flows, profitability, results of operations and financial condition.

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***Equipment failures, natural disasters including severe weather, terrorist acts, acts of war, cyberattacks or other breaches of network systems or security that affect computer systems within our network could lead to disruptions in our business functions.***

Equipment failures, natural disasters including severe weather, terrorist acts, acts of war, cyberattacks or other breaches of network systems or security that affect computer systems within our network could disrupt our business functions, including our exploration and any future production activities. The mining industry has become increasingly dependent on digital technologies. We rely on digital technologies to conduct certain exploration and other activities. The mining industry faces various security threats, including cybersecurity threats. Such attacks are increasing and include malicious software, attempts to gain unauthorized access to data and other electronic security breaches that could lead to disruptions to critical systems, unauthorized release of confidential information and corruption of data. A cyberattack could negatively impact our operations. A corruption of Company's financial or operational data or an operational disruption could, among other potential impacts, result in: (i) distraction of management; (ii) damage to our reputation or our relationship with customers, vendors employees and joint venture partners; or (iii) events of noncompliance, which events could lead to regulatory fines or penalties. Any of the foregoing could have a material adverse impact on our reputation, business, results of operations and financial condition.

Although to date we have not experienced any material losses relating to cyber-attacks or other information security breaches, there can be no assurance that we will not incur such losses in the future. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

***We are subject to taxation both in Canada and the United States, which could have a material adverse effect on our business, financial condition and results of operations.***

Although we are a Canadian corporation, we are also classified as a U.S. domestic corporation for United States federal income tax purposes under Section 7874(b) of the U.S. Tax Code and are subject to United States federal income tax on our worldwide income. However, for Canadian tax purposes, regardless of any application of Section 7874 of the U.S. Tax Code, we are treated as a Canadian resident corporation. As a result, we are subject to taxation both in Canada and the United States, which could have a material adverse effect on our business, financial condition and results of operations.

No dividends on the subordinate voting shares have been paid by us to date. Investors in our securities cannot expect to receive a dividend on their investment in the foreseeable future, if at all.

If we were to pay a dividend, dividends received by holders who are residents of Canada for purposes of the Tax Act and not "U.S. persons" for U.S. federal income tax purposes will generally be subject to U.S. withholding tax at a 30% rate or such lower rate as provided in an applicable tax treaty. In addition, a Canadian foreign tax credit or deduction may not be available under the Tax Act in respect of such taxes.

Dividends received by U.S. persons for U.S. federal income tax purposes will not be subject to U.S. withholding tax but will be subject to Canadian withholding tax under the Tax Act. Dividends paid by us will be characterized as U.S. source income for purposes of the foreign tax credit rules under the U.S. Tax Code. Accordingly, U.S. holders generally will not be able to claim a credit for any Canadian tax withheld unless, depending on the circumstances, they have an excess foreign tax credit limitation due to other foreign source income that is subject to a low or zero rate of foreign tax.

Dividends received by persons that are neither Canadian residents for applicable Canadian tax purposes nor U.S. persons for U.S. federal income tax purposes will generally be subject to U.S. withholding tax and will also be subject to Canadian withholding tax. These dividends may not qualify for a reduced rate of U.S. withholding tax under any income tax treaty otherwise applicable to the recipient, subject to examination of the relevant treaty.

Since we are classified as a U.S. domestic corporation for United States federal income tax purposes under Section 7874(b) of the U.S. Tax Code, the subordinate voting shares will be treated as shares of a U.S. domestic corporation and holders thereof will be subject to the relevant provisions of the U.S. Tax Code and/or the Treaty (as defined below). As a result, the United States gift, estate and generation-skipping transfer tax rules generally apply to a non-U.S. holder of Units, subordinate voting shares or warrants.

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EACH INVESTOR SHOULD SEEK TAX ADVICE, BASED ON SUCH INVESTOR'S PARTICULAR FACTS AND CIRCUMSTANCES, FROM SUCH INVESTOR'S OWN TAX ADVISORS, INCLUDING, WITHOUT LIMITATION, IN CONNECTION WITH OUR CLASSIFICATION AS A U.S. DOMESTIC CORPORATION FOR UNITED STATES FEDERAL INCOME TAX PURPOSES UNDER SECTION 7874(b) OF THE U.S. TAX CODE, THE APPLICATION OF THE U.S. TAX CODE, THE APPLICATION OF THE TREATY, THE APPLICATION OF U.S. FEDERAL ESTATE AND GIFT TAXES, THE APPLICATION OF U.S. FEDERAL TAX WITHHOLDING REQUIREMENTS AND THE APPLICATION OF U.S. TAX RETURN FILING REQUIREMENTS.

***There are uncertainties as to title matters in the mining industry, and any defects in title could cause us to lose rights in our mineral properties and jeopardize our business operations.***

There are uncertainties as to title matters in the mining industry. Any defects in title could cause us to lose rights in our mineral properties and jeopardize our business operations. Our mineral properties currently consist of mining claims located on lands administered by Alaska Department of Natural Resources to which we only have possessory title. Because title to mining claims is subject to inherent uncertainties, it is difficult to determine conclusively ownership of such claims. These uncertainties relate to such things as sufficiency of mineral discovery, proper location and posting and marking of boundaries, proper and timely payment of annual claim maintenance fees, the existence and terms of royalties, and possible conflicts with other claims not determinable from descriptions of record.

The present status of our mining claims located on public lands allows us the right to mine and remove valuable minerals, such as precious and base metals, from the claims conditioned upon applicable environmental reviews and permitting programs. We are also allowed to use the surface of the land solely for purposes related to mining and processing the mineral-bearing ores. However, legal ownership of the land remains with the State of Alaska. We remain at risk that the mining claims may be forfeited either to the State of Alaska or to rival private claimants due to failure to comply with statutory requirements.

***Title on mineral properties and mining rights involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mining properties.***

We currently do not, and, in the future, do not expect to maintain insurance against title. Title on mineral properties and mining rights involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyance history of many mining properties. Although, with the assistance of legal counsel, we have diligently investigated, and will continue to conduct such investigations going forward as to, title to our mineral claims, we cannot give any assurance that title to properties we acquired individually or through historical share acquisitions will not be impugned and cannot guarantee that we will have or acquire valid title to mining properties. We also may not have, or may not be able to obtain, all necessary surface rights to develop a property. Failure by us to retain title or the necessary surface rights to the properties could have a material adverse effect on us and the value of the subordinate voting shares.

There are risks that title to our properties may be challenged or impugned. Most of our properties are located in Alaska and may be subject to prior unrecorded agreements or transfers or native land claims and title may be affected by undetected defects. There may be valid challenges to the title of such properties which, if successful, could impair development and/or operations.

Mining claims are unique property interests, and are generally considered to be subject to greater title risk than other real property interests because the validity of mining claims is often uncertain. This uncertainty arises, in part, out of the complex federal and state laws and regulations under the General Mining Law. Also mining claims are always subject to possible challenges by third parties. The validity of an mining or mill site claim, in terms of both our location and our maintenance, is dependent on strict compliance with a complex body of state statutory and decisional law. In addition, there are few public records that definitively determine the issues of validity and ownership of mining claims.

We will also be required to make annual claim maintenance payments to Alaska Department of Natural Resources in order to maintain our rights to explore and, if warranted, to develop our mining claims. If we fail to meet these obligations, we will lose the right to explore for minerals on those properties.

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***The title to our mineral property interests may be challenged.***

There may be challenges to title to the mineral properties in which we hold a material interest. If there are title defects with respect to any properties, we might be required to compensate other persons or perhaps reduce our interest in the affected property. Furthermore, in any such case, the investigation and resolution of any such issues would divert our management's time from ongoing exploration and development programs, which could have a material adverse impact on our business, financial condition and results of operations.

***Joan Marrs or Christopher Marrs may have the ability to influence the outcome of matters submitted to our shareholders for approval, which could include the election and removal of directors, amendments to our corporate governing documents and business combinations.***

Joan Marrs (Vice President - Administration) and Christopher Marrs (a director and the CEO of our business) hold, directly or indirectly, approximately 14% of the voting power of our issued and outstanding shares. As a result, Joan Marrs or Christopher Marrs may have the ability to strongly influence the outcome of matters submitted to our shareholders for approval, which could include the election and removal of directors, amendments to our corporate governing documents and business combinations. Our interests and those of Joan Marrs and Christopher Marrs may at times conflict, and any such conflict might be resolved against our interests. The concentration of approximately 14% of the voting power in the hands of these two shareholders may discourage an unsolicited bid for the subordinate voting shares, which may adversely impact the value and trading price of the subordinate voting shares.

***The estimation of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio- political, marketing, or other relevant issues.***

Mineral resource estimates are based upon estimates made by our personnel and independent geologists. These estimates are inherently subject to uncertainty and are based on geological interpretations and inferences drawn from drilling results and sampling analyses and may require revisions based on further exploration or development work. The estimation of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Inferred resources are resources for which there has been insufficient exploration to define as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resource category.

The grade of mineralization that may ultimately be mined may differ from that indicated by drilling results and such differences could be material. The quantity and resulting valuation of mineral reserves and mineral resources may also vary depending on, among other things, mineral prices (which may render mineral reserves and mineral resources uneconomic), cut-off grades applied and estimates of future operating costs (which may be inaccurate). Production can be affected by such factors as permitting regulations and requirements, weather, environmental factors, unforeseen technical difficulties, unusual or unexpected geological formations and work interruptions. Any material change in quantity of mineral resources, mineral reserves, grade, or stripping ratio may also affect the economic viability of any project undertaken by us. In addition, there can be no assurance that mineral recoveries in small scale, and/or pilot laboratory tests will be duplicated in a larger scale test under on-site conditions or during production.

There is no certainty that any of the mineral resources identified on any of our properties will be realized, that any mineral resources will ever be upgraded to mineral reserves, that any anticipated level of recovery of minerals will in fact be realized, or that an identified mineral reserve or mineral resource will ever qualify as a commercially mineable (or viable) deposit which can be legally and economically exploited. Until a deposit is actually mined and processed, the quantity of mineral resources and mineral reserves and grades must be considered as estimates only.

***Our business is subject to a number of risks, and such occurrences may result in damage to mineral properties or production facilities.***

Our business is subject to a number of risks and hazards generally, including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground or slope failures, cave-ins, changes in the regulatory environment, natural phenomena such as inclement weather conditions, floods and earthquakes. Such occurrences could result in damage to mineral properties or production facilities, personal injury or death, environmental damage to our properties or the properties of others, delays in the ability to undertake exploration, monetary losses and possible legal liability.

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Although we may maintain insurance to protect against certain risks in such amounts as we consider to be reasonable, our insurance will not cover all the potential risks associated with our mining operations. It is not always possible to fully insure against such risks and, even where such insurance is available we may decide to not take out insurance against such risks. We may also be unable to maintain insurance to cover these risks at economically feasible premiums. Insurance coverage may not continue to be available or may not be adequate to cover any resulting liability. Moreover, insurance against risks such as environmental pollution or other hazards as a result of exploration and production is not generally available to us or to other companies in the mining industry on acceptable terms. We might also become subject to liability for pollution or other hazards which we may not be insured against or which we may elect not to insure against because of premium costs or other reasons. Losses from these events may cause us to incur significant costs that could have a material adverse effect upon our financial performance and results of operations.

ASUS is not currently covered by any form of environmental liability insurance, or political risk insurance, since insurance against such risks (including liability for pollution) may be prohibitively expensive. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing costs and a decline in the value of our subordinate voting shares. We may have to suspend operations or take cost interim compliance measures if we are unable to fully fund the cost of remedying an environmental problem, if it occurs.

***We do not insure against all of the risks we face in our operations.***

We do not maintain insurance to cover all the potential risks and hazards associated with our operations. We may be subject to liability for environmental, pollution or other hazards associated with our exploration, pre-extraction, and extraction activities, which we may not be insured against, which may exceed the limits of our insurance coverage or which we may elect not to insure against because of high premiums or other reasons. Furthermore, we cannot provide assurance that any insurance coverage we currently have will continue to be available at reasonable premiums or that such insurance will adequately cover any resulting liability.

***Our operations rely on adequate infrastructure and without reliable infrastructure, our capital and operating costs may be affected.***

Mining, processing, development and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect our business, financial condition and results of operations.

***The occurrence of a significant event that disrupts the production of mineral resources at our properties and the subsequent sale thereof for an extended period could have a material negative impact on our business, financial condition and results of operations.***

The occurrence of a significant event which disrupts the production of mineral resources at our properties and the subsequent sale thereof for an extended period, could have a material negative impact on our business, financial condition and results of operations. The mining industry is subject to natural events including fires, adverse weather conditions, earthquakes and other similar events that are unforeseeable, irresistible and beyond our control. The occurrence of any one of these events could have a material adverse effect on our business and financial condition.

***We may experience an inability to attract or retain qualified personnel.***

Our success depends to a large degree upon our ability to attract, retain and train key management personnel, as well as other technical personnel. If we are not successful in retaining or attracting such personnel, our business may be adversely affected. Furthermore, the loss of our key management personnel could materially and adversely affect our business and operations.

As our business becomes more established, we will also be required to recruit additional qualified key financial, administrative, operations and marketing personnel. There will be no guarantee that we will be able to attract and keep such qualified personnel, and, if we are not successful, it could have a material and adverse effect on our business and results from operations.

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***Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures and any of these events could result in information system failures, delays and/or increase in capital expenses.***

Our operations depend, in part, on how well we and our suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, damage to physical plants, natural disasters, terrorism, fire, power loss, hacking, computer viruses, vandalism and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as pre-emptive expenses to mitigate the risks of failures. Any of these and other events could result in information system failures, delays and/or increase in capital expenses. The failure of information systems or a component of information systems could, depending on the nature of any such failure, adversely impact our reputation, business, financial condition and results of operations.

***We are subject to and required to disclose mineral resources and mineral reserves in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects, or "NI 43-101" and analogous disclosure requirements under S-K 1300 rules, which may result in increased compliance costs.***

We have adopted the mining disclosure standards of S-K 1300. We are also subject to Canadian reporting requirements, and, while the S-K 1300 rules are similar to the NI 43-101 rules in Canada, they are not identical and therefore two reports have been produced for the Illinois Creek project. Any revisions to, or interpretations of, S-K 1300 or NI 43-101 could result in us incurring additional costs associated with compliance with those disclosure obligations, both in the U.S. and in Canada.

**Risks Related to Government Regulation and Disputes**

***If we are required to compensate anybody suffering loss or damage from our mining activities, or if we become subject to fines or penalties for violations of law, it could lead to costs, delays and suspensions that may negatively affect our business.***

Parties engaged in mining operations or in the exploration or development of mineral properties may be required to compensate those suffering loss or damage by reason of the mining activities and may be subject to civil or criminal fines or penalties imposed for violations of applicable laws or regulations. Any such penalties, fines, sanctions or shutdowns could have a material adverse effect on our business, financial condition and results of operations.

***Legislation has been proposed, if enacted, that could significantly affect the mining industry and our business.***

Members of the United States Congress have repeatedly introduced bills that would supplant or alter the provisions of the General Mining Law. If enacted, such legislation could change the cost of holding unpatented mining claims and could significantly impact our ability to develop mineralized material on unpatented mining claims. Such bills have proposed, among other things, to either eliminate or greatly limit the right to a mineral patent and to impose a federal royalty on production from unpatented mining claims. Although we cannot predict what legislated royalties might be, the enactment of these proposed bills could adversely affect the potential for development of unpatented mining claims and the economics of existing operating mines on federal unpatented mining claims. Passage of such legislation could adversely affect our financial performance.

***Procedures for identifying, isolating and safely removing or reducing impurities or toxic substances from minerals we mine may require strict adherence, and no assurance can be given that employees, contractors or others will not be exposed to or be affected by such impurities and toxic substances, which may subject us to liability.***

Mineral ores and mineral products, including gold, silver, zinc and gallium ore, contain naturally occurring impurities and toxic substances. Although we have implemented procedures that are designed to identify, isolate and safely remove or reduce such impurities and substances, such procedures require strict adherence and no assurance can be given that employees, contractors or others will not be exposed to or be affected by such impurities and toxic substances, which may subject us to liability. Standard operating procedures may not identify, isolate and safely remove or reduce such substances. Laws, rules and regulations requiring downstream users of chemical substances, including metals and minerals, to establish that the substances can be handled and used without negatively affecting health or the environment may impact our operations and markets. These potential compliance costs, litigation expenses, regulatory delays, remediation expenses and operational costs could negatively affect our financial results.

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***We are subject to extensive laws and regulations.***

Mining activities are subject to extensive laws and regulations governing prospecting, development, production, exports, taxes, labor standards, occupational health and safety, water disposal, toxic substances, explosives, management of natural resources, environmental management and protection, mine safety, dealings with native groups, historic and cultural preservation and other matters. Compliance with such laws and regulations increases the costs of planning, designing, drilling, developing, construction, operating and closing mines and other facilities. Compliance with environmental regulations may require significant capital outlays on behalf of our business and may cause material changes or delays in our intended activities. Any breaches of environmental laws could materially and adversely affect us. Failure to comply with applicable laws and regulations may result in civil or criminal fines or penalties or enforcement actions, including orders issued by regulatory or judicial authorities enjoining or curtailing operations, requiring corrective measures or other remedial actions, any of which could result in our incurring significant expenditures. We may be subject to potential legal claims which, if determined adversely to us, could have a material effect on us and/or our financial condition. We may be required to compensate persons suffering loss or damage as a result of any infringement of applicable laws or regulations.

We may also be required to obtain certain other property rights to access, or use, certain of our properties in order to proceed with mining activities. There can be no assurance that all licenses, permits or property rights which we may require for any exploration or development of mining operations will be obtainable on reasonable terms or in a timely manner, or at all, that such terms will not be adversely changed, that required extensions will be granted, or that the issuance of such licenses, permits or property rights will not be challenged by third parties. Delays in obtaining or a failure to obtain such licenses, permits or property rights or extension thereto, challenges to the issuance of such licenses, permits or property rights, whether successful or unsuccessful, changes to the terms of such licenses, permits or property rights, or a failure to comply with the terms of any such licenses, permits or property rights that we have obtained, could have a material adverse effect on us by delaying or preventing or making more expensive exploration, development and/or production.

We have never completed a mining development project and have not generated any revenues from production. The future development of properties found to be economically feasible will require the construction and operation of mines, processing plants and related infrastructure and we do not have any experience in taking a mining project to production. As a result of these factors, it is difficult to evaluate our prospects, and our future success is more uncertain than if it had a more proven history. In addition, we are and will continue to be subject to all the risks associated with establishing new mining operations, including: the timing and cost, which can be considerable, of the construction of mining and processing facilities; the availability and cost of skilled labor and mining equipment; the need to obtain necessary environmental and other governmental approvals and permits and the timing of the receipt of those approvals and permits; the availability of funds to finance construction and development activities; potential opposition from non-governmental organizations, indigenous peoples, environmental groups or local groups which may delay or prevent development activities; and potential increases in construction and operating costs due to changes in the costs of fuel, power, materials and supplies.

It is common in new mining operations to experience unexpected costs, problems and delays during construction, development and mine start-up. In addition, delays in the early stages of mineral production often occur. Accordingly, we cannot provide assurance that our activities will result in profitable mining operations at our mineral properties.

***Our operations are subject to various health and safety laws and regulations, and the costs associated with the compliance with such health and safety laws and regulations may be substantial.***

Our operations are subject to various health and safety laws and regulations that impose various duties on our operations relating to, among other things, worker safety and obligations in respect of surrounding communities. These laws and regulations also grant the relevant authorities broad powers to, among other things, close unsafe operations and order corrective action relating to health and safety matters. The costs associated with the compliance with such health and safety laws and regulations may be substantial and any amendments to such laws and regulations, or more stringent implementation thereof, could cause additional expenditure or impose restrictions on, or suspensions of, our operations. We expect to make significant expenditure to comply with the extensive laws and regulations governing the protection of the environment, waste disposal, worker safety, mine development and protection of endangered and other special status species, and, to the extent reasonably practicable, to create social and economic benefit in the surrounding communities near our mineral properties.

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***The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations.***

When we commence development and mining operations, our operations will become subject to extensive federal, state and local laws and regulations governing environmental protection and employee health and safety. Environmental legislation is evolving in a manner that is creating stricter standards, while enforcement, fines and penalties for non-compliance are also increasingly stringent. The cost of compliance with changes in government regulations has the potential to reduce the profitability of operations. Further, any failure by us to comply fully with all applicable laws and regulations could have significant adverse effects on us, including the suspension or cessation of operations. All phases of our operations in Alaska will be subject to extensive federal and state environmental regulation, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comprehensive Environmental, Response, Compensation, and Liability Act ("CERCLA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Federal Resource Conservation and Recovery Act (the "RCRA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Clean Air Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The National Environmental Policy Act ("NEPA"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Clean Water Act (the "CWA");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Safe Drinking Water Act (the "SDWA"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Endangered Species Act.

The CERCLA, and comparable state statutes, impose strict, joint and several liabilities on current and former owners and operators of sites and on persons who disposed of or arranged for the disposal of hazardous substances found at such sites. It is not uncommon for the government to file claims requiring cleanup actions, demands for reimbursement for government-incurred cleanup costs, or natural resource damages, or for neighboring landowners and other third parties to file claims for personal injury and property damage allegedly caused by hazardous substances released into the environment. The RCRA, and comparable state statutes, govern the disposal of solid waste and hazardous waste and authorize the imposition of substantial fines and penalties for noncompliance, as well as requirements for corrective actions. CERCLA, RCRA and comparable state statutes can impose liability for clean-up of sites and disposal of substances found on exploration, mining and processing sites long after activities on such sites have been completed

The Clean Air Act, as amended, restricts the emission of air pollutants from many sources, including mining and processing activities. Our mining operations may produce air emissions, including fugitive dust and other air pollutants from stationary equipment, storage facilities and the use of mobile sources such as trucks and heavy construction equipment, which are subject to review, monitoring and/or control requirements under the Clean Air Act and state air quality laws. New facilities may be required to obtain permits before work can begin, and existing facilities may be required to incur capital costs in order to remain in compliance. In addition, permitting rules may impose limitations on our production levels or result in additional capital expenditures in order to comply with the rules.

NEPA requires federal agencies to integrate environmental considerations into their decision-making processes by evaluating the environmental impacts of their proposed actions, including issuance of permits to mining facilities, and assessing alternatives to those actions. If a proposed action could significantly affect the environment, the agency must prepare a detailed statement known as an EIS. The EPA, other federal agencies, and any interested third parties will review and comment on the scoping of the EIS and the adequacy of and findings set forth in the Draft and Final EIS. This process can cause delays in issuance of required permits or result in changes to a project to mitigate our potential environmental impacts, which can in turn impact the economic feasibility of a proposed project.

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The CWA is a federal law where the permitting authority for some permits has been delegated to the State of Alaska Department of Environmental Conservation. The statutes impose restrictions and controls on the discharge of pollutants into waters of the United States. The discharge of pollutants into regulated waters is prohibited, except in accordance with the terms of a permit issued by the EPA or an analogous state agency. The CWA can also regulate storm water from mining facilities and require a storm water discharge permit for certain activities. Such a permit requires the regulated facility to monitor and sample storm water run-off from our operations. The CWA and regulations implemented thereunder also prohibit discharges of dredged and fill materials in wetlands and other waters of the United States unless authorized by the US Army Corps of Engineers an appropriately issued 404 permit. The CWA and comparable state statutes provide for civil, criminal and administrative penalties for unauthorized discharges of pollutants and impose liability on parties responsible for those discharges for the costs of cleaning up any environmental damage caused by the release and for natural resource damages resulting from the release.

SDWA and the UIC program promulgated thereunder, regulate the drilling and operation of subsurface injection wells. The EPA directly administers the UIC program in some states and in others, the responsibility for the program has been delegated to the state. The program requires that a permit be obtained before drilling a disposal or injection well. Violation of these regulations and/or contamination of groundwater by mining related activities may result in fines, penalties, and remediation costs, among other sanctions and liabilities under the SWDA and state laws. In addition, third party claims may be filed by landowners and other parties claiming damages for alternative water supplies, property damages, and bodily injury.

There can be no assurance that future changes in environmental regulation, if any, will not adversely affect our operations. Environmental hazards may exist on the properties on which we hold interests which are unknown to us at present and which have been caused by previous or existing owners or operators of the properties.

We cannot give any assurances that breaches of environmental laws (whether inadvertent or not) or environmental pollution will not materially and adversely affect our financial condition. There can be no assurance that any future changes to environmental regulation, if any, will not adversely affect us.

***Land reclamation requirements for our properties may require us to post bonds or other surety to guarantee the cost of post-reclamation mining, which add significant costs to our operations and delays in our projects.***

Although variable depending on location and the governing authority, land reclamation requirements are generally imposed on mining and exploration companies in order to minimize long term effects of land disturbance, and to re- establish pre-mining or other acceptable land uses. Reclamation may include requirements to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· control dispersion of potentially deleterious effluents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· treat ground and surface water to non-degradation standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reasonably re-establish pre-disturbance land forms and vegetation.

In Alaska, certain state and federal agencies require that mining operations on lands subject to its regulation obtain an approved plan of operations. On federal lands, this approval is subject to environmental impact evaluation under the National Environmental Policy Act. However, our property is on state land and a state Plan of Operations approval is not subject to NEPA. Mining companies must post a bond or other surety to guarantee the cost of post-mining reclamation. Cash collateral obligations to secure the bonds are typically required and may be increased by the Surety at any point in time up to the face value of the bond.. We plan to set up a provision for our reclamation obligations on properties, as appropriate. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected. Our mineral exploration operations are required to be covered by reclamation bonds deemed adequate by regulators to cover these risks, which may ultimately not be adequate for our operations.

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***We are subject to anti-corruption and anti-bribery laws and liable for any violations of such laws.***

Our operations are governed by, and involve interactions with, many levels of the United States and Canadian government. We are required to comply with anti-corruption and anti-bribery laws, including the Canadian Criminal Code, and the Canadian *Corruption of Foreign Public Officials Act*, as well as the United States Foreign Corrupt Practices Act. In recent years, there has been a general increase in both the frequency of enforcement and the severity of penalties under such laws, resulting in greater scrutiny and punishment to companies convicted of violating anti-corruption and anti-bribery laws. Furthermore, we may be found liable for violations by not only our employees, but also by our contractors and third-party agents. The steps we take to mitigate such risks may not be effective in ensuring that we, our employees, contractors or third-party agents will comply strictly with such laws. If we were subject to an enforcement action or is found to be in violation of such laws, this may result in significant penalties, fines and/or sanctions imposed on us that may result in a material adverse effect on our reputation and results of our operations.

***Any failure of any partner to meet its obligations to us or other third parties, or any disputes with respect to third parties' respective rights and obligations, could have a material adverse effect on our rights under such agreements.***

We may in the future enter into other option agreements and/or joint ventures as a means of acquiring property interests. Any failure of any partner to meet its obligations to us or other third parties, or any disputes with respect to third parties' respective rights and obligations, could have a material adverse effect on our rights under such agreements. Furthermore, we may be unable to exert direct influence over strategic decisions made in respect of properties that are subject to the terms of these agreements, and the result may be a materially adverse impact on the strategic value of the underlying mineral claims.

***Some of the lands in which we hold an interest, or the exploration equipment and roads or other means of access which we intend to utilize in carrying out our work programs or general business mandates, may be subject to interests or claims by third party individuals, groups or companies.***

Some of the lands in which we hold an interest, or the exploration equipment and roads or other means of access which we intend to utilize in carrying out our work programs or general business mandates, may be subject to interests or claims by third party individuals, groups or companies. In the event that such third parties assert any claims, our work programs may be delayed even if such claims are not meritorious. Such delays may result in significant financial loss and loss of opportunity for us.

***Climate change and climate change regulations could have an adverse impact on our cost of operations.***

Climate change could have an adverse impact on our cost of operations. The potential physical impacts of climate change on our operations are highly uncertain, and would be particular to the geographic circumstances in areas in which we operate. These may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels and changing temperatures. These changes in climate could have an impact on the cost of development of our properties and adversely affect the financial performance of our operations.

Regulations and pending legislation governing issues involving climate change could result in increased operating costs, which could have a material adverse effect on the business of ours. A number of governments or government bodies have introduced or are contemplating regulatory changes in response to various climate change interest groups and the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, our venture partners and our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting and other costs to comply with such regulations. Any adopted future climate change regulations could also negatively impact our ability to compete with companies situated in areas not subject to such regulations. Given the emotion, political significance and uncertainty around the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will affect our financial condition, operating performance and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in natural resources industry could harm our reputation.

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***Our Illinois Creek Property may face indigenous land claims.***

Our Illinois Creek Property may in the future be the subject of indigenous land claims. The legal nature of land claims is a matter of considerable complexity. The impact of any such claim on our ownership interest in our properties cannot be predicted with any degree of certainty and no assurance can be given that a broad recognition of indigenous rights in the area in which our properties are located, by way of a negotiated settlement or judicial pronouncement, would not have an adverse effect on our operations. Even in the absence of such recognition, we may at some point be required to negotiate with and seek the approval of holders of such interests to facilitate exploration and development work on our properties, and there can be no assurance that we will be able to establish a practical working relationship with the indigenous groups in the area to allow us to ultimately develop the properties.

**General Risks**

***Our relationships with the communities in which we operate are critical to the future success of our existing operations and the construction and development of our projects.***

Our relationships with the communities in which we operate are critical to the future success of our existing operations and the construction and development of our projects. In recent years, there has been ongoing and potentially increasing public concern relating to the effects of resource extraction on the natural landscape, communities and the environment. Certain non-governmental organizations ("NGOs") that oppose globalization and resource development can be vocal critics of the mining industry and our practices, including the use of cyanide and other hazardous substances in processing activities. In addition, there have been many instances in which local community groups have opposed resource extraction activities, resulting in disruption and delays to the relevant operations. Adverse publicity generated by such NGOs or others related to the mining industry, or to extractive industries generally, could have an adverse effect on our reputation or financial condition and may impact our relationship with the communities in which we operate. NGOs or local community groups could direct adverse publicity against and/or disrupt our operations in respect of one or more of our properties, despite our efforts to comply with and maintain social and environmental best practices. Any such actions and the resulting media coverage could have adverse effects on the reputation and financial condition of our business or our relationships with the communities in which we operate, which could have a material adverse effect on our business, financial condition and results of operations.

Our ability to successfully obtain key permits and approvals to explore for, develop and operate mines and to successfully operate in communities around the world will likely depend on our ability to develop, operate and close mines in a manner that is consistent with the creation of social and economic benefits in the surrounding communities, which may or may not be required by law at the applicable time. Operating our business in accordance with those objectives could increase capital and operating costs and, therefore could have an adverse impact upon our business, financial condition and results of operations. Although we strive to promote improvements in health and safety, human rights, environmental performance and community relations, our ability to operate could be adversely impacted by accidents or events detrimental (or perceived to be detrimental) to the health, safety and well-being of our employees, human rights, the environment or the communities in which we operate.

***Public opinions may change, and opposition to mining projects could result in increased operating costs.***

Given the emotion, political significance and uncertainty around the environmental consequences of mining on public land, we cannot predict how public opposition could affect legislation and regulation or how this might affect our financial condition, operating performance and ability to compete. Furthermore, even without such current opposition, increased awareness and any adverse publicity in the global marketplace about potential environmental impacts by us or other companies in the mining industry could harm our reputation. A poor reputation in the mining industry directly affects the ability of any mining company to obtain future permits, renew existing permits and/or obtain bonding instruments for the reclamation of mining projects. The realization of any of the forgoing may adversely impact the cost, production and financial performance of our operations.

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***The imposition of trade tariffs, particularly those issued by the U.S., or other trade restrictions could have significant repercussions for Canadian businesses, and the broader economy.***

The imposition of trade tariffs, particularly those issued by the U.S., or other trade restrictions could have significant repercussions for Canadian businesses and the broader economy. Increased costs of goods and services may contribute to inflation. Higher consumer prices could reduce demand for Canadian goods, leading to a decline in exports which could in turn weaken Canadian Gross Domestic Product, slow economic growth, and increase unemployment. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Overall, trade policy restrictions create financial uncertainty for companies, disrupt trade relationships, and put downward pressure on economic growth.

For example, raw material costs are impacted by governmental actions, such as tariffs and trade sanctions. The imposition by the U.S. government of tariffs on products imported from certain countries and trade sanctions against certain countries have introduced greater uncertainty with respect to policies affecting trade between the U.S. and other countries and have impacted the cost of certain raw materials.

***Our development will depend on the efforts of key management and other key personnel, and any future loss of any of those people could have a material adverse effect on our business.***

Our development will depend on the efforts of key management and other key personnel. Loss of any of those people, particularly to competitors, could have a material adverse effect on our business. Further, with respect to future development of our projects, it may become necessary to attract both international and local personnel for such development. The marketplace for key skilled personnel is becoming more competitive, which means the cost of hiring, training and retaining such personnel may increase. Factors outside our control, including competition for human capital and the high level of technical expertise and experience required to execute this development, will affect our ability to employ the specific personnel required. Due to our relatively small size, the failure to retain or attract a sufficient number of key skilled personnel could have a material adverse effect on our business, results of future operations and financial condition. We do not intend to take out 'key person' insurance in respect of any directors, officers or other employees.

***Certain of our directors and officers also serve as directors and/or officers of other companies involved in natural resource exploration and development, which may give rise to perceived or actual conflicts of interest.***

Certain of our directors and officers also serve as directors and/or officers of other companies involved in natural resource exploration and development, which may give rise to perceived or actual conflicts of interest, including decisions relating to pursuing business opportunities, negotiating agreements, or resolving disputes. In addition, our organizational documents and corporate policies do not prohibit our directors, officers, or shareholders from engaging in other business activities, including activities that may compete with us. In the event that a conflict arises, pursuant to the BCBCA, the affected director or officer must disclose the potential conflict or interest in a transaction and then recuse themselves from (and not vote on any) decisions related to the matter from which the conflict arose.

***We may be subject to litigation which may materially affect our business.***

We may become involved in disputes with other parties in the future which may result in litigation. The results of litigation cannot be predicted with certainty. If we are unable to resolve these disputes favorably, it may have a material adverse impact on our business, financial condition, and results of operations.

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**Risks Related to Our Securities**

***Due to the absence of an established trading market in the U.S. for our securities, potential challenges may arise in selling our shares and broker-dealers may be prohibited or otherwise restricted under the laws of certain U.S. states from being involved in certain transactions involving our securities.***

Our securities are currently traded on the OTCQX and the TSXV and are not currently traded on any United States national stock exchange such as The Nasdaq Stock Exchange Market LLC or New York Stock Exchange (NYSE). The demand for our subordinate voting shares in the United States is limited. Because the OTCQX is a quotation service for subscribing members, not an issuer listing service, only market makers can apply to quote securities. There can be no assurance that a market maker will provide quotations for our subordinate voting shares on the OTCQX or, if a market maker provides such quotations, will continue to provide them. If a market maker does not, or ceases to, make a market in our subordinate voting shares, then the liquidity of our subordinate voting shares will be adversely affected, which could result in a situation where realizing any benefit from the investment or liquidating our subordinate voting shares becomes difficult or delayed, if at all possible.

In addition, because we do not intend, now or at any point in the foreseeable future, to list our subordinated voting shares on a U.S. national securities exchange, broker-dealers may not be able to recommend or discuss transactions involving our subordinated voting shares in certain U.S. states, which may adversely affect the market for and liquidity of our subordinated voting shares.

***The market price for our subordinate voting shares may be volatile, which could contribute to the loss of all or part of your investment.***

The trading price of our subordinate voting shares following is likely to be highly volatile and could be subject to wide fluctuations in response to various factors, some of which are beyond our control.

Some of the factors that could negatively affect or result in fluctuations in the market price of our subordinate voting shares include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· actual or anticipated fluctuations in our financial conditions and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· announcements by us or our competitors of significant acquisitions, strategic partnerships, joint ventures, results of operations or capital commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· anticipated or actual changes in laws, regulations or government policies applicable to our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· lawsuits threatened or filed against us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· other factors described in this section of this prospectus titled "*Risk Factors*" and in "*Forward-Looking Statements.* "

Any of the factors listed above could materially and adversely affect your investment in our subordinate voting shares, which could contribute to a loss of all or part of your investment. In such circumstances the trading price of our subordinate voting shares may not recover and may experience a further decline.

In addition, broad market and industry factors could materially adversely affect the market price of our subordinate voting shares, irrespective of our operating performance. The stock market in general has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of the particular companies affected. The trading prices and valuations of these stocks, and of ours, may not be predictable. A loss of investor confidence in our industry or the stocks of other companies that investors perceive to be similar to us, the opportunities in Alaska or the stock market in general could depress our share price regardless of our business, financial condition, results of operations or growth prospects.

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***Our subordinate voting shareholders will experience dilution in the future upon any exercise of outstanding warrants and finder warrants.***

As described under "*Description of Securities*" in this prospectus, we have issued and outstanding warrants and finder warrants that are exercisable for our common shares. If the warrants and finder warrants are exercised, our subordinate voting shareholders will experience significant dilution and there will be a dilutive effect on our earnings per share, which could adversely affect the market price of subordinate voting shares.

***Our dual class structure may adversely affect the trading market for our subordinate voting shares.***

We have adopted a dual class structure with different voting rights, and such dual class share structure may result in a lower or more volatile market price of our subordinate voting shares. Our dual class share structure is comprised of subordinate voting shares and proportionate voting shares. In respect of matters requiring the votes of shareholders, each subordinate voting share is entitled to one vote, and each proportionate voting share is entitled to 100 votes. Only the subordinate voting shares are traded on the TSXV and on the OTCQX. As of the date of this filing, there were zero proportionate voting shares outstanding.

We cannot predict whether our dual class structure will result in a lower or more volatile market price of our subordinate voting shares, adverse publicity, or other adverse consequences. Certain stock index providers exclude or limit the ability of companies with multi-class share structures from being added to certain of their indices. In addition, most shareholder advisory firms and many large institutional investors oppose the use of multiple class structures. As a result, our dual class structure may make us ineligible for inclusion in certain indices and may discourage other indices from selecting us for inclusion. Our dual class structure may also cause shareholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure and may result in large institutional investors not purchasing our subordinate voting shares. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, any exclusion from certain stock indices could result in less demand for our subordinate voting shares. Any actions or publications by shareholder advisory firms or institutional investors critical of our corporate governance practices or capital structure could also adversely affect the value of our subordinate voting shares.

***The price of our securities, including our subordinate voting shares, our financial results, and our access to the capital required to finance our exploration activities may in the future be adversely affected by short-term changes or declines in the price of precious and base metals.***

The price of our securities, our financial results, and our access to the capital required to finance our exploration activities has in the past, and may in the future, be adversely affected by declines in the price of precious and base metals. Securities of mining companies have experienced substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies involved. These factors include macroeconomic developments in North America and globally, market perceptions of the attractiveness of particular industries, the sale or purchase of precious metals by various dealers, central banks and financial institutions, interest rates, exchange rates, inflation or deflation, currency exchange fluctuation, global and regional supply and demand, production and consumption patterns, speculative activities, increased production due to improved mining and production methods, government regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals, environmental protection, and international political and economic trends, conditions and events. The price of the subordinate voting shares is also likely to be significantly affected by short-term changes in mineral prices or in our financial condition or results of operations as reflected in our quarterly earnings reports. Other factors unrelated to our performance that may have an effect on the price of the subordinate voting shares include the following: (i) the extent of analytical coverage available to investors concerning our business may be limited if investment banks with research capabilities do not follow our securities; (ii) lessening in trading volume and general market interest in our securities may affect an investor's ability to trade significant numbers of subordinate voting shares; (iii) our subordinate voting shares being quoted on the OTCQX rather than a U.S. national securities exchange, which may have an unfavorable impact on our stock price and liquidity; (iv) the size of our public float may limit the ability of some institutions to invest in our securities; and (v) a substantial decline in the price of the subordinate voting shares that persists for a significant period of time could cause our securities, if listed on an exchange, to be delisted from such exchange, further reducing market liquidity.

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***A non-U.S. holder will likely be treated as having income that is "effectively connected" with a United States trade or business upon the sale or disposition of our subordinate voting shares or warrants unless (i) our subordinate voting shares are regularly traded on an established securities market and (ii) such non-U.S. holder did not meet certain ownership thresholds during the applicable testing period.***

A non-U.S. holder of our Units, subordinate voting shares or warrants generally will incur U.S. federal income tax on any gain realized upon a sale or other disposition of our subordinate voting shares or warrants to the extent our subordinate voting shares or warrants constitute a "United States real property interest" ("USRPI"), under the Foreign Investment in Real Property Tax Act of 1980 ("FIRPTA"). A USRPI includes stock in a "United States real property holding corporation" within the meaning of Section 897(c)(2) of the U.S. Tax Code (a "USRPHC"). We believe that we are currently and anticipate remaining for the foreseeable future a USRPHC for U.S. federal income tax purposes.

Under FIRPTA, a non-U.S. holder is taxed on any gain realized upon a sale or other disposition of a USRPI as if such gain were "effectively connected" with a United States trade or business of the non-U.S. holder. A non-U.S. holder thus will be taxed on such a gain at the same graduated rates generally applicable to U.S. persons. In addition, a non-U.S. holder will have to file a U.S. federal income tax return reporting that gain.

However, if the subordinate voting shares are regularly traded on an established securities market (the "Regularly Traded Exception"), then gains realized upon a sale or other disposition of the subordinate voting shares will not be treated as gains from the sale of a USRPI, as long as the non-U.S. holder was not a 5% Shareholder (as defined below under the heading "*Material United States Federal Income Tax Considerations*"). No assurance can be provided that our subordinate voting shares will be considered to be regularly traded for purposes of the Regularly Traded Exception. Accordingly, we can provide no assurances that the subordinate voting shares will meet the Regularly Traded Exception at the time a non-U.S. holder purchases such securities or sells, exchanges, or otherwise disposes of such securities. The foregoing summary is qualified in its entirety by the discussion contained herein under the heading "*Material United States Federal Income Tax Considerations*." Non-U.S. investors should consult their own tax advisors regarding the potential application of the FIRPTA regime to their investment in our Units.

***Sales of a large number of subordinate voting shares in the public markets, or the potential for such sales, could decrease the trading price of the subordinate voting shares and could impair our ability to raise capital through future sales of subordinate voting shares.***

Sales of a large number of subordinate voting shares in the public markets, or the potential for such sales, could decrease the trading price of the subordinate voting shares and could impair our ability to raise capital through future sales of subordinate voting shares. In particular, Joan Marrs and Christopher Marrs beneficially own, directly or indirectly, approximately 14% of the issued and outstanding subordinate voting shares and approximately 140% of the voting power of our issued and outstanding securities. If such shareholders decide to liquidate all or a significant portion of their positions, it could adversely affect the price of our subordinate voting shares.

***Our subordinate voting shares are quoted on the OTCQX in U.S. dollars and will also be listed on the TSXV in Canadian dollars, which may result in price variations.***

As our subordinate voting shares are quoted on the OTCQX, our subordinate voting shares are quoted in U.S. dollars and are also listed on the TSXV in Canadian dollars, which may result in price variations. Dual-listing in this way may result in price variations between the OTCQX and the TSXV due to a number of factors. Our subordinate voting shares would trade in U.S. dollars on the OTCQX and would trade in Canadian dollars on the TSXX. In addition, the markets have differing holiday schedules. Differences in the trading schedules, as well as volatility in the exchange rate of the two currencies, among other factors, may result in different trading prices for our subordinate voting shares on the OTCQX and the TSXV.

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***We may choose to raise capital through acquisitions or equity, resulting in dilution to existing shareholders.***

From time to time, it can be expected that we will examine opportunities to acquire additional exploration and/or mining assets and businesses. Any acquisition that we may choose to complete may be of a significant size, may change the scale of our business and operations, and may expose us to new geographic, political, operating, financial and geological risks. Our success in our acquisition activities depends upon our ability to identify suitable acquisition candidates, negotiate acceptable terms for any such acquisition, and integrate the acquired operations successfully with those of our business. Any acquisitions would be accompanied by risks. In the event that we choose to raise debt capital to finance any such acquisitions, our leverage will be increased. If we choose to use equity as consideration for such acquisitions, existing shareholders, as well as warrant holders and holders of other securities exercisable or convertible for our subordinate voting shares, may suffer dilution. Alternatively, we may choose to finance any such acquisitions with our existing resources. There can be no assurance that we would be successful in overcoming these risks or any other problems encountered in connection with such acquisitions.

***Since we do not currently plan to register our subordinate voting shares under Section 12 of the Exchange Act, our reporting obligations will be limited under Section 15(d) of the Exchange Act, which may result in reduced transparency for investors.***

Currently, we do not intend to register our common stock under Section 12(g) of the Exchange Act. As a result, we will not be subject to the ongoing reporting requirements applicable to issuers with securities registered under Section 12 of the Exchange Act, including the comprehensive disclosure, proxy solicitation, and beneficial ownership reporting obligations that apply to Exchange Act reporting companies. Instead, we will only be required to comply with the more limited reporting obligations under Section 15(d) of the Exchange Act. Specifically, under Section 15(d), we will be required to file periodic reports, including annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, as long as our reporting obligations remain active. However, unlike a company registered under Section 12, we will not be subject to certain requirements of the Exchange Act, including the proxy solicitation rules under Section 14 of the Exchange Act, the insider reporting and short-swing profit rules under Section 16 of the Exchange Act and the corporate governance and disclosure requirements that may otherwise apply to companies with listed securities on a national securities exchange.

Additionally, our obligation to file reports under Section 15(d) may be automatically suspended for any fiscal year if, at the beginning of such year, we have fewer than 300 shareholders of record. If our reporting obligations are suspended, we may cease filing periodic reports, significantly reducing the amount of public information available about our company.

In light of our more limited reporting obligations, investors may have less information about our financial condition and business operations compared to companies that are registered under Section 12 of the Exchange Act, which could adversely impact investor confidence in us and the liquidity of subordinated voting shares.

***No dividends on the subordinate voting shares have been paid by us to date, and we do not anticipate paying any dividends in the foreseeable future.***

No dividends on the subordinate voting shares have been paid by us to date, and we currently intend to retain our future earnings, if any. Accordingly, investors in our securities should not expect to receive a dividend on their investment in the foreseeable future. As a result, capital appreciation, if any, of our subordinate voting shares will be investors' sole source of potential gain for the foreseeable future.

***We may be subject to securities litigation in the future.***

The market price of our subordinate voting shares may be volatile. In the past, companies that have experienced volatility in the market price of their securities, particularly those whose securities are publicly traded in the U.S. where the risk of litigation is higher, have been subject to securities class action litigation. We may be the target of this type of litigation in the future, and our insurance coverage may not be sufficient or adequate to cover such claims. Any such litigation, regardless of its merit or outcome, could result in substantial costs, divert management's attention and resources, and harm our reputation. In addition, an adverse outcome in any such litigation could result in significant monetary damages or injunctive relief against us, which could have a material adverse effect on our business, financial condition, results of operations, and prospects. There can be no assurance that we will not be subject to securities litigation in the future or that any such litigation would not have a material adverse impact on us.

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***As an "emerging growth company" under the JOBS Act, we are permitted to rely on exemptions from certain disclosure requirements.***

We qualify as an "emerging growth company" under the JOBS Act. As a result, we are permitted to, and intend to, rely on exemptions from certain disclosure requirements. For so long as we are an emerging growth company, we will not be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Have an auditor report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide an auditor attestation with respect to management's report on the effectiveness of our internal controls over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Comply with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Submit certain executive compensation matters to shareholder advisory votes, such as "say-on-pay" and "say-on-frequency;" and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Disclose certain executive compensation related items such as the correlation between executive compensation and performance comparisons of the Chief Executive's compensation to median employee compensation.

We will remain an "emerging growth company" for up to five years, or until the earliest of (i) the last day of the first fiscal year in which our total annual gross revenues exceed $1,235 billion, (ii) the date that we become a "large accelerated filer" as defined in Rule 12b-2 under the Exchange Act, which would occur if the market value of our ordinary shares that is held by non-affiliates exceeds $700 million as of the last business day of our most recently completed second fiscal quarter or (iii) the date on which we have issued more than $1,235 billion in non-convertible debt during the preceding three year period. Even if we no longer qualify for the exemptions for an emerging growth company, we may still be, in certain circumstances, subject to scaled disclosure requirements as a smaller reporting company. For example, smaller reporting companies, like emerging growth companies, are not required to provide a compensation discussion and analysis under Item 402(b) of Regulation S-K or the auditor attestation of internal controls over financial reporting.

Until such time, however, we cannot predict if investors will find our subordinate voting shares less attractive because we may rely on these exemptions. If some investors find our subordinate voting shares less attractive as a result, there may be a less active trading market for our subordinate voting shares and the share price may be more volatile.

***Changes in U.S. tax law may adversely impact certain investors, us and the value of the Units, subordinate voting shares and warrants.***

Changes to U.S. tax laws (which changes may have retroactive application) could adversely affect us or holders of the Units, subordinate voting shares and warrants.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

**Risk Management and Strategy**

Due to the size of our company, we have not yet developed robust policies and processes for assessing, identifying, and managing material risk from cybersecurity threats. We have implemented access controls with respect to our systems, which we monitor regularly. We currently rely on products and services provided by third-party suppliers to operate certain critical business systems, including cloud-based infrastructure, encryption and authentication technology, email, and other functions.

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We rely on third-party providers and outsourced IT services to monitor and address cybersecurity-related risks, including installing software for threat protection and malware. Such third-party providers are tasked with notifying management of any material risks or cybersecurity concerns that they identify, which management then assesses and may bring to our board of directors to discuss if deemed necessary or appropriate.

To date, we have not (to our knowledge) encountered cybersecurity challenges that have materially impaired our operations or financial standing. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats.

**Governance**

Our management team is primarily responsible for assessing and managing our strategic risk exposures, including material risks from cybersecurity threats, with assistance from third-party service providers. Management oversees our cybersecurity process on a day-to-day basis.

Our audit committee is tasked with general oversight of our risk management process, including risks from cybersecurity threats. Members of management provide periodic briefings to the audit committee regarding our cybersecurity risks and activities. Our audit committee provides regular updates to the board of directors on such reports.

**Item 2. Properties**

We have adopted the mining disclosure standards of S-K 1300. We subject to and required to disclose mineral resources and mineral reserves in accordance with S-K 1300. While the S-K 1300 rules are similar to NI 43-101, rules in Canada, they are not identical and therefore two reports have been produced for the Illinois Creek project. The disclosure in this report related to the Illinois Creek project is based on the S-K 1300 technical report summary entitled "S-K 1300 Technical Report Summary, Illinois Creek Project, Western Alaska, USA", with an effective date of January 31, 2025 and a signature date of April 30, 2025, and prepared by Bruce Davis, Jack DiMarchi and Deepak Malhotra. Each of Bruce Davis, Jack DiMarchi and Deepak Malhotra is a qualified person within the meaning of S-K 1300 and NI 43-101 and is independent of us within the meaning of NI 43-101. The qualified persons are employed by Bruce Davis Consulting in the case of Bruce Davis, Core Geoscience LLC in the case of Jack DiMarchi, and DM Consulting in the case of Deepak Malhotra. None of the qualified persons or their employers is affiliated with us or any other entity that has an ownership, royalty or other interest in the Illinois Creek project.

**Summary**

We have interests in five properties in the Illinois Creek District. The Illinois Creek Property is the only property we consider material but we have several key mineral resource projects throughout Alaska. Mineral Resources at the Illinois Creek Property are located in two areas, Illinois Creek and Waterpump Creek. Illinois Creek Mineral Resources consist of Illinois Creek oxide gold-silver mineralization and leach heap pad material from the historical Illinois Creek mine. Mineral Resources at Waterpump Creek consist of near surface oxide lead-zinc-silver and deeper sulfide silver mineralization. See Figure 1.1 and Table 1-1 for our land holdings.

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**Figure 1.1: Land Holdings of Alaska Silver in the Illinois Creek Mining District**

**Table 1-1: Summary of Alaska Silver Lands**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Owner** | <br>**Property** | **Number**<br>**of Claims** | <br>**Type** | <br>**Hectares** | <br>**Acres** |
| WAC&G | Illinois Creek | 247 | State Claims | 15993 | 39520 |
|  | Round Top | 88 | State Claims | 5698 | 14080 |
|  | Honker | 24 | State Claims | 1554 | 3840 |
|  | Khotol Ridge | 19 | State Claims | 1230 | 3040 |
|  | Paw Print | 18 | State Claims | 1165 | 2880 |
| Piek Inc.  | Illinois Creek | 40 | State Claims | 2590 | 6400 |
|  | Upland Lease | 1 | Upland Lease | 4506 | 11135 |
| **Total** |  | **437** |  | **32736** | **80895** |

---

***Illinois Creek Project, Western Alaska, USA***

The Illinois Creek Property is located in the southern Kaiyuh Mountains just east of the Yukon River in western Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the community of Galena. The Property is in rural Alaska with no current road access or nearby power infrastructure.

The Illinois Creek mining district is characterized by intrusion related hydrothermal systems including porphyry copper/molybdenum/silver deposits (PCDs) and surrounding poly-metallic silver/zinc/lead/copper/gold carbonate replacement deposits (CRDs) along with distal low sulfidation precious-metal veins related to the porphyries.

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In 2019, WACG began evaluation of the historical Illinois Creek oxide mineralization and completed a detailed review of the historical drilling data that led to development of the Illinois Creek Mine. This review led to the publishing of an Illinois Creek mineral resource on October 1, 2019. In 2019, WACG drilled three exploration diamond drill holes for a total of 365.8 meters at the West Illinois Creek Mag Anomaly. In 2020, WACG conducted extensive drilling of the leach pad as part of the corporate strategy to redevelop the oxide mine. A total of 73 reverse circulation drill holes for a total of 646.2 meters were completed on the leach pad. This program enabled the calculation of an indicated and inferred resource for the leach pad and an updated Illinois Creek mineral resource on February 2, 2021. The Illinois Creek Mine mineralization is a deeply weathered, massive sulfide body oxidized to as much as 400 m below the existing surface which contains exploitable Au/Ag/Cu mineralization.

In 2021, WACG began to explore not just for extensions to the Illinois Creek oxide gossan mineralization but made its initial test of sulfide mineralization at Waterpump Creek that had been discovered by Anaconda Minerals Company (Anaconda) in 1983. Drilling in 2021 first targeted oxide gossan mineralization and then drilled down dip of a number of historical Anaconda drill holes that had encountered high-grade sulfide Carbonate Replacement Deposit (CRD) style mineralization. Results from WPC21-09 returned 11.5 m of 522 g/t Ag, 22.5% Zn, and 14.8% Pb. The impact of this high-grade hole caused us to pivot our exploration strategy to focus on the sulfide potential of the Property at Waterpump Creek. In 2021, a total of 17 diamond drill holes for a total of 1,604 meters were completed.

Since 2021, a major reinterpretation of the Property geology has been ongoing using 1) a better understanding of CRD morphologies; 2) a multi-element inductively coupled plasma (ICP) soil database, which was substantially expanded in 2021 and 2022; 3) a reinterpretation and inversions of historical geophysical surveys; 4) a 2022 controlled source audio- magnetotellurics (CSAMT) and a 2023 three-dimensional (3D) resistivity and induced polarization (3DIP) geophysical surveys, undertaken to domain resistivity and chargeability at depth; and 5) ongoing drilling and mapping.

Drilling in 2022 and 2023 at Waterpump Creek has outlined a CRD containing massive to semi-massive sulfide mineralization dominated by coarse-grained sphalerite, argentiferous galena, and pyrite in recrystallized ferroan dolomite. Drilling to date has outlined a sulfide body approximately 495 m in strike length by 25 m to 75 m in width, and with thicknesses varying from 5 m to over 100 m. In 2022, a total of 32 diamond drill holes for a total of 8,842.9 meters were completed. In 2023, a total of 14 diamond drill holes for a total of 5,118.5 meters were completed. The 2021, 2022 and 2023 drill assay results were used to compile and publish an initial inferred mineral resource for Waterpump Creek on April 2, 2024 of 74.9 million silver equivalent (Ag Eq) ounces at a grade of 980 g/t Ag Eq.

In 2024 exploration focused on two targets, the LH target south of Waterpump Creek and the Warm Springs target located 1.5 km southeast of the Illinois Creek Mine. The LH drilling (four holes totaling 1,347 m) intersected a few gossanous breccia intervals, but no significant sulfide manto mineralization. This drilling, along with extensive trench mapping, shows that the LH mineralization is more likely vertically oriented and higher in the CRD system than Waterpump Creek and the high grade manto target is deeper than originally anticipated. Seven of nine drill holes targeting Warms Spring target for a total of 2,883 meters intersected multiple pulses of mineralization including massive to semi-massive pyrite associated with gold, copper, and local silver mineralization, recrystalized ankerite associated with sphalerite (zinc) and galena (lead) mineralization, and extensive gossan (oxide). The mineralization is hosted within an intense silicification and brecciation zone that is an order of magnitude greater in size of Waterpump Creek, thus defining a large CRD hydrothermal system.

The 2025 drill program comprised 2,057 m of drilling in four holes at the Waterpump Creek South Target, with WPC-35 which cut 5.9 m (core length) grading 38 g/t (1.2 oz/st) Ag and 12.1% Zn, including 3.2 m grading 67 g/t (2.1 oz/st) Ag and 16.9% Zn. In addition, 906.5 m of drilling in nine shallow scout holes was completed at the newly discovered high-grade silver-lead zone, Silver Sage, located approximately 4.8 km south of Waterpump Creek. Among these holes, SS25-04 cut 4.4 m (core length) reporting 148 g/t (4.8 oz/st) Ag; 0.68% Pb and 0.24% Zn, including 1 m grading 349 g/t (11.2 oz/st) Ag, 2.2% Pb, and 0.20% Zn.

*Other Non-Material Properties*

We hold number of other properties that we have determined are not material to our business, including the following properties which total in the aggregate approximately 23,840 acres of mineral claims:

● Honker Property, Western Alaska, USA. The Honker Property covers an area of approximately 3,840 acres and consists of 24 state mining claims.

● Round Top Property, Western Alaska, USA. The Round Top Property covers an area of approximately 14,080 acres and consists of 88 State of Alaska mining claims.

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● Khotol Property, Western Alaska, USA. The Khotol Property covers an area of approximately 3,040 acres and consists of 19 state mining claims.

● Paw Print Property, Western Alaska, USA. The Paw Print Property covers an area of approximately 2,880 acres and consists of 18 state mining claims.

We have a 100% interest in all of our mineral properties. Our mineral properties are all exploration-stage properties, with no production within the last three fiscal years, or during the current fiscal year.

**Summary of Mineral Resources**

The following tables show our estimates of Mineral Resources as defined in S-K 1300 for our Illinois Creek Project, which includes both Illinois Creek and Waterpump Creek deposits. We have not estimated Mineral Resources or Mineral Reserves on our other properties.

**Table 1-2: Mineral Resource Estimate for Illinois Creek In Situ Mineral Resources – January 22, 2026** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Grade** | **Grade** | **Contained Metal** | **Contained Metal** |
| <br>**Au Price** <br>**(US$/oz)** | <br>**Ag Price**<br>**(US$/oz)** | <br>**Class** | <br>**NSR Cut-off**<br>**(US$/t)** | <br>**Tonnes**<br>**(Mt)** | **Au**<br>**(g/t)** | **Ag**<br>**(g/t)** | **Au**<br>**(oz)** | **Ag**<br>**(Moz)** |
| 3500 | 45 | Indicated | 24 | 9.0 | 0.92 | 29.72 | 260000 | 8.33 |
| 3500 | 45 | Inferred | 24 | 10.9 | 0.84 | 30.11 | 290000 | 10.44 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Metal prices are based on 2025 consensus pricing and comparable project comparisons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Totals may not add due to rounding.

**Table 1-3: Mineral Resource Estimate for Leach Pad Mineral Resources – January 22, 2026**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** |
| <br>**Class** | **Tonnes**<br>**(000 t)** | **Au (g/t)** | **Ag (g/t)** | **Au (koz)** | **Ag (Moz)** |
| Indicated | 1,300 | 0.44 | 44.3 | 18.6 | 1.9 |
| Inferred | 152 | 0.37 | 42.6 | 1.8 | 0.2 |

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Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding.

**Table 1-4: Mineral Resource Estimate for Combined Illinois Creek In Situ and Leach Pad Mineral Resources – January 22, 2026**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** |
| <br>**Class** | **Tonnes**<br>**(Mt)** | **Au (g/t)** | **Ag (g/t)** | **Au (koz)** | **Ag (Moz)** |
| Indicated | 10.3 | 0.86 | 31.6 | 280 | 10.2 |
| Inferred | 11.1 | 0.83 | 30.3 | 292 | 10.6 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding.

The following table shows our estimates of Mineral Resources as defined in S-K 1300 for our Waterpump Creek project as of February 20, 2024. We have not estimated Mineral Resources or Mineral Reserves on our other properties.

**Table 1-5: Summary In Situ Mineral Resource Estimate for Waterpump Creek - February 20, 2024**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| <br>**Class** | <br>**Tonnes**<br>**(Mt)** | **AgEq**<br>**(g/t)** | **AgEq**<br>**(oz/st)** | **Ag**<br>**(g/t)** | **Zn**<br>**(%)** | **Pb**<br>**(%)** | **ZnEq**<br>**(%)** | **AgEq**<br>**(Moz)** | **Ag**<br>**(Moz)** | **Zn**<br>**(Mlb)** | **Pb**<br>**(Mlb)** | **ZnEq**<br>**(Mlb)** |
| Inferred | 2.38 | 980 | 31.5 | 279 | 11.28 | 9.87 | 26.4 | 74.9 | 21.4 | 591.2 | 517.3 | 1383 |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Totals may not add due to rounding.

The effective date of the Mineral Resource is February 20, 2024. The QP for the Mineral Resource is Bruce Davis, FAusIMM. The QP has confirmed that there have been no changes in the Mineral Resource estimates since February 20, 2024 at Waterpump Creek.

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High-grade samples were restricted using an outlier strategy for Ag at 1100 ppm, Pb at 33% and Zn at 40% for zone 665 and Ag at 200, Pb at 10% and Zn at 12% for 45 m from the composite.

AgEqR reporting cut-off grade calculation is based on estimated recoveries from preliminary metallurgical test work of 75% Ag, 70% Pb, and 84% Zn and metal prices of US$24.00/oz Ag, US$1.00/lb Pb, and US$1.30/lb Zn and cost inputs suitable for underground extraction method. The AgEq and ZnEq grade calculations are based on the same metal prices and assume full metal recovery.

**Material Properties**

***Illinois Creek Project***

*Project Description*

The Illinois Creek Project is an exploration-stage project located in the southern Kaiyuh Mountains just east of the Yukon River in western Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the community of Galena. The Property is geographically isolated with no current road access or nearby power infrastructure. The Illinois Creek Project contains two mineral deposits, the past producing Illinois Creek open pit oxide gold mine and the Waterpump Creek silver-zinc-lead sulphide deposit. Waterpump Creek will likely be an underground mining operation.

*Location and Access*

The Illinois Creek Project is located in the State of Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the regional supply center of Galena (Figure 1.2). Geographic coordinates of the Illinois Creek Property are N64°2' 7.31" latitude and W157° 54' 55.92" longitude Universal Transverse Mercator (UTM) North American Datum (NAD) 83, Zone 4W coordinates 7101400N, 553000E. Primary access to the Illinois Creek Property is by air using either fixed-wing aircraft or helicopters.

The Illinois Creek Property is located in the southern Kaiyuh Mountains of west-central Alaska just east of the Yukon River (Figure 1.1). The Illinois Creek Property is in the Nulato A-4 and A-5 quadrangles, Kateel River Meridian T16S, R4E, sections 13, 14, 23 - 25, and 36; T16S, R5E, sections 10 - 36; T16S, R6E, sections 7, 18,19, 30 and 31; T17S, R4E, sections 1, 11 - 14, 23 - 26, 35 and 36; and T17S, R5E, sections 1 - 13, 15 - 24, and 26 - 35.

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**Figure 1.2**

![Graphic](wamff-20251231x10k001.jpg)

*Ownership*

We own and operate the Illinois Creek Project. We have executed surface use and access agreements and fee mineral leases with the State of Alaska, owner of both surface and mineral rights at the Illinois Creek Project.

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On October 17, 2018, Piek Inc. (Piek) and WACG entered into a joint venture agreement to actively explore and develop the Illinois Creek Property owned 100% by Piek, an Alaska-based corporation. Under the terms of the agreement and amendments to the agreement, a JV Company was established whereby WACG could acquire a 100% ownership in the Illinois Creek Property through a series of milestones. On March 31, 2021, in anticipation of listing WACG on the TSX-V exchange, WACG completed the purchase of the Property from Joe Piekenbrock, the underlying 100% owner of Piek. Under terms of the purchase agreement, WACG exercised its option to purchase the remaining 50% interest in the Property for US$3.698 million via promissory note and 120 shares in WACG.

In October 2021, as a precursor to going public, the Illinois Creek JV was completed and terminated and WACG was vested with 100% interest in the Property by purchasing Piek. WACG then went public in November 2022 by completing a reverse takeover of WACG using a shell company 1246779 B.C. Ltd which subsequently was renamed Western Alaska Minerals Corp., which holds title to both the WACG claims and Piek Inc. claims within WACG.

Subsequent claim staking in 2021, 2022, and 2024 consolidated WAM's land holdings (through Piek and WACG) in the district. The total land tenure package consists of 436 State of Alaska mining claims which include the following claim groups: Illinois Creek (287 claims and one Upland Mining Lease), Round Top (88 claims), Honker (24 claims), Khotol Ridge (19 claims), and Paw Print (18 claims). The claim holdings cover approximately 32,737 ha (80,895 acres).

In January 2024, Alaska Silver submitted an application to ADNR to convert 70 of the Illinois Creek claims (ICP01 to ICP70) staked and held under Piek Inc. to a single Upland Mining Lease to be held by Piek Inc. The Upland Mining Lease was approved in July 2024 and provides insulation from any challenges to the property on a claim-by-claim basis. The annual fees for the lease are $22,938.10 and the annual work requirement is $27,900. Expenditures in excess of this amount can be carried forward for four additional years. Because of the substantial amount spent in 2024, the lease currently has satisfied the labor requirements for 2025, 2026, 2027, and 2028.

A summary of WACG land holdings is shown in Fig 1.1 and Table 1-1.

On April 25, 2025, Western Alaska Minerals Corp. formally changed its name to Alaska Silver Corp. On January 20, 2026, WAC&G changed its name to Alaska Silver USA Corp.

*Infrastructure*

Road/Barge

In 1993, during operation of the Illinois Creek mine, the Alaska Industrial Development and Export Authority or "AIDEA" conducted an engineering study of the Yukon access route from a laydown area south of Kaltag to the mine titled the Illinois Creek Transportation Study. That study proposed a 47.5 km (29.5 mile) access road that connected to a port located on the river with a greater than 40 ft draft and serviceable by deep-water barges for five months of the year from either upstream at Nenana or downstream at Saint Mary's/Emmonak deep-water port. The 1993 AIDEA Transportation Study outlined costs to build the access route, including laydown area, two 100-ft bridges, and a ferry at $12.2M.

Alaska Silver is designing an all-weather access route to connect the Illinois Creek Project to the Yukon River. A three year preliminary PEA level civil engineering plan and profile road design study with material sites was completed by RECON LLC, Steve Rowland, PE in March 2023. In addition, multiple years of baseline studies for wetlands, cultural resources and fish habitat studies have been completed. The company is in discussions with Alaska Dept of Land to determine the feasibility of selecting a Right of Way.

*Power*

During the mine operation, diesel fuel was transported by DC-6 or C-130 aircraft from Galena to the mine site (fuel was barged down the Yukon River from Nenana near Fairbanks and then staged in Galena). The 1993 AIDEA Transportation Study also looked at the impact of direct shipping to the Kaltag laydown site and outlined a >26% cost savings for fuel. Capital costs (1993) for proposed tankage at the laydown area were $650,000. Current exploration activities rely on the delivery of diesel, and 100 LL fuel to the Illinois Creek airstrip by various aircraft; DC-6s are most cost effective.

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*Geology and Mineralization*

The Illinois Creek mining district is characterized by intrusion-related hydrothermal systems including porphyry copper/molybdenum/silver deposits (PCDs) and surrounding poly-metallic silver/zinc/lead/copper/gold carbonate replacement deposits (CRDs) along with distal low-sulfidation precious-metal veins related to the porphyries.

At the Illinois Creek Property, mineralization is characterized by the extensive development of Ag/Zn/Pb/Cu/Au carbonate replacement bodies deposited in the over-thickened continental margin carbonate assemblages. The property is divided into two distinct structural blocks herein dubbed the East Block and the West block, that are reinterpreted as thrust sheets. Both blocks show distinctive stratigraphic sequences, but both are overprinted by the same 110 - 114 Ma Illinois Creek mineralization event. That event is metallogenetically related to the relaxation at the end of the compressional event which resulted in the emplacement of the Khotol Mountain suite of intrusions.

Both primary sulfide mineralization and secondary gossan-hosted oxide mineralization are present on the property, and both are viable exploration targets.

*Status of Exploration*

In conjunction with the 2022 drill program, WAM commissioned a property-wide CSAMT (controlled-source audio-magnetotellurics) survey with Zonge International to better understand the overall structural architecture of the system. CSAMT is a deep-sounding resistivity technique that effectively defines areas of similar resistivity and highlights structures bounding those discrete resistivity domains. Profiles from the CSAMT have improved the understanding of the structural framework and stratigraphic sections permissive for CRD mineralization in both the East and West structural blocks.

A high resolution 3DIP survey was acquired by DIAS Geophysical (DIAS) covering the Waterpump Creek and Last Hurrah target areas during the 2023 summer field season. Over three million dipole combinations were generated using the DIAS common voltage reference technique to provide an extremely data rich survey for resolving both shallow and deep subsurface electrical properties over an area of approximately 11 km2. Inversion modeling with UBC DCIP3D and Loke Res3DInv reveals distinct structural, stratigraphic controls to CRD mineralization as well as outline the increasing alteration halo to the south from Waterpump Creek, through Last Hurrah and into the Illinois Creek area.

In the East Block, the mineralization-controlling NNE-trending Waterpump Creek fault is apparent over the entire 6 km strike length of the survey. With the success of 2022 drilling at Waterpump Creek in the East Block and the potential to greatly expand the mineralization footprint, WAM also commissioned a reinversion of the historical 2005 NovaGold Resources Inc. (NovaGold) pole-dipole IP survey using an updated 3D inversion algorithm. This survey covers 2 km of the Waterpump Creek fault south from the WPC21-09 discovery hole including the currently outlined extent of the mineralized body. The new 3D inversion shows a direct correlation between both resistivity and chargeability with the Waterpump Creek sulfide body. The data also shows the conductive anomaly extending over 1.4 km south of the current Waterpump drilling into the Last Hurrah target area. Extensions to the Waterpump Creek sulfide mineralization and the conductive anomaly was a focus of 2023 drilling.

In the West Block, the new CSAMT profiles have led to the recognition of a slightly oblique fault south of the Illinois Creek fault called the Warm Springs fault. Between the two faults, deep oxidation up to 400 m has formed the Illinois Creek gossan. The oxide resources described in this TRS occur in the gossan. The low-grade East Illinois Creek manto extends east and south of the Illinois Creek gossan. The East Illinois Creek manto appears to lie at or near the contact between the dolomitic quartzites and dolomites.

South of the Warm Springs fault, an extensive greenstone thrust plate caps the permissive stratigraphy and looks to provide an aquitard similar to that seen with the Waterpump Creek (WPC)-LH trend where the Kaiyuh pelitic schists cap the dolomites. Two exploration holes were drilled late in the 2022 season south of the Warm Springs fault along the eastern margin of the West Block. Though both holes were lost after cutting the uppermost 50 m of the dolomitic quartzites, the holes encountered major alteration as multiphase silicification and pyrite with anomalous Pb, Zn and Ag. This permissive stratigraphy occurs in a CRD target area of 4 km x 2 km defined by the CSAMT survey. The target lies to east and south of the Illinois Creek oxide resource pit. In addition to the geophysical support for the Warm Springs target, expanded soil sampling coverage shows a major coincident Cu, Au, Pb, and As anomaly covering a 1.5 km x 1.5 km area south of the Illinois Creek pit. The soil samples suggest that a porphyry target may be developing in this direction.

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Potential analogs to the Illinois Creek style of mineralization include: Hermosa and Magma in Arizona, USA; Tintic and Bingham Canyon in Utah, USA; the Leadville and Gilman districts in Colorado, USA; and a series of deposits including Santa Eulalia, Cinco de Mayo, and Naica in Mexico. Notably, the Hermosa discovery in Arizona and subsequent acquisition by S32, a major Australian mining company, for $1,300,000,000 in 2018, has led to a resurgence in CRD exploration.

*Equipment and Facilities*

We own the Illinois Creek camp, which includes all buildings, kitchen/dining facility, offices, dormitory/ sleeping facilities, tents, core sheds, electrical generators, water supply and storage systems, radio and internet communication equipment. Camp personnel capacity is 45 persons. We own our exploration drilling equipment, which includes two new mechanized drill rigs and rod sloops purchased in 2023 - 2024 and three older drill rigs. We maintain extensive spare parts for our drilling equipment. We own and maintain a fleet of vehicles that include pickup trucks, side by side off road vehicles, fuel and water trucks and a dump truck. Heavy equipment includes a CAT D6 dozer, CAT 630 loader, CAT motor grader for road and runway maintenance, Hitachi excavator, John Deere dozer & excavator, snow machines and numerous miscellaneous minor equipment.

We utilize the State of Alaska owned 4,400 ft Illinois Creek airstrip for delivery of food, supplies and personnel. Fixed wing support is contracted to Wright Air Service and Everts Air Cargo. Lynden Air Cargo provide C-130 Hercules cargo aircraft with a 50,000 pound payload for drill rigs and other heavy equipment.

We do not lease any buildings or equipment.

*History*

Regional exploration in the Kaiyuh Hills began with the Anaconda Minerals Company/Cook Inlet Region, Inc., or "CIRI", joint venture. CIRI is one of the 13 regional native corporations defined in the Alaskan Native Claims Settlement Act. The Anaconda/CIRI joint venture identified prospective mineral-endowed lands for CIRI to select under that federal legislation.

During the 1980s, exploration for minerals in western Alaska began with extensive soil sampling, mapping, and drilling. Soil sampling in the 1980s resulted in the finding of significant intervals of oxidized gossanous mineralization to depths approaching 350 m below surface where sampling was conducted. Soil sampling in 1981 outlined a 2,000 m by 50 m anomaly with very high values of lead, zinc, copper, silver, gold and arsenic with zinc zoned to the east and copper zoned to the west.

Ownership, control, and operation of the project areas has varied greatly since the 1980s.

*Permitting and Licensing*

Exploration Permits

WACG has renewed the authorization to explore at Illinois Creek under authority of the Alaska Department of Natural Resources ("ADNR") Miscellaneous Land Use Permit #9831, also referred to as an "APMA" permit, which has an issue date of April 26, 2024, and will expire on December 31, 2028. The permit has reclamation stipulations and includes requirements for filing an annual work plan and an Annual Reclamation Report with ADNR, describing reclamation activities. WACG submitted a Plan of Operations approved on April 26, 2024 by the ADNR under the APMA application F20249831 that will allow for exploration activities on the Upland Mining Lease area for 2024 to 2028. Exploration of the remaining Illinois Creek claims outside of lease are authorized under the same Plan of Operations, though will require an annual Work Plan to be submitted. WACG submits annual Reclamation Reports to ADNR and a Notice of Intent to fulfill any carryover reclamation obligations into the next year. Certain aspects of camp operations, including management of solid wastes, are authorized under permit SWGPCAMP-28.

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A list of likely required major mine permits is shown below:

**Table 1.2: Mine Permits**

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| | |
|:---|:---|
| **Agency**  | **Authorization** |
| **State of Alaska** |  |
| ADNR  | Plan of Operations Approval (including Reclamation Plan and Financial Assurance)  |
| ADNR  | Upland Mining Lease  |
| ADNR  | Mill Site Lease  |
| ADNR  | Reclamation Financial Assurance  |
| ADNR  | Certificate of Approval to Construct a Dam  |
| ADNR  | Certificate of Approval to Operate a Dam  |
| ADNR  | Water Use Authorization to Appropriate Water  |
| ADF&G  | Title 16 Permits for Fish Passage (authorize stream crossings, if required)  |
| ADEC  | APDES Water Discharge Permit (if required)  |
| ADEC  | Alaska Multi-Sector General Permit (MSGP) for Stormwater Discharge Pollution Prevention Plan (requirement of MSGP)  |
| ADEC  | Section 401 Water Quality Certification of the CWA Section 404 Permit (for CWA Section 404 permit)  |
| ADEC  | Integrated Waste Management Permit  |
| ADEC  | Air Quality Control - Construction Permit  |
| ADEC  | Air Quality Control - Title V Operating Permit  |
| ADEC  | Reclamation Financial Assurance (shared with ADNR)  |
| **Federal Government** |  |
| EPA  | Spill Prevention, Control, and Countermeasure (SPCC) Plan (fuel transport and storage)  |
| USACE  | CWA Section 404 Dredge and Fill Permit (if required) |

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*Quality Assurance and Quality Control*

We have maintained a consistent Quality Assistance and Quality Control ("QA/QC") protocol for all drill cores sampling through the 2021 to 2025 field seasons. Our protocol calls for insertion of 11% QA/QC check samples by inserting a blank, a duplicate, and a standard into each set of 27 core samples.

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During the 2021 field program, blank material consisting of sand that had previously been tested by SGS Canada, an independent lab with no ownership interest in our business, using the same analytical suite as the 2021 drill core to determine baseline values of the material. During the 2022 drill program, WACG acquired blank material from ALS Global ("ALS"), an independent lab with no ownership interest in our business, prep lab in Fairbanks, which also analyzed and certified the material. Commercially available marble chips were used in 2023 as blank material. One split was taken from each 50 pound bag (3 splits) and was analyzed separately to establish values for the blanks. During the 2024 drill program WACG acquired blank and standard samples from OREAS LTD, an independent lab with no ownership interest in our business, and samples were shipped to ALS Vancouver, BC and Reno, NV for preparation and analysis. In 2025, two new CRMs were added to the suite – OREAS 628 and OREAS 353b. OREAS 628 was used as a low-grade CRM and OREAS 153c was added for use in barren rock. In 2025, five CRMs were used for the Silver Sage zone – OREAS 620, 317, 628, 136, and 153c and four CRMs were used for the WPC South drilling – OREAS 628, 153c, 620, and 136

For the 2021 to 2025 drilling campaigns, WACG collected field duplicates of drill core. Each designated duplicate sample was collected by halving the primary sample interval such that the primary sample and duplicate sample were quarter core segments of the entire sample interval.

The QA/QC for the 2025 drilling is currently being completed.

*Data Verification*

WACG randomly selected the sample data from 15 drill holes including results from across the Illinois Creek area gold drilling programs. The number of samples represent over 4% of the data used in the estimate of mineral resources. A typical industry procedure is to compare approximately 5% of the assay sample results in the database to certificates. If the error rate is less than 1%, then no further action is taken. If the error rate exceeds 1%, a more extensive review is undertaken. The grades in these holes were compared to those contained in the certified assay certificates provided by the laboratories. In this suite of 818 individual samples, there were four errors found in the gold data and three errors in the silver data, an error rate of less than one percent. These results are similar to those achieved during previous database audits. The historical metallurgical studies were reviewed to understand why the historic heap leach process did not work efficiently. Those studies represented valuable background needed to develop a process that could efficiently handle both gold and copper metallurgy as the project progresses.

The sample data from an additional four drill holes from the leach pad area were randomly selected, and the assay results were compared to the values contained in the assay certificates. There were no errors identified.

The sample data from two drill holes from the Waterpump Creek ("WPC") area were randomly selected, and the assay results in the database were compared to the values contained in the assay certificates. There were no errors identified.

*Metallurgy*

Initial metallurgical analysis of the Waterpump Creek sulfide mineralization is currently ongoing at ALS In Kamloops, BC. Preliminary results from this test work were used to estimate the recovery of Ag, Pb, and Zn for the silver equivalent (AgEq) calculation at Waterpump Creek.

Historical metallurgical work undertaken for the development of the Illinois Creek oxide Au/Ag deposit indicates that the highly oxidized rocks are amenable to a relatively low-cost leaching extraction of gold and silver using cyanide solutions. Additional work is now being undertaken by DM Consulting, LLC in Lakewood, CO to ascertain the amenability of the oxide resources to Merrill-Crowe and sulfidization, acidification, recycling and thickening (SART) processing to optimize Ag and Cu recoveries, respectively.

*Mineral Resources*

On March 20, 2019, WACG provided the updated drill hole sample data for the Illinois Creek deposit. Since that time, there has been no additional exploration in the area of the in-situ mineral resources.

The drill hole sample data comprised a series of ASCII files containing collar locations, down- hole survey results, geologic information, and assay results for a total of 583 drill holes representing 51,558 m of drilling. Of these, 505 drill holes, totaling 41,488 m of drilling, test the Illinois Creek deposit and contribute to the estimation of the in-situ mineral resources. The other 78 drill holes are exploratory in nature and test for extensions east of the Illinois Creek deposit or other satellite deposits on the Property.

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The drilling data for the Illinois Creek deposit had initially been reported in the imperial system using a local "drill grid" coordinate system. All of this information was converted to metric units, and the coordinates were rotated to UTM grid coordinates (UTM NAD83 Zone 4W).

Of the 505 holes that test the Illinois Creek deposit, 145 are diamond drill ("DD") holes and the other 360 holes are reverse circulation (RC) drill holes. Comparisons were made between the data produced from each type of drilling. DD holes tend to provide higher gold grades than RC drilling, but these differences are inconsistent and may only be local occurrences. Previous studies conducted by Mineral Resource Development Inc. ("MRDI") suggest that the RC drilling may not effectively capture all of the gold in some areas. DD and RC results show local variations, but the results overall, seem to correspond quite well. There were no modifications made to the database based on the type of drill hole.

There is no recovery data included in the database. MRDI, as part of its March 2000 audit, reported that recoveries tend to be quite good in most cases, but some gold losses were observed in holes that encountered poor recoveries.

Drilling on the Illinois Creek deposit was conducted between 1981 and 2006 with the majority of holes completed during campaigns run from 1990 through 1995. Drill holes penetrate the south-southeast dipping Illinois Creek deposit over a strike length of more than 2,500 m and to depths that exceed 200 m below surface.

In the Illinois Creek sample database, a total of 16,936 individual samples, representing 25,611 m of drilling, were analyzed for gold and silver content. About 50% of these samples were also analyzed using a multi-element (whole-rock, 26-element) package. The results for copper, lead and zinc were selected for potential inclusion in this mineral resource evaluation. Further evaluation of the available data show that only about 30% of samples were tested for lead and zinc content, and based on these results, the distributions of lead and zinc data are considered insufficient to support estimates of mineral resources.

Tables presenting an estimate of the Illinois Creek deposit's mineral resources as at January 22, 2026 are provided above under "Properties - Summary of Mineral Resources". The Indicated and Inferred mineral resource estimates on Illinois Creek have been updated with new metal prices and costs since the previous S-K 1300 TRS dated April 30, 2025. The Waterpump Creek mineral resources remain the same as previously disclosed.

*Mining and Recovery Methods*

The Illinois Creek Project is an early exploration project and as such, there have been no recovery methods investigated.

*Economic Analysis*

The Illinois Creek Project is an early exploration project and as such, no economic analysis has been completed.

*Exploration Areas*

Since 2021, a major reinterpretation of the Illinois Creek property geology has been ongoing due to the discovery at WPC of sulfide mineralization at depths below previous levels of exploration.

In the East Block the mineralization-controlling north-northeast-trending WPC fault and the look alike Wades fault trend are apparent over the entire 6 km north-south strike length of the controlled source audio-magnetotellurics ("CSAMT") survey. Immediate extensions to the WPC sulfide mineralization and the 1.4 km low resistivity anomaly was a focus in the 2023 drilling. The extension of WPC mineralization to the north along the WPC fault is still open for exploration and is a target for 2024 drilling. To the south, the WPC mineralization is offset against the E-W 4700N fault, but mineralization is believed to continue south into the LH zone. The primary focus of 2024 exploration drilling will be to explore down-dip of the anomalous soil geochemistry and LH gossan, towards the WPC fault which is shown in the 2023 3D IP low resistivity.

In the West Block, south of the Warm Springs fault, an extensive greenstone sill caps the permissive stratigraphy and looks to provide an aquitard not unlike that seen in the East Block where the pelitic schists provide an aquitard to trap mineralization. The mineralization permissive stratigraphic section below the greenstone sill identified by the CSAMT profiles outline an approximate 4x2 km CRD target area southeast of the Illinois Creek pit. This Warm Springs target zone will be another primary focus of 2024 exploration drilling.

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A Cu, Au, Pb, As soil anomaly covering a 1.5 x 1.5 kms area extending south of the Illinois Creek pit suggests a developing porphyry target in that area.

In addition to the sulfide targets which are the current focus of exploration, additional oxide Au/Ag targets extend in and around the Illinois Creek mine pit.

*Planned Work*

The total estimated direct program costs are approximately US$11.0 million for Phase 1 and US$15.5 million for Phase 2, which includes site costs such as camp support, overhead and other indirect costs, excluding corporate general and administrative (G&A) costs.

Phase 1

● Continued exploration and extension drilling of the WPC mineralization to expand the Mineral Resource to both the south and to the north along the Waterpump Creek structure.

● Follow-up drilling of the Silver Sage target and other related soil anomalies and initial drilling of the numerous targets recognized in the 2024 US Geological Survey (USGS)/Alaska Division of Geological & Geophysical Surveys (ADGGS) geophysical program.

● Continued environmental baseline monitoring studies to support environmental and permitting activities.

Phase 2

Phase 2 is contingent on positive drill results at either Waterpump Creek, Warm Springs, or elsewhere. A sufficient mineral inventory will need to be established before proceeding to in-fill drilling and an Initial Assessment.

● In-fill drilling to convert the majority of current resource and portion of any exploration success in Phase 1 to indicated to support an Initial Assessment.

● Oriented Geotech drilling.

● PQ drilling to attain bulk samples and complete variability and Lock cycle flotation metallurgical test work to de-risk program.

● Continued and Additional Environmental base line studies.

● Initial Assessment

**Internal controls disclosure**

Historical pre-1999 assays and sample collection did not fully document quality assurance/quality control and (QA/QC) programs are lacking or poorly documented. The last documented and outlined procedures were outlined in 1999. MRDI, then a prominent mineral resource development consulting company, conducted an audit of drilling, sampling, and assay procedures in 1999. They concluded the assays from the various drill campaigns were sufficiently well controlled by QA/QC programs to support mineral resource estimation. They also compared drill results from the different drill campaigns and found results were consistent. Unfortunately, the database of results compiled by MRDI was lost. The current QP's also compared historical drill results to those obtained by us. They also found those assay results were consistent with the historical assays where drilling intersections were in proximity. The QP's concurred with the MRDI assessment that pre-1999 drill results are sufficiently controlled to support mineral resource estimation.

QA/QC programs by Western Alaska Copper & Gold for 2020-2024 were documented and observed per the disclosure under Quality Assurance and Quality Control under "Material Properties - *Illinois Creek Project - Quality Assurance and Quality Control.*"

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**Item 3. Legal Proceedings**

There is no material litigation, arbitration or governmental proceeding currently pending against us or any members of our management team in their capacities as such.

**Item 4. Mine Safety Disclosures**

There are no operating mines and therefore no mine safety disclosures.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

**Market Information**

Our subordinate voting shares are listed for trading on the TSXV under the symbol "WAM." Our subordinate voting shares are quoted on the OTCQX Market in the United States under the symbol "WAMFF."

**Holders**

As of March 16, 2026, there were 249 registered shareholders of subordinate voting shares and zero registered shareholders of proportionate voting shares.

**Dividends**

We do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our subordinate voting shares. We currently intend to retain all available funds and any future earnings to support our operations and finance the growth and development of our business. Any future determination related to our dividend policy will be made at the discretion of our board of directors and will depend upon, among other factors, our business, financial condition, results of operations, capital requirements, contractual restrictions, business prospects and other factors our board of directors may deem relevant.

**Transfer Agent and Registrar**

The transfer agent and registrar for our subordinate voting shares is Odyssey Trust Company, 350-409 Granville St., Vancouver, British Columbia, V6C 1T2, Canada.

**Equity Compensation Plan Information**

The following table summarizes information about our equity compensation plans as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| <br>**Plan Category** | **Number of**<br>**Securities**<br>**to be Issued**<br>**Upon**<br>**Exercise of**<br>**Outstanding**<br>**Options,**<br>**Warrants and**<br>**Rights**<sup>(1)</sup> | <br>**Weighted-**<br>**Average**<br>**Exercise**<br>**Price of** <br>**Outstanding**<br>**Options,**<br>**Warrants**<br>**and Rights**<sup>(2)</sup> | **Number of**<br>**Securities**<br>**Remaining**<br>**Available for**<br>**Future**<br>**Issuance**<br>**Under Equity**<br>**Compensation**<br>**Plans**<sup>(3)</sup> |
| Equity compensation plans approved by security holders | 8814359 | $0.95 | 3595035 |
| Total |  |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Consists of 401,142 restricted stock units, or "RSUs", and 8,413,217 subordinate voting shares issuable upon exercise of stock options under the Long Term Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(2) This is the weighted average exercise price of the stock options. The RSUs have no exercise prices.

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&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists of shares available for issuance under the Long Term Incentive Plan.

**Recent Sales of Unregistered Securities**

We completed the following sales or issuances of unregistered securities during the past three years ending December 31, 2025:

*Private Placements*

We granted to one shareholder a right of participation in future issuances, by private placement or public offering, of subordinate voting shares (or securities convertible into subordinate voting shares), other than certain excluded offerings. For so long as that shareholder holds not less than 3% of the issued and outstanding subordinate voting shares, we are required to offer to that shareholder the right to subscribe for securities on the same terms and conditions as such securities are being offered to third parties (subject to exceptions provided for in the underlying agreement), so that the shareholder may maintain its proportional ownership.

On May 4, 2023, we issued by private placement an aggregate of 2,982,049 units at a price of C$2.35 per unit for gross proceeds of approximately C$7 million and paid a cash commission of C$405,469 and issued 172,540 broker warrants. Each unit is comprised of one subordinate voting share and one-half of one subordinate voting share purchase warrant. Each warrant is exercisable to purchase one subordinate voting share at a price of C$3.15 for a term of three years. Each broker warrant was exercisable to purchase one unit at a price of C$2.35 for a term of two years. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On September 1, 2023, we issued by private placement 756,382 units at a price of C$2.05 per unit for gross proceeds of approximately C$1.55 million and paid a cash commission of C$2,399 and issued 1,170 finder's warrants. On September 14, 2023, we issued a second tranche of 66,171 units for gross proceeds of C$135,650.55. Each unit is comprised of one subordinate voting share and one-half of one subordinate voting share purchase warrant. Each warrant is exercisable to purchase one subordinate voting share at a price of C$3.15 for a term of three years. Each finder warrant is exercisable to purchase one subordinate voting share at a price of C$3.15 for a term of three years. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On April 26, 2024, we issued, by way of shelf prospectus offering in Canada and private placement in the United States, an aggregate of 9,403,352 units at a price of C$0.65 per unit for gross proceeds of approximately C$6.1 million and paid a cash commission of C$366,731 and issued 564,200 broker warrants. Each unit is comprised of one subordinate voting share and one subordinate voting share purchase warrant. Each warrant is exercisable to purchase one subordinate voting share at a price of C$0.90 for a term of three years. Each broker warrant was exercisable to purchase one subordinate voting share at a price of C$0.65 for a term of three years. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On May 8, 2024, we issued by private placement 3,812,981 units at a price of C$0.65 per unit in a first tranche, and on May 14, 2024, 200,000 units in a second tranche, for total gross proceeds of approximately C$2.6 million. In connection with the private placement, we paid a cash commission of $82,423 (C$113,200) and issued 92,923 finder's warrants. Each unit is comprised of one subordinate voting share and one subordinate voting share purchase warrant. Each warrant is exercisable to purchase one subordinate voting share at a price of C$0.90 for a term of three years. Each finder warrant is exercisable to purchase one subordinate voting share at a price of C$0.90 for a term of three years. The proceeds from this financing were used for exploration activities and general working capital purposes. This offering was completed pursuant to Rule 506(b) of Regulation D and Regulation S under the Securities Act.

On March 21, 2025, we issued by private placement promissory notes in the aggregate principal amount of US$1,200,000. The notes mature after three years and bear interest at a rate of 10% per annum. The notes will be repayable by us after 12 months. We also issued an aggregate of 2,697,600 subordinate voting share purchase warrants, each exercisable to purchase one subordinate voting share at an exercise price of C$0.64 for a term of three years. The use of proceeds from this transaction was to advance planning for 2025 exploration and general corporate purposes. This offering was completed pursuant to Rule 506(b) of Regulation D under the Securities Act.

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On October 3, 2025, we issued 21,229,000 units of the Company at a price of US$0.65 per unit for gross proceeds of approximately US$13.8 million. Each unit consist of one subordinate voting share and one subordinate voting share purchase warrant, where each warrant is exercisable for one subordinate voting share of the Company at US$0.97. In connection with the offering, we paid a cash commission of approximately US$1.0 million to a syndicate of underwriters and issued warrants to purchase up to 849,160 subordinate voting shares to the syndicate of underwriters.

*Common Shares Issued Upon Exercise or Conversion of Outstanding Securities*

During 2023, we issued 505,000 common shares upon the exercise of stock options, at a weighted average exercise price of $0.72 per share. The common shares were issued pursuant to Rule 701 under the Securities Act.

During 2024, we issued 490,000 common shares upon the exercise of stock options, at a weighted average exercise price of $0.66 per share. The common shares were issued pursuant to Rule 701 under the Securities Act.

During 2025, we have issued 1,032,000 common shares upon the exercise of stock options, at a weighted average exercise price of C$0.57 per share. The common shares were issued pursuant to Rule 701 under the Securities Act.

During 2024, we issued 163,181 common shares upon the exercise of warrants, at a weighted average exercise price of C$0.88 per share. When issued in accordance with the warrant indenture governing such warrants, the common shares were issued pursuant to Regulation S under the Securities Act.

During 2025, we have issued (i) 56,200 common shares upon the exercise of warrants, at an exercise price of C$0.64 per share, which were issued pursuant to Section 4(a)(2) the Securities Act; (ii) 403,824 common shares upon the exercise of warrants, at an average exercise price of C$0.90 per share, which were issued outside the United States pursuant to Regulation S under the Securities Act; and (iii) 724,500 common shares upon the exercise of warrants, at an exercise price of C$0.90 per share, which, when issued in accordance with the warrant indenture governing such warrants, were issued pursuant to Regulation S under the Securities Act.

**Issuer Purchases of Equity Securities**

None.

**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion should be read in conjunction with our financial statements and related notes thereto included elsewhere in this Report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors." We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward-looking statements or other statements were made. Therefore, no reader of this document should rely on these statements being current as of any time other than the date of this Report.*

**Our Business**

We were incorporated in the province of British Columbia on April 8, 2020 under the name 1246779 B.C. LTD. In November 2021, 1246779 B.C. LTD completed a business combination with Western Alaska Copper and Gold Company ("WACG") and, on November 4, 2021 changed our name to Western Alaska Minerals Corp. On April 25, 2025, we changed our name to Alaska Silver Corp. We are a Canadian public company whose subordinate voting shares are listed for trading on the TSX Venture Exchange ("TSXV") under the symbol "WAM" and on the OTCQX under the symbol "WAMFF".

Our principal executive office is located at 1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3 Canada.

We have no operating revenue and support our operations through the sale of equity in our company. The value of any of our mineral properties is dependent upon the existence or potential existence of economically recoverable mineral reserves.

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All financial information in this Management's Discussion and Analysis of Financial Condition and Results of Operations, for current and past years, was accounted for under US GAAP.

Since 2010, we, operating through WACG and Alaska Silver, have been exploring and advancing interests in the Illinois Creek mining district that includes gold, silver, copper, gallium, and zinc exploration targets in western Alaska east of the Yukon River. On January 20, 2026 WACG formerly changed its name to Alaska Silver USA Corp.

**Illinois Creek Project, Alaska: Claim Consolidation**

On October 17, 2018, WACG and one of its shareholders, Joe Piekenbrock, entered into the Operating Agreement of Illinois Creek Joint Venture LLC (the "JV Operating Agreement"), which formed the Illinois Creek Joint Venture LLC. Pursuant to the JV Operating Agreement, WACG issued 346 WACG common shares valued at $692,000 to Mr. Piekenbrock. On March 31, 2021, the members of the Illinois Creek Joint Venture LLC, agreed to terminate and dissolve the Illinois Creek Joint Venture LLC, and dissolve it, as directed by the Action of Unanimous Written Consent of the members of the Illinois Creek Joint Venture LLC, effective as of March 31, 2021. On March 31, 2021, WACG and Mr. Piekenbrock entered into a Stock Purchase Agreement, whereby WACG acquired 100% of the issued and outstanding common shares of an Alaska private company, Piek Incorporated, in exchange for 120 WACG common shares (valued at $540,000) and $3,698,000 payable by the issuance of a promissory note to Mr. Piekenbrock. Piek is the sole owner of 40 state mineral claims, known as the Illinois Creek Project, located in the Mount McKinley mining district of Alaska. Seventy (70) other Piek claims totaling approximately 11,135 acres were converted to a State of Alaska Uplands Mine Lease in July, 2024. An additional 86 claims were staked by WACG in 2021, after the acquisition of Piek, and 115 new claims were staked by WACG in 2022. An additional 46 claims were staked by WACG in 2025.

The total land package is 32,737 hectares (80,717 acres) and includes: 287 Illinois Creek Claims, 19 Khotol Claims, 18 Paw Print Claims, 24 Honker Claims, 88 Round Top Claims, and 11,135 acres converted to Uplands Mining Lease.

**Illinois Creek/Waterpump Creek Property, Alaska**

Our most advanced stage asset is the Illinois Creek oxide gold-silver project, a past-producing run of mine (ROM) heap leach mine that operated between 1997 and 2002. The Illinois Creek in-situ resource was updated on January 22, 2026. The Indicated Mineral Resource Estimate is 9.0 Mt at 0.92 g/t gold and 29.72 g/t silver containing 260,000 ounces of gold and 8.3 million ounces of silver. The Inferred Mineral Resource Estimate is 10.9 Mt at 0.84 g/t gold and 30.1 g/t silver containing 290,000 ounces of gold and 10.4 million ounces of silver. The indicated and inferred mineral resources at Illinois Creek are based on an open-pit shell assuming metals prices of US $3,500/oz gold and US $45/oz silver. The mineralization within the Illinois Creek deposit is oxide material which is amenable to heap leach extraction and processing. The oxide mineralization remains open along strike and at depth.

The Illinois Creek project includes a modern, fully operational camp, numerous heavy equipment vehicles (dozer, excavators, CAT loader and miscellaneous transport vehicles), four company owned diamond drill rigs fuel storage tanks and 4,400-foot airstrip.

Our Waterpump Creek property is located within the Illinois Creek project. An exceptional high-grade silver-lead-zinc re-discovery was made in 2021, when we drill tested historically recognized sulfide carbonate replacement deposit ("CRD") mineralization at depth. Drill hole WPC21-09 cut 10.5-meters (9.1 meters true thickness) of 522 g/t silver, 22.5% zinc and 14.4% lead of massive intergrown sphalerite and argentiferous galena down-dip of the historical drilling. This exceptional high-grade interval redirected the focus to targeting the overall CRD potential on the property. An initial resource estimate was released on February 22, 2024. The (2.4Mt) initial inferred resource includes 74.9Moz AgEq at a grade of 980 g/t AgEq of high-grade silver-zinc-lead + gallium. Zinc, silver and gallium are listed as US Critical Minerals.

Numerous other exploration prospects and targets exist within the Illinois Creek – Waterpump Creek CRD system, such as Warm Springs and the newly discovered Silver Sage zone. The district is underpinned by mineral resource estimates at both the Illinois Creek deposit and the Waterpump Creek deposit, but there are still many exploration opportunities and targets in the surrounding area.

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**Honker Property, Alaska**

The Honker Property is a gold-silver (Au-Ag) low sulfidation vein system discovered in 1981 located approximately six miles north of the Illinois Creek Mine. It consists of 24 state mineral claims, owned 100% by WACG, located in the Mount McKinley recording district of Alaska. The Honker vein strikes up to 1,000m in length and varies from 1 to 7 meters in width. Numerous grab, channel, and bulk samples returned assays >34 g/t Au from the historic trenching and surface sampling. Numerous historic and more recent (2021) drill programs intercepted the Honker vein. Some highlights include: HK21-06 intercepted a 7.6-meter vein with numerous 1+ meter splays grading from 3 to 5 g/t Au. Drill hole HK-4 intercepted 1.6 meters of 8.68 g/t Au including 0.2 meters of 38.39 g/t Au. Honker could provide high-grade feed to a combined processing operation at Illinois Creek.

**Round Top Property, Alaska**

The Round Top Property, located 15.5 miles NE of the Illinois Creek project, is a large copper-molybdenum-silver (Cu-Mo-Ag) porphyry system that includes both high grade copper surface discoveries and drill intercepts to a depth of 800 meters. Cu-Mo-Ag mineralization is associated with Cretaceous (+/- 72 Ma) age intrusive rocks. The property consists of 88 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato recording districts of Alaska.

The TG and TG North prospects lie just to the northwest of the Round Top porphyry and are Ag-Pb-Zn CRD targets demonstrated by a 5km by 2 km Ag-Pb-Zn soil anomaly in similar permissive carbonate host rocks as Waterpump Creek and is proximal to a known intrusive source.

**Khotol and Paw Print, Alaska**

Khotol and Paw Print are the early exploration stage properties we staked in 2022. There are 19 claims for Khotol with 3 additional claims staked in 2024 and 18 claims for Paw Print. Khotol is located directly northwest of the Illinois Creek Property. Paw Print is located approximately 25 miles northeast of the Illinois Creek mine.

The Khotol Claim Block contains three main prospects: Khotol Ridge gossan, Colorado Creek gossan, and Sunny Day gossan. The Khotol Ridge prospect is the most prospective gossan on these claims and is a Ag-Pb-Zn gossan hosted in metasedimentary rocks similar to Illinois Creek. The Sunny Day gossan mineralization is weakly anomalous in Cu, Pb, Ag, and As and consists of scattered limonitic quartzite breccia and minor massive vuggy gossan float in a dry east-west trending gully coincident with a pronounced linear feature (Brewer and Millholland, 1982). The Colorado Creek gossan is a weakly anomalous Ag-Pb-Zn-Cu gossan consisting of quartz breccias and vuggy oxidized gossanous float.

The Paw Print prospect consists of silt and soil anomalies associated with iron seeps along a northeast trending ~4km long linear feature. The seeps and iron-stained streams drain the inferred contact between the graphitic schistose quartzite and the younger unmetamorphosed mafic volcanics and intrusive (JMI Greenstone) (Flanigan, 1994). There seems to be a correlation of the mineralized seeps with the contact between the mafic volcanics and the schistose quartzites (Flanigan, 1994).

**Other Corporate Matters**

*Subordinate Voting and Proportionate Voting Shares*

In connection with a reverse takeover transaction in 2021, we created a dual share structure with subordinate voting shares and proportionate voting shares. The subordinate voting shares are listed for trading on the TSXV. The proportionate voting shares are, in effect, subordinate voting shares compressed at the ratio of 100:1 which have voting and economic rights on an as-converted basis. Each proportionate voting share is convertible into 100 subordinate voting shares. The proportionate voting shares are convertible to subordinate voting shares at the request of the shareholder. On March 9, 2026 the Company announced that it has converted all of its proportionate voting shares to subordinate voting shares and that it plans to change the name of the subordinate voting shares to common shares at its next annual general meeting.

**Operations**

During the year (ended December 31, 2025), our main focus was the exploration and the 2025 drilling season with planning and coordinating for site activities and human resources at our Waterpump Creek project and newly discovered Silver Sage zone, located within the Illinois Creek Project.

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Competition in the mineral exploration industry is intense. We compete with other mining companies, many of which have greater financial resources and technical facilities for the acquisition and development of mineral concessions, claims, leases and other interests, as well as for the recruitment and retention of qualified employees and consultants. The mining business is subject to mineral price and investment climate cycles. The marketability of minerals is also affected by worldwide economic and demand cycles. In recent years, the significant demand for minerals in some countries has driven increased commodity process. It is difficult to assess if the current commodity prices are long-term trends, and there is uncertainty as to the recovery, or otherwise, of the world economy. If the global conditions weaken and commodity prices decline as a consequence, a continuing period of lower prices could significantly affect the economic potential of each of the Illinois Creek Project and the Other Properties. See "Risk Factors - Our business is strongly affected by the world market price of gold and silver and there can be no assurance we will be able to develop our properties."

Mining is an extractive industry that impacts the environment. Our goal is to regularly evaluate ways to minimize such impact. We expect to meet or exceed environmental standards at each of the Properties (including the Illinois Creek Project) and to continue this approach through effective engagement with affected stakeholders, including local communities, government and regulatory agencies and indigenous groups.

We are currently active only in Alaska, which has established environmental standards and regulations that we strive to exceed. Our environmental performance is overseen at the board level and environmental performance is our responsibility. We recognize environmental management as a corporate priority and place a strong emphasis on preserving the environment for future generations, while also providing for safe, responsible and profitable operations by developing natural resources for the benefit of our employees, shareholders and communities.

The are no significant elements of the income or loss from continuing operations that do not arise from or are not necessarily representative of the ongoing business.

There have not been any unusual or infrequent events or transactions or significant economic changes that materially affected the amount of income or loss from continuing operations.

**RESULTS OF OPERATIONS**

***Comparison of the Year ended December 31, 2025 and December 31, 2024***

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| | | |
|:---|:---|:---|
| <br>**Summary of components of Consolidated Statements of Operations and Comprehensive Loss** | **Year Ended**<br>**December 31,** <br>**2025**<br>**($)** | **Year Ended**<br>**December 31,** <br>**2024**<br>**($)** |
| Operating expenses | (6144207) | (7254553) |
| Other items | (2717592) | (24545) |
| Net loss | (8861799) | (7279098) |
| Unrealized foreign exchange on translation of foreign operations | 10659 | (23653) |
| Comprehensive loss | (8851140) | (7302751) |

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| | | |
|:---|:---|:---|
| <br>**Summary of components of Consolidated Statements of Financial Position** | **December 31,**<br>**2025**<br>**($)** | **December 31,**<br>**2024**<br>**($)** |
| Current assets | 9311718 | 988308 |
| Long-term deposits |  |  |
| Equipment | 1116998 | 1558765 |
| Exploration & evaluation property interests | 6295910 | 6090370 |
| Total assets | 16724626 | 8637443 |
| Current liabilities | 8134987 | 929671 |
| Long-term liabilities | 2407045 | 2462024 |
| Shareholders' equity | 6182594 | 5245748 |
| Total Liabilities and equity | 16724626 | 8637443 |

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The loss for the year ended December 31, 2025, was $8,861,799 compared to $7,279,098 for the year ended December 31, 2024. The increase in the loss from 2024 to 2025 was primarily due to a loss on the recognition of derivative warrant liabilities offset by lower exploration expenses and management fees in 2025. The most significant operating expense for the year ended December 31, 2025 was our exploration expense incurred on our mineral properties. Exploration expenses include the costs of drilling, assaying as well as the maintenance of a summer camp for drillers and staff. Our other operating expenses include management fees, which is the compensation of executives, directors and management, including any stock-based compensation and also marketing expenses, which is the cost of promoting our business through conferences and promotional activities.

**SUMMARY OF QUARTERLY RESULTS**

The following is a summary of the Company's most recent 8 quarterly result:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Dec 31, 2025** | **Sep 30, 2025** | **June 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** | **Mar 31, 2024** |
| Expenses | $1585444 | $2496510 | $1221013 | $841240 | $1502302 | $2844014 | $1867218 | $1041019 |
| Loss for the period | 4087822 | 2586127 | 1331998 | 855852 | 1474930 | 2858448 | $1873047 | 1072673 |
| Pre-RTO: Weighted Average number of subordinate voting shares outstanding | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Post-RTO: Weighted Average number of subordinate voting shares outstanding | 64763198 | 42618524 | 42287602 | 42189920 | 41989920 | 41981678 | 37326420 | 28120406 |
| Weighted Average number of proportional shares outstanding | 224801 | 224801 | 224801 | 224801 | 224801 | 224801 | 224801 | 224801 |
| Loss per share | (0.02) | (0.02) | (0.02) | (0.01) | (0.02) | (0.05) | (0.03) | (0.02) |
| Exploration and evaluation assets – additions | $189442 | $19918 | $75 | $— | $7532 | $167492 | $— | $181 |

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*Exploration Expenses*

We commenced exploration at Illinois Creek in Q3 with drilling commencing on July 25, 2025 and concluding on September 28, 2025. A total of 2,964 meters were drilled across 13 exploration drill holes. Four drill holes consisting of 2,057 meters were drilled at the Waterpump Creek South target (WPC25-35 cut 5.9m (core length) grading 38 g/t (1.2 oz/T) Ag and 12.1% Zn, including 3.2m grading 67 g/t (2.1 oz/T) Ag and 16.9% Zn) and nine drill holes consisting of 907 meters were drilled at a new discovery zone, Silver Sage. Among these holes, SS25-04 cut 4.4m (core length) reporting 148 g/t (4.8 oz/T) Ag; 0.68% Pb and 0.24% Zn, including 1 m grading 349g/t (11.2 oz/T) Ag 2.2% Pb and 0.20% Zn. The Silver Sage zone represents a significant exploration breakthrough, located 4.8km south of the Waterpump Creek resource. The discovery has been confirmed through surface trenching, pit sampling, and initial drilling. Early work confirms Silver Sage as a promising mineralized system with near-surface samples running 1,235 g/t silver ("**Ag**") with 65% lead ("**Pb**"); and 1,135 g/t Ag with 73% Pb.

In addition, field mapping and geochemical sampling were conducted across the district, targeting new areas of CRD potential identified from the 2024 SkyTEM geophysical survey flown by the US Geological Survey and Alaska Depart of Geological & Geophysical Survey. We also staked 46 new State of Alaska mining claims to expand our claim block.

We incurred fewer exploration expenditures in the year ended December 31, 2025 compared to the prior year as less meters were drilled. In 2024 there were 4,230 meters drilled and in 2025 there were 2,964 meters drilled. With fewer meters drilled, the drilling costs were reduced along with the assaying charges as well as camp costs related to the drill campaign.

*General and Administrative Expenses*

The significant general and administrative expenses incurred for the year ended December 31, 2025 were management fees, marketing expenses, consulting fees and professional fees. Management fees decreased from $1,561,326 in 2024 to $1,347,419 as our stock-based compensation issued to directors, executives and management decreased in 2025, whilst cash compensation remained relatively consistent. Marketing expenses decreased from $652,608 in 2024 to $315,308 as efforts to promote ourselves and our mineral properties through investor, industry conferences and on-line marketing initiatives decreased in 2025. Consulting fees increased from $306,835 in 2024 to $421,243 as we focused on the technical studies related to the exploitation of minerals at our mineral properties. Professional fees increased from $259,140 in 2024 to $388,918 in 2025 as we registered our securities in the United States.

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**Transaction with Related Parties**

The Company's related parties include its subsidiaries, key management personnel, and companies related by way of directors or shareholders in common. Transactions with related parties for goods and services are made on normal commercial terms.

During the year ended December 31, 2025, the Company incurred salaries and management fees related to directors and key management of $1,067,078 (2024 - $850,469).

During the year ended December 31, 2025, the Company incurred share-based compensation related to directors and key management of $252,915 (2024 - $926,373).

**LIQUITY AND CAPITAL RESOURCES**

Liquidity risk is the risk that we will encounter difficulty in satisfying financial obligations as they become due. We manage our liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. Our objective in managing liquidity risk is to maintain sufficient readily available reserves to meet its liquidity requirements.

***Sources of Liquidity***

We do not have operating revenue to finance our existing obligations and therefore must continue to rely on external financing to generate capital to maintain our capacity to meet working capital requirements. We have relied on debt and equity raises to finance our operating activities since incorporation. We intend to continue to rely on the issuance shares and to a lesser extent debt to finance our operations. However, there is a risk that additional financing will not be available on a timely basis or on terms acceptable to us. We do not have any material sources of unused sources of liquid assets. All liquid assets are available for use to finance Company operations.

The following table presents our cash, cash equivalents and restricted cash and working capital as of December 31, 2025 and 2024.

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|:---|:---|:---|
|  | **Balances at December 31,**<br>**2025 (in thousands)** | **Balances at December 31,**<br>**2024 (in thousands)** |
| **Cash, cash equivalents and restricted cash** | $**9054** | $**850** |
| **Total current assets** | $**9312** | $**988** |
| **Less: total current liabilities** <sup>(1)</sup> | **8135** | **930** |
| **Working capital** | $**1177** | $**58** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The total current liabilities include non-cash liabilities related to derivative liability of $6.358 million (2024 $Nil). If non-cash liabilities are excluded our working capital would be $7.535 million (2024 $0.06 million)

*Debt Transactions*

On March 21, 2025, we completed an unsecured loan transaction with certain lenders (the "Lenders"), pursuant to which we issued promissory notes in the aggregate principal amount of $1,200,000 (the "Loan"). The Loan will mature after 36 months and bear interest at rate of 10% per annum. The Loan will be payable by us after 12 months. In addition, we have also issued to the Lenders an aggregate of 2,697,600 bonus warrants. Each bonus warrant entitles the holder to purchase one of our subordinate voting share at an exercise price of C$0.64 for a period of 36 months from the date of issuance. Of the $1,200,000, $175,000 was loaned to the Company by certain executive officers and directors, who also received an aggregate of 393,400 warrants. Subsequent to December 31, 2025, the $1,200,000 loan with $120,000 interest was repaid to the Lenders.

In 2021, WACG entered into the Piek Acquisition Agreement to acquire all of the issued and outstanding shares of common stock of Piek for a total purchase price of $3,698,000, which WACG satisfied by the issuance the Piek Promissory Note. Since 2021, the Piek Promissory Note has been amended eight times and both parties have been previously amenable to make amendments in the best interests of our company. As at December 31, 2025, we owed $1,484,593 to the holder of the Piek Promissory Note. Under the terms of the Piek Promissory Note, as amended, 6% of all equity financings are due and payable upon closing of an equity financing to the holder. The remaining balance and all accrued interest is due on July 1, 2027.

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*Equity Transactions*

On October 3, 2025, we completed a brokered initial US public offering, aggregate of 21,229,000 units for gross proceeds of $13.799 million, and paid cash commissions of $1.035 million and issued 849,160 compensation warrants.

On May 14, 2024, we completed a non-brokered private placement, aggregate of 4,012,981 units for gross proceeds of C$2.608 million, and paid cash commission of C$113,200 and issued 92,923 compensation warrants.

On April 26, 2024, we completed a brokered shelf prospectus offering, aggregate of 9,403,352 units for gross proceeds of C$6.112 million, and paid cash commission of C$366,731 and issued 564,200 compensation warrants.

***Cash flows***

The following table presents a summary of our cash flows for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **For the Years Ended,** | **For the Years Ended,** |
| <br>**(in thousands)** | **December 31, 2025** | **December 31, 2024** |
| **Net cash (used in) provided by:** |  |  |
| **Operating activities** | $**(4608498)** | $**(5780968)** |
| **Investing activities** | **(209435)** | **(176109)** |
| **Financing activities** | **13023971** | **5638741** |
| **Effect of exchange rates changes on cash and cash equivalents** | **(1407)** | **(23653)** |
| **Increase (Decrease) in cash, cash equivalents, and restricted cash equivalents** | $**8204631** | $**(341989)** |

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For the financial year ended December 31, 2025, we had negative operating cash flow of $4,608,498. We have no source of operating cash flow and there can be no assurance that we will ever achieve profitability. Accordingly, we are dependent on third party financing to continue exploration activities on its properties, maintain capacity and satisfy contractual obligations. The amount and timing of expenditures will depend on a number of factors, including in material part the progress of ongoing exploration, the results of consultants' analyses and recommendations, the entering into of any strategic partnerships and the acquisition of additional property interests. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration and development of our properties or require us to sell one or more of its properties.

*Contractual Obligations and Off-Balance Sheet Financing*

On March 21, 2025 we obtained a loan of $1,200,000 from a small group of existing shareholders to sustain general and administrative costs until we are able to complete an equity financing. The Loan has a term of three years and matures on March 21, 2028. However, we are permitted to repay the Loan after one year, and we are currently planning to repay the Loan with interest ($1,320,000) on March 21, 2026. Related to the loan, we issued to the Lenders an aggregate of 2,697,600 bonus warrants (the "Warrants"). Each Warrant entitles the holder to purchase one subordinate voting share at an exercise price of C$0.64 for a period of 36 months from the date of issuance. Subsequent to December 31, 2025, the Company repaid the loan of $1,200,000 with $120,000 interest.

As of December 31, 2025, we owed $1,484,593 to the holder of the Piek Promissory Note. Under the terms of the Piek Promissory Note, as amended, 6% of all equity financings are due and payable upon closing of an equity financing to the holder. The remaining balance and all accrued interest is due on July 1, 2027.

*Working Capital*

As of December 31, 2025, we had working capital of $1,176,731 (December 31, 2024 - $58,637).

*Cash*

As of December 31, 2025, we had cash of $9,054,203 (December 31, 2024 - $849,572).

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*Cash Used in Operating Activities*

Cash used in operating activities during the year ended December 31, 2025, was $4,608,498. Cash was mostly spent on exploration expenses, management fees, marketing fees, professional fees and consulting fees.

*Cash Used in Investing Activities*

During the year ended December 31, 2025, we spent $209,435 on mineral property claim maintenance costs paid to the State of Alaska.

*Financing Activities*

During the year ended December 31, 2025, we received net proceeds of $13,023,971 from a US public offering, exercises of stock options and share purchase warrants and repayment of promissory notes compared to net proceeds of $5,638,741 from private placements and exercises of stock options during the year ended December 31, 2024.

On October 3, 2025, we completed a brokered US public offering, aggregate of 21,229,000 units for gross proceeds of $13.799 million, and paid cash commissions of $1.035 million and issued 849,160 compensation warrants.

On May 14, 2024, we completed a non-brokered private placement, aggregate of 4,012,981 units for gross proceeds of C$2.608 million, and paid cash commission of C$113,200 and issued 174,154 compensation warrants.

On April 26, 2024, we completed a brokered shelf prospectus offering, aggregate of 9,403,352 units for gross proceeds of C$6.112 million, and paid cash commission of C$366,731 and issued 564,200 compensation warrants.

*Other Liabilities*

As of December 31, 2025, we owed $1,342,972 (2024 - $722,989) to three related parties, Christopher "Kit" Marrs, Joan Marrs and Joe Piekenbrock. The liability relates to deferred salaries and reimbursable expenses over the past two years. A further $80,148 (2024 - $nil) is owed to two related parties, Darren Morgans and Patrick Donnelly for compensation accrued in 2025 and subsequently paid.

***Capital Resources***

We have relied mostly on equity financings since our inception to meet our capital resource needs. On two occasions, we have issued debt in circumstances where equity financing was not available and/or would have been too dilutive. We intend to continue to meet our capital resources needs through equity financings as and when needed.

We do not have any material commitments to make capital expenditures.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

*Critical Accounting Policies and Estimates*

Our management's discussion and analysis of our business, financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with United States generally accepted accounting principles ("US GAAP"). The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements and expenses incurred during the reporting periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management's judgments and estimates.

*Research and Development Activities*

We do not incur significant R&D costs. Our major operating costs are costs associated with our exploration activities.

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*Share Information*

The following table summarizes the fully diluted number of subordinate voting shares outstanding as of December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | <br>**Undiluted** | **Fully diluted subordinate**<br>**voting shares** |
| Subordinate voting shares | 65663486 | 65663486 |
| Proportionate voting shares | 224801 | 22480100 |
| Total Subordinate voting shares |  | 88143586 |
| Options | 4765500 | 4765500 |
| Restricted share units | 401142 | 401142 |
| Warrants | 39404982 | 39404982 |
| Fully Diluted Subordinate voting shares |  | 132715210 |

---

*Going Concern*

The recoverability of amounts shown as mineral exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, our ability to obtain financing to develop the properties and the ultimate realization of profits through future production or sale of the mineral property interests. Realized values may be substantially different than carrying values as recorded in these financial statements.

Our consolidated financial statements have been prepared on a going concern basis, which assumes that we will be able to continue its operation as a going concern for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. At December 31, 2025, we had not achieved profitable operations and had an accumulated deficit of $49,365,286.

We have no source of revenue, income or cash flow. We are wholly dependent upon raising monies through the sale of our subordinate voting shares to finance our business operations. There can be no assurances that this capital will be available in amounts or on terms acceptable to us, or at all.

*Market Risks*

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. These fluctuations may be significant.

Interest Rate Risk - We are exposed to interest rate risk to the extent that its cash balances bear variable rates of interest. The interest rate risks on cash and on our obligations are not considered significant.

Foreign Currency Risk - We have identified our functional currency as the US dollar. Business is transacted in Canadian dollars and US dollars. We maintain US dollar bank accounts in Canada and the United States to support the cash needs of our operations.

Commodity Price Risk - While the value of our mineral properties is related to the price of gold and silver and the outlook for these minerals, we do not currently have any operating mines and therefore does not have any hedging or other commodity-based risks with respect to its operating activities.

Historically, the price of gold and silver has fluctuated significantly and is affected by numerous factors outside of our control, including, but not limited to, industrial and retail demand, central bank lending, forward sales by producers and speculators, levels of worldwide production, short-term changes in supply and demand because of speculative hedging activities, and certain other factors related specifically to gold and silver.

*Income Taxes*

In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.

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*Use of Estimates and Assumptions*

The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including valuing equity securities in share-based payment arrangements, estimating the fair value of financial instruments recorded as a warrant liability, useful lives of depreciable assets and definite lived intangible assets, and whether impairment charges may apply, and the determination of whether an asset constitutes a business a business combination or asset acquisition. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to forecasted amounts and future events. Actual results could differ materially from these estimates under different assumptions or conditions.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

Not applicable.

**Item 8. Financial Statements and Supplementary Data**

See the financial statements included in this Annual Report on Form 10-K beginning on page F-1, which are incorporated herein by reference.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

*Evaluation of Disclosure Controls and Procedures*

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosures.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of December 31, 2025, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that during the period covered by this Report, our disclosure controls and procedures were effective at a reasonable assurance level and, accordingly, provided reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

*Management's Report on Internal Controls Over Financial Reporting*

This Report does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of the company's registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

Due to the Company's status as an "emerging growth company" under the JOBS Act, the Company was not required to obtain an attestation report from the Company's independent registered public accounting firm on the Company's internal control over financial reporting.

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*Changes in Internal Control Over Financial Reporting*

Management has not identified any change in the Company's internal control over financial reporting that occurred during the year ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**Item 9B. Other Information**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

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**PART III**

**Item 10. Directors, Executive Officers, and Corporate Governance**

**Executive Officers and Directors**

The following table provides information regarding our executive officers and directors as of December 31, 2025:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| *Executive Officers:* |  |  |
| Christopher "Kit" Marrs | 73 | Chief Executive Officer, President, and Director |
| Joe Piekenbrock | 70 | Chief Exploration Officer |
| Darren Morgans | 51 | Chief Financial Officer |
| Non-Employee Directors |  |  |
| Nate Brewer | 73 | Director |
| Susan Mitchell | 77 | Director |
| Kevin Nishi | 61 | Director |
| David Smallhouse | 69 | Director |

---

The following is a biographical summary of the experience of our executive officers, other senior management and directors. There are no family relationships among any of our executive officers, other senior management or directors.

**Executive Officers**

*Christopher (Kit) Marrs, CEO and Director, 73*

Mr. Marrs has served as our President, CEO and Director since November 2021. Prior to November 2021, Mr. Marrs was the President, CEO and Director of Western Alaska Copper & Gold, the predecessor company to Alaska Silver and currently a 100% owned subsidiary of Alaska Silver, since its inception in 2010. Mr. Marrs has more than 40 years' experience as an Economic Geologist.

Mr. Marrs was a project geologist for Anaconda, based in Anchorage, Alaska. He managed the Illinois Creek and Round Top Projects in the 1980s, along with a number of other projects throughout Alaska, and participated in the discovery of the Greens Creek deposit in southeast Alaska while working for WGM Consultants. Mr. Marrs was also previously a consulting geologist for Noranda Mining and LAC Minerals in Sonora, Mexico. Mr. Marrs has a B.S. in Geology and a M.S. in Economic and Structural Geology from the University of Arizona and is a member of the Society of Economic Geologists, the Alaska Miners Association, and the Arizona Geological Society. Mr. Marrs currently serves on the University of Arizona Geoscience Department Advisory Board, having previously served between 2005 and 2021.

*Joe Piekenbrock, Chief Exploration Officer, 70*

Mr. Piekenbrock has served as our Chief Exploration Officer since November 2021. Mr. Piekenbrock brings over 45 years of experience to the mining exploration and development industry where he has managed all aspects of exploration from grassroots discovery through feasibility.

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From 2014 to 2021, he managed his privately owned exploration assets held in Piek Exploration LLC and provided consulting services and advisory expertise for a variety of Canadian TSX-listed companies including Western Alaska Copper and Gold (now Alaska Silver), Sitka Gold (TSX), and Cappex Minerals (now Highlander Silver). During that period, he also served on the Board of Directors for several TSX-listed exploration companies including Solidusgold (now Valhalla Metals) and Tintina Resources (now Sandfire America). From 2011 to 2014 he served as Senior Vice President of Exploration for NovaCopper (now Trilogy Metals). From 2003 to 2011, he served as Vice President, Exploration, for NovaGold Resources. He developed extensive experience throughout Latin America while working for Placer Dome and was one of the founding members of Brett Resources. Earlier in his career, he was a member of the Cominco Alaska exploration team responsible for the discovery of the Whistler Cu deposit, and the Pebble Cu/Au deposit. After joining the Nova group of companies in 2003, he led a series of discoveries including the Donlin Creek Au deposit, the Bornite Cu and the Galore Creek Cu/Au porphyry deposit in Alaska and British Columbia. He was awarded the Thayer Lindsley medal for International Discovery in 2009 for his role in the discovery of the Donlin Creek deposit and the Colin Spence award for International Discovery in 2015 for his contributions to the discovery of South Reef deposit at Bornite. Mr. Piekenbrock holds a Bachelor of Arts degree in geology from the University of Colorado and a Master of Science degree in economic geology from the University of Arizona.

*Darren Morgans, Chief Financial Officer, 51*

Mr. Morgans was appointed as our CFO in June 2024, and he is also currently CFO of Cosa Resources Corp, a uranium explorer in the Athabasca Basin in Canada, where he was appointed in February 2023. Mr. Morgans, a Canadian CPA, has been a practicing finance professional since 1995 and has worked with Canadian and Australian publicly listed resource companies for over 30 years.

Previously, Mr. Morgans was a fractional CFO for Velocity Minerals (December 2019 to April 2024) and Volta Metals (January 2023 to September 2023), both Canadian listed junior explorers. Earlier in his career, Mr. Morgans was the CFO of Perpetua Resources Corp (April 2011 to March 2021) (formerly Midas Gold Corp.). Mr. Morgans joined Perpetua when it was a private company and assisted it through its initial public offering in 2011 on the Toronto Stock Exchange and subsequent capital raises of more than C$200 million in equity, convertible debt, and royalty financings, with the focus of advancing the Stibnite Gold Project from a small resource to a Feasibility Study with almost 5 million ounces in reserves. Prior to joining Perpetua in 2011, he was the Controller and Secretary for Terrane Metals Corp. prior to its acquisition by Thompson Creek Metals. He has also worked for Placer Dome Inc. and Mount Isa Mines. Mr. Morgans began his career with PwC after obtaining a Bachelor of Commerce from the University of Queensland.

**Non-Employee Directors**

*Nathan Brewer, Director, 73*

Mr. Brewer has more than 45 years' experience as an exploration geologist. Since January 2019, he has been self-employed as a consulting economic geologist and has advised three clients on their gold and gold-copper exploration projects. These are Gold Fields Australia Pty. Ltd, and Newcrest Resources Inc, both major mining companies with global exploration interests; and Andex Minerals, a private Canadian company with a gold-copper project in Chile. He has been a Director of Western Alaska Minerals (now Alaska Silver) since we went public in November 2021. Prior to that, Mr. Brewer served as a Director of Western Alaska Copper & Gold starting in 2019. He also served as a Director for Highlander Silver Corp., a Canadian public company, from August 2021 until February 2023. Prior to his retirement from Gold Fields Ltd. in December 2018, Mr., Brewer was Senior Vice President, Global Greenfields Exploration. During his career he led two South American projects from grass roots discovery through resource delineation, PEA, and Pre-Feasibility and Feasibility stages. One of these projects - Salares Norte commenced production in Q1 2024. He also played a role in the acquisition of the Cerro Corona copper-gold project in Peru and the Veladero gold-silver project in Argentina. Both of these projects have since become profitable mines. In addition to his international experience, he worked for Anaconda Minerals in Alaska in the early 1980's where he was the Project Manager of the Illinois Creek Project from 1982 through 1985 and played a key role in the discovery of the Waterpump Creek deposit. Mr. Brewer holds a BA in Geology from UC Santa Barbara and is a Certified Professional Geologist and Qualified Person as a member of the American Institute of Professional Geologists. He is also a member of the Society of Economic Geologists and was the President of the Denver Regional Exploration Geologists Society from 2019 to 2021.

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*David Smallhouse, Director, 69*

Mr. Smallhouse is a fifth generation Tucsonan, graduated from the University of California at Davis with a Bachelor of Science Degree in Agricultural Economics and holds a Master of Science Degree in Agricultural Economics from the University of Arizona. Since 2002 Mr. Smallhouse has been the Managing Partner of Miramar Ventures, LLC, a firm involved in mining, agribusiness, real estate, private equity and venture capital investments. Miramar Ventures is also an active investor in angel and early-stage ventures. In 2015 Mr. Smallhouse was appointed a board member of Dependable Health Services and its three subsidiaries. *Kevin Nishi, Director, 61*

Mr. Nishi is a Chartered Professional Accountant and holds a Bachelor of Business Administration degree from Simon Fraser University. He has held several director positions with exploration stage mining companies. Mr. Nishi was an audit partner with Smythe LLP for 28 years working with several public companies listed on the TSX and TSX Venture exchanges in Canada and in the United States before retiring in December 2023. In the past five years, Mr. Nishi is also an independent director of Outcrop Silver & Gold Corporation, a TSX listed company (from February 2015 to current), and was an independent director of Providence Gold Mines Inc a TSXV listed company (January 2021 - March 2023), both companies being in the resource exploration industry. He also completed a 12-year term as an independent director and 10-year term as the treasurer of the Eagle Ridge Hospital Foundation in Port Moody, Canada in June 2023. Mr. Nishi has served as one of our directors since May 10, 2021.

*Susan Mitchell, Director, 77*

Ms. Mitchell brings over 40 years of capital markets experience to Alaska Silver, starting her career with Canadian Imperial Bank of Commerce in Toronto in the Corporate Finance and Treasury divisions, participating in raising over C$1 billion in primary capital. She was also Director of Treasury of Cyprus AMAX Minerals and a Managing Director of Metals & Mining, Global Structured finance for Westdeutsche Landesbannk (WESTLB) in New York, NY, and a Director of Risk Solutions with Standard & Poor's in New York. For the last five years Ms. Mitchell's principial occupation has been president of her own consulting firm, S. Mitchell & Associates LLC which provides investment banking services and corporate finance advice. Ms. Mitchell formed S, Mitchell & Associates LLC in 2024. Ms. Mitchell is Managing Director, Pickwick Capital Partners doing global investment banking in the metals and mining industry. Ms. Mitchell obtained her International Board Director Competency Designation in 2023. Ms. Mitchell has served as one of our directors since November 1, 2023. Ms. Mitchell was a director of Talisker Resources Ltd from March 2020 to June 2021.

**Significant Employees**

**Principal Geologist; Sage Langston-Stewart**

Ms. Langston-Stewart holds both a Master's (2022) and a Bachelor's (2020) degree in Geology and Geological Engineering from the Colorado School of Mines. While at Mines, Sage also worked as a laboratory technician in the thin section and SEM laboratories from 2019 to 2020. She worked on numerous other projects including working with the Center for Advanced Subsurface Earth Resource Models on the Hyperspectral Data Project, Tailings to Glass Project, and Mineralogy Across Scales Case Studies while at Mines. Sage worked at the Caribou-Cross Mine in Nederland, Colorado from January 2021 until May of 2022, where she completed her master's thesis, conducted core logging, underground mapping, and geological modeling at the alkaline Au-Ag intermediate sulfidation magmatic-hydrothermal vein system. Sage developed a conceptual model for the Caribou-Cross deposits including alteration and metal zoning and improved understanding of ore zonation, related alteration assemblages, mineralogy, and spatial distribution of precious metals using optical petrography, micro-X-ray fluorescence, cathodoluminescence microscopy, fluid inclusion petrography and micro-thermometry, FE-SEM-BSE and -EDS, and SEM based automated mineralogy. Sage started with Alaska Silver in the summer of 2020 as an exploration geologist working on the RC drill rig and collecting soil samples on the Illinois Creek Property. Since then, Sage has been critical in the drill targeting and development of the WPC Resource and exploration drilling. She started full time with Alaska Silver in the fall of 2022. Sage now serves as the Principal Geologist, where she leads drill hole targeting, geologic interpretation, geologic modeling, and leads the geologic team. Additionally, Sage manages the core processing facilities, is involved with overall project management, and plays a key role in advancing the geological understanding of the Illinois Creek - Waterpump Creek CRD system.

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**Executive Vice President; Patrick Donnelly**

Mr. Donnelly possesses extensive experience in mineral exploration, capital markets, corporate development, and investor relations. His career began nearly three decades ago as a project geologist, exploring for precious and base metals as well as diamonds in western and northern Canada. Following this, he transitioned to a role as a mining analyst with a Canadian securities firm. Most recently Mr. Donnelly was the Vice President of Capital Markets for Tudor Gold Corp. Mr. Donnelly has considerable experience working in Alaska due to his time as Vice President of Corporate Communications and Development for Trilogy Metals Inc., where he played a key role in advancing the Upper Kobuk Mineral Projects in Alaska, USA, alongside its partners. During his six years at Trilogy Metals, Mr. Donnelly developed a key understanding of the permitting and political landscape of the state. Mr. Donnelly also held the position of President at First Mining Gold Corporation for over three years. At First Mining, where he was also a co-founder, he spearheaded the company's initial public offering and listing on the Toronto Stock Exchange. Noteworthy achievements during his tenure at First Mining include the successful negotiation and completion of eight significant transactions. Mr. Donnelly holds a Master of Business Administration from the University of Toronto and a Bachelor of Science in Geological Sciences from the University of British Columbia. Mr. Donnelly is registered as a Professional Geoscientist with the Engineers and Geoscientists of British Columbia.

**Committees of the Board of Directors**

Our board of directors has an audit committee, and a compensation committee, each of which, pursuant to its respective charter, will have the composition and responsibilities described below upon the completion of this offering. Following the completion of this offering, copies of the charters for each committee will be available on the investor relations portion of our website. Members serve on these committees until their resignation or until otherwise determined by our board of directors.

*Audit Committee*

Our audit committee is composed of David Smallhouse, Kevin Nishi, and Susan Mitchell. Kevin Nishi is the chair of our audit committee. The majority of the members of our audit committee meet the independence requirements under SEC rules. Nishi, Smallhouse and Mitchell are considered to be "independent" within the meaning of NI 52-110. Each member of our audit committee is financially literate. In addition, our board of directors has determined that Kevin Nishi is an "audit committee financial expert" as that term is defined in Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act. This designation does not, however, impose on him or her any supplemental duties, obligations, or liabilities beyond those that are generally applicable to the other members of our audit committee and board of directors. Our audit committee's principal functions are to assist our board of directors in its oversight of:

● review, approve, and recommend for approval:

● Our interim financial statements and management discussion and analysis;

● The auditor's report, if any, prepared in relation to such financial statements;

● recommend the external auditor to be nominated and determine the compensation of the external auditor;

● oversee the work of the external auditor engaged for the purpose of preparing or issuing an auditor's report or performing other audit, review or attest services completed for us, including the resolution of disagreements between management and the external auditor regarding financial reporting, establishing procedures for employees to anonymously submit concerns about questionable accounting or audit matters;

● monitor, evaluate and report to the board of directors on the integrity of the financial reporting process and the system of internal controls that management and the board of directors have established;

● monitor the management of the principal risks that could impact our financial reporting;

● establish procedures for:

● the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls, or auditing matters; and

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● the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters;

● pre-approve all non-audit services to be provided to us or its subsidiary entities by our external auditor;

● review and approve our hiring policies regarding partners, employees and former partners and employees of our present and former external auditor, and

● with respect to ensuring the integrity of disclosure controls and internal controls over financial reporting, understand the process utilized by the Chief Executive Officer and the Chief Financial Officer.

***Compensation Committee***

Our compensation committee is composed of Nathan Brewer, David Smallhouse, and Kevin Nishi. David Smallhouse is the chair of our compensation committee. The members of our compensation committee meet the independence requirements under SEC rules, and NI 52-110. Each member of this committee is also a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act. Our compensation committee is responsible for, among other things:

● Making recommendations to our Board regarding the compensation of our directors and officers.

● From time to time, establishing parameters and guidelines to the magnitude and frequency of security-based compensation arrangements for eligible new hires and other employees, within the parameters set out our LTIP and applicable exchange rules and policies, and recommending such grants to the Board for approval.

● Assessing our objectives in light of our external environment and current business situation.

● Considering and if appropriate recommending if annual bonuses should be granted to executive officers and recommends those grants to the Board.

***Code of Ethics***

We have adopted a Code of Conduct that applies to all directors, officers and employees. We intend to disclose any future amendments to, or waivers from, certain provisions of our Code of Conduct as required in the future. A copy of our Code of Conduct has been made available on our website at www.alaskasilver.com/investors.

***Insider Trading Policy***

Our Board has adopted an Insider Trading Policy governing the purchase, sale and/or other dispositions of its securities, by all officers and employees of the Company, all members of the Company's Board, and any consultants, advisors or contractors to the Company that the Company designates as subject to the Insider Trading Policy, that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations applicable to us. Our Insider Trading Policy was filed as Exhibit 19.1 to our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

**Item 11. Executive Compensation**

**Overview**

The following discussion contains forward-looking statements that are based on our current plans, considerations, expectations and determinations regarding future compensation programs. The actual amount and form of compensation and the compensation policies and practices that we adopt in the future may differ materially from currently planned programs as summarized in this discussion.

As an "emerging growth company," we have opted to comply with the executive compensation disclosure rules applicable to "smaller reporting companies," as such term is defined in the rules promulgated under the Securities Act. This section provides an overview of the compensation awarded to, earned by, or paid to each individual who served as our principal executive officer during

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fiscal years 2024 and 2025, and our next two most highly compensated executive officers in respect of their service to our company for fiscal years 2024 and 2025. We refer to these individuals as our "NEOs". Our NEOs for fiscal years 2024 and 2025 are:

● Christopher "Kit" Marrs, Chief Executive Officer

● Darren Morgans, Chief Financial Officer

● Joe Piekenbrock, Chief Exploration Officer

● Alex Tong, Former Chief Financial Officer (Resigned effective May 31, 2024)

The compensation paid in Canadian dollars was converted to United States dollars using the Bank of Canada daily rate of exchange reported on December 31, 2025, as set forth in this prospectus under the heading "About this Prospectus and Exchange Rates".

**Summary Compensation Table**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name and principal position** | <br>**Fiscal**<br>**year** | <br>**Salary**<br>**($)** | **Annual**<br>**Incentive**<br>**Plans ($)** | **Option-**<br>**awards**<br>**($)**<sup>(1)</sup> | <br>**Total**<br>**($)** |
| Christopher Marrs, President and Chief Executive Officer | 2025 | 262500 | 91875 | 6706 | 361081 |
|  | 2024 | 257111 |  | 131688 | 388799 |
| Darren Morgans, Chief Financial Officer<sup>(3)</sup> | 2025 | 147525 | 32965 | 34559 | 215049 |
|  | 2024 | 65835 |  | 39676 | 105511 |
| Joe Piekenbrock, Chief Exploration Officer | 2025 | 36000 |  | 5582 | 41582 |
|  | 2024 | 49346 |  | 104318 | 153664 |
| Alex Tong, Former Chief Financial Officer<sup>(4)</sup> | 2025 |  |  |  |  |
|  | 2024 | 42357 |  | 94850 | 137207 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts reflect the aggregate grant date fair value of stock options granted to our NEOs, computed in accordance with the provisions of ASC Topic 718, Compensation - Stock Compensation. These amounts do not reflect the actual economic value that will be realized by the employee upon the vesting, settlement or exercise of the stock option. The assumptions that we used to calculate these amounts are discussed in Note 9 to our audited consolidated financial statements for the fiscal year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Morgans' Compensation is dominated in Canadian Dollars. For 2025, Mr. Morgans was paid C$252,308 which is converted to $180,490 at the monthly average exchange rate through the year. For 2024 Mr. Morgans was paid C$88,000 which is converted to $65,835 at the monthly average exchange rate through the year.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Mr. Tong's compensation is denominated in Canadian Dollars. For 2024 Mr. Tong was paid C$57,292 which was converted to $42,357 at the monthly average exchange rate through the year.

**Narrative to 2025 Summary Compensation Table**

*Base Salaries:* Salaries and consulting fees are determined by the Compensation Committee based on market conditions and established in the executive employment agreements described below.

*Annual Bonuses:* There were annual bonuses paid in 2025; however no annual bonuses were paid in 2024 due to our limited working capital. For the CEO and CFO, who are eligible for annual bonuses, the amount may be up to 50% to 70% of their base salary, as approved by the Board of Directors based on a recommendation from the Compensation Committee after an evaluation of their individual contributions to us during the fiscal year and consideration of our working capital position.

*Equity Compensation:* We utilize stock options as a long-term incentive plan to attract and retain senior executives. The exercise price is the closing price of our subordinate voting shares on the day before the grant date. The stock options vest ratably over a period of zero to two years, and they are exercisable for a five-year term.

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***Grants of Options for 2024 and 2025:***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name** | <br>**# of Options** | **Exercise**<br>**price** | <br>**Grant date** | **Vesting**<br>**Schedule** | <br>**Expiry** |
| Alexander Tong | 75000 | 0.34 | March 1, 2024 | 1 | March 1, 2029 |
| Christopher Marrs | 75000 | 0.34 | March 1, 2024 | 1 | March 1, 2029 |
| Christopher Marrs | 125000 | 0.31 | Dec 27, 2024 | 2 | Dec 27, 2029 |
| Darren Morgans | 100000 | 0.59 | June 14, 2024 | 1 | June 14, 2029 |
| Darren Morgans | 100000 | 0.31 | Dec 27, 2024 | 2 | Dec 27, 2029 |
| Darren Morgans | 100000 | 0.73 | June 23, 2025 | 1 | June 23, 2030 |
| Patrick Donnelly | 300000 | 0.73 | June 23, 2025 | 1 | June 23, 2030 |
| Joe Piekenbrock | 50000 | 0.34 | March 1, 2024 | 1 | March 1, 2029 |
| Joe Piekenbrock | 40000 | 0.31 | Dec 27, 2024 | 2 | Dec 27, 2029 |

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Vesting Schedule 1: These stock options vest 33% upon grant, 33% after one year and 34% after two years.

Vesting Schedule 2: These stock options vest 100% upon grant.

**Non-Employee Director Compensation**

The following table provides information regarding the total compensation that was earned by or paid to each of our non-employee directors during fiscal year 2025.

Director compensation is limited strictly to non-employee directors. Our director's compensation philosophy is as follows:

● To provide a compensation level that will attract exceptionally experienced and skilled candidates and encourage them to play an active role in our strategic development;

● To compensate for work on the Board and work on the committees of the Board; and

● To provide share-based compensation to align director compensation with increases in long-term shareholder value.

**Annual Cash Retainers**

In 2024, we adopted a director compensation policy under which our non-employee directors, other than Ms. Mitchell, received in 2024, a fee of $18,000 for board service, payable in cash or restricted stock units, or "RSUs", at the election of each director. Each director elected to receive such fee in the form of RSUs. Ms. Mitchell did not receive any director fees in 2024, but was paid, through her limited liability company, an annual cash retainer of $36,000 in equal monthly installments for corporate finance advisory services provided to our company pursuant to an agreement entered in 2023 and terminated in October 2024.

As of January 1, 2025, all of our non-employee directors are entitled to receive annual compensation of $36,000 for board service, payable at the election of each director in cash or RSUs.

Chairs of the Audit and Compensation Committees do not receive additional retainers.

**Share-Based Compensation**

Non-employee directors are eligible for grants of stock options. The exercise price is the closing price of a share of our subordinate voting shares on the day before the grant date. The stock options vest immediately or over a two year period from the grant date, and they are exercisable for a five-year term. Refer to the table below for details of all stock options granted in the last two fiscal years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Name** | <br>**# of Options** | **Exercise**<br>**price** | <br>**Grant date** | **Vesting**<br>**Schedule** | <br>**Expiry** |
| Susan Mitchell | 75000 | 0.34 | March 1, 2024 | 1 | March 1, 2029 |
| Kevin Nishi | 75000 | 0.34 | March 1, 2024 | 1 | March 1, 2029 |
| Nathan Brewer | 75000 | 0.34 | March 1, 2024 | 1 | March 1, 2029 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| David Smallhouse | 75000 | 0.34 | March 1, 2024 | 1 | March 1, 2029 |
| Susan Mitchell | 100000 | 0.59 | June 14, 2024 | 1 | June 14, 2029 |
| Susan Mitchell | 75000 | 0.31 | Dec 27, 2024 | 2 | Dec 27, 2029 |
| Kevin Nishi | 75000 | 0.31 | Dec 27, 2024 | 2 | Dec 27, 2029 |
| Nathan Brewer | 75000 | 0.31 | Dec 27, 2024 | 2 | Dec 27, 2029 |
| David Smallhouse | 75000 | 0.31 | Dec 27, 2024 | 2 | Dec 27, 2029 |

---

Vesting Schedule 1: These stock options vest 33% upon grant, 33% after one year and 34% after two years.

Vesting Schedule 2: These stock options vest 100% upon grant.

Non-employee directors are also eligible to elect to receive their fee for serving as a director of our company in the form of RSUs. As a result, on October 17, 2024 we issued 38,196 RSUs to each of Mr. Smallhouse, Mr. Brewer and Mr. Nishi. Each RSU entitles the holder to be issued one subordinate voting share on vesting. All the RSUs will vest one year from the grant date. Ms. Mitchell did not receive any director fees in 2024 but instead was paid, through her limited liability company, S. Mitchell & Associates, LLC, an annual cash retainer of $36,000 in equal monthly installments for corporate finance advisory services provided to our company pursuant to an agreement entered in 2023 and terminated in October 2024.

RSUs accrue dividends that are only paid out on the vesting of the underlying subordinate voting shares. Each stock option and RSU award will vest in full upon a Change of Control, as previously defined under Executive Compensation - Termination and Change of Control Benefits.

The following table sets forth the total compensation for our non-employee directors for the fiscal year ended December 31, 2025.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Non-equity incentive** | **Non-equity incentive** | | | |
| | | | | **plan compensation** | **plan compensation** | | | |
| | | | | **($)** | **($)** | | | |
| <br>**Name** | <br>**Fees**<br>**earned**<br>**or paid**<br>**in cash**<br>**($)** | <br>**Stock**<br>**awards**<sup>(1)</sup><br>**($)** | <br>**Option**<br>**awards**<sup>(1)</sup><br>**($)** | <br>**Annual**<br>**incentive** <br>**plans** | <br>**Long-**<br>**term**<br>**incentive**<br>**plans** | <br>**Nonqualified**<br>**deferred**<br>**compensation**<br>**earnings**<br>**($)** | <br>**All other**<br>**compensation**<br>**($)** | <br>**Total**<br>**($)** |
| Nathan Brewer |  | 36000 |  |  |  |  |  | 36000 |
| David Smallhouse |  | 36000 |  |  |  |  |  | 36000 |
| Kevin Nishi |  | 36000 |  |  |  |  |  | 36000 |
| Susan Mitchell | 36000 |  |  |  |  |  |  | 36000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Amounts reflect the aggregate grant date fair value of RSUs and stock options granted to our non-employee directors, computed in accordance with the provisions of ASC Topic 718, Compensation - Stock Compensation. These amounts do not reflect the actual economic value that will be realized by the director upon the vesting, settlement or exercise of the RSU or stock option. The assumptions that we used to calculate these amounts are discussed in Note 9 to our audited consolidated financial statements for the fiscal year ended December 31, 2025.

The table below shows the aggregate numbers of our subordinate voting shares subject to unvested RSUs or outstanding stock options (exercisable and unexercisable) held as of December 31, 2025 by each non-employee director who served on our Board during 2025.

---

| | | |
|:---|:---|:---|
| <br>**Name** | **Options**<br>**Outstanding at**<br>**Year End**<br>**(#)** | **RSUs**<br>**Outstanding at**<br>**Year End**<br>**(#)** |
| Nathan Brewer | 315,000 | 96,762 |
| David Smallhouse | 160,500 | 96,762 |
| Kevin Nishi | 210,000 | 96,762 |
| Susan Mitchell | 250,000 |  |

---

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**Executive Employment Agreements**

The following are descriptions of the employment agreements with our NEOs. For a discussion of the severance pay and other benefits to be provided in connection with a termination of employment and/or a change in control under the arrangements with our NEOs, please see "Non-Employee Director Compensation - Termination and Change of Control Benefits" below.

*Chief Executive Officer Agreement*

We have in place an executive employment agreement with Christopher Marrs effective January 1, 2023 (the "CEO Agreement"), pursuant to which Mr. Marrs provides President and Chief Executive Officer services to us at an annual salary of $262,500 (the "CEO Fee"). Mr. Marrs is entitled to an annual bonus of up to 70% of the CEO Fee subject to approval of the Board of Directors based on a recommendation by the Compensation Committee.

*Chief Financial Officer Agreement*

We have in place a executive employment agreement with 1397257 BC Ltd, a company controlled by Mr. Morgans, effective May 20, 2024 (the "CFO Agreement"), pursuant to which Mr. Morgans provides Chief Financial Officer services to us at an annual salary of C$144,000. Effective June 1, 2025 Mr. Morgans annual salary was increased to C$157,500. Effective October 1, 2025 Mr. Morgans' annual salary was increased to C$190,800 ("CFO Fee") to reflect an increased work load. Mr. Morgans is entitled to an annual bonus of up 50% of the CFO Fee subject to approval of the Board of Directors based on a recommendation by the Compensation Committee. Mr. Morgans dedicates approximately 50% of his time to us.

*Chief Exploration Officer Agreement*

We had put in place an executive employment agreement with Joe Piekenbrock effective January 1, 2023 (the "CXO Agreement"), pursuant to which Mr. Piekenbrock provides Chief Exploration Officer services to us at an annual salary of $243,750 which was reduced by 75% to $60,937.50 at June 1, 2023 (the "CXO Fee"). Effective July 1, 2024 the agreement was terminated, and Mr. Piekenbrock provided his services through Piek Exploration LLC, where the rate was further reduced to $3,000 per month plus expenses.

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**Outstanding Equity Awards at Fiscal Year-End**

The following table presents information regarding outstanding equity awards held by our NEOs as of December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** | **Option Awards** |
| <br>**Name** | <br>**Grant**<br>**Date**<sup>(1)</sup> | <br>**Number of**<br>**Securities**<br>**Underlying**<br>**Unexercised**<br>**Options**<br>**(#)**<br>**Exercisable** | <br>**Number of**<br>**Securities**<br>**Underlying**<br>**Unexercised**<br>**Options**<br>**(#)**<br>**Unexercisable** | **Equity**<br>**Incentive**<br>**Plan**<br>**Awards:**<br>**Number of**<br>**Securities**<br>**Underlying**<br>**Unexercised**<br>**Unearned**<br>**Options**<br>**(#)** | <br><br><br><br>**Option**<br>**Exercise**<br>**Price**<br>**(C$)** | <br>**Option**<br>**Expiration**<br>**Date** |
| Christopher Marrs | Mar 1, 2021 | 35000 |  |  | $0.45 | Mar 1, 2026 |
|  | Jun 15, 2021 | 80000 |  |  | $0.45 | Jun 15, 2026 |
|  | Nov, 12, 2021 | 70000 |  |  | $0.62 | Nov 12, 2026 |
|  | Jan 20, 2023 | 100000 |  |  | $2.30 | Jan 20, 2028 |
|  | Mar 1, 2024 | 50000 | 25000 |  | $0.36 | Mar 1, 2029 |
| Darren Morgans | Jun 14, 2024 | 66666 | 33334 |  | $0.62 | Jun 14, 2029 |
|  | Dec 27, 2024 | 100000 |  |  | $0.32 | Dec 27, 2029 |
|  | June 23, 2025 | 33334 | 66666 |  | $0.53 | June 23, 2030 |
| Joe Piekenbrock | Jan 20, 2023 | 100000 |  |  | $2.30 | Jan 20, 2028 |
|  | Mar 1, 2024 | 33333 | 16667 |  | $0.36 | Mar 1, 2029 |
|  | Dec 27, 2024 | 40000 |  |  | $0.32 | Dec 27, 2029 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) These option vests options vest 33% upon grant, 33% after one year and 34% after two years, except for the options granted on Dec 27, 2024 which vested 100% upon grant.

**Pension and Other Retirement Benefits**

We do not have a defined benefit plan, a deferred contribution plan, a deferred compensation plan or a pension plan.

**Termination and Change of Control Benefits**

*Chief Executive Officer Agreement*

Pursuant to the CEO Agreement, we may terminate the CEO Agreement at any time with or without cause. If we terminate the CEO Agreement without cause or if Mr. Marrs resigns under certain allowable circumstances, Mr. Marrs is entitled to a severance payment in an amount equal to (i) 2 times the CEO Fee; (ii) 2 times an amount equal to 70% of the CEO Fee and (iii) any unvested LTIP awards will vest immediately. If we terminate the CEO Agreement with cause or if Mr. Marrs resigns for any other reason, Mr. Marrs is not entitled to a severance payment nor any unvested LTIP awards. If, within 12 months of a Change of Control (as defined below), we terminate the CEO Agreement without cause or if Mr. Marrs resigns under certain allowable circumstances, Mr. Marrs is entitled to a severance payment in an amount equal to (i) 2 times the CEO Fee; (ii) 2 times an amount equal to 70% of the CEO Fee and (iii) any unvested LTIP awards will vest immediately. Under the LTIP, upon termination all LTIP awards terminate 120 days after termination.

*Chief Financial Officer Agreement*

Pursuant to the CFO Agreement, we may terminate the CFO Agreement at any time with or without cause. If we terminate the CFO Agreement without cause or if Mr. Morgans resigns under certain allowable circumstances, 1397257 BC Ltd is entitled to a severance payment in an amount equal to (i) the CFO Fee and (ii) an amount equal to the bonus paid in the previous year. If we terminate the CFO Agreement with cause or if Mr. Morgans resigns for any other reason, 1397257 BC Ltd is not entitled to a severance payment. If, within 12 months of a Change of Control (as defined below), we terminate the CFO Agreement without cause or if Mr. Morgans resigns under certain allowable circumstances, Mr. Morgans is entitled to a severance payment equal to (i) the CFO Fee and (ii) an amount equal to 50% of the CFO Fee. Under the LTIP, upon termination all LTIP awards terminate 120 days after termination.

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*Chief Exploration Officer Agreement*

Our current consulting services agreement with Piek Exploration LLC, a company controlled by Mr. Piekenbrock, effective July 1, 2024, does not contain any change of control benefits. It does, however, provide that if termination occurs without cause and while Mr. Piekenbrock is in the field pursuant to the consulting services agreement, we must reimburse Mr. Piekenbrock for all reasonable expenses to return him to Evergreen, Colorado. Under the LTIP, upon termination all LTIP awards terminate 120 days after termination.

For the purposes of the executive employment and consulting agreements discussed above, a "Change of Control" is defined as the occurrence of any of the following: (a) any individual, entity or group of individuals or entities acting jointly or in concert (other than us, our subsidiaries or an employee benefit plan or trust maintained by us or our subsidiaries, or any company owned, directly or indirectly, by our Shareholders in substantially the same proportions as their ownership of Subordinate voting shares) acquiring beneficial ownership, directly or indirectly, of more than 50% of our combined voting power then outstanding securities (excluding any "person" who becomes such a beneficial owner in connection with a transaction described in paragraph (b) below); (b) the consummation of an arrangement, amalgamation, merger, consolidation or other similar business combination transaction or any of our direct or indirect subsidiaries with any other corporation, other than an arrangement, amalgamation, merger, consolidation or other similar business combination transaction which would result in our voting securities outstanding immediately prior to such transaction continuing to represent (either by remaining outstanding or being converted into voting securities of the surviving entity or any parent thereof) more than 50% of the combined voting power or the total fair market value of our securities or such surviving entity or any parent thereof outstanding immediately after such transaction; provided, however, that an arrangement, amalgamation, merger, consolidation or other similar business combination transaction effected to implement a recapitalization of our business (or similar transaction) in which no person (other than those covered by the exceptions in paragraph (a) of this definition) acquires more than 50% of our combined voting power then outstanding securities shall not constitute a Change in Control of our business; or (c) a complete liquidation or dissolution of our business or the consummation of any sale, lease, exchange or other transfer (in one transaction or a series of transactions) of all or substantially all of our assets; other than such liquidation, sale or disposition to a person or persons who beneficially own, directly or indirectly, more than 50% of the combined voting power of our outstanding voting securities at the time of the sale.

**Option Grant Policy and Practices**

As a general practice, our Compensation Committee grants options prior to January 15 of each year and does not grant stock options or similar awards in anticipation of the release of material nonpublic information that is likely to result in changes to the price of our subordinate voting shares and we do not time the public release of such information based on stock option grant dates. In the event material nonpublic information becomes known to the Compensation Committee before granting an equity-based compensation award, the Compensation Committee will consider such information and use its business judgment to determine whether to delay the grant of equity to avoid any appearance of impropriety.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The table below sets forth information known to us regarding the beneficial ownership of our subordinate voting shares as of March 16, 2026 for:

● each person we believe beneficially owns more than 5% of our outstanding subordinate voting shares;

● each of our directors and NEOs; and

● all our directors and executive officers as a group.

We have determined beneficial ownership in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Except as otherwise indicated, the persons in the table below have sole voting and investment power with respect to all subordinate voting shares shown as beneficially owned by them, subject to community property laws where applicable. We do not know of any arrangement, the operation of which may at a subsequent date result in a change in control of us.

Beneficial ownership is based on 88,749,150 subordinate voting shares outstanding as of March 16,, 2026. The number of subordinate voting shares beneficially owned by a person includes shares subject to options held by that person that are currently exercisable or that become exercisable within 60 days of March 16, 2026. Percentage calculations assume, for each person and group,

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that all subordinate voting shares that may be acquired by such person or group pursuant to options or other securities currently exercisable or convertible or that become exercisable or convertible within 60 days of March 16, 2026 are outstanding for the purpose of computing the percentage of subordinate voting shares owned by such person or group. However, such unissued subordinate voting shares described above are not deemed to be outstanding for calculating the percentage of subordinate voting shares owned by any other person.

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| | | |
|:---|:---|:---|
| <br>**Name and Address of Beneficial Ownership** | **Number of**<br>**Subordinate**<br>**Voting**<br>**Shares**<br>**Beneficially**<br>**Owned**<sup>(1)</sup> | <br>**Percentage of**<br>**Subordinate**<br>**Voting Shares**<br>**Beneficially**<br>**Owned (%)** |
| Nate Brewer (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada) | 488984<br><sup>(2)</sup> | \* |
| Christopher "Kit" Marrs (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada | 12050605<br><sup>(3)</sup> | 13.6% |
| Susan Mitchell (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada) | 218000<br><sup>(4)</sup> | \* |
| Darren Morgans (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada) | 267000<br><sup>(5)</sup> | \* |
| Kevin Nishi (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada) | 314500<br><sup>(6)</sup> | \* |
| Joe Piekenbrock (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada) | 1987140<br><sup>(7)</sup> | 2.2% |
| David Smallhouse (1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3, Canada) | 4277636<br><sup>(8)</sup> | 4.8% |
| Crescat Portfolio Management LLC (44 Cook Street, Suite 100, Denver, CO. 80206) | 14815322<br><sup>(9)</sup> | 16.7% |
| All executive officers and directors as a group | 19703349 | 22.2% |

---

\* Less than 1%.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Consists of 100,000 subordinate voting shares, 79,984 subordinate voting shares issuable upon the vesting of RSUs and 315,000 subordinate voting shares issuable upon exercise of options.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Consists of (a) 5,558,947 subordinate voting shares, 325,00 subordinate voting shares issuable upon exercise of options, and 207,042 subordinate voting shares issuable upon exercise of warrants, in each case, held by Christopher "Kit" Marrs, and (b) 5,457,574 subordinate voting shares, 295,000 subordinate voting shares issuable upon exercise of options, and 207,042 subordinate voting shares issuable upon exercise of warrants, in each case held by Joan Marrs, who is Christopher "Kit" Marrs's spouse.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Consists of 2,000 subordinate voting shares and 216,000 subordinate voting shares issuable upon exercise of options.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Consists of 267,000 subordinate voting shares issuable upon exercise of options.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Consists of 130,000 subordinate voting shares, 73,984 subordinate voting shares issuable upon vesting of RSUs and 210,000 subordinate voting shares issuable upon exercise of options.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Consists of 1,740,940 subordinate voting shares, 190,000 subordinate voting shares issuable upon exercise of options, and 56,200 subordinate voting shares issuable upon exercise of 56,200 warrants.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Consists of (a) 304,500 subordinate voting shares, 165,500 subordinate voting shares issuable upon exercise of options, 73,984 subordinate voting shares issuable upon vesting of RSUs and 65,000 subordinate voting shares upon exercise of warrants, in each case held by Mr. Smallhouse; (b) 710,000 subordinate voting shares and 81,200 subordinate voting shares issuable upon exercise of 81,200 warrants, in each case, held by Miramar Ventures LLC, a company controlled by Mr. Smallhouse; (c) 60,000 subordinate voting shares held by Arch Partners, LLC, a company controlled by Mr., Smallhouse; and (d) 2,248,286 subordinate voting shares, and 574,166 subordinate voting shares issuable upon the exercise of 574,166 warrants, in each case, held by SBS Ventures, LLC, a company controlled by Mr. Smallhouse' s spouse.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Consists of 11,784,924 subordinate voting shares and 3,030,398 subordinate voting shares issuable upon exercise of warrants all held by entities managed by Crescat Portfolio Management LLC ("Crescat" and such entities managed by Crescat, the "Funds"), which consist of (a) Crescat Global Macro Master Fund Ltd, which beneficially owns 4,232,565 subordinate voting shares and

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536,637 subordinate voting shares issuable upon exercise of warrants; (b) Crescat Institutional Commodity Master Fund Ltd, which beneficially owns 349,016 subordinate voting shares and 57,343 subordinate voting shares issuable upon exercise of warrants, (c) Crescat Institutional Macro Master Fund Ltd, which beneficially owns 373,780 subordinate voting shares and 32,565 warrants exercisable for 35,565 subordinate voting shares, (d) Crescat Long/Short Master Fund Ltd, which beneficially owns 695,973 subordinate voting shares and 114,439 warrants exercisable for 114,439 subordinate voting shares, and (e) Crescat Precious Metals Master Fund Ltd, which beneficially owns 6,133,590 subordinate voting shares and 2,289,414 warrants exercisable for 2,289,414 subordinate voting shares. Crescat has the sole power to direct the vote and disposition of the securities held by the Funds.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

**Related Party Transactions**

Christopher "Kit" Marrs, our Chief Executive Officer, President and Director, directly, and indirectly through his wife Joan Marrs, loaned us $125,000 on March 21, 2025 as part of a $1,200,000 that included other shareholders. The Loan is due to be repaid on March 21, 2028 and will accrue interest at 10% per year, payable at maturity of the Loan. The Loan may be repaid early but not before March 21, 2026. Related to the Loan, Christopher "Kit" Marrs, and indirectly through his wife Joan Marrs, received 281,000 warrants to acquire subordinate voting shares at an exercise price of C$0.64 per share. The warrants expire on March 21, 2028. On March 23, 2026 the loan principal and interest was repaid in full.

In 2021, ASUS entered into the Piek Acquisition Agreement to acquire all of the issued and outstanding shares of common stock of Piek for a total purchase price of $3,698,000, which ASUS satisfied by the issuance the Piek Promissory Note. Since 2021, the Piek Promissory Note has been amended seven times. As at December 31, 2024, we owed $1,484,593 to Joe Piekenbrock, our Chief Exploration Officer, who is the holder of the Piek Promissory Note. Under the terms of the Piek Promissory Note, as amended, 6% of all equity financings are due and payable upon closing of an equity financing to the holder. The remaining balance and all accrued interest is be due on July 1, 2027.

**Indemnification Agreements**

Our amended and restated certificate of incorporation contains provisions limiting the liability of directors, and our amended and restated articles provide that we will indemnify each of our directors and officers to the fullest extent permitted under law. In addition, we have entered into an indemnification agreement with each of our directors and our Chief Financial Officer, which requires us to indemnify them.

**Policies and Procedures for Transactions with Related Persons**

We adopted a written policy that our executive officers, directors, nominees for election as a director, beneficial owners of more than 5% of our issued and outstanding subordinate voting shares and any members of the immediate family of any of the foregoing persons are not permitted to enter into a related person transaction with us without the approval or ratification of our Board or our audit committee. Any request for us to enter into a transaction with an executive officer, director, nominee for election as a director, beneficial owner of more than 5% of our issued and outstanding subordinate voting shares, or any member of the immediate family of any of the foregoing persons, in which the amount involved exceeds $120,000 and such person would have a direct or indirect interest, will be required to be presented to our Board or our audit committee for review, consideration and approval. In approving or rejecting any such proposal, our Board or our audit committee will consider the material facts of the transaction, including whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third party under the same or similar circumstances and the extent of the related person's interest in the transaction.

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**Item 14. Principal Accounting Fees and Services**

**Independent Registered Public Accounting Firm Fee Information**

The following table sets forth the aggregate fees billed by Davidson & Company LLP ("Davidson"), independent registered public accounting firm, for the services indicated for each of the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2025** | **December 31,**<br>**2024** |
| Audit fees | $111293 | $83500 |
| Audit related fees |  |  |
| Tax fees |  |  |
| All other fees |  |  |
| Total | $111293 | $83500 |

---

**Audit Committee Pre-Approval Policies and Procedures**

Our Audit Committee pre-approves all auditing services and the terms of non-audit services provided by our independent registered public accounting firm, but only to the extent that the non-audit services are not prohibited under applicable law and the committee determines that the non-audit services do not impair the independence of the independent registered public accounting firm. Under our Audit Committees pre-approval policies and procedures, the Audit Committee generally pre-approves specified services in defined categories up to specified amounts. Pre-approval may also be given as part of the Audit Committee's approval of the scope of the engagement of the independent registered public accounting firm or on a case-by-case basis for specific tasks before engagement. Our Audit Committee has considered and determined that the provision of the non-audit services described is compatible with maintaining the independence of our registered public accounting firm.

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**PART IV**

**Item 15. Exhibits, Financial Statement Schedules**

(a) (1) Financial Statements

The financial statements are included in this Annual Report on Form 10-K beginning on page F-1.

(2) Financial Statement Schedules

All financial statement schedules have been omitted since the information is either not applicable or required or was included in the financial statements or notes included in this Annual Report on Form 10-K.

(3) List of Exhibits required by Item 601 of Regulation S-K. See part (b) below.

(b) Exhibits. The following exhibits are filed or furnished with this report.

**EXHIBIT INDEX**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Exhibit No.** | **Description of Exhibit** | **Incorporatedby Reference** | **Filing Date** | **FiledHerewith** |
| 1.1 | [Underwriting Agreement, dated September 30, 2025](https://www.sec.gov/Archives/edgar/data/1893899/000110465925111293/wamff-20250930xex10d1.htm) | 10-Q | 11/13/2025 |  |
| 3.1 | [Notice of Articles](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex3-1.htm) | S-1 | 9/12/2025 |  |
| 3.2 | [Articles of Incorporation](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex3-2.htm) | S-1 | 9/12/2025 |  |
| 4.1 | [Form of Warrant](https://www.sec.gov/Archives/edgar/data/1893899/000110465925094026/tm2515003d12_ex4-1.htm) | S-1/A | 9/29/2025 |  |
| 4.2 | [Form of Underwriter's Warrant](https://www.sec.gov/Archives/edgar/data/1893899/000110465925094026/tm2515003d12_ex4-2.htm) | S-1/A | 9/29/2025 |  |
| 4.3 | [Form of Warrant Agency Agreement](https://www.sec.gov/Archives/edgar/data/1893899/000110465925094026/tm2515003d12_ex4-3.htm) | S-1/A | 9/29/2025 |  |
| 10.1 | [Promissory Note dated March 31, 2021 by and between our company and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-1.htm) | S-1 | 9/12/2025 |  |
| 10.2 | [First Amendment to Promissory Note effective August 16, 2021 by and between Western Alaska Copper & Gold and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-2.htm) | S-1 | 9/12/2025 |  |
| 10.3 | [Second Amendment to Promissory Note effective October 1, 2021 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-3.htm) | S-1 | 9/12/2025 |  |
| 10.4 | [Third Amendment to Promissory Note effective March 31, 2022 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-4.htm) | S-1 | 9/12/2025 |  |
| 10.5 | [Fourth Amendment to Promissory Note effective March 31, 2023 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-5.htm) | S-1 | 9/12/2025 |  |
| 10.6 | [Fifth Amendment to Promissory Note effective September 30, 2023 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-6.htm) | S-1 | 9/12/2025 |  |

---

[**Table of Contents**](#TOC)

---

| | | | | |
|:---|:---|:---|:---|:---|
| 10.7 | [Sixth Amendment to Promissory Note effective October 31, 2023 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-7.htm) | S-1 | 9/12/2025 |  |
| 10.8 | [Seventh Amendment to Promissory Note effective December 31, 2024 by and between the Western Alaska Copper & Gold and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-8.htm) | S-1 | 9/12/2025 |  |
| 10.9 | [Eighth Amendment to Promissory Note, dated as of December 17, 2025, by and between Western Alaska Copper & Gold Company and Joe Piekenbrock](https://www.sec.gov/Archives/edgar/data/1893899/000106299325017444/exhibit10-1.htm) | 8-K | 12/22/2026 |  |
| 10.10 | [Contractor Agreement, dated May 20, 2024, by and between our company and 1397257 BC Ltd](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-9.htm) | S-1 | 9/12/2025 |  |
| 10.11 | [Corporate Finance Advice Letter Agreement dated October 26, 2023 by and between our company and S. Mitchell & Associates LLC](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-10.htm) | S-1 | 9/12/2025 |  |
| 10.12 | [Western Alaska Minerals Corp. Long-Term Incentive Plan dated November 5, 2021, as amended May 27, 2022 and May 20, 2025](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-11.htm) | S-1 | 9/12/2025 |  |
| 10.13 | [Executive Employment Agreement dated January 1, 2023 by and between our company and Christopher "Kit" Marrs](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-12.htm) | S-1 | 9/12/2025 |  |
| 10.14 | [Consulting Service Agreement dated July 1, 2024 by and between our company and Piek Exploration LLC](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-13.htm) | S-1 | 9/12/2025 |  |
| 10.15 | [Consulting Service Agreement dated August 7, 2025, by and between our company and Piek Exploration LLC](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-14.htm) | S-1 | 9/12/2025 |  |
| 10.16 | [Grant of Participation Right Agreement, dated October 14, 2021, by and between Crescat Portfolio Management LLC and 1246779 B.C. Ltd.](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex10-15.htm) | S-1 | 9/12/2025 |  |
| 19.1 | [Insider Trading Policy](wamff-20251231xex19d1.htm) |  |  | X |
| 21.1 | [Subsidiaries](https://www.sec.gov/Archives/edgar/data/1893899/000141057825002211/tm2515003d8_ex21-1.htm) | S-1 | 9/12/2025 |  |
| 31.1\*\* | [Certification of Chief Executive Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](wamff-20251231xex31d1.htm) |  |  | X |
| 31.2\*\* | [Certification of Chief Financial Officer pursuant to Securities Exchange Act Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](wamff-20251231xex31d2.htm) |  |  | X |
| 32.1 | [Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](wamff-20251231xex32d1.htm) |  |  | X |
| 96.1 | [S-K 1300 Technical Report Summary Illinois Creek Project, Western Alaska, USA](wamff-20251231xex96d1.htm) |  |  | X |

---

[**Table of Contents**](#TOC)

---

| | |
|:---|:---|
| 101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because<br>XBRL tags are embedded within the Inline XBRL document.\* |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document\* |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document\* |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document\* |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document\* |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document\* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document)\* |

---

\*\* Furnished, not filed.

[**Table of Contents**](#TOC)

**Item 16. Form 10-K Summary**

None.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 31, 2026

---

| | |
|:---|:---|
| **ALASKA SILVER CORP.** | **ALASKA SILVER CORP.** |
| By: | /s/ Christopher "Kit" Marrs |
| Christopher "Kit" Marrs | Christopher "Kit" Marrs |
| Chief Executive Officer | Chief Executive Officer |
| (*Principal Executive Officer*) | (*Principal Executive Officer*) |

---

[**Table of Contents**](#TOC)

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Christopher "Kit" Marrs | Chief Executive Officer and Director (*Principal Executive Officer*) | March 31, 2026 |
| Christopher "Kit" Marrs |  |  |
| /s/ Darren Morgans | Chief Financial Officer (*Principal Financial Officer and Principal <br>Accounting Officer*) | March 31, 2026 |
| Darren Morgans |  |  |
| /s/ Nathan Brewer | Director | March 31, 2026 |
| Nathan Brewer |  |  |
| /s/ David Smallhouse | Director | March 31, 2026 |
| David Smallhouse |  |  |
| /s/ Kevin Nishi | Director | March 31, 2026 |
| Kevin Nishi |  |  |
| /s/ Susan Mitchell | Director | March 31, 2026 |
| Susan Mitchell |  |  |

---

[**Table of Contents**](#TOC)

**ALASKA SILVER CORP.**

**INDEX TO ANNUAL REPORT ON FORM 10-K**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

---

| | | |
|:---|:---|:---|
| <br>| &nbsp;&nbsp;<br>| <br>|
| |  | Page Number |
| **PART I. FINANCIAL INFORMATION** | **PART I. FINANCIAL INFORMATION** |  |
| Item 1. | Financial Statements |  |
|  | Report of Independent Registered Public Accounting Firm (Davidson & Company LLP, Vancouver, Canada, PCAOB ID 731) | 2 |
|  | [Consolidated Balance Sheet](#UNAUDITEDCONDENSEDCONSOLIDATEDBALANCESHE) | 3 |
|  | [Consolidated Statements Of Loss And Comprehensive Loss)](#LOSSANDCOMPREHENSIVELOSS_262504) | 4 |
|  | [Consolidated Statements Of Cash Flows](#STATEMENTSOFCASHFLOWS_223256) | 5 |
|  | [Consolidated Statements Of Stockholders' Equity](#UNAUDITEDCONDENSEDCONSOLIDATEDSTATEMENTS) | 6 |
|  | [NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS](#NATUREANDCONTINUANCEOFOPERATIONS_431174)  | 7 |

---

[**Table of Contents**](#TOC)

------

**ALASKA SILVER CORP.**

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

(EXPRESSED IN UNITED STATES DOLLARS)

------

[**Table of Contents**](#TOC)

![Graphic](wamff-20251231x10k014.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Shareholders and Directors of**

**Alaska Silver Corp.**

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Alaska Silver Corp. (the "Company"), as of December 31, 2025 and 2024, and the related consolidated statements of loss and comprehensive loss, stockholders' equity, and cash flows for the years ended December 31, 2025 and 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Alaska Silver Corp. as of December 31, 2025 and 2024, and the results of its operations and its cash flows for the years ended December 31, 2025, and 2024 in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the consolidated financial statements, the Company has no current source of operating revenue, has incurred a current loss of $8,861,799 during the year ended December 31, 2025, and as at that date, has an accumulated operating deficit of $49,365,286 which cast substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatements of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company's auditor since 2024.

---

| | |
|:---|:---|
| **/s/ DAVIDSON & COMPANY LLP** |  |
| Chartered Professional Accountants | Vancouver, Canada |
| March 26, 2026 |  |

---

---

| | | |
|:---|:---|:---|
| **DAVIDSON & COMPANY LLP** | 1200-609 Granville Street | 604 687 0947 |
|  | PO BOX 10372, Pacific Centre | davidson-co.com |
|  | Vancouver, BC V7Y 1G6 |  |

---

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.
CONSOLIDATED BALANCE SHEET

*(Expressed in United States Dollars)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |  |
| **Current Assets** |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents |  | $9054203 | $849572 |
| &nbsp;&nbsp;GST receivable |  | 52433 | 33389 |
| &nbsp;&nbsp;Prepaid and deposits |  | 205082 | 105347 |
| &nbsp;&nbsp;**Total current assets** |  | 9311718 | 988308 |
| **Non-Current Assets** |  |  |  |
| &nbsp;&nbsp;Equipment | 3 | 1116998 | 1558765 |
| &nbsp;&nbsp;Mineral properties | 4 | 6295910 | 6090370 |
| **TOTAL ASSETS** |  | $16724626 | $8637443 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
| **Current Liabilities** |  |  |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 5 | $314463 | $86682 |
| &nbsp;&nbsp;Due to related parties | 6 | 1342972 | 722989 |
| &nbsp;&nbsp;Promissory note – current portion | 8 | 120000 | 120000 |
| &nbsp;&nbsp;Derivative warrant liabilities | 10 | 6357552 |  |
| &nbsp;&nbsp;**Total current liabilities** |  | 8134987 | 929671 |
| **Non-Current Liabilities** |  |  |  |
| &nbsp;&nbsp;Asset retirement obligation | 7 | 230437 | 225959 |
| &nbsp;&nbsp;Promissory note | 8 | 2176608 | 2236065 |
| **TOTAL LIABILITIES** |  | 10542032 | 3391695 |
| **STOCKHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;Capital stock | 9 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unlimited without par value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;65,663,486 subordinate voting shares at December 31, 2025 and 42,189,920 at December 31, 2024; 224,801 proportionate voting shares at December 31, 2025 and 2024 |  |  |  |
| &nbsp;&nbsp;Additional paid-in capital | 9 | 55757668 | 45969682 |
| &nbsp;&nbsp;Cumulative translation adjustment |  | (209788) | (220447) |
| &nbsp;&nbsp;Deficit |  | (49365286) | (40503487) |
| **TOTAL SHAREHOLDERS' EQUITY** |  | 6182594 | 5245748 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** |  | $16724626 | $8637443 |
| Nature of operations and going concern | 1 |  |  |
| Subsequent events | 13 |  |  |

---

---

| | |
|:---|:---|
| Approved by the Board of Directors:  |  |
| "Christopher (Kit) Marrs" | "Kevin Nishi"  |
| Director | Director |

---

The accompanying notes are integral to these consolidated financial statements.

[**Table of Contents**](#TOC)

#### CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

#### (Expressed in United States Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Notes** | **December 31,** <br>**2025** | **December 31,** <br>**2024** |
| **EXPENSES** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accretion expense |  | $8373 | $8656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting fees | 9 | 421243 | 306835 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 3 | 358 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration expenses | 9 | 3249459 | 4218109 |
| &nbsp;&nbsp;&nbsp;&nbsp;Filing and regulatory fees |  | 146238 | 66697 |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance |  | 58482 | 49068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 9 | 1347419 | 1561326 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketing expenses |  | 315308 | 652608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Office and sundry |  | 208409 | 132053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees |  | 388918 | 259140 |
|  |  | (6144207) | (7254553) |
| **OTHER ITEMS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) |  | (171551) | 29814 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on derivative warrant liability revaluation | 10 | (2381301) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 8 | (258559) | (120065) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income |  | 93819 | 65706 |
| **NET LOSS** |  | (8861799) | (7279098) |
| &nbsp;&nbsp;**OTHER COMPREHENSIVE INCOME (LOSS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange gain (loss) on translation of foreign operations |  | 10659 | (23653) |
| **COMPREHENSIVE LOSS** |  | $(8851140) | $(7302751) |
| **LOSS PER SHARE – BASIC AND DILUTED** |  | $(0.13) | $(0.12) |
| **WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC AND DILUTED** | 9 | 70588703 | 59859899 |

---

The accompanying notes are integral to these consolidated financial statements.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024

#### (Expressed in United States Dollars)

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| **Cash flows used in operating activities:** |  |  |
| Loss for the year | $(8861799) | $(7279098) |
| Adjustments for non-cash items: |  |  |
| &nbsp;&nbsp;Accretion expense | 8373 | 8656 |
| &nbsp;&nbsp;Depreciation expense | 441359 | 441733 |
| &nbsp;&nbsp;Share-based payments | 315212 | 987431 |
| &nbsp;&nbsp;Loss on derivative warrant liability revaluation | 2381301 |  |
| &nbsp;&nbsp;Unrealized foreign exchange loss | 119699 |  |
| &nbsp;&nbsp;Interest accrued on Promissory Note | 257964 | 120065 |
|  | (5337891) | (5721213) |
| Changes in non-cash working capital |  |  |
| &nbsp;&nbsp;GST receivable | (19044) | 2374 |
| &nbsp;&nbsp;Prepaids and deposits | (99735) | 65132 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 228189 | (326493) |
| &nbsp;&nbsp;Due to related parties | 619983 | 199232 |
|  | (4608498) | (5780968) |
| **Cash flows (used in) from investing activities:** |  |  |
| &nbsp;&nbsp;Purchase of equipment |  | (1085) |
| &nbsp;&nbsp;Mineral properties acquisition costs | (209435) | (175024) |
|  | (209435) | (176109) |
| **Cash flows from (used in) financing activities:** |  |  |
| &nbsp;&nbsp;Issuance of subordinate voting shares, net | 11625657 | 5865837 |
| &nbsp;&nbsp;Exercise of stock options | 420783 | 250870 |
| &nbsp;&nbsp;Exercise of warrants | 760479 | 105117 |
| &nbsp;&nbsp;Issuance of promissory notes, net | 1179983 |  |
| &nbsp;&nbsp;Repayment of promissory note | (962931) | (583083) |
|  | 13023971 | 5638741 |
| Effect of exchange rate changes on cash | (1407) | (23653) |
| Net change in cash for the year | 8204631 | (341989) |
| Cash and cash equivalents, beginning of year | 849572 | 1191561 |
| Cash and cash equivalents, end of year | $9054203 | $849572 |
| Supplemental disclosure with respect to cash flows |  |  |
| *Revision in ARO estimate* | $(3895) | $(7532) |
| *Value of warrants issued with debt instruments* | $534473 | $— |
| *Value of derivative warrant liability at exercise* | $41962 | $— |
| *Interest paid in cash* | $— | $— |

---

The accompanying notes are integral to these consolidated financial statements.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

*(Expressed in United States Dollars, except number of shares)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | | | | |
|  | **Subordinate**<br>**Voting** | **Proportionate**<br>**Voting** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Additional**<br>**Paid-In**<br>**Capital** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**Loss** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Accumulated**<br>**Deficit** | &nbsp;&nbsp;&nbsp;&nbsp; <br>**Total** |
| **December 31, 2023** | **28120406** | **224801** | $**38760427** | $**(196794)** | $**(33224389)** | $**5339244** |
| Private placements, net | 13416333 |  | 5865837 |  |  | 5865837 |
| Exercise of stock options | 490000 |  | 250870 |  |  | 250870 |
| Exercise of warrants | 163181 |  | 105117 |  |  | 105117 |
| Stock-based compensation |  |  | 987431 |  |  | 987431 |
| Foreign translation exchange loss |  |  |  | (23653) |  | (23653) |
| Net loss |  |  |  |  | (7279098) | (7279098) |
| **December 31, 2024** | **42189920** | **224801** | **45969682** | **(220447)** | **(40503487)** | **5245748** |
| Private placements, net | 21229000 |  | 11625657 |  |  | 11625657 |
| Exercise of stock options | 1032000 |  | 420783 |  |  | 420783 |
| Exercise of warrants | 1184884 |  | 802441 |  |  | 802441 |
| Exercise of RSUs | 27682 |  |  |  |  |  |
| Issuance of warrants |  |  | 534473 |  |  | 534473 |
| Revaluation of warrants |  |  | (3910580) |  |  | (3910580) |
| Stock-based compensation |  |  | 315212 |  |  | 315212 |
| Foreign translation exchange gain |  |  |  | 10659 |  | 10659 |
| Net loss |  |  |  |  | (8861799) | (8861799) |
| **December 31, 2025** | **65663486**<br> \* | **224801**<br> \* | $**55757668** | $**(209788)** | $**(49365286)** | $**6182594** |

---

*\** *The proportionate voting shares are exchangeable into a total of 22,480,100 subordinate voting shares, for no additional consideration. See Note 9.*

The accompanying notes are integral to these consolidated financial statements.

[**Table of Contents**](#TOC)

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**1.**NATURE OF OPERATIONS AND GOING CONCERN

Alaska Silver Corp., (formerly Western Alaska Minerals Corp.), ("Alaska Silver" or the "Company") was incorporated under the Business Corporations Act of British Columbia on April 8, 2020, as 1246779 B.C. Ltd. ("779"). The Company is a public company whose subordinate voting shares are listed for trading on the TSX Venture Exchange ("TSXV") under the symbol "WAM". The Company's registered office 1500 – 1111 West Hastings, Vancouver, BC, Canada V6E 2J3. As discussed further below, the Company is in the mineral exploration and development business.

#### Going Concern
These consolidated financial statements have been prepared with the going concern assumption, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations. The Company has no current source of operating revenue, has incurred a current loss of $8,861,799 and has an accumulated operating deficit of $49,365,286. The Company will require further financing to operate and further develop its business. The Company's ability to realize its assets and discharge its liabilities is dependent upon it obtaining financing as necessary and ultimately upon its ability to dispose of its mineral property interests on a profitable basis or otherwise achieve profitable operations. These material uncertainties cast substantial doubt on the Company's ability to continue as a going concern. Failure to arrange adequate financing on acceptable terms and/or achieve profitability may have an adverse effect on the Company's financial position, operational success, cash flow, and prospects. These consolidated financial statements do not give effect to adjustments to assets or liabilities that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

&nbsp;&nbsp;&nbsp;&nbsp;2. **BASIS OF PRESENTATION AND MATERIAL ACCOUNTING POLICIES** 

#### Statement of Compliance
These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP").

#### Basis of Presentation
These consolidated financial statements have been prepared on a historical cost basis, modified where applicable. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

#### Basis of Consolidation
These consolidated financial statements include the accounts of the Company and its wholly owned and controlled entities. Control is achieved when the Company has the power to govern the financial operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.

The following subsidiaries have been consolidated from all dates presented within these financial statements:

---

| | | |
|:---|:---|:---|
| **Subsidiary** | **Ownership** | **Location** |
| Western Alaska Copper & Gold Company ("WACG") | 100% | USA |
| Piek Inc. | 100% | USA |

---

All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES** (continued)

#### Basis of Consolidation (continued)
These consolidated financial statements are presented in United States dollars. Management has assessed the functional currency of both WACG and Piek Inc. to be the US Dollar ("USD"). Effective October 1, 2025, the functional currency of Alaska Silver was changed to USD as management assessed that the currency of the primary economic environment in which the Company operates changed to USD on that date. The key factor influencing this decision was the change in the Company's primary funding from Canadian dollars ("CAD") to USD, whereas the functional currency of its subsidiaries was unchanged and remained in USD. Prior to October 1, 2025, the functional currency of the Company was CAD and the functional currencies of its subsidiaries was the USD. Changes to the Company's functional currency have been accounted for on a prospective basis from October 1, 2025. The Company's consolidated reporting currency, which is determined on a discretionary basis, is USD. Exchange differences arising on the translation of Alaska Silver's accounts to USD for reporting purposes, including the translation of non-monetary items using period end rates, are reported in net loss.

#### Use of Estimates and Assumptions
The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties, valuation of asset retirement obligation, valuation of derivative warrant liabilities, valuation of stock-based compensation and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.

**Financial Instruments**

The Company's financial instruments consist of cash and cash equivalents, accounts payable and accrued liabilities, due to related parties, derivative warrant liabilities and promissory notes. The fair values of these financial instruments approximate their carrying values unless otherwise noted.

***Fair Value of Financial Assets and Liabilities***

The Company measures the fair value of financial assets and liabilities based on US GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition.

***Fair Value of Financial Assets and Liabilities***

Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest rate method. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in income.

The following indicates the fair value hierarchy of the valuation techniques the Company utilizes to determine the fair value of financial assets that are measured at fair value on a recurring basis.

Level 1&nbsp;&nbsp;&nbsp;&nbsp;Unadjusted quoted prices in active markets for identical assets and liabilities;

Level 2&nbsp;&nbsp;&nbsp;&nbsp;Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, and

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES** (continued)

***Fair Value of Financial Assets and Liabilities*** (continued)

Level 3&nbsp;&nbsp;&nbsp;&nbsp;Inputs that are not based on observable market data.

Cash is considered level 1 and classified as cash on hand and held at banks.

Financial instruments, including accounts payable, accrued liabilities, due to related parties and loans payable are classified as other financial liabilities and are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments.

**Concentration of Credit Risk**

The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits. However, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.

**Cash and Cash Equivalents**

Cash and cash equivalents are comprised of cash at banks and on hand, and short-term deposits with an original maturity of three months or less, which are readily convertible into a known amount of cash. The Company's cash is held with major financial institutions in business accounts, bankers' acceptances and in government treasury bills which are available on demand by the Company for its programs and are not invested in any asset backed deposits/investments.

**Mineral Properties**

The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset.

**Long-Lived Assets**

Long-lived assets, consisting of equipment held and used by the Company, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

**Equipment**

Equipment is recorded at cost less accumulated depreciation. Depreciation is provided over the assets' useful lives on a straight-line basis. Management estimated the useful lives of its computer software to be 1 year; equipment to be 5 years and vehicles to be 10 years.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES** (continued)

**Asset Retirement Obligations**

Future obligations to retire an asset, including dismantling, remediation and ongoing treatment and monitoring of the site, are recognized and recorded as a liability at fair value at the time when they are incurred or when the event giving rise to such an obligation occurs. The liability is increased (accreted) over time through periodic charges to earnings. The corresponding asset retirement cost is capitalized as part of the asset's carrying value and is amortized over the asset's estimated useful life. The amount of the liability is subject to re-measurement at each reporting period.

The Company is subject to laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its exploration and evaluation activities in compliance with applicable environment protection legislation. The Company is not aware of any existing environmental problems related to any of its current or former properties that may result in material liability to the Company.

**Stock-Based Compensation** 

The Company accounts for share-based compensation under the provisions of ASC 718 *Compensation-Stock Compensation*. Under the fair value recognition provisions, stock-based compensation expense is measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measured. Share-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service periods, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value.

**Related Party Transactions**

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

**Income Taxes**

The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss from the current year and any adjustment to income taxes payable related to previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or subsequently enacted by the year-end date.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES** (continued)

**Loss Per Share**

The Company is required to calculate basic and diluted loss per share using the two-class method. The two-class method is required because the Company's Proportionate Shares, each of which are in effect, Subordinate Voting Shares compressed at the ratio of 100:1 have voting and economic rights on an as-converted basis. The Proportionate Shares are convertible to Subordinate Voting Shares at the request of the shareholder and with the consent of the Company. Under the two-class method, earnings/loss for the period are allocated on a pro-rata basis to the Subordinate and Proportionate stockholders. The weighted average number of Subordinate Shares and Proportionate Shares (on an as converted basis) outstanding during the period is then used to calculate basic earnings or loss for each class of shares.

Stock options and other potential subordinate voting shares are included in the calculation of diluted earnings per share ("diluted EPS"). The Company uses the treasury stock method for calculating dilutive potential subordinate voting shares. In calculating diluted EPS, such shares are assumed to be exercised or converted, except when their effect would be anti-dilutive.

Potentially dilutive shares as of December 31, 2025 and 2024, are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
|  | **2025** | **2024** |
| Share purchase options | 4765500 | 5627500 |
| Share purchase warrants | 39404982 | 15986286 |
| Restricted share units | 401142 | 278126 |
| Total | 44571624 | 21891912 |

---

All potentially dilutive shares were excluded from the calculation of diluted loss per share as their exercise and conversion would be anti-dilutive.

**Foreign Currency Translation**

The functional currency of each entity in the consolidated group is the currency of the primary economic environment in which that entity operates. The foreign currency transactions of each entity are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the period in which they arise.

**Recently Adopted Accounting Standards**

In fiscal year 2025, we adopted Accounting Standards Update ("ASU") 2023-07 "Segment Reporting - Improvements to Reportable Segment Disclosures". Management has evaluated the Company's operations and concluded it has one reportable operating segment. The new standard expands segment disclosure requirements. This standard has not changed the processing, recording, or presentation of financial data, other than providing additional disclosures regarding management oversight for the Company's single operating segment. The additional disclosures required by the standard are included in Note 12.

In fiscal year 2025, we adopted ASU 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"), which requires public entities on an annual basis to (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5% of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate).

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES** (continued)

**Recent Accounting Pronouncements**

In December 2025, the FASB issued Accounting Standards Update 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the scope, form, and content of interim financial statements. The update centralizes interim disclosure requirements into Topic 270 and establishes a principle requiring disclosure of any events or transactions occurring since the prior year-end that have a material effect on the entity. The amendments are effective for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of this guidance.

**3.**EQUIPMENT

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025**<br>**($)** | **December 31, 2024**<br>**($)** | <br>**Life** |
| Cost: |  |  |  |
| Equipment | 2118332 | 2118332 | 5 years |
| Vehicles | 180859 | 180859 | 10 years |
|  | 2299191 | 2299191 |  |
| Accumulated Amortization: |  |  |  |
| Equipment | (1121477) | (697795) |  |
| Vehicles | (60716) | (42631) |  |
|  | (1182193) | (740426) |  |
| Total | 1116998 | 1558765 |  |

---

For the year ended December 31, 2025 depreciation of equipment and vehicles of $441,001 is included in exploration expenses (2024 — $441,672).

**4.**MINERAL PROPERTIES

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Round Top**<br>**($)** | **Honker**<br>**($)** | **Illinois Creek**<br>**($)** | **Others**<br>**($)** | **Total**<br>**($)** |
| Total Costs: |  |  |  |  |  |
| Balance at December 31, 2023 | 479592 | 96644 | 5334664 | 11978 | 5922878 |
| Additions | 72600 | 19800 | 81881 | 743 | 175024 |
| ARO change in estimates | (13) | (181) | (7338) |  | (7532) |
| Balance at December 31, 2024 | 552179 | 116263 | 5409207 | 12721 | 6090370 |
| Additions | 86600 | 19800 | 89705 | 13330 | 209435 |
| ARO change in estimates | (7) | (92) | (3796) |  | (3895) |
| Balance at December 31, 2025 | 638772 | 135971 | 5495116 | 26051 | 6295910 |

---

#### Round Top Property, Alaska
The Round Top Property consists of 88 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**4.**MINERAL PROPERTIES (continued)

#### Honker Property Alaska
The Honker Property consists of 24 state mineral claims, owned 100% by WACG, located in the Mount McKinley mining district of Alaska.

#### Illinois Creek Mine Project, Alaska
WAGC acquired a 100% interest in the Illinois Creek Mine Project in fiscal 2021 through the issuance of 120 WACG common shares (valued at $540,000) and $3,698,000 payable by the issuance of a promissory note (note 8). As part of the acquisition in fiscal 2021, the Company also terminated a joint venture agreement on the project dating back to fiscal 2018 and reclassified share consideration under the operating agreement of which consisted of 346 common shares (valued at $692,000).

The Illinois Creek Mine Project is comprised of various state mineral claims located in Alaska.

#### Other Exploration Target Projects, Alaska

#### Paw Print Property
The Paw Print Property consists of 18 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

Khotol Property

The Khotol Property consists of 16 state mineral claims, owned 100% by WACG, located in the Mount McKinley and Nulato mining districts of Alaska.

In 2024, the Company staked 3 new claims in the Khotol property for a cost of $743.

The Company staked the claims of both Paw Print and Khotol properties for a total of $6,368 and $6,353 in 2022 and 2023 respectively.

**5.**ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Accounts payable | $289177 | $73255 |
| Other payable | 25286 | 13427 |
|  | $314463 | $86682 |

---

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**6.**RELATED PARTY TRANSACTIONS

#### Due to/from Related Parties
As at December 31, 2025, $1,342,972 (December 31, 2024 — $722,989) was due to related parties for management fees and exploration expenses. Promissory notes (Note 8) in the amount of $1,634,592 (December 31, 2024 — $2,356,065) are owed to related parties.

During the year ended December 31, 2025, $175,000 in promissory notes with 393,400 warrants were issued to related parties (Note 8) while principal repayments of $962,931 were made on the promissory notes issued for the Illinois Creek Agreement.

Amounts owing to related parties for management fees and exploration expenses are non-interest bearing and have no specific terms of repayment. Amounts owing to related parties for promissory notes are interest bearing and have repayment terms, refer Note 8.

**7.**ASSET RETIRMENT OBLIGATIONS

The following table presents the reconciliation of the beginning and ending obligations associated with the retirement of the properties:

---

| | |
|:---|:---|
|  | **Total** |
| Balance, December 31, 2023 | $224835 |
| Accretion expense | 8656 |
| Change in estimates | (7532) |
| Balance, December 31, 2024 | 225959 |
| Accretion expense | 8373 |
| Change in estimates | (3895) |
| Balance, December 31, 2025 | $230437 |

---

As at December 31, 2025, the total undiscounted amount of estimated cash flows required to settle the Company's asset retirement obligations was $240,572 (2024 — $232,272) over the next 4 years at an annual inflation rate of 2.6% (2024 — 3%) and discounted using an average discount rate of 3.70% (2024 — 3.70%).

During the years ended December 31, 2025 and 2024, the Company did not incur any reclamation expenditures.

Estimated future reclamation costs are based on the extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company's environmental policies. In view of uncertainties concerning asset retirement obligations, the ultimate costs could be materially different from the amounts estimated.

**8.**PROMISSORY NOTE

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Promissory Notes – 2021 | $1484593 | $2356065 |
| Promissory Notes – 2025 | 812015 |  |
| Total | 2296608 | 2356065 |
| Less: Current Portion | (120000) | (120000) |
|  | $2176608 | $2236065 |

---

On March 31, 2021, and in accordance with the share purchase agreement entered upon the dissolution of the Illinois Creek Joint Venture LLC, WACG issued a promissory note of $3,698,000. The promissory note accrued interest at 2.0% per annum.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**8.**PROMISSORY NOTE (continued)

On September 30, 2023, the promissory note was amended by both parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will commence monthly principal repayments of $25,000 at the later of March 31, 2024 or at the closing of the Company's next financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will make additional principal reduction payments equal to 6% of all future equity financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A principal reduction payment of $750,000 will be due on May 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A principal reduction payment of the remaining balance and all accrued interest will be due on December 1, 2025.

On December 31, 2024, the promissory note was once again amended by both parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will commence monthly principal repayments of $10,000 until the closing of the next financing, at which time the monthly principal payments will increase to $25,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will make additional principal reduction payments equal to 6% of all equity financings, plus accrued interest on the outstanding principal balance, due and payable upon closing of each round;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A principal reduction payment of $750,000 will be due on June 1, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A principal reduction payment of the remaining balance and all accrued interest will be due on December 1, 2026.

On November 1, 2025, the promissory note was once again amended by both parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company will commence monthly principal repayments of $10,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company will make additional principal reduction payments equal to 6% of all equity financings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The remaining balance and all accrued interest will be due on July 1, 2027;

During the year ended December 31, 2025, the Company repaid $962,931 (2024— $583,083) in principal repayments. As at December 31, 2025, the balance of the promissory note was $1,484,593 (2024 — $2,356,065) with $330,606 (2024 — $239,148) being accrued interest.

On March 21, 2025, the Company completed unsecured loan transactions with certain lenders (the "Lenders"), pursuant to which the Company has issued debt units for total consideration of $1,200,000. Each debt unit included one promissory note in the principal amount of $1,000 and 2,248 subordinate voting share purchase warrants. The promissory notes will mature after 36 months and bear interest at rate of 10% per annum. A total of 2,697,600 subordinate voting share purchase warrants (the "Warrants") were issued as part of the debt units. Each Warrant entitles the holder to purchase one subordinate voting share of the Company at an exercise price of CAD$0.64 for a period of 36 months from the date of issuance.

The net proceeds were allocated between the debt and equity components using the relative fair value method. Based on the fair values determined on the issuance date the Company allocated $645,510 of the proceeds to the promissory notes and $534,473 to the Warrants, net of share issuance costs of $20,017.

The warrants were valued at $747,488 using the Black-Scholes Option Pricing Model with the following assumptions: annualized volatility of 93.14%, risk-free interest rate of 2.52%, expected life of 3 years and a dividend rate of Nil. The debt was valued at $902,778 using a discount rate of 20%.

The promissory notes carry an effective interest rate of 29.75% and have a net book value of $812,015 with accrued accretion of $166,505 at December 31, 2025. Subsequent to December 31, 2025, the Company repaid the loan of $1,200,000 with $120,000 interest.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**9.**SHARE CAPITAL

#### Authorized Capital
The Company is authorized to issue an unlimited number of subordinate voting shares without par value.

#### Subordinate voting and Proportionate Stock
Pursuant to the reverse take-over ("RTO") transaction in 2021, each WACG common share held by a U.S. resident shareholder was exchanged for either (i) a "Merger Unit", comprised of 1,000 Alaska Silver subordinate voting shares ("Subordinate Voting Shares") and 90 Proportionate Shares ("Proportionate Shares"); or (ii) 100 Proportionate Shares; and each WACG common share held by a non-U.S. resident shareholder was exchanged for 10,000 Subordinate Voting Shares. The Proportionate Shares are, in effect, Subordinate Voting Shares compressed at the ratio of 100:1 which have voting and economic rights on an as-converted basis. The Proportionate Shares are convertible to Subordinate Voting Shares at the request of the shareholder and with the consent of the Company.

**Issued Share Capital**

On October 3, 2025, the Company issued 21,229,000 units ("Units") of the Company at a price of $0.65 per unit for gross proceeds of $13,798,850. Each Unit consists of one Subordinate Voting Share and one Subordinate Voting Share purchase warrant ("Warrant"). Each Warrant is exercisable for Subordinate Voting Share at $0.97 until October 3, 2028. The Company incurred $2,170,703 in share issuance costs including $1,034,914 in commissions to the underwriters and issued 849,160 share purchase warrants ("Underwriters' Warrants") to the underwriters. Each Underwriters' Warrant entitles the holder to acquire one Subordinate Voting Share at $0.97 until March 31, 2027.

During the year ended December 31, 2025, the Company issued 1,032,000 Subordinate Voting Shares to option holders who exercised their options in return for gross proceeds of $420,783.

During the year ended December 31, 2025, the Company issued 1,184,884 Subordinate Voting Shares to warrant holders who exercised their warrants in return for gross proceeds of $760,479.

During the year ended December 31, 2025, the Company issued 27,682 Subordinate Voting Shares on the exercise of RSUs.

During the year ended December 31, 2024, the Company issued 490,000 Subordinate Voting Shares to option holders who exercised their options in return for gross proceeds of $250,870.

During the year ended December 31, 2024, the Company issued 163,181 Subordinate Voting Shares to warrant holders who exercised their warrants in return for gross proceeds of $105,117.

On May 8, 2024, the Company issued 3,812,981 units in the first tranche of a non-brokered private placement for CAD$0.65 per unit, and on May 14, 2024, the Company issued 200,000 units in the final tranche, for total gross proceeds of $1,897,758 (CAD$2,608,438). Each unit consists of one Subordinate Voting Share and one warrant with an exercise price of CAD$0.90 for a period of 36 months. In addition, the Company paid a cash commission $82,423 (CAD$113,200) and issued 92,923 finders warrants to the finders. Each finders warrant entitles the holder to purchase one Subordinate Voting Share at CAD$0.90 for a period of 36 months from issuance date. The Company also incurred professional fees of $152,646 related to this financing.

On April 26, 2024, the Company issued 9,403,352 units in a brokered shelf prospectus offering for CAD$0.65 per unit for gross proceeds of $4,466,627 (CAD$6,112,179). Each unit consists of one Subordinate Voting Share and one warrant with an exercise price of CAD$0.90 for a period of 36 months. In addition, the Company paid a cash commission $268,313 (CAD$366,731) and issued 564,200 agent warrants to the agents. Each agent warrant entitles the holder to purchase one Subordinate Voting Share at CAD$0.65 for a period of 36 months from issuance date. The Company also incurred professional fees of $7,323 related to this financing.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**9.**SHARE CAPITAL (continued)

**Issued Share Capital** (continued)

**Basic and diluted weighted average number of shares outstanding**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Weighted Average number of shares outstanding |  |  |
| Subordinate Voting shares | 48108603 | 37379799 |
| Proportionate Voting shares (as converted) | 22480100 | 22480100 |
| Weighted averages shares outstanding – basic and diluted | 70588703 | 59859899 |
| Loss attributed to owners | $(8861799) | $(7279098) |
| Loss per share | $(0.13) | $(0.12) |
| Loss attributed to Subordinate Voting shares | $(0.09) | $(0.07) |
| Loss attributed to Proportionate Voting shares (as converted) | $(0.04) | $(0.05) |

---

#### Stock Options
The Company has a stock option plan under which the Board of Directors may grant options to acquire subordinate voting shares of the Company to qualified directors, officers, employees, and other service providers. The stock option vests according to the provisions of the individual option agreements approved by the directors' resolutions and have a maximum of 10 years until expiry. The plan allows for the issuance up to 10% of the number of issued and outstanding subordinate voting shares and proportionate shares of the Company at any time on a non-diluted basis.

The changes in stock options are summarized as follows:

---

| | | |
|:---|:---|:---|
|  | **Weighted Average**<br>**Exercise Price\***<br>**(CAD)** | **Number of Shares**<br>**Issued or**<br>**Issuable on Exercise\*** |
| Balance at December 31, 2023 | $1.69<br> <sup>\*</sup> | 3817500 |
| Granted | 0.54 | 2545000 |
| Exercised | 0.66 | (490000) |
| Expired | 0.81 | (20000) |
| Forfeited | 1.69 | (225000) |
| Balance at December 31, 2024 | 1.26 | 5627500 |
| Granted | 0.72 | 480000 |
| Exercised | 0.57 | (1032000) |
| Forfeited | 2.28 | (310000) |
| Balance at December 31, 2025 | $1.30 | 4765500 |

---

\*The weighted average exercise price and number of subordinate voting shares issued or issuable on exercise have been adjusted for 1:10,000 split.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **SHARE CAPITAL** (continued)

#### Stock Options (continued)
The following assumptions were used for the Black-Scholes pricing model calculations:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **March 1, 2024** | **June 14, 2024** | **December 27, 2024** | **April 2, 2025** | **June 23, 2025** |
| Risk-free interest rate | 3.50% | 3.51% | 3.05% | 2.58% | 2.90% |
| Expected stock price volatility | 72.61% | 67.89% | 67.89% | 92.43% | 90.33% |
| Expected option life in years | 5 years | 5 years | 5 years | 5 years | 5 years |
| Dividend rate | Nil | Nil | Nil | Nil | Nil |

---

Stock-based compensation related to stock options was allocated as follows:

$143,592 (2024 — $567,225) was allocated to management fees;

$13,155 (2024 — $226,112) was allocated to exploration expenses;

$47,605 (2024 — $156,288) was allocated to consulting fees.

Stock options outstanding and exercisable on December 31, 2025, are summarized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Outstanding** | **Outstanding** | **Exercisable** | **Exercisable** |
| <br>**Exercise Price (CAD)** | <br>**Number of**<br>**Subordinate Voting**<br>**Shares Issuable on**<br>**Exercise** | <br>**Weighted Average**<br>**Remaining Life**<br>**(Years)** | **Number of**<br>**Subordinate**<br>**Voting Shares**<br>**Issuable on**<br>**Exercise** | <br>**Weighted Average**<br>**Remaining Life**<br>**(Years)** |
| $0.62  | 80000 | 0.16 | 80000 | 0.16 |
| $0.62  | 630000 | 0.45 | 630000 | 0.45 |
| $0.85  | 367500 | 0.87 | 367500 | 0.87 |
| $0.96  | 25000 | 1.07 | 25000 | 1.07 |
| $1.65  | 275000 | 1.38 | 275000 | 1.38 |
| $2.75  | 175000 | 1.85 | 175000 | 1.85 |
| $3.16  | 1000000 | 2.05 | 1000000 | 2.05 |
| $0.49  | 733000 | 3.17 | 488667 | 3.17 |
| $0.85  | 450000 | 3.45 | 300000 | 3.45 |
| $0.45  | 550000 | 3.99 | 550000 | 3.99 |
| $0.64  | 80000 | 4.25 | 40000 | 4.25 |
| $0.73  | 400000 | 4.48 | 133333 | 4.48 |
|  | 4765500 | 2.44 | 4064500 | 2.44 |

---

As at December 31, 2025, the market price of the Company's subordinate voting share was CAD$1.24 per share. The intrinsic value of the stock options was $1,530,552 (CAD$2,097,775).

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**9.** **SHARE CAPITAL** (continued)

#### Warrants

---

| | | |
|:---|:---|:---|
|  | **Weighted**<br>**Average Exercise**<br>**Price**<br>**(CAD)** | <br>**Number of Shares** <br>**Issued or Issuable**<br>**on Exercise** |
| Balance at December 31, 2023 | $2.89 | 2076011 |
| Granted | $0.89 | 14073456 |
| Exercised | $0.88 | (163181) |
| Balance at December 31, 2024 | $1.15 | 15986286 |
| Granted | $1.25 | 24775760 |
| Expired | $2.35 | (172540) |
| Exercised | $0.89 | (1184524) |
| Balance at December 31, 2025 | $1.26 | 39404982 |

---

Warrants outstanding and exercisable on December 31, 2025, are summarized as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | <br>**Date Issued** | <br>**Expiry Date** | **Exercise** <br>**Price (CAD)** |  | **Number of Warrants** <br>**Outstanding** |
| Private placement warrants | May 4, 2023 | May 4, 2026 | $3.15 |  | 1491024<br> \* |
| Private placement warrants | September 1, 2023 | September 1, 2026 | $3.15 |  | 378191<br> \* |
| Agents warrants | September 1, 2023 | September 1, 2026 | $3.15 |  | 1170 |
| Private placement warrants | September 14, 2023 | September 14, 2026 | $3.15 |  | 33086<br> \* |
| Private placement warrants | April 26, 2024 | April 26, 2027 | $0.90 |  | 8533852<br> \* |
| Agents warrants | April 26, 2024 | April 26, 2027 | $0.65 |  | 545964 |
| Private placement warrants | May 8, 2024 | May 8, 2027 | $0.90 |  | 3409212<br> \* |
| Finders warrants | May 8, 2024 | May 8, 2027 | $0.90 |  | 92923 |
| Private placement warrants | May 14, 2024 | May 14, 2027 | $0.90 |  | 200000<br> \* |
| Promissory note warrants | March 21, 2025 | March 21, 2028 | $0.64 |  | 2641400<br> \* |
| Private placement warrants | October 3, 2025 | October 3, 2028 | US$0.97 |  | 21229000 |
| Agents warrants | October 3, 2025 | March 31, 2027 | US$0.97 |  | 849160 |
|  |  |  | $1.23 | \*\* | 39404982 |

---

\* reclassified as a derivative warrant liability, refer to Note 10

\*\* The weighted average life was 2.11 years.

As at December 31, 2025, the market price of the Company's Subordinate Voting share was CAD$1.24 per share. The intrinsic value of the warrants was $4,426,670 (CAD$6,067,194). The Company's Private placement warrants and Finder warrants are warrants that when exercised by the holder, the Company will issue one subordinate voting share for each warrant exercise. For the Broker warrants, the holder receives one subordinate voting share and one Private placement warrant for each Broker warrant exercise.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**9.** **SHARE CAPITAL** (continued)

#### Restricted Share Units
On December 18, 2025, the Company issued 68,334 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $53,405 of which $1,897 was recorded as share-based payment during the year ended December 31, 2025.

On June 26, 2025, the Company issued 46,950 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $26,498 of which $13,290 was recorded as share-based payment during the year ended December 31, 2025.

On March 31, 2025, the Company issued 60,414 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $28,156 of which $24,486 was recorded as share-based payment during the year ended December 31, 2025.

On December 27, 2024, the Company issued 75,000 RSUs to two employees and an officer with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $23,411, of which $23,888 was recorded as share-based payment during the year ended December 31, 2025 (2024 - $257).

On October 17, 2024, the Company issued 114,588 RSUs to three directors with a vesting date being one year from grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $51,666, of which $42,330 was recorded as stock-based compensation during the year ended December 31, 2025 (2024 - $10,617).

On March 1, 2024, the Company issued 88,538 restricted share units ("RSU") to two employees with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $31,984, of which $4,969 was recorded as stock-based compensation during the year ended December 31, 2025 (2024 - $26,727).

Share-based payments for the RSUs was allocated as follows:

$85,283 (2024 — $11,233) from RSUs was allocated to management fees;

$25,577 (2024 — $26,573) from RSUs was allocated to exploration expenses;

The following table summarizes information about RSUs outstanding as at December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Date Issued** | **Vesting Date** | **No. of RSUs** |
| Grant | March 1, 2024 | March 1, 2025 | 88538 |
| Grant | October 17, 2024 | October 17, 2025 | 114588 |
| Grant | December 27, 2024 | December 27, 2025 | 75000 |
| Outstanding at December 31, 2024 |  |  | 278126 |
| Grant | March 31, 2025 | March 31, 2026 | 60414 |
| Grant | June 26, 2025 | June 26, 2026 | 46950 |
| Exercised | March 1, 2024 |  | (27682) |
| Grant | December 18, 2025 | December 19, 2026 | 68334 |
| Forfeited | December 27, 2024 |  | (25000) |
| Outstanding at December 31, 2025 |  |  | 401142 |

---

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**10.**DERIVATIVE WARRANT LIABILITY

Prior to October 1, 2025, the Company had outstanding share purchase warrants that were exercisable for Subordinate Voting shares of the Company at a fixed exercise price denominated in CAD dollars. While the Company's functional currency was CAD, the warrants were classified as equity instruments as the warrants were indexed to the Company's own stock and met the criteria for equity classification.

Upon the change in functional currency from CAD to USD, the exercise price of the warrants, which is denominated in CAD, is no longer considered indexed solely to the Company's own stock. Accordingly, the warrants no longer qualify for equity classification.

Effective October 1, 2025, the Company reclassified the warrants from additional paid-in capital to a derivative warrant liability and measured the warrants at fair value on the date of reclassification. The fair value of the warrants was determined to be $3,910,580 using the Black-Scholes pricing model with the following weighted-average assumptions:

---

| | |
|:---|:---|
| Risk-free interest rate | 2.47% |
| Expected stock price volatility | 77.6% |
| Expected warrant life in years | 1.6 years |
| Dividend rate | Nil |

---

Subsequent to October 1, 2025, the warrants are measured at fair value at each reporting date, with changes in fair value recognized in the consolidated statements of loss. On December 31, 2025, the fair value of the warrants was determined to be $6,357,552 using the Black-Scholes pricing model with the following weighted-average assumptions:

---

| | |
|:---|:---|
| Risk-free interest rate | 2.55% |
| Expected stock price volatility | 72.7% |
| Expected warrant life in years | 1.4 years |
| Dividend rate | Nil |

---

The following table summarizes information about the derivative warrant liability as at December 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Number of** |  |
| Description | **Warrants** | **$** |
| Balance at December 31, 2024 |  |  |
| Reclassification of warrants to a derivative liability | 16902905 | 3910580 |
| Exercise of warrants | (216140) | (41959) |
| Revaluation of warrants |  | 2381301 |
| Currency translation difference |  | 107600 |
| Balance at December 31, 2025 | 16686765 | 6357552 |

---

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**11.**INCOME TAXES

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **%** | **December 31, 2024** | % |
| Net loss before tax | $(8861799) |  | $(7279098) |  |
| State and local income tax, net of federal income tax effect | (2392686) | 27 | (1965356) | 27 |
| **Foreign tax effects:** |  |  |  |  |
| United States |  |  |  |  |
| &nbsp;&nbsp;Statutory tax rate difference between United States and Canada | 280210 | (3) |  |  |
| &nbsp;&nbsp;Adjustment to prior years provision versus statutory tax returns and others | 3911402 | (44) | (192617) | 3 |
| &nbsp;&nbsp;Changes in valuation allowance | (2930667) | 33 | 1564509 | (22) |
| **Non-deductible expenditures** |  |  |  |  |
| &nbsp;&nbsp;Stock-based payments | 85107 | (1) | 247859 | (4) |
| &nbsp;&nbsp;Revaluation loss – derivative liability | 642951 | (7) |  |  |
| &nbsp;&nbsp;Others |  |  | 158 |  |
| Share issuance costs | (278591) | 3 | (136584) | 2 |
| Adjustment to prior years provision versus statutory tax returns | 66211 | (1) | 94017 | (1) |
| Impact of foreign exchange rates and others | (94611) | 1 |  |  |
| Change in valuation allowances | 710674 | (8) | 388014 | (5) |
| Income tax recovery | $— |  | $— |  |

---

The significant components of deferred tax assets that have not been included on the statements of financial position are as follows:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2024** |
| Share issuance costs | $398982 | $268150 |
| Non-capital losses available for future period (USA) | 4195062 | 2381162 |
| Non-capital losses available for future period (Canada) | 1988003 | 1408434 |
| Exploration and evaluation assets | 2600277 | 7070105 |
| Asset retirement obligation | 48392 |  |
| Equipment | (116180) | 206678 |
| Total deferred tax pools, net | 9114536 | 11334529 |
| Valuation allowance | (9114536) | (11334529) |
|  | $— | $— |

---

The Company has approximately $7,363,000 of non-capital losses in Canada which expire between 2041 and 2044 and approximately $19,976,000 of non-capital losses in the US. Tax attributes are subject to review and potential adjustment by tax authorities.

[**Table of Contents**](#TOC)

#### ALASKA SILVER CORP.

#### NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

#### FOR THE YEARS ENDED DECEMBER 31, 2025 AND 2024
*(Expressed in United States Dollars)*

**12.**SEGMENTED INFORMATION

A reporting segment is defined as a component of the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Engages in business activities from which it may earn revenues and incur expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Operating results are reviewed regularly by the entity's chief operating decision maker ("CODM"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Discrete financial information is available.

The CODM is the CEO of the Company. The Company has determined that it operates its business in one geographical segment located in Alaska, United States, where the majority of its equipment and all of its mineral properties are located.

The CODM is responsible for evaluating performance, allocating resources, and making strategic decisions. The primary measure used to assess the Company's profitability is consolidated net loss, which is used to compare budgeted versus actual results and informs operating cash flow decisions. The financial position, results of operations, and cash flows of the Company's single reportable segment align with the consolidated financial statements presented herein. The measure of segment assets is reported on the consolidated balance sheet as total assets.

The CODM primarily evaluates the Company's performance based on consolidated net loss and reviews significant expenses, when applicable, on a consolidated basis, consistent with the presentation in the consolidated statements of operations. While the CODM's primary focus is on overall consolidated results, supplemental information on exploration costs is also reviewed.

**13.**SUBSEQUENT EVENTS

The Company issued 256,564 Subordinate Voting Shares for the exercise of warrants for gross proceeds of CAD$190,738.

The Company issued 320,000 Subordinate Voting Shares for the exercise of stock options for gross proceeds of $144,000.

The Company issued 29,000 Subordinate Voting Shares for the exercise of stock options for gross proceeds of CAD$18,710.

On March 9, 2026 the Company converted all of its proportionate voting shares to subordinate voting shares.

## Exhibit 19.1

**Exhibit 19.1**

**ALASKA SILVER CORP.**

**INSIDER TRADING AND DISCLOSURE POLICY**

This Insider Trading and Disclosure Policy (this "Policy") sets forth the policy of Alaska Silver Corp. (the "Company") regarding transactions by certain individuals and entities involving securities of the Company and, where applicable, the disclosure of such transactions. All references to the "Company" in this Policy include any subsidiaries of Alaska Silver Corp.

**Persons Subject to the Policy**

This Policy applies to all officers and employees of the Company, all members of the Company's Board of Directors (the "Board"), and any consultants, advisors or contractors to the Company that the Company designates as subject to this Policy (collectively, these persons are referred to as "Company Personnel"). In addition, Company Personnel will be held responsible for actions of family members and other individuals who reside with them, as well as family members and entities whose transactions in Company securities are directed by the Company Personnel or subject to their influence or control, as described below in paragraphs 6 and 7 under "General Policies." In addition, certain trading restrictions apply to all (i) directors of the Company, (ii) executive officers of the Company (together with the directors, the "Company Insiders") and (iii) certain other employees (collectively, "Covered Persons"). The Company may amend this list from time to time to designate certain individuals as "Company Insiders" or "Covered Persons" because of their position, responsibilities or their actual or potential access to material information.

**General Statement**

Unlawful insider trading occurs when a person uses material nonpublic information obtained through his or her employment or other involvement with the Company to make decisions to purchase, sell or otherwise trade in the Company's securities or to provide that information to persons outside of the Company who trade in the Company's securities on the basis of that information. The prohibitions against insider trading apply to trading, tipping and making recommendations to trade if the information involved is material and nonpublic and the person using or disclosing the information owes a duty of trust or confidence to the Company or to the person who is the source of the information.

Nonpublic information concerning the Company or its business is the property of the Company. The Company prohibits the unauthorized use or disclosure of any such nonpublic information, whether acquired in the workplace as a result of an individual's employment or other relationship with the Company, including the unauthorized use or disclosure of any information concerning the Company or its business in connection with securities transactions.

**Compliance Officer**

The Company's Chief Financial Officer, shall serve as the Compliance Officer with respect to this Policy. In his absence, another employee designated by the Company's Chief Executive Officer shall be responsible for administration of this Policy.

**Individual Responsibility**

Company Personnel have legal obligations to maintain the confidentiality of information about the Company and to not engage in transactions in Company securities while aware of material nonpublic information. Each individual is responsible for making sure he or she understands and complies with this Policy, and that any family member, household member or entity whose transactions are subject to this Policy, as discussed below, also complies with this Policy. This Policy is intended to assist you in

------

complying with laws against insider trading, but, ultimately, it is your individual responsibility to comply with those laws. In all cases, the responsibility for determining whether you are aware of material nonpublic information rests with you and any action on the part of the Company, the Compliance Officer or any other employee or director pursuant to this Policy or otherwise does not in any way constitute legal advice or insulate you from liability under applicable securities laws. You could be subject to disciplinary action by the Company (up to and including termination of your employment or other relationship with the Company for cause) and severe legal penalties (including fines and imprisonment) if you engage in conduct prohibited by this Policy or applicable securities laws, as described in more detail below under "Consequences of Violations."

**General Policies**

The following are the general policies underlying this Policy that apply to **all Company Personnel**. The terms "material information," "nonpublic information," "blackout period" and "trading window" are defined below under "Definitions Used in this Policy."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; **Do not trade while in possession of material nonpublic information.** From time to time you may come into possession of material nonpublic information concerning the Company. You **may not** engage in transactions involving securities of the Company **at any time** while you are aware of material nonpublic information concerning the Company (whether during a "trading window" or at any other time). You must wait to engage in any such transactions until the material information has been public for **at least two (2) full trading days** (a trading day is a day on which the stock markets generally are open). In order to ensure compliance with this policy, you are required contact the Compliance Officer to pre-clear any such proposed transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; **Do not give material nonpublic information to others.** Do not disclose material nonpublic information to persons within the Company whose jobs do not require them to have that information, or to persons outside of the Company, including, but not limited to, family members, friends, business associates, investors and consultants, unless any such disclosure is (a) made in accordance with a confidentiality agreement approved by the Company's Chief Financial Officer, (b) otherwise in accordance with the Company's policies regarding the protection or authorized external disclosure of the Company's confidential information, or (c) reasonably necessary to ensure that transactions in Company securities by those family members, household members and entities for which you are responsible under this Policy comply with this Policy.

Providing material nonpublic information to outsiders may subject you to insider trading liability for "tipping." In addition, if you disclose any nonpublic information about the Company (other than in accordance with a confidentiality agreement approved by the Company's Compliance Officer or otherwise in accordance with the Company's policies regarding the protection or authorized external disclosure of the Company's confidential information), even if that information is not material, you may be in breach of your confidentiality obligations to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; **Do not recommend the purchase or sale of Company securities.** To avoid the appearance of impropriety and unlawful "tipping," you should refrain from making recommendations and expressing opinions about engaging in transactions involving the Company's securities under any circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; **Do not discuss Company information with the press, analysts or other persons outside of the Company.** The announcement of information concerning the Company is regulated by Company's best practices and may only be made by persons specifically authorized by the Company to make such announcements. Laws and regulations govern the nature and timing of such announcements to outsiders or the public and unauthorized disclosure could result in substantial liability for you, the Company and its management. If you receive inquiries about the Company from anyone outside the Company, you should notify the Compliance Officer.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; **Do not use material nonpublic information to trade in other public companies' securities.** If you become aware of material nonpublic information about a publicly traded company with which the Company does business (including a customer, vendor, supplier or other business partner), you may not trade in that company's securities until that information becomes public or no longer material. Any such transaction may result not only in violations of this Policy and securities laws, but also breach of confidentiality agreements with the Company and the third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; **Make sure close family members and anyone residing in your household do not violate this Policy.** This Policy is intended to prevent the appearance of unlawful insider trading as well as actual unlawful insider trading. Insider trading cases pursued by federal and state authorities frequently involve close family members of a company insider alleged to have been tipped by the insider. In addition, under federal securities laws, certain close family members who engage in transactions in company securities may be found liable of unlawful insider trading regardless of the insider's liability for tipping them. To help protect the Company and its directors, officers and employees, under this Policy, transactions involving Company securities by any family member who resides with you, anyone else who resides with you, and any family member (including your spouse or domestic partner, children (including children away at college), grandchildren, parents, grandparents, siblings, and any such relationship that arises through marriage or by adoption) who does not reside with you but whose transactions in Company securities are directed by you or are subject to your influence or control, such as a parent, sibling or child who consults with you before trading in Company securities (collectively referred to as "Family Members") will be treated as if they were transactions by you. Therefore, you should make your Family Members aware of this Policy and the need to confer with you before they trade in Company securities. This Policy does not, however, apply to personal securities transactions of Family Members where the purchase or sale decision is made by a third party not controlled or influenced by or related to you or your Family Members. Please contact the Compliance Officer if you have questions regarding the application of this Policy to Family Members, including whether the above exception is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; **Make sure any entity that you or your Family Members influence or control does not violate this Policy.** Transactions involving Company securities by any entity (such as a corporation, partnership or trust) that you or your Family Members influence or control (collectively referred to as "Controlled Entities") will be treated as if they are transactions by you. Therefore, you should take steps to ensure that Controlled Entities do not engage in any transaction that would violate this Policy if you engaged in such transaction directly. An exception to this general policy may be available in cases of Controlled Entities where you or your Family Members have delegated investment control to an independent third party, such as an institutional or professional trustee, and you do not share information concerning the Company with such third party. See "Exceptions for Blind Trusts and Pre-Arranged Trading Programs" under "Exceptions to General Policies" below for additional information. Please contact the Compliance Officer to discuss the application of this Policy and the availability of any exceptions to transactions by Controlled Entities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; **Make sure you do not violate this Policy while conducting Internet-based activities.** This Policy applies regardless of the means by which you trade securities or communicate information. Any verbal or written statement that would be prohibited under the law or under this Policy is equally prohibited if made on the Internet, including through social media. If you, your Family Members or Controlled Entities engage in any Internet-based activities, such as blogging, microblogging (e.g., Twitter), social networking (e.g., Facebook, LinkedIn), or participating in online "chat rooms" and message boards, take care to ensure that you, your Family Members and your Controlled Entities do not violate this Policy while conducting those activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp; **Do not trade before pre-clearance of the activities.** Company Personnel must "pre-clear" all trading in securities of the Company in accordance with the procedures set forth below.

**Exceptions to the General Policies**

------

The following are exceptions to the foregoing general policies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; **Exceptions for Transactions under Company Plans**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; <u>Stock Option Exercises</u>. This Policy does not apply to the exercise of an employee stock option acquired pursuant to the Company's plans, or to the exercise of a tax withholding right pursuant to which a person has elected to have the Company withhold shares subject to an option to satisfy tax withholding requirements. This Policy does apply, however, to any sale of stock as part of a broker-assisted cashless exercise of an option, or any other market sale for the purpose of generating the cash needed to pay the exercise price of an option. In addition, any subsequent sale of shares acquired upon exercise of a stock option is subject to this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp; <u>Restricted Stock Awards</u>. This Policy does not apply to the vesting of restricted stock, or the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares of stock to satisfy tax withholding requirements upon the vesting of any restricted stock. The Policy does apply, however, to any disposition of restricted stock other than to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp; <u>Employee Stock Purchase Plan</u>. Although the Company does not currently have an employee stock purchase plan, this Policy does not apply to purchases of Company securities in any employee stock purchase plan resulting from your periodic contribution of money to the Company plan pursuant to the election you made at the time of your enrollment in the plan. This Policy also does not apply to purchases of Company securities resulting from lump sum contributions to the plan, provided that you elected to participate by lump sum payment at the beginning of the applicable enrollment period. This Policy does apply, however, to your election to participate in the plan for any enrollment period, and to your sales of Company securities purchased pursuant to the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp; <u>401(k) Plan</u>. Although the Company does not currently have a 401(k) plan that permits the purchase of the Company's common stock, this Policy does not apply to purchases of Company securities in the Company's 401(k) plan resulting from your periodic contribution of money to the plan pursuant to your payroll deduction election. This Policy does apply, however, to certain elections you may make under the 401(k) plan, including: (a) an election to increase or decrease the percentage of your periodic contributions that will be allocated to the Company stock fund, if any; (b) an election to make an intra-plan transfer of an existing account balance into or out of the Company stock fund, if any; (c) an election to borrow money against your 401(k) plan account if the loan will result in a liquidation of some or all of the balance of your Company stock fund, if any; and (d) an election to pre-pay a plan loan if the pre-payment will result in allocation of loan proceeds to the Company stock fund, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; **Exceptions for Blind Trusts and Pre-Arranged Trading Programs**

Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), provides an affirmative defense against insider trading liability under federal securities laws for certain approved 10b5-1 plans, such as a "blind trust", or other pre-arranged written plan, binding contract or instruction that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; has been reviewed and approved at least one month in advance of any transaction thereunder by the Compliance Officer (or, if revised or amended, such revisions or amendments have been reviewed and approved by the Compliance Officer at least one month in advance of any subsequent trades);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp; was entered into in good faith by the Company Personnel at a time when the Company Personnel was not in possession of material nonpublic information about the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp; gives a third party the discretionary authority to execute such purchases and

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sales, outside the control of the Company Personnel, so long as such third party does not possess any material nonpublic information about the Company; or explicitly specifies the security or securities to be purchased or sold, the number of shares, the prices and/or dates of transactions, or other formula(s) describing such transactions.

Thus, a Company Personnel may enter into a transaction effected pursuant to such 10b5-1 plan even though the transaction in question may occur at a time when the person is aware of material nonpublic information and may enter into such transaction without pre-clearance. However, the Company reserves the right to bar any transactions in Company securities, even those pursuant to arrangements previously approved, if the Company determines that such a bar is in the best interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; **Exceptions for Transactions Not Involving a Purchase or Sale**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; *Bona fide* <u>gifts</u>. *Bona fide* gifts by you of Company securities are not transactions subject to this Policy, unless you have reason to believe that the donee intends to sell the securities while you are aware of material nonpublic information or during a blackout period, in which case you must pre- clear the gift transaction with the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp; <u>Transactions in mutual funds</u>. Transactions in mutual funds that are invested in Company securities are not transactions subject to this Policy.

**Company Insiders and Covered Persons Policies**

In addition to the General Policies listed above, Company Insiders and Covered Persons are required to comply with the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; **Do not trade during "blackout periods."** The Company prohibits Covered Persons from engaging in transactions during blackout periods (whether regularly-scheduled blackout periods, or special blackout periods that may be implemented from time to time). It is your responsibility to know when the Company's regularly-scheduled blackout periods begin and end, regardless of whether the Company typically notifies you when a blackout period begins or ends. If you are informed that the Company has implemented a special blackout period, you may not disclose that fact to anyone, including family members, friends and brokers, other than those family members, household members and entities whose transactions in Company securities would be attributed to you under this Policy. You should treat the imposition of a special blackout period as material nonpublic information concerning the Company.

If you are a Company Insider, you are prohibited from trading in the Company's equity securities during a blackout period imposed under an "individual account" retirement or pension plan of the Company, during which at least 50% of the plan participants are unable to purchase, sell or otherwise acquire or transfer an interest in equity securities of the Company, due to a temporary suspension of trading by the Company or the plan fiduciary.

Remember to cancel any "limit" orders or other pending transactions you have in place during a blackout period (unless the orders were made pursuant to an approved Rule 10b5-1(c) trading program – see "Exceptions for Blind Trusts and Pre-Arranged Trading Programs" under "Exceptions to General Policies").

Under very limited circumstances, a Covered Person may be permitted to trade during a regularly- scheduled blackout period, but only if the Covered Person does not in fact possess material nonpublic information and the Compliance Officer has pre-cleared the transaction with the approval of the Company's Chief Executive Officer. Covered Persons who wish to trade during a regularly-scheduled blackout period must contact the Compliance Officer for approval and follow the pre-clearance procedures set forth below. The Compliance Officer may not engage in a transaction involving the Company's

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securities unless the Chief Executive Officer or Chief Financial Officer of the Company has pre-cleared the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; **Do not engage in speculative transactions involving the Company's securities.** The Company prohibits Covered Persons from engaging in any transactions that suggest they are speculating in the Company's securities (that is, that you are trying to profit in short-term movements, either increases or decreases, in the price of the Company's securities). You **may not** engage in any short sale, "sale against the box" or any equivalent transaction involving the Company's securities (or the securities of any of the Company's customers, vendors, suppliers or other business partners). A "short sale" involves selling securities that you borrow with the expectation that the price will go down so you can buy the shares at a lower price before you have to return them.

In addition, the Company prohibits you from engaging in hedging transactions involving the Company's securities, such as "cashless" collars, forward sales, equity swaps and other similar arrangements.

Finally, the Company prohibits you from hypothecating or pledging Company securities to secure a loan and from purchasing Company securities "on margin" (that is, borrow funds to purchase securities, including in connection with exercising any Company stock options). Securities hypothecated or pledged as collateral for a loan may be sold in foreclosure if the borrower defaults on the loan. Similarly, securities held in a margin account as collateral for a margin loan may be sold by the broker without the customer's consent if the customer fails to meet a margin call. Because a foreclosure sale or margin sale may occur at a time when you are aware of material nonpublic information or otherwise not permitted to trade in Company securities, the Company prohibits these transactions.

**Pre-Clearance Procedures**

A request for pre-clearance should be submitted to the Compliance Officer **at least three (3) business days** in advance of a proposed transaction covered by this Policy to allow sufficient time for pre- clearance procedures. To begin the pre-clearance process, complete and submit to the Compliance Officer an Application for Approval of Transactions in Company Securities in the form attached as **Exhibit A** to this Policy. When making a request for pre-clearance, you should carefully consider whether you may be aware of any material nonpublic information about the Company and you should describe fully those circumstances to the Compliance Officer.

The Compliance Officer is under no obligation to approve a transaction submitted for pre-clearance and may determine not to permit the proposed transaction. If you seek pre-clearance and permission to engage in the transaction is denied, you must refrain from initiating any transaction in the Company's securities, and you should not inform any other person of the restrictions.

Each approved Application for Approval of Transactions in Company Securities is **valid only until the close of markets on the third (3**<sup>rd</sup>**) calendar day following the date of such approval** (as indicated on the application) and only on the terms approved in such application (which may not be the same as the terms originally submitted in such application). Approval of a transaction may be cancelled at any time (e.g., in the event of a special blackout period). After this 3-day period or upon cancellation of a prior approval, transactions are again subject to the pre-clearance procedures.

The Compliance Officer's approval of a transaction submitted for pre-clearance does not constitute legal advice, does not constitute confirmation that you do not possess material nonpublic information and does not relieve you of any of your legal obligations.

**Post-Termination Transactions**

This Policy continues to apply to transactions in Company securities even after termination of service to the Company. If you are in possession of material nonpublic information concerning the

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Company or its customers, vendors, suppliers or other business partners when your employment or other relationship with the Company terminates, you may not engage in transactions based on that information until it has become public or is no longer material. If you have questions as to whether you possess material nonpublic information after your employment or other relationship with the Company has ended, you should direct such questions to the Compliance Officer.

**Consequences of Violations**

The penalties for "insider trading" include civil fines of up to three times the profit gained or loss avoided, and criminal fines of up to $1,000,000 and up to ten years in jail for each violation. You can also be liable for improper transactions by any person to whom you have disclosed material nonpublic information or made recommendations on the basis of such information as to trading in the Company's securities (commonly referred to as "tippee liability"). The U.S. Securities and Exchange Commission (the "SEC") has imposed large penalties even when the disclosing person did not profit from the underlying trading. The SEC, the stock exchanges and the Financial Industry Regulatory Authority (FINRA) use sophisticated electronic surveillance techniques to uncover insider trading and are very effective at detecting insider trading. Company Personnel who violate this Policy also shall be subject to disciplinary action by the Company whether or not their failure to comply with this Policy resulted in a violation of law, which action may include Company-imposed sanctions such as ineligibility for future participation in the Company's equity incentive plans, up to termination of employment or other relationship with the Company for cause.

**Definitions Used in this Policy**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; **Blackout Period.** Following the end of each fiscal quarter and until public disclosure of the Company's financial results for that quarter, Company Personnel may possess material nonpublic information about the expected financial results for that quarter. Even if you don't actually possess any such information, any transactions by you during that period may give the appearance that you are trading on inside information. Accordingly, the Company has designated regularly-scheduled quarterly blackout periods starts at **beginning of the calendar day that is one (1) day after the end of the last month of each fiscal quarter** and ending at the **close of the second (2**<sup>nd</sup>**) full trading day** (day on which the stock markets generally are open) **after public disclosure of such quarter's financial results**. In other words, the quarterly blackout periods will begin on each of October 1, January 1, April 1, and July 1 and end at the close of the second full trading day after public disclosure of the preceding quarter's financial results.

In addition to the quarterly blackout periods, the Company may from time to time designate other periods of time as special blackout periods (for example, if there is some development with the Company's business that merits a suspension of trading by Company personnel). The Company may not widely announce the commencement of a special blackout period, as that information can itself be sensitive information. For this reason, it is extremely important that you adhere to the pre-clearance procedures outlined in this Policy, to the extent applicable to you or the transaction you are contemplating, to ensure that neither you, your Family Members or Controlled Entities trade during any special blackout period. You will be notified by the Compliance Officer if a special blackout period applies to you.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; **Material Information.** Information should be regarded as "material" if it is likely that it would be considered important to a reasonable investor in making a decision to buy, hold or sell Company securities. There is no bright-line standard for assessing materiality; rather it is based on an assessment of all the facts and circumstances, and is often evaluated by enforcement authorities with the benefit of hindsight. Any information that could be expected to affect the Company's stock price, whether positively or negatively, should be given particular consideration.

While it is not possible to define all categories of material information, some examples of information that are particularly sensitive and that should almost always be considered material are:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● clinical trial performance, including initiation of a trial, progress and pace of enrollment, and results;

● regulatory approval or disapproval of a product candidate;

● significant changes or developments in product candidates, research or technologies;

● financial results and projections, including quarterly and year-end results (especially to the extent the Company's actual results or expectations differ from analysts' expectations);

● significant changes in financial performance or liquidity, including impending bankruptcy;

● pending or proposed financing transactions, including public or private securities or debt offerings;

● pending or proposed licensing, partnering, merger, or joint venture transactions and acquisitions or dispositions of significant assets;

● pending or proposed material grants that would provide funding for one or more product candidates;

● material company restructurings;

● the gain or loss of a significant customer, vendor, supplier or other business partner;

● major product announcements;

● significant changes or developments in supplies or inventory, including manufacturing delays and spoilage, including with respect to clinical trial material;

● significant related-party transactions;

● changes in executive officers or the board of directors;

● changes in the Company's accountants or accounting policies,

● notice from the principal securities exchange on which the Company's common stock is listed of pending or potential delisting;

● stock splits, stock dividends or distributions, and rights offerings;

● pending or threatened significant litigation or the resolution of such litigation;

● significant labor disputes or negotiations; and

● any other major problems or successes of the business.

Either positive or negative information may be material. If you have any questions regarding whether information you possess is material, you should contact the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; **Nonpublic Information.** Information is considered to be "nonpublic" if it has not yet been disclosed to the general public. The Company generally discloses information to the public via press release or in the periodic, quarterly and annual reports that the Company files with the SEC. The Company may set forth its information disclosure practices in a separate policy. For purposes of this Policy, information is considered "public" only after it has been publicly disclosed, through press release or otherwise per the Company's disclosure practices, for at least **two (2) full trading days**. If you have any questions regarding whether any information you possess is nonpublic or has been publicly disclosed, you should contact the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; **Trading Window.** The period outside a blackout period is referred to as the "trading window." Trading windows that occur between the regularly-scheduled blackout periods can be "closed" by the imposition of a special blackout period if there are developments meriting a suspension of trading by Company personnel.

**Certification**

All Company Personnel must certify their understanding of and intent to comply with this Policy.

------

**ALASKA SILVER CORP.**

**INSIDER TRADING AND DISCLOSURE POLICY** 

**CERTIFICATION**

I certify that I have read, understand and agree to comply with the Alaska Silver Corp. Insider Trading and Disclosure Policy and, if applicable, the Additional Policies and Restrictions Applicable to Officers, Directors and Others Specified by the Company (the "Policy"). I understand that I will be subject to sanctions imposed by the Company, in its discretion, for any violations of the Policy and that the Company may issue stop-transfer and other instructions to the Company's transfer agent with respect to the transfer of Company securities as the Company may determine necessary to ensure compliance with the Policy. I agree that the Company may contact my broker to prevent the acquisition or disposition by me of Company securities in violation of the Policy. I acknowledge that one of the sanctions to which I may be subject as a result of violating the Policy is termination of my employment or other relationship with the Company, including termination for cause.

Date: Signature: <br> <br> Printed Name:

------

**EXHIBIT A**

**ALASKA SILVER CORP.**

**APPLICATION FOR APPROVAL OF TRANSACTION(S) IN COMPANY SECURITIES**

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| |
|:---|
| Name: |
| Title: |
| Type of security to be traded: |
| Proposed trade date(s): |
| Number of shares or dollar amount to be transacted: |
| Description of proposed transaction(s): |

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EXAMPLES OF MATERIAL NONPUBLIC INFORMATION

While it is not possible to identify all information that would be deemed "material nonpublic information," the following types of information ordinarily would be included in the definition if not yet publicly released by the Company:

---

| | |
|:---|:---|
| ● Clinical trial performance, including initiation of a trial, progress and pace of enrollment, and results;<br>● Regulatory approval or disapproval of a product candidate;<br>● Significant changes or developments in product candidates, research or technologies; <br>● Financial results and projections, including quarterly and year- end results (especially to the extent the Company's actual results or expectations differ from analysts' expectations);<br>● Significant changes in financial performance or liquidity, including impending bankruptcy;<br>● Pending or proposed licensing, partnering, merger, or joint venture transactions and acquisitions or dispositions of significant assets;<br>● Pending or proposed financing transactions, including public or private securities or debt offerings;<br>● Company restructurings;<br>● The gain or loss of a significant customer, vendor, supplier or other business partner;<br>| ● Significant changes or developments in supplies or inventory, including manufacturing delays and spoilage, including with respect to clinical trial material; <br>● Major product announcements;<br>● Significant related-party transactions;<br>● Changes in senior management or the board of directors; <br>● Changes in the Company's accountants or accounting policies;<br>● Notice from the principal securities exchange on which the Company's common stock is listed of pending or potential delisting;<br>● Stock splits, stock dividends or distributions, and rights offerings;<br>● Significant labor disputes or negotiations;<br>● Pending or threatened significant litigation or the resolution of such litigation; and<br>● Any other major problems or successes of the business.<br>|

---

------

CERTIFICATION

I,<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , hereby certify that (i) I am not in possession of any material nonpublic information concerning the Company (as defined in the Alaska Silver Corp. Insider Trading and Disclosure Policy) and (ii) to the best of my knowledge, the proposed transaction(s) listed above do not violate the trading restrictions of Section 16 of the Securities Exchange Act of 1934, as amended, or Rule 144 under the Securities Act of 1933, as amended. I understand that if I trade while I am aware of material nonpublic information or in violation of such trading restrictions, I may be subject to severe civil and/or criminal penalties, and may be subject to discipline by the Company, up to and including termination for cause.

&nbsp;&nbsp;&nbsp;&nbsp; <br> Signature Date

REVIEW AND DECISION

The undersigned duly appointed Compliance Officer of the Alaska Silver Corp. Insider Trading and Disclosure Policy (or his/her designee) hereby certifies that he/she has reviewed the foregoing application and

☐ APPROVES

☐ PROHIBITS

the proposed transaction(s).

&nbsp;&nbsp;&nbsp;&nbsp; <br> Compliance Officer (or designee) Date

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## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

**REGARDING THE ANNUAL REPORT ON FORM 10-K**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

I, Christopher Marrs, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K for the Year Ended December 31, 2025 of Alaska Silver Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 31, 2026

---

| |
|:---|
| /s/ *Christopher Marrs* |
| Christopher Marrs |
| *Chief Executive Officer* (Principal Executive Officer) |

---

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

**REGARDING THE ANNUAL REPORT ON FORM 10-K**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

I, Darren Morgans, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K for the Year Ended December 31, 2025 of Alaska Silver Corp.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Paragraph intentionally omitted in accordance with SEC Release Nos. 34-47986 and 34-54942;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: March 31, 2026

---

| |
|:---|
| /s/ *Darren Morgans* |
| Darren Morgans |
| *Chief Financial Officer* (Principal Financial Officer) |

---

------

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

**REGARDING THE ANNUAL REPORT ON FORM 10-K**

**FOR THE YEAR ENDED DECEMBER 31, 2025**

In connection with the Annual Report of Alaska Silver Corp. (the "Company") on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Christopher Marrs, Chief Executive Officer of the Company, and Darren Morgans, Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of our knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: March 31, 2026

---

| |
|:---|
| /s/ *Christopher Marrs* |
| Christopher Marrs  |
| *Chief Executive Officer* (Principal Executive Officer) |

---

Date: March 31, 2026

---

| |
|:---|
| /s/ *Darren Morgans* |
| Darren Morgans |
| *Chief Financial Officer* (Principal Financial Officer) |

---

------

## Exhibit 96.1

**Exhibit 96.1**

**S-K 1300 Technical Report Summary**

**Illinois Creek Project, Western Alaska, USA**

![Graphic](wamff-20251231xex96d1002.jpg)

**Alaska Silver Corp.**

3573 E. Sunrise Drive, Suite 233, Tucson, AZ 85718

**Prepared by:**

Bruce Davis, Ph.D., FAusIMM, BD Resource Consulting, Inc.

Jack DiMarchi, C.P.G., Core Geoscience LLC

Deepak Malhotra, PhD, SME(RM), DM Consulting

**Effective Date:** January 22, 2026

**Signature Date:** March 9, 2026

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Table of Contents**

---

| | | |
|:---|:---|:---|
| **Table of Contents** | **Table of Contents** | **i** |
| **1.0** | **Executive Summary** | **1-1** |
| 1.1 | Summary | 1-1 |
| 1.2 | Property Description and Ownership | 1-1 |
| 1.3 | Geological Setting, Mineralization, and Deposit | 1-2 |
| 1.4 | Status of Exploration | 1-3 |
| 1.5 | Metallurgy | 1-6 |
| 1.6 | Mineral Resource Estimates | 1-6 |
| 1.7 | Conclusions | 1-9 |
| 1.8 | Recommendations and Proposed Budget | 1-10 |
| **2.0** | **Introduction** | **2-1** |
| 2.1 | Qualified Persons | 2-1 |
| 2.2 | Site Visits | 2-1 |
| 2.3 | Sources of Information | 2-2 |
| 2.4 | Units of Measurement | 2-2 |
| 2.5 | Abbreviations and Acronyms | 2-3 |
| **3.0** | **Property Description** | **3-1** |
| 3.1 | Location | 3-1 |
| 3.2 | Land Tenure | 3-2 |
| 3.3 | Royalties, Agreements, and Encumbrances | 3-5 |
| 3.4 | Environmental Liabilities | 3-7 |
| 3.5 | Environmental Studies | 3-7 |
| 3.6 | Permitting | 3-10 |
| 3.7 | Other Significant Factors and Risks | 3-11 |
| **4.0** | **Accessibility, Climate, Local Resources, Infrastructure and Physiography** | **4-1** |
| 4.1 | Accessibility | 4-1 |
| 4.2 | Climate | 4-1 |
| 4.3 | Local Resources | 4-2 |
| 4.4 | Infrastructure | 4-2 |
| 4.5 | Physiography | 4-3 |
| **5.0** | **History** | **5-1** |
| 5.1 | Historical Exploration | 5-1 |
| 5.2 | Historical Production | 5-15 |

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Signature Date: March 9, 2026 i

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**6.0** **Geological Setting, Mineralization, and Deposit** **6-1** 

6.1 Regional Geology 6-1

6.2 Property Geology 6-8

6.3 Mineral Deposits 6-17

6.4 Other Alaska Silver Properties 6-36

6.5 Deposit Types 6-37

**7.0** **Exploration** **7-1** 

7.1 Exploration 7-1

7.2 Exploration Targets 7-16

7.3 Drilling 7-18

7.4 Hydrogeology Data 7-33

7.5 Geotechnical Data 7-34

**8.0** **Sample Preparation, Analyses, and Security** **8-1** 

8.1 Sample Preparation 8-1

8.2 Security 8-6

8.3 Assaying and Analytical Procedures 8-6

8.4 Quality Assurance/Quality Control 8-8

8.5 QP's Opinion 8-12

**9.0** **Data Verification** **9-1** 

9.1 Historical Data Verification 9-1

9.2 WAC&G Data Verification 9-1

9.3 QP Data Verification 9-1

9.4 QP's Opinion 9-2

**10.0** **Mineral Processing and Metallurgical Testing** **10-1** 

10.1 Historical Metallurgical Test Work 10-1

10.2 Goldmor Group (1988–1990) 10-2

10.3 Conceptual Process Flowsheet 10-4

10.4 QP's Opinion 10-5

**11.0** **Mineral Resource Estimates** **11-1** 

11.1 Summary 11-1

11.2 Illinois Creek 11-5

11.3 Waterpump Creek 11-41

11.4 QP's Opinion 11-64

11.5 Mineral Resource Reporting 11-66

Signature Date: March 9, 2026 ii

------

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**12.0** **Mineral Reserve Estimates** **12-1** 

**13.0** **Mining Methods** **13-1** 

**14.0** **Processing and Recovery Methods** **14-1** 

**15.0** **Infrastructure** **15-1** 

**16.0** **Market Studies** **16-1** 

**17.0** **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** **17-1** 

**18.0** **Capital and Operating Costs** **18-1** 

**19.0** **Economic Analysis** **19-1** 

**20.0** **Adjacent Properties** **20-1** 

**21.0** **Other Relevant Data and Information** **21-1** 

**22.0** **Interpretation and Conclusions** **22-1** 

**23.0** **Recommendations** **23-1** 

**24.0** **References** **24-1** 

**25.0** **Reliance on Information Provided by the Registrant** **25-1** 

**26.0** **Date and Signature Page** **26-1** 

**Tables**

---

| | | |
|:---|:---|:---|
| Table 1-1: | Mineral Resource Estimate for Illinois Creek In-Situ Mineral Resources – January 22, 2026 | 1-6 |
| Table 1-2: | Mineral Resource Estimate for Leach Pad Mineral Resources – January 22, 2026 | 1-7 |
| Table 1-3: | Mineral Resource Estimate for Combined Illinois Creek In-Situ and Leach Pad Mineral Resources – January 22, 2026 | 1-7 |
| Table 1-4: | Waterpump Creek Sulfide Mineral Resource Estimate - February 20, 2024 | 1-8 |
| Table 1-5: | Waterpump Creek Oxide Mineral Resource Estimate - February 1, 2024 | 1-9 |
| Table 1-6: | Recommendations for the Illinois Creek Project with Proposed Budgets | 1-11 |
| Table 3-1: | Summary of Alaska Silver Lands | 3-2 |
| Table 3-2: | Mine Permits | 3-11 |
| Table 5-1: | Anaconda Soil Surveys 1980-1984 | 5-5 |
| Table 5-2: | Echo Bay and USMX Soil Surveys 1993-1995 | 5-6 |
| Table 5-3: | NovaGold and Piek Exploration Soil Surveys 2006-2015 | 5-7 |
| Table 5-4: | Airborne and Ground Magnetic Surveys at Illinois Creek | 5-9 |
| Table 5-5: | Various Electrical Geophysical Surveys at Illinois Creek | 5-10 |
| Table 5-6: | Gravity Surveys at Illinois Creek | 5-12 |

---

Signature Date: March 9, 2026 iii

------

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | | |
|:---|:---|:---|
| Table 5-7: | Drill Campaigns 1980-2006 at Illinois Creek | 5-13 |
| Table 6-1: | Age Determinations - Illinois Creek District | 6-7 |
| Table 6-2: | Current Lithology Codes for the Illinois Creek District | 6-14 |
| Table 6-3: | Historical Lithology Codes at the Illinois Creek Deposit | 6-17 |
| Table 6-4: | 2021, 2022, and 2023 Sulfide Intervals from Waterpump Creek | 6-22 |
| Table 6-5: | Sulfide Zone Minerals at the Waterpump Creek Deposit | 6-27 |
| Table 6-6: | Oxide Zone Minerals at the Waterpump Creek Deposit | 6-29 |
| Table 6-7: | Mineralogy of the Illinois Creek Oxide Deposit | 6-34 |
| Table 7-1: | Major Exploration Targets - Illinois Creek Property | 7-18 |
| Table 7-2: | Drill Campaigns 1981 through 2025 | 7-19 |
| Table 7-3: | Summary of Illinois Creek Property Drilling Campaigns by Drill Contractor | 7-21 |
| Table 8-1: | Sample Preparation Procedures Drill Campaigns 1981 through 2025 | 8-1 |
| Table 8-2: | Summary of On-site Specific Gravity Measurements | 8-3 |
| Table 8-3: | Specific Gravity - USMX 1996 Feasibility Study | 8-5 |
| Table 8-4: | Analytical Laboratories and Protocols - Drill Campaigns 1981 through 2025 | 8-6 |
| Table 8-5: | Certified Reference Materials Utilized by WAC&G from 2021 through 2025 | 8-9 |
| Table 8-6: | Core and Quality Control Materials 2021 through 2025 | 8-9 |
| Table 8-7: | Certified Reference Materials Utilized by WAC&G during the 2021/22 Season | 8-10 |
| Table 8-9: | Chemex Check Assays 1991 | 8-11 |
| Table 8-10: | USMX Bondar-Clegg vs Chemex Check Assays 1996 | 8-12 |
| Table 10-1: | Feed Analyses of Three Bulk Samples | 10-3 |
| Table 10-2: | Column Leach Test Results for Three Bulk Samples | 10-3 |
| Table 11-1: | Mineral Resource Estimate for Combined Illinois Creek In-Situ and Leach Pad Mineral Resources – January 22, 2026 | 11-2 |
| Table 11-2: | Waterpump Creek Mixed Oxide/Sulfide and Sulfide Mineral Resource Estimate – February 20, 2024 | 11-3 |
| Table 11-3: | Waterpump Creek North Oxide Mineral Resource Estimate – February 1, 2024 | 11-4 |
| Table 11-4: | Summary of Basic Statistics of Data Proximal to the Mineral Resource Model | 11-11 |
| Table 11-5: | Treatment of Outlier Sample Data | 11-16 |
| Table 11-6: | Variogram Parameters | 11-17 |
| Table 11-7: | Block Model Limits | 11-17 |
| Table 11-8: | Interpolation Parameters for In Situ Mineral Resources | 11-18 |
| Table 11-9: | Summary of Basic Statistics of Leach Pad Sample Data | 11-29 |

---

Signature Date: March 9, 2026 iv

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | | |
|:---|:---|:---|
| Table 11-10: | Treatment of Outlier Samples in Leach Pad Data | 11-30 |
| Table 11-11: | Variogram Parameters of Leach Pad Sample Data | 11-31 |
| Table 11-12: | Interpolation Parameters for Leach Pad Area Mineral Resources | 11-32 |
| Table 11-13: | Mineral Resource Estimate for Illinois Creek In Situ Mineral Resources – January 22, 2026 | 11-38 |
| Table 11-14: | Mineral Resource Estimate for Illinois Creek Leach Pad Mineral Resources – January 22, 2026 | 11-38 |
| Table 11-15: | Mineral Resource Estimate for Combined Illinois Creek In-Situ and Leach Pad Mineral Resources – January 22, 2026 | 11-39 |
| Table 11-16: | Sensitivity of In Situ Mineral Resources to Gold Price | 11-40 |
| Table 11-17: | Averaged Bulk Density Results by Domain | 11-47 |
| Table 11-18: | Summary of Basic Statistics of Assay Data by Mineralized Domains | 11-48 |
| Table 11-19: | Lithology and Mineralized Domains with Corresponding Codes | 11-50 |
| Table 11-20: | Summary of Basic Statistics of 1.5 m Composites by Mineralized Domains | 11-51 |
| Table 11-21: | Outlier Limitation Grade Thresholds and Range by Domain | 11-53 |
| Table 11-22: | Variogram Parameters | 11-54 |
| Table 11-23: | Block Model Limits | 11-54 |
| Table 11-24: | Interpolation Parameters for In Situ Mineral Resources – Waterpump Creek | 11-55 |
| Table 11-25: | In Situ Underground Mineral Resource Estimate at Waterpump Creek Deposit Declared using 200 g/t AgEqR Cut-off for the Mixed Oxide/Sulfide (600) and Sulfide (665) Domains – February 20, 2024 | 11-61 |
| Table 11-26: | In Situ Underground Mineral Resource Estimate at Waterpump Creek Deposit Reported using Comparative AgEqR Cut-offs | 11-62 |
| Table 11-27: | In Situ Open Pit Inferred Mineral Resource Estimate at Waterpump Creek Deposit Declared using 40 g/t Ag Cut-off for the North Oxide Domain (620) – February 1, 2024 | 11-63 |
| Table 11-28: | In Situ Mineral Resource Estimate at Waterpump Creek Deposit Reported using Comparative AgEq Cut-offs | 11-64 |
| Table 11-29: | In Situ Mineral Resource Estimate at Waterpump Creek Deposit Reported for Underground and Open Pit Extraction Methods | 11-65 |
| Table 23-1: | Recommendations for the Illinois Creek Project with Proposed Budgets | 23-1 |

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**Figures**

---

| | | |
|:---|:---|:---|
| Figure 3-1: | Property Location Map | 3-1 |
| Figure 3-2: | Land Holdings of Alaska Silver in the Illinois Creek Mining District | 3-3 |
| Figure 3-3: | Illinois Creek Claims with Uplands Lease Area | 3-4 |
| Figure 3-4: | WAM Area of Influence | 3-5 |

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Signature Date: March 9, 2026 v

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | | |
|:---|:---|:---|
| Figure 5-1: | Simplified Plan Map Showing Mineralized Zones, Drill Collars, Simplified Map Units, and Major Mineralization-controlling Structures | 5-2 |
| Figure 5-2: | Total Field Magnetics - Kaiyuh Hills | 5-8 |
| Figure 5-3: | Total Field Magnetics and Regional Gravity Survey | 5-9 |
| Figure 5-4: | Regional Gravity Survey | 5-11 |
| Figure 5-5: | 2004 NovaGold/Edcon Gravity Survey | 5-12 |
| Figure 6-1: | Generalized Geologic Map of the Southern Kaiyuh Mountains | 6-2 |
| Figure 6-2: | Existing Tectonic Models for the Ruby Terrane | 6-3 |
| Figure 6-3: | West-Central Alaska Deformation 145-113 Ma | 6-4 |
| Figure 6-4: | West-Central Alaska Deformation 113-86 Ma | 6-5 |
| Figure 6-5: | West-Central Alaska Deformation 86-66 Ma | 6-6 |
| Figure 6-6: | Simplified Geologic Map of the Illinois Creek Property with Primary Mineralization-Controlling Structures and Simplified Geologic Domains | 6-9 |
| Figure 6-7: | Stratigraphic Column | 6-11 |
| Figure 6-8: | Plan Map of the Waterpump Creek Drill Collars | 6-19 |
| Figure 6-9: | Longitudinal Section Down Axis of Waterpump Creek Manto | 6-20 |
| Figure 6-10: | 3D Plan Map Projection of the Waterpump Creek Sulfide Body | 6-21 |
| Figure 6-11: | Argentiferous Galena with Pyrite, Fe-rich Sphalerite, and Dolomite: WPC22-20 | 6-24 |
| Figure 6-12: | Partial Replacement Textures Showing Primary Bedding | 6-25 |
| Figure 6-13: | Complete Massive Replacement Textures | 6-26 |
| Figure 6-14: | Complex Brecciated Chimney Mineralization | 6-26 |
| Figure 6-15: | WPC Oxide Zone Drill Core: WP-83-006: 14.1 m at 25.3 oz/st Ag (866.4 g/t) Ag, 44% Pb, and 2.3% Zn | 6-28 |
| Figure 6-16: | WPC Oxide Zone Trench CC Samples | 6-28 |
| Figure 6-17: | Core Sample Photograph of FG and FMG | 6-29 |
| Figure 6-18: | 3D Perspective View of Illinois Creek Deposit Showing FG and FQ Units (Red) and Calcareous and Dolomitic Quartzites (Yellow) | 6-30 |
| Figure 6-19: | 3D Perspective View of the Illinois Creek Deposit Showing Gold Grades | 6-30 |
| Figure 6-20: | 3D Perspective View of Illinois Creek Deposit Showing Silver Grades | 6-31 |
| Figure 6-21: | Reflected Light Photomicrographs of Rare Primary Minerals at Illinois Creek | 6-33 |
| Figure 6-22: | Fugitive Calcite Veins Under Natural Light and SWUV Light WPC22-21 at 167.5 m | 6-35 |
| Figure 6-23: | Schematic Cross-Section Showing the Alteration Zonation of WPC | 6-35 |
| Figure 6-24: | Strong Sanding in the Illinois Creek Central Pit | 6-36 |

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Signature Date: March 9, 2026 vi

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | | |
|:---|:---|:---|
| Figure 6-25: | Comparison of Illinois Creek CRD System with Major Worldwide CRD Systems | 6-38 |
| Figure 7-1: | Lead Soil Geochemistry - Illinois Creek Property | 7-2 |
| Figure 7-2: | Zinc Soil Geochemistry - Illinois Creek Property | 7-2 |
| Figure 7-3: | Arsenic Soil Geochemistry - Illinois Creek Property | 7-3 |
| Figure 7-4: | Gold Soil Geochemistry - Illinois Creek Property | 7-3 |
| Figure 7-5: | Copper Soil Geochemistry - Illinois Creek Property | 7-4 |
| Figure 7-6: | Gold Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-5 |
| Figure 7-7: | Silver Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-6 |
| Figure 7-8: | Arsenic Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-6 |
| Figure 7-9: | Copper Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-7 |
| Figure 7-10: | Lead Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit | 7-7 |
| Figure 7-11: | Zinc Soil Geochemistry and Exploration Targets Near the Illinois Creek Deposit | 7-8 |
| Figure 7-12: | 2022 CSAMT Survey | 7-9 |
| Figure 7-13: | Resistivity Profile Through the Waterpump Creek Sulfide Body | 7-10 |
| Figure 7-14: | East-Looking View of the WPC-LH Resistivity Anomaly | 7-11 |
| Figure 7-15: | South-Looking View of the <30-ohm IP Resistivity Anomaly Looking from WPC Through the LH Target Area | 7-11 |
| Figure 7-16: | Two Oblique Views of the 5 ohm-m and 25 ohm-m Modelled Domains | 7-13 |
| Figure 7-17: | Merged Regional Magnetic Data Showing the Alaska Silver Claims and Geologic Terranes | 7-15 |
| Figure 7-18: | SkyTEM EM Data, Grid by Matthew Penney at Hardrock Geophysics Showing the Regional Fold Structures of the Ruby Terrane | 7-16 |
| Figure 7-19: | Plan Map Showing Drill Campaigns in the WPC-LH Trend | 7-22 |
| Figure 7-20: | Plan Map Showing Drill Campaigns in the Illinois Creek Deposit Area | 7-23 |
| Figure 7-21: | Plan Map Showing RC and Core Drill Holes in the Illinois Creek Deposit Area | 7-23 |
| Figure 8-1: | Plot Showing ALS and Zonge SG vs. Field-measured SG | 8-3 |
| Figure 11-1: | Plan View of Gold Grades in Drilling | 11-7 |
| Figure 11-2: | Isometric View of Available Gold Data in Drilling | 11-7 |
| Figure 11-3: | Isometric View of Available Silver Data in Drilling | 11-8 |
| Figure 11-4: | Isometric View of Available Copper Data in Drilling | 11-8 |

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Signature Date: March 9, 2026 vii

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | | |
|:---|:---|:---|
| Figure 11-5: | Isometric View of Gold Data in Drilling following Treatment of Unsampled Intervals | 11-9 |
| Figure 11-6: | Isometric View of Silver Data in Drilling following Treatment of Unsampled Intervals | 11-10 |
| Figure 11-7: | Isometric View of Gold Probability Grade Shell Domain | 11-12 |
| Figure 11-8: | Isometric View of Silver Probability Grade Shell Domain | 11-13 |
| Figure 11-9: | Boxplots of Gold and Silver Data Inside vs Outside of the Probability Grade Shell Domains | 11-14 |
| Figure 11-10: | Contact Profiles of Gold and Silver Grades Across Grade Shell Domains Boundaries | 11-15 |
| Figure 11-11: | Gold Grades in Drilling and Block Model | 11-19 |
| Figure 11-12: | Silver Grades in Drilling and Block Model | 11-19 |
| Figure 11-13: | Gold Equivalent Grades in Block Model | 11-19 |
| Figure 11-14: | Herco Grade/Tonnage Plot for Gold and Silver Models | 11-20 |
| Figure 11-15: | Grade/Tonnage Comparison of Gold and Silver Models | 11-21 |
| Figure 11-16: | Swath Plot of Gold and Silver OK and NN Models by Easting | 11-22 |
| Figure 11-17: | Plan View Showing Drilling on the Illinois Creek Deposit and in the Leach Pad Area | 11-24 |
| Figure 11-18: | Plan View of Drilling on the Leach Pad Area | 11-25 |
| Figure 11-19: | Isometric View of Available Gold Data in Leach Pad Drilling | 11-26 |
| Figure 11-20: | Isometric View of Available Silver Data in Leach Pad Drilling | 11-26 |
| Figure 11-21: | Isometric View of Available Copper Data in Leach Pad Drilling | 11-27 |
| Figure 11-22: | Isometric View of Available Lead Data in Leach Pad Drilling | 11-27 |
| Figure 11-23: | Isometric View of Available Zinc Data in Leach Pad Drilling | 11-28 |
| Figure 11-24: | Isometric View of AuCN/AuTotal Ratios in Leach Pad Drilling | 11-28 |
| Figure 11-25: | Gold Grades in Drilling and Block Model in the Leach Pad Area | 11-33 |
| Figure 11-26: | Silver Grades in Drilling and Block Model in the Leach Pad Area | 11-33 |
| Figure 11-27: | Herco Grade/Tonnage Plot for Gold and Silver Models in the Leach Pad Area | 11-34 |
| Figure 11-28: | Swath Plot of Gold and Silver OK and NN Models by Easting in the Leach Pad Area | 11-35 |
| Figure 11-29: | Plan View of Silver Grades in Drilling, Ag g/t | 11-42 |
| Figure 11-30: | Long Section View of Silver Grades in Drilling, Ag g/t | 11-43 |
| Figure 11-31: | Plan View of Lead Grades in Drilling, Pb % | 11-44 |
| Figure 11-32: | Longitudinal Section View of Lead Grades in Drilling, Pb % | 11-45 |
| Figure 11-33: | Plan View of Zinc Grades in Drilling, Zn % | 11-46 |

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Signature Date: March 9, 2026 viii

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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---

| | | |
|:---|:---|:---|
| Figure 11-34: | Long Section View of Zinc Grades in Drilling, Zn % | 11-47 |
| Figure 11-35: | Plan View of Mineralized Domains at Waterpump Creek Deposit | 11-49 |
| Figure 11-36: | Long Section View of Mineralized Domains at Waterpump Creek Deposit | 11-50 |
| Figure 11-37: | Histogram/Probability Plots of 1.5 m Composites for Ag g/t, Pb%, and Zn% in Domain 665 | 11-52 |
| Figure 11-38: | Grades in Drilling and Block Model, Section 558240E, Domains 600 and 665 | 11-56 |
| Figure 11-39: | Grades in Drilling and Block Model, Section 558255E, Domains 600 and 665 | 11-57 |
| Figure 11-40: | Grades in Drilling and Block Model, Section 558270E, Domains 600 and 665 | 11-58 |
| Figure 11-41: | Swath Plot of Gold and Silver OK and NN Models by Easting for All Domains | 11-59 |

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Signature Date: March 9, 2026 ix

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.0** **Executive Summary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Summary** 

BD Resource Consulting, Inc. (BMD), Core Geoscience LLC (CG), and DM Consulting were retained by Alaska Silver Corp. (the Company or Alaska Silver) to prepare a Technical Report Summary (TRS) on its Illinois Creek Property (the Property or the Project), located in western Alaska, USA. This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. The purpose of this TRS is to disclose updated Mineral Resource estimates on the Illinois Creek deposit at the Property. The QPs for this TRS are Bruce Davis, FAusIMM, Jack DiMarchi, C.P.G., and Deepak Malhotra, SME-RM.

The Illinois Creek Property is one of five properties controlled by Alaska Silver in the Illinois Creek district. Alaska Silver is a public company trading on the TSX Venture (TSX-V) exchange under the symbol WAM, which through its wholly owned subsidiaries Western Alaska Copper and Gold Inc. (WAC&G, now Alaska Silver USA Corp. [Alaska Silver USA]) and Piek Inc. owns a 100% interest in the five properties. Since 2010, Alaska Silver and its precursor companies have been exploring and advancing its interests in the Illinois Creek mining district located in western Alaska near the Yukon River.

Mineral resources at the Property are located in two areas, Illinois Creek and Waterpump Creek. Illinois Creek mineral resources consist of Illinois Creek oxide gold-silver mineralization and heap leach pad material from the historical Illinois Creek mine. Mineral resources at Waterpump Creek deposit consist of near surface oxide lead-zinc-silver and deeper sulfide silver-lead-zinc mineralization.

The effective date of the Illinois Creek Mineral Resource estimate is January 22, 2026. There has been no additional drilling on Illinois Creek since 2024. Costs and metal prices have been updated for the current Mineral Resource estimate on Illinois Creek.

The effective date of the Waterpump Creek sulfide Mineral Resource estimate is February 20, 2024, and the effective date of the Waterpump Creek oxide Mineral Resource estimate is February 1, 2024. The QP has confirmed that there were no changes in the Mineral Resource estimates for Waterpump Creek between their effective date and the date of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Property Description and Ownership** 

The Illinois Creek Property is located in the southern Kaiyuh Mountains just east of the Yukon River in western Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the community of Galena. The Property is geographically isolated with no current road access or nearby power infrastructure.

On October 17, 2018, Piek Inc. and WAC&G entered into a joint venture agreement to actively explore and develop the Illinois Creek Property owned 100% by Piek Inc., an Alaska-based corporation.

Under the terms of the agreement and amendments to the agreement, a JV Company was established whereby WAC&G could acquire a 100% ownership in the Illinois Creek Property through a series of milestones.

Signature Date: March 9, 2026 1-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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On March 31, 2021, in anticipation of listing WAC&G on the TSX-V exchange, WAC&G completed the purchase of the Illinois Creek Property from Joe Piekenbrock (Piekenbrock), the underlying 100% owner of Piek Inc. Under the terms of the purchase agreement, WAC&G exercised its option to purchase the remaining 50% interest in the property for US$3.698 million via promissory note and 120 shares in WAC&G.

In October 2021, as a precursor to going public, the Illinois Creek JV was completed and terminated and WAC&G was vested with a 100% interest in the Illinois Creek Property by purchasing Piek Inc. WAC&G then went public in November 2021 by completing a reverse takeover using a shell company 1246779 B.C. Ltd which subsequently was renamed Western Alaska Minerals Corp. which holds title to both the WAC&G claims and Piek Inc. claims.

Seventy (70) Piek Inc. claims totaling approximately 4,506 hectares [ha] (11,135 acres) were converted to a State of Alaska Uplands Mining Lease in July 2024. An additional 86 claims were staked by WAC&G in 2021, after the acquisition of Piek Inc., and 115 new claims were staked by WAC&G in 2022. An additional 46 claims were staked by WAC&G in 2025.

The total land package is 32,737 ha (80,895 acres) and includes: 287 Illinois Creek Claims, 19 Khotol Claims, 18 Paw Print Claims, 24 Honker Claims, 88 Round Top Claims, and 4,506 ha (11,135 acres) converted to Uplands Mining Lease.

On April 25, 2025, Western Alaska Minerals Corp. formally changed its name to Alaska Silver Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Geological Setting, Mineralization, and Deposit** 

The Illinois Creek mining district is characterized by intrusion related hydrothermal systems including porphyry copper/molybdenum/silver deposits (PCDs) and surrounding polymetallic silver/zinc/lead/copper/gold (Ag/Zn/Pb/Cu/Au) carbonate replacement deposits (CRD) along with distal low-sulfidation precious-metal veins related to the porphyries. The porphyries in the district are of mid- and late-Cretaceous ages. A Jurassic through mid-Cretaceous fold/thrust event obducts rocks of the Triassic/Jurassic Angayucham terrain and over a thick, poorly documented lower Paleozoic sedimentary stratigraphy which is also foreshortened with deep water stratigraphic units to the east overthrust and stacked on progressively more continental margin rocks to the west.

At the Illinois Creek Property, mineralization is characterized by the extensive development of Ag/Zn/Pb/Cu/Au carbonate replacement bodies deposited in the over-thickened continental margin carbonate assemblages. The property is divided into two distinct structural blocks herein dubbed the East Block and the West Block, that are reinterpreted as thrust sheets. Both blocks show distinctive stratigraphic sequences, but both are overprinted by the same 110-114 Ma Illinois Creek mineralization event. That event is metallogenetically related to the relaxation at the end of the compressional event which resulted in the emplacement of the Khotol Mountain suite of intrusions.

Both primary sulfide mineralization and secondary gossan-hosted oxide mineralization are present on the Property, and both are viable exploration targets. Current oxide and sulfide resources are reported herein, including the initial mineral resource for the Waterpump Creek zone.

Signature Date: March 9, 2026 1-2

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Status of Exploration** 

Exploration on the Property began in the early 1980s and an open pit mine was built in the late 1990s with limited production through the early 2000s, when mining was halted due to falling metal prices and corporate financial difficulties for the operators at that time.

Historically, the Property has been explored and exploited for oxide Au and Ag mineralization in gossans developed from the deep weathering of the sulfide carbonate replacement bodies developed in the dolomites and dolomitic quartzites of both the East and West blocks.

With the consolidation of the district holdings of both Piek Inc. and WAC&G in 2019, WAC&G began evaluation of the historical Illinois Creek oxide mineralization and conducted extensive drilling of the leach pad with the corporate strategy to redevelop the oxide mine. The Illinois Creek gossan is a deeply weathered, massive sulfide body oxidized to as much as 400 m below the existing surface which contains exploitable Au/Ag/Cu mineralization.

In 2021, WAC&G began to explore not just for extensions to the oxide gossan mineralization but made its initial test of sulfide mineralization at WPC that had been discovered by Anaconda Minerals Company (Anaconda) in 1983. Drilling in 2021 first targeted oxide gossan mineralization and then drilled downdip of a few historical Anaconda drill holes that had encountered high-grade sulfide mineralization. Results from WPC21-09 returned 11.5 meters (m) of 522 g/t Ag, 22.5% Zn, and 14.8% Pb. The impact of this high-grade hole caused the company to pivot its exploration strategy to focus on the sulfide potential of the Property.

Since 2021, a major reinterpretation of the Illinois Creek property geology has been ongoing due to this discovery of sulfide mineralization at depths below previous levels of exploration. Utilizing 1) a better understanding of CRD morphologies; 2) a greatly expanded multi-element inductively coupled plasma (ICP) soil database in 2021 and 2022; 3) reinterpretation and inversions of historical geophysical surveys; 4) a 2022 controlled source audio-magnetotellurics (CSAMT) and a 2023 3D resistivity and induced polarization (3DIP) geophysical surveys, undertaken to domain resistivity and chargeability at depth; and 5) ongoing drilling and mapping, a new and more coherent understanding of the Property is evolving.

Drilling in 2022 and 2023 at Waterpump Creek has outlined a CRD containing massive to semi-massive sulfide mineralization dominated by coarse-grained sphalerite, argentiferous galena, and pyrite in recrystallized ferroan dolomite. Drilling to date has outlined a sulfide body approximately 495 m in strike length by 25 to 75 m in width, and with thicknesses varying from 5 to over 100 m.

Mineralization is controlled by the NNE-trending Waterpump Creek (WPC) fault that down drops and folds the pre-existing schist/dolomite thrust surface into the fault. Mineralization occurs as massive sulfide replacement of the footwall dolomite both at the contact and within upper portions of the dolomite as it rolls into the fault. Mineralization remains open both to the north and south along the structure and at depth along the WPC fault. Significant thickening of the mineralized dolostone to >100 m around drill hole WPC22-18 suggests a chimney like expansion of the mineralized body.

In conjunction with the 2022 drill program, Alaska Silver commissioned a property-wide CSAMT survey with Zonge International to better understand the overall structural architecture of the system. CSAMT is a deep-sounding resistivity technique that effectively defines areas of similar resistivity and highlights structures bounding those discrete resistivity domains. Profiles from the CSAMT have improved the understanding of the structural framework and stratigraphic sections permissive for CRD mineralization in both the East and West structural blocks.

Signature Date: March 9, 2026 1-3

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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A high resolution 3DIP survey was acquired by DIAS Geophysical (DIAS) covering Waterpump Creek and Last Hurrah (now known as LH) target areas during the 2023 summer field season. Over 3 million dipole combinations were generated using the DIAS common voltage reference technique to provide an extremely data-rich survey for resolving both shallow and deep subsurface electrical properties over an area of approximately 11 km<sup>2</sup>. Inversion modeling with UBC DCIP3D and Loke Res3DInv reveals distinct structural, stratigraphic controls to CRD mineralization as well as outline the increasing alteration halo to the south from Waterpump Creek, through LH and into the Illinois Creek area.

In the East Block, the mineralization-controlling NNE-trending WPC fault is apparent over the entire 6 km strike length of the survey. With the success of 2022 drilling at Waterpump Creek in the East Block and the potential to greatly expand the mineralization footprint, Alaska Silver also commissioned a re-inversion of the historical 2005 NovaGold pole-dipole IP survey using an updated 3D inversion algorithm. This survey covers 2 km of the WPC fault south from the WPC21-09 discovery hole including the currently outlined extent of the mineralized body. The new 3D inversion shows a direct correlation between both resistivity and chargeability with the Waterpump Creek sulfide body. The data also shows the conductive anomaly extending over 1.4 km south of the current Waterpump Creek drilling into the LH target area. Extensions to the Waterpump Creek sulfide mineralization and the conductive anomaly were a focus of 2023 drilling.

In the West Block, the new CSAMT profiles have led to the recognition of a slightly oblique fault south of the Illinois Creek (IC) fault called the Warm Springs fault. Between the two faults, deep oxidation up to 400 m has formed the Illinois Creek gossan. The oxide resources described in this report occur in the gossan. The low-grade East IC manto extends east and south of the Illinois Creek gossan. The East IC manto appears to lie at or near the contact between the dolomitic quartzites and dolomites.

South of the Warm Springs fault, an extensive greenstone thrust plate caps the permissive stratigraphy and looks to provide an aquitard similar to that seen with the WPC-LH trend where the Kaiyuh pelitic schists cap the dolomites. Two exploration holes were drilled late in the 2022 season were lost after cutting the uppermost 50 m of the dolomitic quartzites the holes encountered major alteration as multiphase silicification and pyrite with anomalous Pb, Zn, and Ag. This permissive stratigraphy occurs in a CRD target area of 4 x 2 km defined by the CSAMT survey. The target lies to the east and south of the Illinois Creek oxide resource pit. In addition to the geophysical support for the Warm Springs target, expanded soil sampling coverage shows a major coincident Cu, Au, Pb, and arsenic (As) anomaly covering a 1.5 x 1.5 km area south of the Illinois Creek pit. The soil samples suggest a porphyry target may be developing in this direction.

The Warm Springs along with the LH CRD targets were drill tested by the 2024 drill program. Seven of nine drill holes targeting Warms Spring intersected multiple pulses of mineralization including massive to semi-massive pyrite associated with gold, copper, and local silver mineralization, recrystallized ankerite associated with sphalerite (zinc) and galena (lead) mineralization, and extensive gossan (oxide). The mineralization is hosted within an intense silicification and brecciation zone that is an order of magnitude greater in size of Waterpump Creek, thus defining a large CRD hydrothermal system. The LH drilling (four holes totaling 1,347 m) intersected a few gossanous breccia intervals, but no significant sulfide manto mineralization. This drilling, along with extensive trench mapping, shows that the LH mineralization is more likely vertically oriented and higher in the CRD system than Waterpump Creek and the high-grade manto target is deeper than originally anticipated.

Signature Date: March 9, 2026 1-4

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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The 2025 drill program comprised 2,057 m of drilling in four holes at the Waterpump Creek deposit, with WPC-35 which cut 5.9 m (core length) grading 38 g/t (1.2 oz/st) Ag and 12.1% Zn, including 3.2 m grading 67 g/t (2.1 oz/st) Ag and 16.9% Zn. In addition, 906.5 m of drilling in nine shallow scout holes was completed at the newly discovered high-grade silver-lead zone, Silver Sage, located approximately 4.8 km south of Waterpump Creek. Among these holes, SS25-04 cut 4.4 m (core length) reporting 148 g/t (4.8 oz/st) Ag; 0.68% Pb and 0.24% Zn, including 1 m grading 349 g/t (11.2 oz/st) Ag, 2.2% Pb, and 0.20% Zn.

In early July 2025, Alaska Silver identified a new mineralized zone, Silver Sage, through initial trenching along a 1.5 km long transect centered on historical 1980s soil anomalies that had never been followed up on. The program identified a 550 m long deeply weathered breccia zone containing distinctive rubbly boulders of massive silver-bearing galena and cerussite (oxidized galena). Trench sampling returned numerous high-grade silver-lead values, including multiple samples reporting assays above 310 g/t (10 ounces per ton [oz/st]) Ag, with grades up to 1,235 g/t (40 oz/st) Ag. Sampling also returned gold values as high as 0.55 g/t.

Late in the 2025 season, nine short, widely spaced drill holes totaling 906.5 m were drilled across and along the inferred axis of the breccia zone to evaluate stratigraphy, alteration, and potential structural controls. Four of the holes hit significant localized silver and lead with widespread anomalous zinc values and gold locally exceeding 1 g/t and copper approaching 1%. The mineralization was deeply oxidized with geochemistry indicating the dissolution and removal of a substantial proportion of the zinc. The drilling shows that the mineralization is concentrated at the top of a thick section of reactive carbonate rocks directly beneath an impermeable schist layer - a classic CRD setting. Follow-up drilling of the area to locate the feeder for this mineralization and coherent mineralization is a priority goal for the 2026 field season.

Alaska Silver completed a limited 4-hole, 2,057 m drilling program in 2025 at the Waterpump Creek South Target to seek extensions of the known high-grade resource, across a post-mineral fault zone and to identify the structural conduits that channeled mineralizing fluids into carbonate-rock mineralization traps. Two of the four holes intersected significant silver-zinc mineralization north of the fault and may represent the continuation of the high-grade Waterpump Creek resource. The other two holes deviated significantly from their targets, but one hole (WPC25-0037) cut appreciable copper, and both cut extensive CRD-style mineralization. The copper here may indicate proximity to a feeder structure. All four holes cut post-mineral faults and provide critical information on the overall architecture of the Waterpump Creek area. The combined results strongly indicate that mineralization continues to the south of the post-mineral fault. The improved understanding of how the post-mineral faulting created the current deposit geometry will help guide comprehensive step-out drilling to successfully locate the offset mineralization.

Potential analogs to the Illinois Creek style of mineralization include: Hermosa and Magma in Arizona, USA; Tintic and Bingham Canyon in Utah, USA; the Leadville and Gilman districts in Colorado, USA; and a series of deposits including Santa Eulalia, Cinco de Mayo, and Naica in Mexico.

Notably, the Hermosa discovery in Arizona and subsequent acquisition by S32, a major Australian mining company, for US$1.3 billion in 2018, has led to a resurgence in CRD exploration.

Signature Date: March 9, 2026 1-5

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Metallurgy** 

Initial metallurgical analysis of the Waterpump Creek sulfide is currently ongoing at ALS in Kamloops, British Columbia. Preliminary results from this test work were used to estimate the recovery of Ag, Pb, and Zn for the silver equivalent (AgEq) calculation at Waterpump Creek.

Historical metallurgical work undertaken for the development of the Illinois Creek oxide Au/Ag deposit indicates that the highly oxidized rocks are amenable to a relatively low-cost leaching extraction of gold and silver using cyanide solutions. Additional work is now being undertaken by DM Consulting in Lakewood, Colorado, to ascertain the amenability of the oxide resources to Merrill-Crowe and sulfidization, acidification, recycling and thickening (SART) processing to optimize Ag and Cu recoveries, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Mineral Resource Estimates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.1** **Illinois Creek** 

In 2019 and again in 2021 after additional drilling on the historical heap leach pad, WAC&G published a NI 43-101 Technical Report outlining Indicated and Inferred mineral resource estimates for the Illinois Creek oxide deposit and leach pad. The Indicated and Inferred mineral resource estimates have been updated with new metal prices and costs in 2026.

The Mineral Resource estimates were generated using drill hole sample assay results and the interpretation of geologic models that relate to the spatial distribution of gold, silver, and copper. Grade estimates are made using ordinary kriging into 3D model blocks measuring 10 × 10 × 5 m (L × W × H) and the effects of anomalous high-grade samples were controlled by a combination of top cutting and outlier limitations, which restrict the distance of influence of high-grade samples during estimation. The results of the modeling process were validated using a combination of visual and statistical methods to ensure the model grades are reasonable representations of the underlying sample data.

Mineral resources delineated by drilling on a maximum nominal spacing of 30 m are included in the Indicated category. In-situ mineral resources within a maximum distance of 100 m from a drill hole are included in the Inferred category. Inferred resources on the leach pad are within a maximum distance of 60 m from a drill hole. To ensure the mineral resources exhibit reasonable prospects for economic extraction, the in-situ resources are constrained within a pit shell generated using projected technical and economic parameters and tabulated at a base case cut-off value of US$24/t net smelter revenue (NSR). The leach pad mineral resources are tabulated at a zero-cut-off grade.

Estimates of the in-situ, leach pad, and combined Indicated and Inferred mineral resources are shown in Table 1-1 through Table 1-3, respectively.

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| | |
|:---|:---|
| **Table 1-1:** | **Mineral Resource Estimate for Illinois Creek In-Situ Mineral Resources – January 22, 2026** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au Price** <br>**(US$/oz)** | **Ag Price** <br>**(US$/oz)** | **Class** | **NSR Cut-off**<br>**(US$/t)** | **Tonnes** <br>**(Mt)**  | **Grade** | **Grade** | **Contained Metal** | **Contained Metal** |
| **Au Price** <br>**(US$/oz)** | **Ag Price** <br>**(US$/oz)** | **Class** | **NSR Cut-off**<br>**(US$/t)** | **Tonnes** <br>**(Mt)**  | **Au** <br>**(g/t)** | **Ag** <br>**(g/t)** | **Au** <br>**(oz)** | **Ag** <br>**(Moz)** |
| 3500 | 45 | Indicated | 24 | 9.0 | 0.92 | 29.72 | 260000 | 8.33 |
| 3500 | 45 | Inferred | 24 | 10.9 | 0.84 | 30.11 | 290000 | 10.44 |
| Notes: | Notes: | Notes: | Notes: | Notes: | Notes: | Notes: | Notes: | Notes: |

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Signature Date: March 9, 2026 1-6

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding.<br>

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| | |
|:---|:---|
| **Table 1-2:** | **Mineral Resource Estimate for Leach Pad Mineral Resources – January 22, 2026** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes** <br>**(000 t)** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** |
| **Class** | **Tonnes** <br>**(000 t)** | **Au (g/t)** | **Ag (g/t)** | **Au (koz)** | **Ag (Moz)** |
| Indicated | 1300 | 0.44 | 44.3 | 18.6 | 1.9 |
| Inferred | 152 | 0.37 | 42.6 | 1.8 | 0.2 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. |

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| | |
|:---|:---|
| **Table 1-3:** | **Mineral Resource Estimate for Combined Illinois Creek In-Situ and Leach Pad Mineral Resources – January 22, 2026** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes** <br>**(Mt)** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** |
| **Class** | **Tonnes** <br>**(Mt)** | **Au (g/t)** | **Ag (g/t)** | **Au (koz)** | **Ag (Moz)** |
| Indicated | 10.3 | 0.86 | 31.6 | 280 | 10.2 |
| Inferred | 11.1 | 0.83 | 30.3 | 292 | 10.6 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. |

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Signature Date: March 9, 2026 1-7

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding.<br>

The QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction at Illinois Creek can be resolved with further work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6.2** **Waterpump Creek** 

The 2021 through 2023 drilling at Waterpump Creek, along with historical Anaconda and NovaGold drilling is of sufficient density and continuity to complete an Inferred mineral resource estimate for the near surface oxide and the deeper sulfide deposit. The Inferred mineral resource estimates and methodologies are stated again in this report.

The Mineral Resource estimates were generated using drill hole sample assay results and the interpretation of geologic models that relate to the spatial distribution of silver, lead, and zinc. Grade estimates are made using ordinary kriging into 3D model blocks measuring 15 × 15 × 3 m (L × W × H) and the effects of anomalous high-grade samples were controlled by a outlier limitations, which restrict the distance of influence of high-grade samples during estimation. The results of the modeling process were validated using a combination of visual and statistical methods to ensure the model grades are reasonable representations of the underlying sample data.

In-situ mineral resources within a maximum distance of 100 m from a drill hole are included in the Inferred category for both the oxide and sulfide zone. No resource is included in the Indicated category. To ensure the mineral resources exhibit reasonable prospects for economic extraction, the in-situ sulfide resources were examined and show reasonable continuity for extraction by underground mining methods using projected technical and economic parameters and at a base cut-off of 200 g/t silver equivalent (AgEq). The in-situ oxide resources are constrained within a pit shell generated using projected technical and economic parameters and tabulated at a base case cut-off grade of 40 g/t Ag.

Estimates of the sulfide and oxide Inferred mineral resources are shown in Table 1-4 and Table 1-5, respectively.

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| | |
|:---|:---|
| **Table 1-4:** | **Waterpump Creek Sulfide Mineral Resource Estimate - February 20, 2024** |

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes<br>(Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Class** | **Tonnes<br>(Mt)** | **AgEq<br>(g/t)** | **AgEq<br>(oz/st)** | **Ag<br>(g/t)** | **Zn<br>(%)** | **Pb<br>(%)** | **ZnEq<br>(%)** | **AgEq<br>(Moz)** | **Ag<br>(Moz)** | **Zn<br>(Mlb)** | **Pb<br>(Mlb)** | **ZnEq<br>(Mlb)** |
| Inferred | 2.38 | 980 | 31.5 | 279 | 11.28 | 9.87 | 26.4 | 74.9 | 21.4 | 591.2 | 517.3 | 1383 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%. |

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Signature Date: March 9, 2026 1-8

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding.<br>

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| | |
|:---|:---|
| **Table 1-5:** | **Waterpump Creek Oxide Mineral Resource Estimate - February 1, 2024** |

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| | | | |
|:---|:---|:---|:---|
| **Class** | **Tonnes (M)** | **Average Grade** | **Contained Metal** |
| **Class** | **Tonnes (M)** | **Ag (g/t)** | **Ag (Moz)** |
| Inferred | 0.72 | 150 | 3.5 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. |

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The QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction at Waterpump Creek can be resolved with further work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **Conclusions** 

Based on the evaluation of the data available from the Illinois Creek Project, the QPs of this TRS conclude the following:

● At the effective date of this TRS (January 22, 2026), the Illinois Creek Property consists of 287 contiguous State of Alaska mining claims, which are part of a larger mineral tenure package totaling 436 mining claims covering 32,737 ha (80,895 acres). The Property also includes one Uplands Mining Lease (the former Piek Inc. claims) covering an area of 4,506 ha (11,135 acres).

● Alaska Silver, through its 100% owned WAC&G and Piek Inc. subsidiaries, holds a 100% interest in the Illinois Creek Property. WAC&G also maintains a 100% ownership of four additional properties in the Illinois Creek district including the Round Top, Honker, Khotol Ridge, and Paw Print claims.

● The Illinois Creek Au/Ag/Cu oxide deposit is characterized as a CRD, with zones of predominantly massive sulfides pervasively oxidized to depths approaching 400 m below surface. The remaining iron-oxide gossans contain appreciable amounts of gold, silver, and copper plus minor amounts of lead and zinc.

Signature Date: March 9, 2026 1-9

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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● Exploration on the Property began in the early 1980s. In the late 1990s and early 2000s, there was limited production, and exploration was halted due to falling metal prices and corporate financial difficulties for the operators at that time.

● The Illinois Creek deposit is estimated to contain 9.0 million tonnes (Mt) of Mineral Resources in the Indicated category at a grade of 0.92 g/t Au and 29.7 g/t Ag and 10.9 Mt Mineral Resources in the Inferred category at an average grade of 0.84 g/t Au and 30.1 g/t Ag. These Mineral Resources are constrained within a pit shell generated using a gold price of US$3,500/oz and a silver price of US$45/oz and summarized using a base case cut- off value of $24/t NSR.

● A leach pad area on the Property contains a volume of mineralized material that was stacked during previous mining activities and leached intermittently from 1997 through mine closure. During the summer of 2020, WAC&G drilled and sampled the leach pile. It is estimated to contain 1.3 Mt of Indicated Mineral Resources at a grade of 0.44 g/t Au and 44.3 g/t Ag and 0.15 Mt of Inferred Mineral Resources at a grade of 0.37 g/t Au and 42.6 g/t Ag.

● Exploration from 2021 through 2025 largely focused on advancing the Waterpump sulfide mineralization first discovered by Anaconda in 1983. Drilling in 2021, 2022, and 2023 by Alaska Silver has encountered high-grade massive and semi-massive sulfide mineralization with important Ag, Pb, and Zn grades. Initial metallurgical investigation of the sulfide mineralization has begun with a series of composites delivered to ALS Labs in Kamloops, BC.

● Drilling at Waterpump Creek has outlined primary sulfide CRD mineralization along 495 m of strike length with possible widths varying from 25 to 75 m, and with thicknesses varying from 5 to over 100 m.

● The Waterpump Creek deposit is estimated to be 2.38 Mt of dominantly sulfide mineral resource in the Inferred category at a grade of 279 g/t Ag, 9.87% Pb, and 11.28% Zn amenable to underground extraction and 0.720 Mt of dominantly oxide mineral resource in the Inferred category at a grade of 150 g/t Ag.

● Preliminary metallurgical work indicates that the highly oxidized rocks are amenable to relatively low-cost leaching extraction of gold and silver using cyanide solutions. No test work has been completed for Pb and Zn recoveries for the oxidized rocks at Waterpump Creek.

● There are no known factors related to metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing, or political issues which could materially affect the mineral resource estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Recommendations and Proposed Budget** 

Based on the evaluation of the data available from the Project, the QPs recommend the following two-phase program as detailed in Table 1-6.

The total estimated direct program costs are approximately US$11.0 million for Phase 1 and US$15.5 million for Phase 2, which includes site costs such as camp support, overhead and other indirect costs, excluding corporate general and administrative (G&A) costs.

Phase 2 is contingent on positive drill results at either Waterpump Creek, Warm Springs, or elsewhere. A sufficient mineral inventory will need to be established before proceeding to in-fill drilling and an Initial Assessment (IA).

Signature Date: March 9, 2026 1-10

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 1-6:** | **Recommendations for the Illinois Creek Project with Proposed Budgets** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Phase 1** | **Phase 1** | **Phase 1** | **Phase 1** | **Phase 1** | **Phase 1** | **Phase 1** |
| **Item** | **Description**  | **Description**  | **Description**  | **Metrics** | **Estimated Cost (US$)** | **Estimated Cost (US$)** |
| Exploration Drilling - WPC | Continued exploration and extension drilling of the WPC mineralization to expand the Mineral Resource to both the south and to the north along the Waterpump Creek structure. | Continued exploration and extension drilling of the WPC mineralization to expand the Mineral Resource to both the south and to the north along the Waterpump Creek structure. | Continued exploration and extension drilling of the WPC mineralization to expand the Mineral Resource to both the south and to the north along the Waterpump Creek structure. | Minimum of 7,500 m of core drilling and 15 holes | $6.0 M | $6.0 M |
| Exploration Drilling - Silver Sage and other  | Follow-up drilling of the Silver Sage target and other related soil anomalies and initial drilling of the numerous targets recognized in the 2024 US Geological Survey (USGS)/Alaska Division of Geological & Geophysical Surveys (ADGGS) geophysical program.  | Follow-up drilling of the Silver Sage target and other related soil anomalies and initial drilling of the numerous targets recognized in the 2024 US Geological Survey (USGS)/Alaska Division of Geological & Geophysical Surveys (ADGGS) geophysical program.  | Follow-up drilling of the Silver Sage target and other related soil anomalies and initial drilling of the numerous targets recognized in the 2024 US Geological Survey (USGS)/Alaska Division of Geological & Geophysical Surveys (ADGGS) geophysical program.  | Minimum of 6,000 m of core drilling and 12 holes | $4.8 M | $4.8 M |
| Environmental Base Line Studies  | Continued environmental baseline monitoring studies to support environmental and permitting activities. | Continued environmental baseline monitoring studies to support environmental and permitting activities. | Continued environmental baseline monitoring studies to support environmental and permitting activities. |  | $0.2 M | $0.2 M |
| **Total Phase 1 Cost**  | **Total Phase 1 Cost**  | **Total Phase 1 Cost**  | **Total Phase 1 Cost**  | **Total Phase 1 Cost**  | **$11.0 M** | **$11.0 M** |
| **Phase 2** | **Phase 2** | **Phase 2** | **Phase 2** | **Phase 2** | **Phase 2** | **Phase 2** |
| **Item** | **Item** | **Description**  | **Metrics** | **Metrics** | **Metrics** | **Estimated Cost (US$)** |
| In-Fill Drilling - WPC  | In-Fill Drilling - WPC  | In-fill drilling to convert the majority of current resource and portion of any exploration success in Phase 1 to indicated to support an IA. | Minimum of 12,000 m of drilling and 35 holes | Minimum of 12,000 m of drilling and 35 holes | Minimum of 12,000 m of drilling and 35 holes | $9.6 M |
| Geotech Investigation - WPC | Geotech Investigation - WPC | Complete oriented Geotech drilling.  | Minimum of 2,500 m of drilling and 8 holes plus physical property test work  | Minimum of 2,500 m of drilling and 8 holes plus physical property test work  | Minimum of 2,500 m of drilling and 8 holes plus physical property test work  | $2.7 M |
| Metallurgical Test Work - WPC | Metallurgical Test Work - WPC | Complete PQ drilling to attain bulk samples and complete variability and Lock cycle flotation metallurgical test work to de-risk program. | 4 PQ drill holes (1,500 m) and test work | 4 PQ drill holes (1,500 m) and test work | 4 PQ drill holes (1,500 m) and test work | $2.2 M |
| Continued and Additional Environmental base line studies | Continued and Additional Environmental base line studies | Continue the Phase 1 studies and commence additional studies (acid rock discharge [ARD], water quality) to support an IA. |  |  |  | $0.5 M |
| Initial Assessment  | Initial Assessment  |  |  |  |  | $0.5 M |
| **Total Phase 2 Cost**  | **Total Phase 2 Cost**  | **Total Phase 2 Cost**  | **Total Phase 2 Cost**  | **Total Phase 2 Cost**  | **Total Phase 2 Cost**  | **$15.5 M** |

---

Signature Date: March 9, 2026 1-11

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.0** **Introduction** 

BD Resource Consulting, Inc. (BMD), Core Geoscience LLC. (CG), and DM Consulting were retained by Alaska Silver Corp. (Alaska Silver) to prepare a Technical Report Summary (TRS) on its Illinois Creek Property (the Property or the Project), located in western Alaska. This TRS conforms to United States Securities and Exchange Commission's (SEC) Modernized Property Disclosure Requirements for Mining Registrants as described in Subpart 229.1300 of Regulation S-K, Disclosure by Registrants Engaged in Mining Operations (S-K 1300) and Item 601 (b)(96) Technical Report Summary. The purpose of this TRS is to disclose the updated Mineral Resource estimate on the Illinois Creek deposit at the Property

Alaska Silver is a public exploration company trading on the TSX Venture (TSX-V) exchange under the trading symbol WAM. Through its wholly owned subsidiaries Western Alaska Copper and Gold Inc. (WAC&G, now Alaska Silver USA Corp. [Alaska Silver USA]) and Piek Inc., it controls the Illinois Creek Property. Since 2010, WAC&G has been exploring and advancing its interests in several properties in the Illinois Creek mining district located in western Alaska.

BMD was assisted by CG, which provided information related to environmental and permitting, and DM Consulting, which provided information related to metallurgy. All authors are independent "qualified persons" (QPs) as defined by S-K 1300.

Mineral resources at the Property are located in two areas, Illinois Creek (IC) and Waterpump Creek (WPC). Illinois Creek mineral resources consist of Illinois Creek oxide gold-silver mineralization and heap leach pad material from the historical Illinois Creek mine. Mineral resources at Waterpump Creek consist of near surface oxide lead-zinc-silver and deeper sulfide silver mineralization.

This TRS updates the previously filed Technical Report Summary on the Illinois Creek Property for Western Alaska Minerals Corp (now Alaska Silver) with an effective date of January 31, 2025 and signature date of April 30, 2025 (Davis et al., 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Qualified Persons** 

Bruce Davis, FAusIMM, of BMD, Deepak Malhotra, SME-RM, of DM Consulting, and Jack DiMarchi, C.P.G., of CG, are independent QPs as defined in S-K 1300, and are employed by BMD, Core Geoscience, and DM Consulting, respectively. The QPs and their respective employers have no beneficial interest in Alaska Silver, WAC&G (now Alaska Silver USA), or the Property. The QPs and their respective employers are not insiders, associates, employees or affiliates of Alaska Silver, WAC&G, or any other entity that has an ownership, royalty, or other interest in the Property.

Bruce Davis is responsible for the overall preparation of this TRS, excluding Sections 3.5, 3.6, and 10. Jack DiMarchi is responsible for Sections 3.5, 3.6, and related disclosure in Sections 1, 22, 23, and 24. Deepak Malhotra is responsible for Section 10 and related disclosure in Sections 1, 22, 23, and 24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2** **Site Visits** 

Bruce Davis conducted site visits to the Illinois Creek Project on June 12-14, 2018, July 15-18, 2021, and September 7-8, 2023. The QP reviewed the drilling procedures, site facilities, historical and recent drill core where available, logging procedures, data capture, and sample handling.

Signature Date: March 9, 2026 2-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Jack DiMarchi conducted a site visit on August 14-15, 2024. The QP inspected the current infrastructure, active and reclaimed work sites, and reviewed the adherence to current permit requirements. Jack DiMarchi reviewed all reports related to environmental and permitting information to disclose data in Sections 3.5 and 3.6 prior to a site visit.

Deepak Malhotra has not visited the Property. The QP reviewed all historical reports and metallurgical test work from his office. No recent metallurgical test work has been completed at site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Sources of Information** 

In preparing this TRS, the authors reviewed geological reports, maps, and miscellaneous technical papers listed in Section 24.0 References of this TRS. Additional information was provided by Alaska Silver personnel.

This TRS is based on information known to the authors as of January 22, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Units of Measurement** 

The coordinate system used in this TRS is Universal Transverse Mercator (UTM) Zone 4N, and the datum used is the North American Datum 1983 (NAD 83).

All units of measurement in this report are metric, unless otherwise stated. Imperial units are used in Section 6 (History) and other sections that contain historical information.

All currency is expressed in U.S. dollars (US$ or $) unless otherwise stated.

Signature Date: March 9, 2026 2-2

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Abbreviations and Acronyms** 

The following abbreviations, acronyms, and symbols were used in this TRS.

---

| | | | |
|:---|:---|:---|:---|
| **Abbreviation** | **Definition** | **Abbreviation** | **Definition** |
| °C | degree Celsius | M | mega (million); molar |
| °F | degree Fahrenheit | Ma | million years |
| ft | foot | masl | meters above sea level |
| g | gram | mgal | milligal |
| g/cc | grams per cubic centimeter | mm | millimeter |
| g/t | gram per tonne | nT | nanotesla |
| ha | hectare | ohm-m | Ohm-meter |
| in. | inch | oz | Troy ounce (31.1035g) |
| kg | kilogram | oz/st | ounces per short ton |
| km | kilometer | P<sub>100</sub> | 100% passing |
| km<sup>2</sup> | Square kilometer | P<sub>80</sub> | 80% passing |
| koz | thousand ounces | P<sub>95</sub> | 95% passing |
| kt | thousand tonnes | ppb | part per billion |
| kW | kilowatt | ppm | part per million |
| L | liter | st | short ton |
| lb | pound | t | metric tonne |
| m | meter | US$ | United States dollar |
| m<sup>3</sup> | cubic meter | W | watt |

---

---

| | |
|:---|:---|
| ('Unnamed: 0_level_0', '**Acronym**<br><BORDER_TOP>') | ('<br>', '**Description**<br><BORDER_TOP>') |
| AA | atomic absorption |
| AAS | atomic absorption spectrometry |
| ABA | Acid-Base Accounting |
| ABR | Alaska Biological Research, Inc |
| ADEC | Alaska Department of Environmental Conservation |
| ADF&G | Alaska Department of Fish and Game |
| ADGGS | Alaska Division of Geologic and Geophysical Surveys |
| ADL | Alaska Division of Lands |
| ADNR | Alaska Department of Natural Resources |
| AES | atomic emission spectrometer |
| AHEA | Annual Hardrock Exploration Activity |

---

Signature Date: March 9, 2026 2-3

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| AIDEA | Alaska Industrial Development and Export Authority |
| AK | Alaska |
| ANCSA | Alaskan Native Claims Settlement Act |
| APDES | Water Discharge Permit |
| APMA | Miscellaneous Land Use Permit #9831 |
| ARCO | Atlantic Richfield Company |
| ARD | Acid rock discharge |
| ARG | American Reclamation Group |
| ARLIS | Alaska Resources Library and Information Services |
| ASCII | American Standard Code for Information Interchange |
| ATI | Angayucham/Tozitna/Innoko |
| BC | British Columbia |
| BD | Bulk density |
| BGS | Bolin Geophysical Services LLC |
| BMD | Bruce Davis |
| BS | Bachelor of Science |
| CG | Core Geosciences LLC |
| CIM | Canadian Institute of Mining, Metallurgy, and Petroleum |
| CIRI | Cook Inlet Region, Inc.  |
| CN | cyanide |
| COC | chain of custody |
| CPG | Certified Professional Geologist |
| CRD | carbonate replacement deposit |
| CRM | Certified reference material |
| CSAMT | Controlled source audio-magnetotellurics |
| CV | Coefficient of Variation |
| CWA | Clean Water Act |
| Dakota | Dakota Mining Corporation |
| DD | diamond drill |
| DDH | diamond drill hole |
| DIAS | DIAS Geophysical |
| DMBW | Derry, Michener, Booth, and Wall |
| DPG | deep penetrating geochemistry |
| dxf | drawing exchange format |

---

Signature Date: March 9, 2026 2-4

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| EA | Environmental Assessment |
| Echo Bay | Echo Bay Mines |
| EDA | exploratory data analysis |
| Edcon | Exploration Data Consultants |
| EM | electromagnetic |
| ENE | East-northeast |
| EPA | Environmental Protection Agency |
| Ertec | Ertec Western Inc. |
| ESE | East-southeast |
| FA | fire assay |
| FAusIMM | Fellow Australasian Institute of Mining and Metallurgy |
| FDA | Food and Drug Administration |
| G&A | general and administrative |
| GE | Geochemical Exploration |
| GNSS | global navigation satellite system |
| GO | Assay |
| GPS | global positioning system |
| HQ | hydrothermal quartz |
| IC | Illinois Creek deposit |
| ICP | inductively coupled plasma |
| ID | identification |
| ID2 | inverse distance weighted |
| IP | induced polarization |
| JV | joint venture |
| LGGC | Lions Gate Geologic Consultants |
| LH | Last Hurrah |
| LL | low lead |
| ME | Multi-element |
| MLA | McClintock Land Associates |
| MRDI | Mineral Resource Development, Inc. |
| MRMR | Mineral Resources and Mineral Reserves |
| MS | Master of Science |
| MSGP | Alaska Multi-Sector General Permit |
| NAD | North American Datum |

---

Signature Date: March 9, 2026 2-5

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| NE | Northeast |
| NEPA | National Environmental Policy Act |
| NI 43-101 | National Instrument 43-101 |
| NLUR | Northern Land Use Research |
| NN | nearest neighbour |
| NNE | North-northeast |
| NOAA | National Oceanic and Atmospheric Administration |
| NovaGold | NovaGold Resources Inc. |
| NPMC | North Pacific Mining Company |
| NR | No Recovery |
| NSR | net smelter return |
| NV | Nevada |
| NW | northwest |
| OB | Overburden |
| OK | ordinary kriging |
| OP | open pit |
| P.Geo. | Professional Geoscientist |
| PCD | porphyry copper deposit |
| PEA | preliminary economic assessment |
| PhD | Doctor of Philosophy |
| Plan B | Plan B Minerals |
| PPP | public-private partnership |
| Project | Illinois Creek Project |
| Property | Illinois Creek Property |
| ProSolv | Pro Solv LLC |
| QA/QC | quality assurance/quality control |
| QC | Quality control |
| QP | qualified person |
| RC | reverse-circulation |
| ROM | run-of-mine |
| RTK | real-time kinetics |
| RTR | RTR Inc. |
| SART | sulfidize, acidify, recycle, and thicken |
| SDS | Slotted Drive Shaft |

---

Signature Date: March 9, 2026 2-6

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Acronym** | **Description** |
| SE | southeast |
| SEM | scanning electron microscope |
| SG | specific gravity |
| SGI | SIM Geological Inc. |
| SME-RM | Society of Metallurgical Engineers - Registered Member |
| SMU | selective mining unit |
| SPCC | Spill Prevention, Control, and Countermeasure |
| SRK | SRK Consulting |
| SWUV | short wave ultraviolet |
| TG | Tims Gossan North |
| TGN | Tims Gossan North |
| TRC | TRC Environmental Corporation |
| TSX-V | Toronto Stock Exchange-Venture |
| UBC | University of British Columbia |
| UG | underground |
| US | United States |
| USA | United States of America |
| USACE | U.S. Army Corps of Engineers |
| USGS | United States Geologic Survey |
| USMX | United States Mining Corporation |
| UTM | Universal Transverse Mercator |
| UV | ultraviolet |
| V | Void |
| Viceroy | Viceroy Resource Corporation |
| VLF | very low frequency |
| WA | Washington |
| WAC&G | Western Alaska Copper & Gold Inc. |
| WAM | Western Alaska Minerals Inc. |
| WPC | Waterpump Creek deposit |
| xls | Microsoft Excel spreadsheet |
| XRF | X-ray fluorescence |
| YKPS | Yukuskokon Professional Services |

---

Signature Date: March 9, 2026 2-7

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| <br>**Symbol or Formula**<br><BORDER_TOP> | <br>**Description**<br><BORDER_TOP> |
| Ag | silver |
| AgEq | silver equivalent |
| AgEqR | recoverable silver equivalent |
| Ar | argon |
| Ar-Ar | argon-argon |
| As | arsenic |
| Au | gold |
| AuCN | cyanide-soluble gold |
| AuEq | gold equivalent |
| AuEqR | recoverable gold equivalent |
| Bi | bismuth |
| Cl | chlorine |
| CMCbGS | chlorite-muscovite-carbonate-graphite schist |
| CS | chlorite schist |
| Cu | copper |
| DOL | dolomite |
| DOLF | fossiliferous dolomite |
| DQ | Dolomitic quartzite |
| Fe | iron |
| FG | ferruginous gossan |
| FI | felsic intrusive |
| FMG | ferruginous manganiferous gossan |
| FMQ | ferruginous manganiferous quartzite |
| FQ | ferruginous quartzite |
| G | Gossan |
| GRN | Greenstone |
| GS | graphite schist |
| Hbx | Hydrothermal breccia |
| HCl | hydrochloric acid |
| Hg | mercury |
| HNO3 | nitric acid |
| K | potassium |
| K-Ar | potassium-argon |
| LST | Limestone |

---

Signature Date: March 9, 2026 2-8

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Symbol or Formula** | **Description** |
| M | Marble |
| MAG | magnetite schist |
| MCGS | muscovite-chlorite-graphite schist |
| MFG | manganiferous ferruginous gossan |
| Mg | magnesium |
| Mn | manganese |
| Mo | molybdenum |
| Os | osmium |
| P | Phyllite |
| Pb | lead |
| Q | Quartzite |
| Qa | altered quartzite |
| QCMS | quartz-chlorite-muscovite schist |
| QCS | quartz-chlorite schist |
| QGS | quartz-graphite schist |
| QMCCbGS | quartz-muscovite-chlorite-carbonate-graphite schist |
| QMCGS | quartz-muscovite-chlorite-graphite schist |
| QMCS | quartz-muscovite-chlorite schist |
| QMGS | quartz-muscovite-graphite schist |
| QMS | quartz-muscovite schist |
| Qs | sanded quartzite |
| Re-Os | rhenium-osmium |
| Sb | antimony |
| SK | skarn |
| Sn | tin |
| SULF | massive sulfides |
| Zn | zinc |
| ZnEq | zinc equivalent |

---

Signature Date: March 9, 2026 2-9

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.0** **Property Description** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Location** 

The Illinois Creek Project is located in the State of Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the regional supply center of Galena (Figure 3-1). Geographic coordinates of the Property are N64°2' 7.31" latitude and W157° 54' 55.92" longitude [Universal Transverse Mercator (UTM) North American Datum (NAD) 83, Zone 4W coordinates 553000E, 7101400N].

The Property is located in the southern Kaiyuh Mountains of west-central Alaska just east of the Yukon River. The Property is in the Nulato A-4 and A-5 quadrangles, Kateel River Meridian T16S, R4E, sections 13, 14, 23-25, and 36; T16S, R5E, sections 10-36; T16S, R6E, sections 7, 18,19, 30 and 31; T17S, R4E, sections 1, 11-14, 23-26, 35 and 36; and T17S, R5E, sections 1-13, 15-24, and 26-35.

---

| | |
|:---|:---|
| **Figure 3-1:** | **Property Location Map** |

---

![Graphic](wamff-20251231xex96d1004.jpg)

Source: WAC&G 2025.

Signature Date: March 9, 2026 3-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Land Tenure** 

The Alaska Silver-controlled lands in the Illinois Creek mining district include five distinct properties: Illinois Creek, Round Top, Honker, Khotol Ridge, and Paw Print. The total land tenure package consists of 436 State of Alaska mining claims which include the following claim groups: Illinois Creek (287 claims and one Upland Mining Lease), Round Top (88 claims), Honker (24 claims), Khotol Ridge (19 claims), and Paw Print (18 claims). The claim holdings cover approximately 32,737 ha (80,895 acres). Alaska Silver controls a 100% interest in the claims through their subsidiaries WAC&G and Piek Inc. All claims are on State of Alaska lands and include both mineral and surface rights administered by the State of Alaska Department of Natural Resources (ADNR). All permits related to the claims and required by ADNR are valid through December 31, 2028. They are to be renewed by Alaska Silver before November 30, 2028.

The State of Alaska claims provide sufficient surface rights to conduct mining operations once all required permits are issued (see Table 3-2).

In January 2024, Alaska Silver submitted an application to ADNR to convert 70 of the Illinois Creek claims (ICP01 to ICP70) staked and held under Piek Inc. to a single Upland Mining Lease to be held by Piek Inc., as outlined in Figure 3-3. The Upland Mining Lease was approved in July 2024 and provides insulation from any challenges to the property on a claim-by-claim basis. The annual fees for the lease are $22,938.10 and the annual work requirement is $27,900. Expenditures in excess of this amount can be carried forward for four additional years. Because of the substantial amount spent in 2024, the lease currently has satisfied the labor requirements for 2025, 2026, 2027, and 2028.

The requirements for both claims and the lease are similar and require annual work or labor. The annual rental payment is calculated by ADNR each year and varies as some claims are older with higher payments per claim. The total 2025 payment by WAC&G for the mining claims not included in the lease was $145,859.01, and the payment for claims owned by Piek Inc not included in the mining lease was $13,200. All claims and the lease are currently in good standing.

A summary of the Alaska Silver land holdings is shown in Table 3-1.

---

| | |
|:---|:---|
| **Table 3-1:** | **Summary of Alaska Silver Lands** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Owner**  | **Property**  | **Number**<br>**of Claims** | **Type** | **Hectares**  | **Acres**  |
| WAC&G  | Illinois Creek  | 247 | State Claims  | 15993 | 39520 |
| WAC&G  | Round Top  | 88 | State Claims  | 5698 | 14080 |
| WAC&G  | Honker  | 24 | State Claims  | 1554 | 3840 |
| WAC&G  | Khotol Ridge  | 19 | State Claims  | 1230 | 3040 |
| WAC&G  | Paw Print  | 18 | State Claims  | 1165 | 2880 |
| Piek Inc.  | Illinois Creek  | 40 | State Claims  | 2590 | 6400 |
| Piek Inc.  | Upland Lease  | 1 | Upland Lease  | 4506 | 11135 |
| **Total** | **Total** | **436** |  | **32736** | **80895** |

---

Figure 3-2 shows Alaska Silver land holdings within the Illinois Creek mining district, Figure 3-3 shows the Illinois Creek Property and claims, and Figure 3-4 shows the WAM Area of Influence.

Signature Date: March 9, 2026 3-2

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 3-2:** | **Land Holdings of Alaska Silver in the Illinois Creek Mining District** |

---

![Graphic](wamff-20251231xex96d1005.jpg)

Source: Alaska Silver 2026.

Signature Date: March 9, 2026 3-3

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 3-3:** | **Illinois Creek Claims with Uplands Lease Area** |

---

![Graphic](wamff-20251231xex96d1006.jpg)

Source: Alaska Silver 2026.

Signature Date: March 9, 2026 3-4

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 3-4:** | **WAM Area of Influence** |

---

![Graphic](wamff-20251231xex96d1007.jpg)

Source: Alaska Silver 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Royalties, Agreements, and Encumbrances** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.1** **State of Alaska Claims** 

All claims controlled by Alaska Silver as well as proposed development infrastructure lie on lands owned by the State of Alaska and are subject to State of Alaska mining claim regulations. As such, the State of Alaska maintains a 3% net income production royalty on all production from state claims, as outlined in Alaska Statute Sec. 38.05.212 Production Royalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.2** **Illinois Creek Joint Venture Agreement** 

On October 17, 2018, Piek Inc. and WAC&G entered into a joint venture (JV) agreement to actively explore and develop the Illinois Creek Property owned 100% by Piek Inc., an Alaska-

Signature Date: March 9, 2026 3-5

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

based corporation. Under the terms of the agreement and amendments to the agreement, a JV Company was established whereby WAC&G could acquire a 100% ownership in the Illinois Creek Property through a series of milestones. The JV agreement was terminated as a result of the March 31, 2021 purchase of Piek Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.3** **Purchase of Piek Inc** 

On March 31, 2021, in anticipation of listing WAC&G on the TSX-V exchange, WAC&G completed the purchase of the Illinois Creek Property from Joe Piekenbrock (Piekenbrock), the underlying 50% owner of Piek Inc. Under terms of the purchase agreement, WAC&G exercised its option to purchase the remaining 50% interest in the Property for US$3.698 million via promissory note and 120 shares in WAC&G, which subsequently were exchanged for Western Alaska Minerals Corp. (WAM) shares.

On September 30, 2023, the remaining balance of the promissory note was US$2,785,333 with US$85,333 accrued interest and the terms were amended to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. a monthly principal payment of $25,000 shall commence at the later of March 31, 2024, or at the closing of the next round of financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. a principal payment of 6% of financing amount shall be due and payable upon the closing of each round of financing in the event the Company closes financing rounds in 2024 and subsequent years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. a principal payment of $750,000 due on May 1, 2025 and remaining principal balance and all accrued interest are due on December 1, 2025.

On December 31, 2024, the remaining balance of the promissory note was US$2,356,065 with US$239,148 being accrued interest and the terms were further amended to the following:

● a monthly principal payment of US$10,000 shall commence until the closing of the next financing by WAM, at which time the monthly principal payments will increase to US$25,000;

● a principal payment of 6% of financing amount shall be due and payable upon the closing of each round of financing in the event WAM closes financing rounds in 2025 and subsequent years;

● a principal payment of US$750,000 is due on June 1, 2026, and remaining principal balance and all accrued interest are due on December 1, 2026.

As a result of the financing of October 3, 2025, a principal payment was made on the promissory note in the amount of US$827,931. As of December 31, 2025, the balance of the note was US$1,604,593.

● On December 17, 2025, the terms of the promissory note were further amended effective November 1, 2025;

● The interest rate was reduced to three and a half percent (3.5%);

● The monthly principal payment was set at US$10,000;

● A principal payment of six percent (6%) of each subsequent financing;

● The principal and all accrued interest shall be due and payable on July 1, 2027.

Signature Date: March 9, 2026 3-6

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3.4** **TSX-V Listing and Name Change** 

On November 10, 2021, Western Alaska Minerals Corp. (formerly 1246779 B.C. Ltd.) announced the completion of its business combination transaction whereby WACG Acquisition Co., a wholly owned subsidiary of the Resulting Issuer (WAM), and Western Alaska Copper & Gold Company completed a plan of merger under Alaskan law that resulted in the reverse takeover of the Resulting Issuer by WAC&G.

On November 15, 2021, Western Alaska Minerals Corp. under the symbol WAM began trading on the TSX-V exchange. On April 25, 2025, Western Alaska Minerals Corp. formally changed its name to Alaska Silver Corp. On January 20, 2026, WAC&G changed its name to Alaska Silver USA Corp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4** **Environmental Liabilities** 

After closure of the historical Illinois Creek mine, the State of Alaska remediated the site through its agreement with American Reclamation Group (ARG). Though there are no current environmental liabilities related to the mine, the State of Alaska continues to monitor water quality at the site. WAC&G purchased a portion of the historical Illinois Creek workforce camp which is used for ongoing exploration. WAC&G maintains responsibility for cleanup and closure of the workforce camp.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5** **Environmental Studies** 

This section summarizes the existing environmental information for the Illinois Creek Project area.

There was a concerted effort to collect baseline data for a number of environmental resource categories in the Project area in the early to mid-1990s as part of the mine development efforts of United States Mining Corporation (USMX). The mine was eventually closed, and in 2005 it was fully reclaimed by ARG. In 2019, WAC&G initiated surface water-quality sampling, and in 2020, WAC&G updated the wetlands mapping and initiated aquatic biomonitoring in the area. The environmental baseline work is briefly discussed in Sections 3.5.1 to 3.5.7 and includes surface water and groundwater quality, wetlands mapping, aquatic biomonitoring, groundwater hydrogeology, cultural resources, waste rock characterization, and meteorology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.1** **Surface Water and Groundwater Quality** 

During historical mining operations in the 1990s, USMX monitored surface water and groundwater quality at nine stream sites, four springs, and six monitoring wells in the general mine area. Limited data from that effort are available.

In 2006, ADNR assumed responsibility for monitoring surface water and groundwater quality at the site and conducted various sampling campaigns from 2006 through 2019.

Beginning in 2019, WAC&G initiated a renewed surface water quality sampling campaign at two additional surface sites. No water quality sampling was performed in 2020.

WAC&G initiated a broader program in 2021 and 2022 at a total of 20 sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.2** **Wetlands Mapping** 

In 2020, WAC&G engaged Alaska Biological Research, Inc. (ABR) to prepare a desktop wetland delineation map for the Project to assess the current existence of wetlands in the Illinois

Signature Date: March 9, 2026 3-7

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Creek mine area. This was primarily an exercise to update the wetland delineation map that ABR generated in 1995 under contract with USMX.

In 2022, ABR was again engaged to perform desktop wetlands mapping of the area within the Waterpump Creek drainage immediately east of the wetlands area mapped in 2020.

ABR completed a ground-based wetland delineation survey in August 2024 covering a 2.4-acre area surrounding a potential bridge site over Illinois Creek.

ABR is currently in the process of re-evaluating the wetlands designation and is expected to conduct field site inspections in 2026.

If additional Project plans indicate unavoidable impacts to wetlands or waters, then a site- specific wetland map, supported by field wetland determinations, will be required to support the permitting process required under Section 404 of the Clean Water Act (CWA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.3** **Aquatic Biomonitoring** 

Beginning in 1995, the Alaska Department of Fish and Game, Habitat Division (ADF&G) were engaged by the mine to conduct fish studies. Work was completed in 1995, 1996, and 1997 with an emphasis on juvenile Coho (silver) salmon. In summary, these earlier fish studies suggest that annual summer populations of Coho and Chum salmon vary significantly but that Illinois Creek provides a healthy habitat for salmon spawning and rearing.

In 2020, WAC&G engaged ADF&G to initiate biomonitoring in streams potentially impacted by a reopening of the Illinois Creek mine or development of the nearby Honker and Round Top prospects. These efforts were repeated in 2021, 2022, 2023, 2024, and 2025 and will continue in 2026.

Biomonitoring efforts included surveys of periphyton (measured by chlorophyll-a) and aquatic macroinvertebrates in Illinois Creek. Juvenile fish were captured in minnow traps in Illinois Creek, as well as streams in the nearby Dome, Minnesota, Colorado, California, and Eddy Creek drainages. One unnamed tributary of the Little Mud River was also trapped. Juvenile Coho salmon from Illinois Creek were analyzed for whole-body concentrations of several metals, and their length frequencies were described. Juvenile Coho population characteristics and metal concentrations in 2020 were compared to historical data. The 2024 biomonitoring program was expanded to add a control stream outside the Project area and sample for periphyton and macroinvertebrates at other stream besides Illinois Creek.

Baseline periphyton standing crop and aquatic macroinvertebrate population characteristics were described and can be used as an indicator of future environmental changes. Metal concentrations found in juvenile Coho salmon captured in Illinois Creek were generally comparable to those found in the 1990s. The exception was mercury, which was notably elevated compared to the previous collection, though they are still below FDA action levels. Other metal concentrations differed only slightly from those found in the 1990 samples. Catches and length-frequency distributions of juvenile Coho salmon in Illinois Creek were comparable to the historical data.

Fish communities vary depending on stream characteristics, consisting primarily of resident Dolly Varden and slimy sculpin in high-gradient headwater streams, and mixed communities of Alaska blackfish, slimy sculpin, Arctic grayling, and juvenile salmon in the lower reaches. Abundant large beaver dam complexes in these drainages alter fish distribution on a decades- long timescale.

Signature Date: March 9, 2026 3-8

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.4** **Groundwater Hydrogeology** 

In 1995, SRK Consulting (SRK) completed a hydrogeologic evaluation of the site for USMX. The study relied on the results of groundwater-level monitoring in six wells, falling-head and pump tests, and the site geology to conclude the presence of an aquifer (termed the Illinois Creek aquifer) which is roughly coincident with the geologic fold that trends east-west and envelopes the Illinois Creek gold deposit.

Between 1995 and 2004, during historical mine operations, USMX monitored water levels in monitoring wells.

In 2006, ADNR assumed responsibility for post-closure monitoring, and it monitored water levels periodically until 2019.

At this time, the volume of any potential pit water or excess pumped water and the potential need for water treatment and permitting, such as discharge permits, have not been evaluated for any new mine development on the Illinois Creek Property. But these will be included, as necessary, in future mine planning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.5** **Cultural Resource Surveys** 

Owen Mason and Howard Maxwell conducted cultural resource surveys for North Pacific Mining Company (NPMC) in 1991 and 1992, respectively, for a proposed laydown area on the Yukon River, the proposed transportation corridor, and the Illinois Creek mine area. In 1994, Northern Land Use Research (NLUR) conducted work in the Illinois Creek mine area at six specific sites that Maxwell had previously identified as having high archaeological potential. In addition, NLUR conducted work at the Macho Grande prospect and along the route of the then-proposed new road connecting the mine site with the airstrip; all at the request of USMX. The survey combined a pedestrian survey, intensive and extensive surface examinations, and subsurface testing where appropriate (NLUR, 1995).

In 1994, NLUR identified one archaeological site on Quartzite Knob (NUL-076). NLUR evaluated this site through intensive surface survey, subsurface testing and monitoring of sediments removed in preparation of this locality for drilling. The site overlooks the Little Mud River and a broad open section of the Innoko River flood plain. No artifacts were recovered that were sufficient to confidently assess temporal or cultural affiliation nor can the artifacts be directly attributed to a possible historical Native group (either Holikachuk or Koyukon Athabaskan). Based on other interior Alaskan archaeological chronologies, the microblade technology could date anywhere between 8,000 and 12,000 years ago or as late as 1,500 years ago. NLUR determined the site was not eligible for the National Register of Historic Places (NLUR, 1995). At the time, NLUR recommended that mine development work be allowed to proceed, but any additional areas within the Illinois Creek mining lease boundary be considered to have potential for the discovery of archaeological or historical resources and should be field examined at a reconnaissance level prior to any work in those areas.

WAC&G will likely be required to conduct additional cultural resource surveys depending on the footprint of any potential new mine and access road proposed for the Project. In 2023, WAC&G engaged NLUR Alaska to perform a desktop Cultural Resource study of a broad corridor along the potential access road from the Yukon River and pedestrian surveys of the proposed barge lands, Khotol River crossing, and several potential material sites along the road corridor.

Signature Date: March 9, 2026 3-9

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.6** **Waste Rock Characterization** 

In 1995, SRK conducted waste rock characterization studies and assessed the potential for acid generation from these rocks. To characterize waste rock, SRK used both static and kinetic testing, including saturated paste, Acid-Base Accounting (ABA), and humidity cell tests. SRK (1995) concluded that the testing completed to date indicated that any waste rock produced at Illinois Creek (USMX mine plan) would have a very low potential for acid generation.

WAC&G may need to complete additional waste rock characterization studies depending on any potential new mine plan proposed for the site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.7** **Meteorology** 

In the early 1990s, USMX maintained an on-site meteorological monitoring station. Between August 19, 1992. and August 18, 1993, data were collected and used by consultant TRC Environmental Corporation for modeling to obtain the air quality control permits required for the historical mine.

WAC&G will likely need to collect additional meteorological data to support air permitting for any potential future mine development at Illinois Creek. New air dispersion modeling will be required to obtain new air permits for construction and operations that incorporate the meteorological data with WAC&G's potential updated mine plans and an inventory of all expected emission sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5.8** **Additional Baseline Data Requirements** 

As mentioned in each of the environmental resource categories shown here, WAC&G will likely need to continue and expand baseline environmental monitoring to support permitting for a potential mine at Illinois Creek. WAC&G has initiated formal engagement with the regulatory agencies and other Project staff to identify any additional data requirements as the Project design advances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6** **Permitting** 

This section describes the major permits during the exploration phase and those potentially required to develop the Project into a mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.1** **Exploration Permits** 

WAC&G is presently exploring the Illinois Creek Property under authority of Approved Plan of Operations Authorization #9831, which has an issue date of April 26, 2024, and expires on December 31, 2028. The Approved Plan of Operations authorizes work on both the Illinois Creek mining claims and Upland Mining Lease ADL# 422236. The Approved Plan of Operations has reclamation stipulations and includes requirements for filing an annual work plan and an Annual Reclamation Report with ADNR, describing reclamation activities.

WAC&G submits annual Reclamation Reports to ADNR and a Notice of Intent to fulfill any carryover reclamation obligations into the next year. Certain aspects of camp operations, including management of solid wastes, are authorized under permit SWGPCAMP-28.

Signature Date: March 9, 2026 3-10

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6.2** **Potential Future Major Mine Permits** 

The following discussion identifies the major permits and approvals that will likely be required for the development of a new mine at Illinois Creek. "Major" mine permits are somewhat subjectively defined here, but these permits specifically authorize mining activities, including construction of facilities, mine operations, and mine closure. A significant number of other permits are also required for items such as river barge operations, camp operations, and explosives handling that are not discussed here. A list of likely required major mine permits is shown in Table 3-2; the timeline for the listed permits is unknown at this time.

---

| | |
|:---|:---|
| **Table 3-2:** | **Mine Permits** |

---

---

| | |
|:---|:---|
| **Agency**<br><BORDER_TOP> | **Authorization**<br><BORDER_TOP> |
| **State of Alaska** | **State of Alaska** |
| ADNR | Plan of Operations Approval (including Reclamation Plan and Financial Assurance) |
| ADNR | Upland Mining Lease |
| ADNR | Mill Site Lease |
| ADNR | Reclamation Financial Assurance |
| ADNR | Certificate of Approval to Construct a Dam |
| ADNR | Certificate of Approval to Operate a Dam |
| ADNR | Water Use Authorization to Appropriate Water |
| ADF&G | Title 16 Permits for Fish Passage (authorize stream crossings, if required) |
| ADEC | APDES Water Discharge Permit (if required) |
| ADEC | Alaska Multi-Sector General Permit (MSGP) for Stormwater |
| ADEC | Stormwater Discharge Pollution Prevention Plan (requirement of MSGP) |
| ADEC | Section 401 Water Quality Certification of the CWA Section 404 Permit (for CWA Section 404 permit) |
| ADEC | Integrated Waste Management Permit |
| ADEC | Air Quality Control – Construction Permit |
| ADEC | Air Quality Control – Title V Operating Permit |
| ADEC | Reclamation Financial Assurance (shared with ADNR) |
| **Federal Government** | **Federal Government** |
| EPA | Spill Prevention, Control, and Countermeasure (SPCC) Plan (fuel transport and storage) |
| USACE | CWA Section 404 Dredge and Fill Permit (if required) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7** **Other Significant Factors and Risks** 

The QP is not aware of any environmental liabilities on the Property. Alaska Silver has all required permits to conduct the proposed work on the Property. The QP is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform the proposed work program on the Property.

Signature Date: March 9, 2026 3-11

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.0** **Accessibility, Climate, Local Resources, Infrastructure and Physiography** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1** **Accessibility** 

The Illinois Creek Property is located in western Alaska, approximately 490 km west of Fairbanks, 52 km southeast of the village of Kaltag, and 85 km south-southwest of the regional supply center of Galena.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.1** **Air** 

Primary access to the Property is by air using either fixed-wing aircraft or helicopters.

There is a 1,340 m (4,400 ft), well-maintained gravel airstrip located on the Property that can accommodate charter fixed-wing aircraft, up to and including C-130 and DC-6 aircraft. There is daily commercial air service from Fairbanks to the nearby village of Galena (largest local community) and from Galena to Kaltag (closest community to the Property).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1.2** **Water** 

There are no direct water routes that provide access to the Property. Following the discovery of the Illinois Creek deposit in 1980 by Anaconda, a winter ice-road was built from the Yukon River to the Project to transport heavy machinery into the Project area to help construct the Illinois Creek airstrip. This access corridor was again used during construction and decommissioning of the Illinois Creek mine in 1996 and 2003, respectively.

During operation of the mine, the Alaska Industrial Development and Export Authority (AIDEA) commissioned an engineering study of the Yukon River access route. The study proposed a 47.5 km (29.5 mile) access road that connected to a port located on the river with a greater than 40 ft draft and serviceable by deep-water barges for five months of the year from either upstream at Nenana or downstream at Saint Mary's/Emmonak deep-water port (NPMC, Hughes, R. and Smith, M., 1993).

AIDEA is a public-private partnership (PPP) whose mission is to promote, develop, and advance economic growth and diversification in Alaska by providing various means of financing and investment. AIDEA has the authority to own and operate facilities which advance this goal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2** **Climate** 

The climate in the region is typical of a subarctic environment. Exploration is generally conducted from late May until late September. Weather conditions on the Property can vary significantly from year to year and can change suddenly. During the summer exploration season, average maximum high temperatures reach up to 20°C (68°F), and average low temperatures in January reach -28°C (-18°F) (Western Regional Climate Center, 2019). By early October, unpredictable weather conditions can limit safe helicopter travel on the Property. Winter temperatures are routinely below -25 °C (-13 °F) and can occasionally exceed -50°C (-58°F). Precipitation in the region averages 335 mm (13.2 in.) per year with the most rainfall occurring from June through September, and the most snowfall occurring from November through January.

Signature Date: March 9, 2026 4-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Local Resources** 

Galena (population 472; 2020 U.S. Census), Nulato (population 237; 2020 U.S. Census) and Kaltag (population 158; 2017 U.S. Census) are the nearest communities and, as was the case during operation of the Illinois Creek mine, they provided a significant portion of the workforce at the mine.

Galena is a potential source of limited mining-related supplies; it is the nearest center serviced by regularly scheduled, large commercial aircraft (via Fairbanks). Fairbanks Northstar Borough (population 97,149; 2020 U.S. Census) has a long mining history and can provide most mining- related supplies and support that cannot be sourced closer to the Property.

Drilling and mapping programs are seasonal and supported out of the Illinois Creek mine camp which WAC&G purchased in 2013 from NovaGold. The camp provides office space and accommodations for the geologists, drillers, pilots, and support staff.

In 2023, the Illinois Creek camp provided housing for approximately 35 people. Historical ATCO trailer facilities were used for cooking, dining, administration, housing, and hygiene. Additional housing and bathroom facilities were provided by Weatherport tents. Two 16 ft x 30 ft and one 24 ft x 40 ft Weatherport tents were utilized for core logging, cutting, and sampling. The core logging facilities were run by both 7 kW and 5 kW portable unleaded generators. Diesel generators (two 8 kW and one 50 kW) powered small electrical grids. The historical mine camp used a well to provide drinking water to camp. This well was put back into service in 2022 and currently provides all the Illinois Creek camp's water supply.

Upgrades during the 2023 field season included sleeper cabin construction and additional sleeper tents, raising the camp capacity to approximately 40 people.

Upgrades during the 2025 field season included a new office cabin and renovated shower facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4** **Infrastructure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.1** **Road/Barge** 

In 1993, during operation of the Illinois Creek mine, AIDEA conducted an engineering study of the Yukon access route from a laydown area south of Kaltag to the mine titled the Illinois Creek Transportation Study. That study proposed a 47.5 km (29.5 mile) access road that connected to a port located on the river with a greater than 12 m (40 ft) draft and serviceable by deep-water barges for five months of the year from either upstream at Nenana or downstream at Saint Mary's/Emmonak deep-water port (NPMC, Hughes, R. and Smith, M., 1993).

The 1993 AIDEA Transportation Study outlined costs to build the access route, including laydown area, two 100 ft bridges, and a ferry at $12.2 million.

AIDEA is a public corporation of the State of Alaska, created in 1967 by the Alaska Legislature, whose mission is to promote, develop, and advance economic growth and diversification in Alaska by providing various means of financing and investment. AIDEA has the authority to own and operate facilities which advance this goal.

Alaska Silver is currently updating the transportation corridor studies.

Signature Date: March 9, 2026 4-2

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4.2** **Power** 

During the mine operation, diesel fuel was transported by DC-6 or C-130 aircraft from Galena to the mine site (fuel was barged down the Yukon River from Nenana near Fairbanks and then staged in Galena). The 1993 AIDEA Transportation Study also looked at the impact of direct shipping to the Kaltag laydown site and outlined a >26% cost savings for fuel. Capital costs (1993) for proposed tankage at the laydown area were $650,000. Current exploration activities rely on the delivery of diesel and 100 LL fuel to the Illinois Creek airstrip by various aircraft. The DC-6 aircraft is the most cost-effective aircraft for fuel delivery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5** **Physiography** 

The Project is located adjacent to the confluence of the Illinois Creek and the Little Mud River at the southern edge of the Kaiyuh Mountains in west-central Alaska. Topography in the area is gentle with the maximum relief in the Kaiyuh Hills of approximately 800 masl (2,800 ft). The Illinois Creek mine camp lies at approximately 230 masl (750 ft), and the confluence of the Illinois Creek and the Little Mud River lies at approximately 45 masl (150 ft). Talus covers the upper portions of the Kaiyuh Mountains; glacial and fluvial sediments cover low-lying hills and occupy the valleys.

The Kaiyuh Mountains are located at the transition between boreal forest and Arctic tundra. Spruce, birch, and poplar are found in portions of the valley, with a ground cover of lichens (reindeer moss). Willow and alder thickets and isolated cottonwoods follow drainages, and alpine tundra is found at higher elevations. Tussock tundra and low, heath-type vegetation covers most of the valley floor.

Wildlife in the area is typical of arctic and subarctic fauna and includes larger animals such as moose, grizzly and black bears, wolves, lynx, and fox. Fish species include salmon and arctic grayling.

Signature Date: March 9, 2026 4-3

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.0** **History** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Historical Exploration** 

Regional exploration in the Kaiyuh Hills began with the Anaconda/Cook Inlet Region, Inc. (CIRI) joint venture. CIRI is one of the 13 regional native corporations defined in the Alaskan Native Claims Settlement Act (ANCSA). The Anaconda/CIRI joint venture identified prospective mineral-endowed lands for CIRI to select under that federal legislation.

In July 1980, an Anaconda/CIRI reconnaissance team, headed by Gorol Dimo, made a series of gossan discoveries, initially at the Round Top porphyry prospect located 24 km to the northeast of the Illinois Creek deposit. Continued reconnaissance silt sampling led to the recognition of six anomalous areas, and follow-up of a 0.6 ppm Ag and 38 ppm Pb anomaly led to the discovery of the Illinois Creek gossan.

At that time, monthly reporting by Anaconda field geologists recorded "A very large, high-grade polymetallic massive sulfide gossan has been discovered near Illinois Creek. The gossan is exposed in a 3.2 km (2 mile) long linear zone of rubble float and outcrop. The width of the zone varies from 37 m (120 ft) to at least 137 m (450 ft). Preliminary assays from 12 grab samples of the gossan are as follows: copper 1,000 ppm to 2%, lead 1,000 ppm to 1%, silver 6 to 100 ppm, zinc less than 650 ppm, and gold 50 ppb to 3,075 ppb" (Dimo 1980).

Figure 5-1 shows the distribution of the various mineralized occurrences and exploration drilling on the Illinois Creek Property that has taken place between 1980 and 2025. The image is annotated with local terminology and place names to aid the reader.

Signature Date: March 9, 2026 5-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 5-1:** | **Simplified Plan Map Showing Mineralized Zones, Drill Collars, Simplified Map Units, and Major Mineralization-controlling Structures** |

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![Graphic](wamff-20251231xex96d1008.jpg)

Source: WAC&G 2026.

In 1981, Anaconda completed extensive soil sampling and mapping at Illinois Creek and completed nine initial diamond drill holes (DDHs) totaling 1,427.60 m. Five of the drill holes encountered significant intervals of oxidized gossanous mineralization to depths approaching 350 m below surface. Soil sampling in 1981 outlined a 2,000 m by 50 m anomaly with very high values of lead, zinc, copper, silver, gold and arsenic with zinc zoned to the east and copper zoned to the west (Brewer, 1982).

Anaconda also drilled 1,668.4 m at the nearby Round Top porphyry prospect in seven DDHs. Ongoing exploration led to the discovery of the nearby high-grade Honker gold vein with rock chip samples up to 31.5 g/t Au.

In the spring of 1982, heavy equipment was mobilized by Cat train to Illinois Creek, and a major expansion of the airstrip and camp was completed. Exploration in 1982 included four additional DDHs totaling 1,586 m, 18 reverse-circulation (RC) drill holes totaling 2,344 m, and 11 bulldozer and backhoe trenches.

Approximately 1,000 m of drilling at Honker was also completed in 10 short drill holes. Five holes intersected mineralization from 0.08 oz/st (2.7 g/t) to 0.21 oz/st (7.2 g/t) Au, varying in thickness from 0.5 m to 4.5 m. Reports from the drilling program state that overall sample recoveries were poor (Brewer and Millholland, 1982).

Signature Date: March 9, 2026 5-2

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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In 1983, follow-up drilling of a 500 m by 150 m soil anomaly located northeast of the Illinois Creek gossan intersected a 28.9 m interval grading 16.2 oz/st (554.8 g/t) Ag and 28.3% Pb. Adjacent trench sampling returned a 70 m interval of 12.8% Zn. The prospect, named Waterpump Creek, quickly became the focus of ongoing exploration by Anaconda along with the continued evaluation of the gold potential of the gossan.

During 1983 and 1984, a total of 38 drill holes totaling 5,166.5 m were completed at the Waterpump Creek prospect. At Illinois Creek, seven additional trenches were cut and 10 drill holes, totaling 1,264 m, were completed. Six DDHs, totaling 254 m, were also completed at Macho Grande, a major gossan-showing located roughly 2 km to 3 km west-northwest of the Illinois Creek gossan. IP and resistivity surveys were also completed in selected areas (Gillerman and Brewer, 1985).

In 1985, the Illinois Creek Project went into a hiatus following ARCO's decision to close and liquidate Anaconda.

After Anaconda closed, the Illinois Creek Property was taken over by CIRI, Anaconda's JV partner on the Project. In 1988, CIRI entered into a JV agreement to explore the Illinois Creek Property with the Goldmor Group, Ltd. (Goldmor), an Alaskan-based corporation.

During 1988, the Goldmor JV completed 49 short RC holes and one DDH for a total of 1,115 m of drilling targeting the central area of the Illinois Creek deposit to depths of about 30 m (100 ft) below surface.

In 1990, the Goldmor JV drilled an additional 38 RC holes totaling 1,815.8 m that also targeted the central area of the Illinois Creek deposit to depths of about 60 m (200 ft) below surface (Goldmor, 1990).

In 1991, NPMC, a wholly owned subsidiary of CIRI, began the process of purchasing Goldmor's JV ownership in the Property and completed the transaction in June 1992 to again control 100% of the Property.

In 1991, NPMC drilled 21 DDHs totaling 1,560.5 m that primarily targeted the central area of the Illinois Creek deposit.

In 1992, an additional 21 DDHs, totaling 1,528.9 m, tested the western and eastern extensions of the Illinois Creek deposit (NPMC, 1991).

In January 1993, NPMC and Echo Bay Mines (Echo Bay) entered into a JV agreement whereby Echo Bay could earn a 70% interest in the Project subject to certain performance requirements until a production decision was reached.

In 1993, Echo Bay drilled 166 RC holes totaling 18,849.2 m. This program delineated most of the 3.5 km strike length of the Illinois Creek deposit to depths approaching 200 m below surface with holes spaced at approximately 30 m to 60 m (100 to 200 ft) intervals. In 1993 to 1994, after a series of major gold acquisitions, Echo Bay elected to withdraw from the Project (Kirkham and Apel 1993).

In July 1994, NPMC entered into a JV agreement to develop the Illinois Creek mine with USMX with the option for NPMC to revert to a participating interest or net smelter return (NSR) royalty when a production decision was reached.

In 1994, USMX drilled 37 additional DDHs totaling 2,364.3 m on the Illinois Creek deposit and also initiated a feasibility study. A series of water-monitoring and geotechnical holes were also completed, and, although the collar locations of these holes are known, the majority of drill logs and assay results are missing (USMX 1994).

Signature Date: March 9, 2026 5-3

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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In 1995, an additional 84 drill holes (10 DDHs and 74 RC holes, totaling 5,961.3 m) were completed that further delineated the western and eastern parts of the Illinois Creek deposit. Additional geotechnical and monitoring wells were also completed.

In February 1996, USMX published a feasibility study on the Property. In the summer of 1996, construction began resulting in limited ore production that fall (USMX, 1996a; Fluor Daniel, 1996).

In early 1997, USMX merged with Dakota Mining Corporation (Dakota), and USMX became a wholly owned subsidiary of Dakota. Mining began in May 1997, and heap leaching was initiated. Mining ceased through the 1997 winter, but heap leaching of run-of-mine (ROM) ore continued year-round.

In 1998, hampered by early cost overruns, falling gold prices, and corporate financial difficulties, USMX and Dakota were forced to close the mine and declare bankruptcy. At that time, the State of Alaska took control of the Project.

In 1999, Viceroy Resource Corporation (Viceroy) entered into an agreement with the State of Alaska to lease and manage the Property pending a March 2000 decision-date to either develop a reclamation and mining plan to exploit the remainder of the deposit or return the Project to the State of Alaska.

As a result, Viceroy commissioned Mineral Resource Development, Inc. (MRDI) to complete the following:

● audit the drill-hole sample database supporting mineral resource estimates.

● evaluate geological interpretations of ore controls.

● review the current mineral resource model.

● assist in revising the mineral resource model to meet industry standards.

Based on the results of the MRDI audit and review, Viceroy declined to develop a reclamation and mining plan with the State of Alaska (MRDI and Viceroy, 2000).

In 2001, ARG, under the direction of a former head of the ADNR, entered into an agreement with the State of Alaska to develop a reclamation and mining plan to exploit the remainder of the deposit. Though the agreement and production figures during this time were not made public, ARG continued mining and remediation efforts through early 2003 when, under the terms of the agreement, the mine was closed.

In 2002, Piek Exploration LLC (Piek Exploration) began to acquire the lands surrounding the Illinois Creek mining leases while the Property was in remediation and closure by ARG. Unfortunately, during this period, ARG destroyed all the Illinois Creek core and core storage facilities, except for a handful of core holes from one of the late USMX drill campaigns.

In 2003, as part of an agreement to purchase components of the Illinois Creek mine for its Rock Creek mine development outside of Nome, Alaska, NovaGold agreed to scan and provide to the state all of the data files stored in the Illinois Creek mine offices.

In 2004, Piek Exploration optioned its portion of the Property to NovaGold, who then actively explored the Waterpump Creek area. During that option period, NovaGold staked claims and re- staked the core claims as the ARG mining lease was terminated.

In 2006, NovaGold returned the Property, the scanned files, drill core, and results of its exploration to Piek Exploration.

Signature Date: March 9, 2026 5-4

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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In June 2011, Piek Exploration optioned the Property to Silver Predator Inc. (Silver Predator) who expanded the claim block and completed limited compilation, largely rebuilding the dataset contained within the scanned data files captured by NovaGold.

In 2013, hampered by deteriorating market conditions, Silver Predator sub-optioned the Property to Plan B Minerals (Plan B) who began preparations for an updated preliminary economic assessment (PEA) based on the historical drilling. Plan B contracted with Yukuskokon Professional Services (YKPS) to complete an updated PEA who in turn completed a draft mineral resource estimation using CIM (2014) definitions and then contracted Lyntek Inc., the process plant design team for the original mine, to cost out a rebuild of the original plant. Although work by Plan B was never published in any technical reports, it made some of its draft studies available to Piek Exploration and WAC&G.

In 2014, as market conditions continued to worsen, Plan B returned the Property to Silver Predator who in turn returned it to Piek Exploration.

In 2018, Piek Exploration dropped the claims, and they were re-staked by Piek Inc. to rectify some potential technical discrepancies in filings from a decade earlier.

In October 2018, Piek Inc. and WAC&G entered into a JV agreement to explore and develop the Illinois Creek Property.

In March 2021, WAC&G and Mr. Piekenbrock entered into a Stock Purchase Agreement, whereby WAC&G acquired 100% of the issued and outstanding common shares of an Alaska private company, Piek Inc., in exchange for 120 WAC&G common shares payable by the issuance of a promissory note to Mr. Piekenbrock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.1** **Geochemistry** 

Due to the relatively flat topography and abundance of wind-blown loess, surface mapping has had only limited impact in exploration targeting beyond the few discovery outcrops that were originally found by Anaconda. Most importantly, deep-soil sampling through the wind-blown loess layer and up slope from alluvial-filled creek bottoms has been the preferred exploration targeting tool.

In 2001, ARG compiled a database of all the known soil programs conducted on the Property between 1980 and the development of the mine in 1997.

Between 1980 and 1984, Anaconda completed more than 14 individual surveys totaling 2,624 soil samples. These surveys are summarized in Table 5-1.

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| | |
|:---|:---|
| **Table 5-1:** | **Anaconda Soil Surveys 1980-1984** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Survey**<br><BORDER_TOP> | **#**<br><BORDER_TOP> | **Year**<br><BORDER_TOP> | **Sample Density**<br><BORDER_TOP> | **Analyzed Elements**<br><BORDER_TOP> |
| Illinois Creek Recon | 44 | 1980 | 400 ft by 50 ft | Cu Pb Zn Au Ag |
| Illinois Creek Detail | 1011 | 1981 | 100 m by 50 m to | Cu Pb Zn Au Ag As |
| Illinois Creek Detail | 1011 | 1981 | 50 m by 10 m | Cu Pb Zn Au Ag As |
| Illinois Creek Regional | 727 | 1981 | 200 m by 100 m | Cu Pb Zn Au Ag As Sb Mn |
| Last Hurrah Recon | -- | 1981 | Recon lines | Cu Pb Zn Au Ag As Sb |
| Waterpump Creek Recon | 61 | 1981 | 50 m by 25 m | Pb Zn Ag |
| Airstrip 'Sinter' Recon | 38 | 1982 | Recon lines | Cu Pb Zn Au Ag As |

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Signature Date: March 9, 2026 5-5

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Survey** | **#** | **Year** | **Sample Density** | **Analyzed Elements** |
| Illinois Creek Detailed Bulk Soils | 138 | 1982 | 10 m by 10 m | Cu Pb Zn Au Ag As Sb Mn |
| Last Hurrah Recon | -- | 1982 | Recon lines | Unknown |
| Waterpump Creek Hand | 42 | 1982 | 50 m by 25 m | Pb Zn Ag As |
| Waterpump Creek Power | 40 | 1982 | 50 m by 25 m | Pb Zn Ag |
| Waterpump Creek Detail | 173 | 1983 | Miscellaneous | Cu Pb Zn Au Ag As Sb |
| 5 o'clock Detail | 44 | 1984 | 100 m by 50 m | Cu Pb Zn Au Ag As Sb Mn |
| 5 o'clock Recon | 12 | 1984 | Recon lines | Cu Pb Zn Au Ag As Sb Mn |
| Last Hurrah | 97 | 1984 | 200 m by 100 m to | Cu Pb Zn Au Ag As Sb Mn |
| Last Hurrah | 97 | 1984 | 50 m by 50 m | Cu Pb Zn Au Ag As Sb Mn |
| Macho Grande Detail | 17 | 1984 | 100 m by 100 m | Cu Pb Zn Au Ag As Sb Mn |
| Macho Grande Recon | -- | 1984 | Recon lines | Cu Pb Zn Au Ag As Sb Mn |
| Waterpump Creek Detail | 180 | 1984 | Miscellaneous | Cu Pb Zn Au Ag As Sb Mn |
| Note: Recon = Reconnaissance | Note: Recon = Reconnaissance | Note: Recon = Reconnaissance | Note: Recon = Reconnaissance | Note: Recon = Reconnaissance |

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In 1993, Echo Bay completed 41 soil test pits. In 1995, USMX completed six soil surveys totaling at least 340 samples. These surveys are summarized in Table 5-2.

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| | |
|:---|:---|
| **Table 5-2:** | **Echo Bay and USMX Soil Surveys 1993-1995** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Survey** | **#** | **Year** | **Sample Density** | **Analyzed Elements** |
| Echo Bay | East and West Test Pits | 41 | 1993 | Miscellaneous | Cu Pb Zn Au Ag Mo Hg |
| USMX | 5 o'clock | 294 | 1995 | 200 by 50 ft | Au Ag As some Cu |
| USMX | West Recon | 29 | 1995 | 50 ft spacing | Au Ag As |
| USMX | West BL Lines | ? | 1995 | 25 ft spacing | Au Ag |
| USMX | 4,200 M Line | ? | 1995 | 50 ft spacing | Au Ag |
| USMX | West Extension | ? | 1995 | 25 and 50 ft spacing | enzyme leach package |
| USMX | Test Pits | 17 | 1995 | Miscellaneous | Au Ag and some Cu As Sb |

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In 2006, NovaGold completed a detailed survey along the Waterpump Creek to Last Hurrah (now LH) carbonate replacement deposit (CRD) trend. For the first time, a multi-element inductively coupled plasma (ICP) analyses was used.

In 2015, Piek Exploration conducted a single line of deep penetrating geochemistry (DPG) using two separate low-detection leach techniques to determine if there was a geochemical response over the West Illinois porphyry target under valley colluvial and alluvial cover, west of the Illinois Creek mine. DPG is an ultra-trace ion leach technique designed to detect oxidizing sulfide mineralization below deep cover.

Signature Date: March 9, 2026 5-6

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Also, in 2015, Piek Exploration captured an additional 44 ICP sample analyses along four short lines over projections of the fault offset west extension of the Illinois Creek deposit. Results are discussed in Section 7.1 (Exploration).

The NovaGold and Piek Exploration surveys are summarized in Table 5-3.

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| | |
|:---|:---|
| **Table 5-3:** | **NovaGold and Piek Exploration Soil Surveys 2006-2015** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Survey** | **#** | **Year** | **Sample Density** | **Analyzed Elements** |
| NovaGold | Waterpump Creek/Last Hurrah | 500 | 2006 | 100 m x 50 m | ICP multi-element |
| Piek Exploration | West Illinois Creek Mag | 26 | 2015 | 50 m | DPG leach miscellaneous |
| Piek Exploration | West Extension | 44 | 2015 | 4 lines roughly 10 m spacing | ICP multi-element |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2** **Geophysics** 

Since Anaconda's initial discovery, a series of magnetic, electric, and gravitational techniques have been used to explore the Property, all with varying levels of success.

The following subsections outline most of the programs implemented over time. Alaska Silver has limited documentation on many of the programs conducted prior to 2000. In many instances, where data are available in these earlier surveys, the lack of details in data acquisition, coordinate systems, and data reduction procedures limit their usefulness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2.1** **Ground and Aeromagnetic Surveys** 

In September 1981, Anaconda, under the direction of John Wilson, engaged Ertec Western Inc. (Ertec) to complete an aeromagnetic survey of the Kaiyuh Hills. Line spacing was approximately 500 m with an optimal altitude of 150 m (Kilty and McDermott, 1981). The survey effectively recognized the magnetic anomalies related to the Round Top porphyry intrusion and the strong magnetic signatures related to magnetite schists at or near the contact between the Illinois Creek formation carbonate and the overlying Kaiyuh schists. The relatively coarse scale of the survey did not allow any direct detection of targets, but it provided a rough spatial location of the significant lithologic domains in the district. The original data were lost, but a scanned plot of the data is shown in Figure 5-2.

Signature Date: March 9, 2026 5-7

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Figure 5-2:** | **Total Field Magnetics - Kaiyuh Hills** |

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![Graphic](wamff-20251231xex96d1009.jpg)

Source: Ertec 1982.

In 1984, a subsequent, much more detailed survey combining aeromagnetic and electromagnetic (EM) surveys of the Illinois Creek area was completed by Aerodat Limited (Aerodat) for Anaconda. Lines were spaced every 200 m in three separate areas or blocks: each oriented roughly perpendicular to the underlying stratigraphy. The optimized flight height is unknown (Kilty and McDermott, 1981; Aerodat, 1984). Figure 5-3 shows the colored and shaded results of the 1984 Aerodat magnetic survey and contours of the 1983 Exploration Data Consultants (Edcon) gravity survey.

Signature Date: March 9, 2026 5-8

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Figure 5-3:** | **Total Field Magnetics and Regional Gravity Survey** |

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![Graphic](wamff-20251231xex96d1010.jpg)

Source: WAC&G 2025 compiled from Aerodat 1984 and Edcon 1983.

In 1984, a ground magnetic survey of the Waterpump Creek area was also completed. The survey used varying line spacing from 50 m to as much as 200 m with 100 m stations and covered an area of approximately 2 km by 2 km.

In 2015, Piek Exploration completed a short (4-line) ground magnetic survey to follow-up the West Illinois Creek magnetic target, first recognized in the Aerodat survey in 1984. This area was suspected as the possible porphyry center responsible for the Illinois Creek CRD system, but subsequent drilling in 2019 by WAC&G showed the anomaly to be the result of a Jurassic mafic intrusion.

Magnetic surveys are summarized in Table 5-4.

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| | |
|:---|:---|
| **Table 5-4:** | **Airborne and Ground Magnetic Surveys at Illinois Creek** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Year** | **Survey** | **Type** | **Area** |
| Anaconda | 1981 | Ertec | Airborne | Kaiyuh Mountains |
| Anaconda | 1984 | Aerodat | Airborne | Illinois Creek |
| Anaconda | 1984 | In-house | Ground | Waterpump Creek |
| Piek Exploration | 2015 | In-house | Ground | West Illinois Creek Magnetic Anomaly |

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Signature Date: March 9, 2026 5-9

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2.2** **IP and Other Electrical Technique Surveys** 

Numerous electrical geophysical techniques have been used at the Property and are summarized in Table 5-5 (McDermott 1981; McDermott 1984).

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| | |
|:---|:---|
| **Table 5-5:** | **Various Electrical Geophysical Surveys at Illinois Creek** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Company** | **Survey** | **km** | **Year** | **Line Spacing** | **Target** |
| Anaconda | MaxMin, VLF | -- | 1980 | Recon lines | Illinois Creek |
| Anaconda | IP/Resistivity | 9.2 | 1981 | Pole/Dipole Dipole/Dipole 50 m a-spacing | Illinois Creek |
| Anaconda | MaxMin | 3.6 | 1982 | -- | Waterpump Creek |
| Anaconda | IP/Resistivity | -- | 1983 | Test line Dipole/Dipole 25 m a-spacing | Waterpump Creek |
| Anaconda | MaxMin | -- | 1984 | Check | Waterpump Creek |
| Anaconda | IP/Resistivity | -- | 1984 | Check | Waterpump Creek |
| NovaGold | IP/Resistivity | 17.7 | 2005 | Pole/Dipole 100 m a-spacing | Waterpump Creek Last Hurrah |

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In general, the techniques have been very effective at mapping various lithological units but have not been effective in directly targeting sulfides. This is likely due to the local depth of oxidation and the use of narrow a-spacings. The term a-spacing refers to the distance between electrodes used in IP surveys; it effectively controls the depth of information gathered. The narrow a-spacings used at Illinois Creek preclude significant depth penetration of the surveys (Aurora Geosciences, 2005).

The 2005 NovaGold IP survey, conducted by Aurora Geosciences, used 100 m a-spacing which very effectively mapped the CRD ore-hosting contact between the underlying dolomite and the overlying graphitic, chloritic and quartz chlorite muscovite schists (QCMS) of the Kaiyuh formation along the Waterpump Creek fault. Significant, highly conductive chargeable features occur at this contact over the 2 km extension of the survey. A 3D reinversion of these sections and their ongoing exploration implications is discussed in Section 7.1 (Exploration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2.3** **Gravity Surveys** 

A series of gravity surveys have been conducted on the Property.

In 1983, Anaconda contracted Edcon to complete a helicopter- supported gravity survey of the southern Kaiyuh Hills in and around the Illinois Creek and Round Top deposits. A portion of the survey results specifically from the Illinois Creek Property is shown in Figure 5-4 as 1 mgal gravity contours.

Signature Date: March 9, 2026 5-10

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Figure 5-4:** | **Regional Gravity Survey** |

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![Graphic](wamff-20251231xex96d1011.jpg)

Source: Edcon 1983 and WAC&G 2024.

In 1984, Anaconda conducted a detailed survey of Waterpump Creek deposit with 50 m line spacing and individual stations every 10 m.

In 2004, NovaGold, again using Edcon, completed a detailed gravity survey of an approximately 6 km by 3 km area from just north of the Waterpump Creek deposit to south of the Last Hurrah anomaly about 2 km to 3 km east of the end of the Illinois Creek oxide drilling. The survey used east-west lines spaced approximately 250 m with sample interval stations approximately every 150 m. In addition, a few reconnaissance lines with similar spacing were conducted in and around the West Illinois Creek magnetic anomaly. Figure 5-5 shows the results of the 2004 NovaGold/Edcon survey.

Signature Date: March 9, 2026 5-11

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Figure 5-5:** | **2004 NovaGold/Edcon Gravity Survey** |

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![Graphic](wamff-20251231xex96d1012.jpg)

Source: Edcon 2004 and WAC&G 2024

Gravity surveys undertaken at Illinois Creek are summarized in Table 5-6.

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| | |
|:---|:---|
| **Table 5-6:** | **Gravity Surveys at Illinois Creek** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Company** | **Year** | **Survey** | **Type** | **Area** |
| Anaconda | 1983 | Edcon | Recon density | Southern Kaiyuh Mountains |
| Anaconda | 1984 | Edcon | 50 m x 10 m | Waterpump Creek |
| NovaGold | 2004 | Edcon | 250 m x 150 m | Waterpump Creek/Last Hurrah |
| NovaGold | 2004 | Edcon | Recon lines | West Illinois Creek Magnetic Anomaly |

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Implications of all the geophysical techniques used at Illinois Creek and how each impacted ongoing exploration targeting and vectoring on the Property are discussed in Section 7.1 (Exploration).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.2.4** **Drilling** 

Extensive historical drilling at the Illinois Creek Property has largely targeted the oxidized gossans at Illinois Creek and, to a far lesser extent, the Waterpump Creek and Last Hurrah CRD targets. Only minimal exploration has targeted the remainder of the Property, and the potential to find additional mineralized zones is considered by Alaska Silver to be very good.

Signature Date: March 9, 2026 5-12

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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Table 5-7 summarizes the mineral resource delineation and exploration drill campaigns on the Property between 1980 and 2006 conducted by the previous operators of the Property.

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| | |
|:---|:---|
| **Table 5-7:** | **Drill Campaigns 1980-2006 at Illinois Creek** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Years** | **# Core Holes** | **# RC Holes** | **Core (m)** | **RC (m)** | **Total (m)** |
| Anaconda | 1980–1984 | 73 | 18 | 10132.7 | 2266.1 | 12398.8 |
| Goldmor | 1988–1990 | 1 | 87 | 16.8 | 2914.0 | 2930.8 |
| NPMC | 1991–1992 | 42 | 0 | 3089.4 | 0.0 | 3089.4 |
| Echo Bay | 1993 | 0 | 166 | 0.0 | 18739.5 | 18739.5 |
| USMX | 1994–1995 | 65 | 78 | 4657.9 | 5054.3 | 9712.2 |
| Viceroy | 1999 | 0 | 23 | 0.0 | 731.6 | 731.6 |
| ARG | 2002 | 5 | 0 | 215.3 | 0.0 | 215.3 |
| NovaGold | 2005–2006 | 20 | 0 | 2746.8 | 0.0 | 2746.8 |
| **Total** | **Total** | **206** | **372** | **20858.9** | **29705.5** | **50564.4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3** **Other Studies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3.1** **Petrology, Mineralogy and Research** 

Several studies have reviewed the geology and geochemistry of the Illinois Creek Property. Most notable are Anaconda's Tucson research lab's efforts throughout its tenure on the Property. Important contributions include a series of internal Anaconda memos in 1984 and 1985 by Hossein Salek. Most notable are two summaries: "Mineralogical and Alteration Study of Samples from the Waterpump Creek Prospect, AK, 1984" and "Mineralogy and Gold/Silver Occurrence Studies of Samples from the Illinois Creek Project, AK, 1984" (Salek 1984a; Salek 1984b).

In 1984, Anaconda also completed lead isotope studies using Teledyne Isotopes Inc. In addition to the geological and mineralogical studies at Illinois Creek, Anaconda also completed some age-dating of rocks in the district.

In 1994, Brian P. Flanigan completed an MS thesis at the University of Alaska Fairbanks titled "Genesis and Mineralization of Ore Deposits in the Illinois Creek Region, West-Central, Alaska". The thesis summarizes mineralogical zonation studies across the Illinois Creek deposit and clearly establishes the distinct zonation of copper, bismuth, arsenic and gold to the west and lead, zinc and manganese to the east. The thesis used reflected light microscopy and scanning electron microscope (SEM) analyses to complete a comprehensive compilation of the ore mineralogy at Illinois Creek and Waterpump Creek. The thesis also looked at oxygen isotopes and completed additional age dating. Flanigan concluded by suggesting timing and mineralization events for prospects and deposits across the district (Flanigan 1994).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3.2** **Geotechnical and Hydrological** 

Between 1994 and 1996, in the run-up to construction of the Illinois Creek, USMX compiled earlier studies and completed a series of studies to support the feasibility study and required permits. In addition, during 1994 and 1995, USMX completed a series of geotechnical and water-monitoring holes.

Signature Date: March 9, 2026 5-13

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Many though not all of the historical mine permitting studies were given to Alaska Silver by the ADNR. The following significant studies were completed for and by USMX:

● Consolidated Permit Application, Volume I, Application, USMX, 1996b.

● Consolidated Permit Application, Volume II, Hydrogeology Report: Pollution Prevention Plan, USMX, 1996c.

● Consolidated Permit Application, Volume III, Heap Leach Design Report, USMX, 1996d.

● Consolidated Permit Application, Volume IV, Ore and Waste Rock Characterization Report, Assessment of Acid Generating Potential Report, and Reclamation Plan, USMX, 1996e.

● Illinois Creek Gold Mine Project Archaeological Survey Kaiyuh Hills, Alaska, NLUR, September 1995.

● Illinois Creek Gold Mine Project profile, RTR, February 1995.

● Illinois Creek Gold Mine Project Aquatic Resources Analysis, Morsell, 1991/1994.

● Illinois Creek Gold Mine Project Fisheries Study, ADF&G, November 1995.

● Illinois Creek Gold Mine Project Water Quality Reconnaissance, Montgomery Watson, November 1994.

● Illinois Creek Gold Mine Project Wetlands and Wildlife report, ABR and Montgomery Watson, October 1994.

● Wetlands Survey of the proposed Illinois Creek Mine and Barge Site, ABR, 1995.

● Soil Survey of Proposed Illinois Creek Mine Site, ABR, November 1995.

● USMX Illinois Creek Project, Alaska Air Quality Permit Application, TRC, October 1995.

● Illinois Creek Project Assessment of Acid Generating Potential, SRK, July 1995.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1.3.3** **Metallurgical Studies** 

Anaconda initiated a series of early studies to determine the overall metallurgical characteristics of the Illinois Creek and Waterpump Creek mineralization types. Early studies looked at cyanidation, flotation, gravity, and magnetic separation characteristics of the ores.

The following Anaconda internal memos and reports summarize these studies:

● Summary of Illinois Creek Metallurgical Test Results, P.R. Engelhardt and L.J. Garcia, Anaconda internal memo, March 7, 1984.

● Summary of the Flotation and Gravity Characteristics of the Waterpump Creek Mineralization, P.R. Engelhardt, L.J. Garcia, and D.A. Norrigran, Anaconda internal memo, March 14, 1984.

● Metallurgical test work continued with NPMC after Anaconda left the Project. Between 1988 and 1991, Goldmor and then NPMC contracted McClelland Laboratories to complete a series of tests related to cyanidation of the ores including the following reports and memos:

● Preliminary Cyanidation Test Work – Illinois Creek Cuttings Composites, McClelland Laboratories Inc., March 15, 1990.

● Column Leach Test Work – Illinois Creek, McClelland Laboratories Inc., June 29, 1990.

Signature Date: March 9, 2026 5-14

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

● Report on Direct Cyanidation of Agglomerate Strength and Stability Test Illinois Creek Bulk Ore Samples, McClelland Laboratories Inc., November 11, 1991.

● Metallurgical Environmental Test Work and Analyses Illinois Creek Core and Bulk Composites, McClelland Laboratories Inc., July 10, 1995.

● Consolidated Permit Application, Volume IV, Ore and Waste Rock Characterization Report, Assessment of Acid Generating Potential Report, and Reclamation Plan, USMX, 1996e.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2** **Historical Production** 

USMX reported mining a total of 5,136,794 tons between late 1996 to the end 1997, including 1,135,318 tons of ore (Bennett et al., 1998). The current leach pad Mineral Resource estimate states 1.452 Mt of material that is the result of mining. The original grade of the leach pad is unknown as well as the total gold and silver production.

Signature Date: March 9, 2026 5-15

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.0** **Geological Setting, Mineralization, and Deposit** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Regional Geology** 

The Illinois Creek Project is located within the Ruby Terrane, a sequence of mostly late Proterozoic to middle Paleozoic continental margin rocks that make up the Kaiyuh Mountains (see Figure 6-1). Lithologies within the belt include metapelites, quartzites, carbonates and greenstones. Thinly bedded, carbonate-rich dolomitic quartzite and dolomite host the Waterpump Creek sulfide silver-zinc-lead CRD deposit the Illinois Creek oxide gold-silver deposit, respectively.

The Cretaceous Khotol pluton, the Round Top porphyry, and the interpreted Illinois Creek porphyry intrude metasediments north, northeast, and west/southwest of Illinois Creek. Age-dating suggests that mineralization from the Illinois Creek hydrothermal system is temporally related to the emplacement of the 112 Ma Khotol granite pluton.

Regional structure is dominated by east-northeast-trending faults oriented subparallel to the Kaltag fault—a large, trans-current shear zone located 24 km (15 miles) north of the deposit. Post-Laramide movement on the Kaltag fault is characteristically right lateral taking up rotation along the Tintina trench into central Alaska as a consequence of north-northwest directed subduction under the Aleutians.

Structural and stratigraphic interpretations suggest that the pre-Laramide Cretaceous motion on the Kaltag fault was likely left-lateral with north-northeast-trending extensional faults forming pull-apart zones between left stepping offsets along the east-northeast trans-current shears. This local northeast-directed extension appears to have controlled elongation of the Khotol pluton and emplacement of the Round Top porphyry.

Broad east-northeast to east-southeast-directed folds appear to be a consequence of east- southeast-directed compression perpendicular to the north-northeast extension. These folds play a critical role in the erosional level of permissive carbonate stratigraphy which hosts the carbonate replacement mineralization developed adjacent to the porphyry intrusions within the district.

The Illinois Creek deposit (a deeply oxidized CRD) is located within an east-northeast-trending shear zone, the Illinois Creek fault, analogous to the Kaltag fault orientation. Mineralization occurs as both a filling within the fault structure and as a replacement within and along selective bedding planes and stratigraphic contacts particularly at or near the uppermost contact of the dolomitic quartzite stratigraphy with overlying metapelitic schists and greenstones.

Signature Date: March 9, 2026 6-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-1:** | **Generalized Geologic Map of the Southern Kaiyuh Mountains** |

---

![Graphic](wamff-20251231xex96d1013.jpg)

Source: Modified after USGS W.W. Patton, Jr. and E.J. Moll-Stalcup 2000, Geologic Map of the Nulato Quadrangle, West-Central Alaska. Alaska Silver 2024.

Signature Date: March 9, 2026 6-2

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.1** **Tectonic History** 

The deformation and tectonic history of the Kaiyuh Mountains remains poorly understood. The Project area underwent regional deformation and metamorphism during the Middle Jurassic to Early Cretaceous Brooks Range orogeny. The collision of the Ruby Terrane and Koyukuk Arc Terrane from present-day south caused north-directed imbrication and partial subduction of the Arctic Alaska passive margin sedimentary sequence.

A recent review of the tectonic history is summarized by Moore et al. (Moore and Box, 2016) who present a series of tectonic reconstructions and deformational styles related to the Brooks Range orogeny. Figure 6-2 shows existing models for emplacement of the Ruby Terrain due to the opening of the Arctic Canada Basin and Figure 6-3 through Figure 6-5 show the evolution of the Ruby Terrane and the timing of the Illinois Creek and Round Top deposits. The reconstructions show the accretion of the Angayucham/Tozitna/Innoko (ATI) Terrane immediately to the east and overlapping the Ruby Terrane in latest Jurassic times. The deformation continues into the Cretaceous with northwest-directed thrusting until 113 Ma.

---

| | |
|:---|:---|
| **Figure 6-2:** | **Existing Tectonic Models for the Ruby Terrane** |

---

![Graphic](wamff-20251231xex96d1014.jpg)

Source: Moore and Box 2016.

Signature Date: March 9, 2026 6-3

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

This compressive foreshortening has resulted in a series of thrust plates juxtaposing deeper water ATI Terrane mafic volcanics over progressively shallowing continental slope deep-water pelitic rocks in turn thrust over platform carbonate and continental derived quartzites of the Ruby Terrain host for the Waterpump Creek CRD deposit and the Illinois Creek deposit.

North-northeast to northeast-directed extension then dominates the deformational history through the emplacement of both the Illinois Creek and Round Top porphyry systems in the mid to earliest Cretaceous times.

---

| | |
|:---|:---|
| **Figure 6-3:** | **West-Central Alaska Deformation 145-113 Ma** |

---

![Graphic](wamff-20251231xex96d1015.jpg)

Source: Moore and Box 2016.

Signature Date: March 9, 2026 6-4

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-4:** | **West-Central Alaska Deformation 113-86 Ma** |

---

![Graphic](wamff-20251231xex96d1016.jpg)

Source: Moore and Box 2016.

Signature Date: March 9, 2026 6-5

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-5:** | **West-Central Alaska Deformation 86-66 Ma** |

---

![Graphic](wamff-20251231xex96d1017.jpg)

Source: Moore and Box 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.2** **Regional Stratigraphy** 

The stratigraphy of the Kaiyuh Mountains is poorly documented and is only partially based on regional mapping by both the U.S. Geological Survey (USGS) and Anaconda. The Illinois Creek district is largely covered with overburden, with only limited outcrops on ridge lines. This is even more evident on the Illinois Creek Property where stratigraphic interpretation is based largely on geophysics and limited deep drilling by Anaconda at both Illinois Creek and Waterpump Creek further discussed in section 6.2.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.3** **Magmatism** 

Igneous rocks within the Illinois Creek Property are limited in distribution. Most prominent are a series of greenstone or diabase sills. The units are typically fine- to coarse-grained and composed of chlorite, actinolite, plagioclase and quartz. These intrusive rocks are likely part of the Jurassic ophiolitic rocks of the Rampart group to the east and have been structurally emplaced into the Illinois Creek area stratigraphy.

Two felsic intrusives are found in the Waterpump Creek area. Felsic intrusive 1 exhibits enigmatic intrusive and metamorphic textures, is white to cream clay-altered, very coarse-grained, feldspar-quartz-sericite-pyrite rock, with high feldspar content. Although the interior portions of this felsic intrusive are unfoliated, it is highly sheared, with foliations most pronounced near the contacts with the wallrock, indicating that this unit is older than the last shearing episode. The second felsic intrusive is a felsic intrusive porphyry that is cream to tan

Signature Date: March 9, 2026 6-6

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

aphanitic groundmass with 10-15% 1 mm feldspar phenocrysts, less than 1% quartz phenocrysts, and trace mafic minerals. This unit is moderately to strongly clay altered and has probable trachyte or latite composition. Unlike Felsic Intrusive 1, this felsic intrusive porphyry phase is unmetamorphosed and is post late-Jurassic (Teller and Wilson 1985). The felsic intrusive bodies most commonly occur within the Kaiyuh Schist package and are irregular and elongate bodies that commonly crosscut the schist foliation. They have not yet been found in the dolostone units.

The nearby 111 to 113 Ma Khotol pluton is characteristically equigranular to sub-porphyritic biotite granite to granodiorite containing up to 15% biotite and abundant quartz. Plagioclase dominates over potassium feldspar and makes up to 60% of the rock.

The Round Top stock and intrusive complex lies 19.3 km (12 miles) to the northeast and is characterized by a complex series of quartz monzonite intrusions and high-level breccia diatremes emplaced into the lower Paleozoic sequence. A high-level lithocap with sheeted copper-bearing veins and a well-developed enrichment blanket overlie porphyry copper/molybdenum/silver mineralization at depth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1.4** **Timing of Mineralization in the District** 

Two significant periods of porphyry and associated CRD development are evident in the Illinois Creek district:

K-Ar and Ar-Ar dating of sericites at both Waterpump Creek (WPC) and Illinois Creek (IC) by Anaconda and Flanigan support a temporal tie between the Khotol pluton type magmatism (108 to 113 Ma) and the mineralization at IC, although no direct age determination has been completed for mineralization at WPC or IC.

K-Ar, Ar-Ar and Re-Os dating by Anaconda, Flanigan and Antofagasta all suggest timing of emplacement of the Round Top porphyries and copper porphyry mineralization at 72 to 75 Ma.

All mineralization ages postdate the extensive 134 to 153 Ma metamorphic dates related to Brooks Range orogeny and obduction of the ATI Terrane.

K-Ar age dates in the district are summarized in Table 6-1.

---

| | |
|:---|:---|
| **Table 6-1:** | **Age Determinations - Illinois Creek District** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company**<br><BORDER_TOP> | **Location**<br><BORDER_TOP> | **Year**<br><BORDER_TOP> | **Type**<br><BORDER_TOP> | **Material** <br><BORDER_TOP> | **Date Ma**<br><BORDER_TOP> | **+/- Ma**<br><BORDER_TOP> |
| **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** | **Metamorphic Dates** |
| Anaconda | Waterpump Creek | 1984 | K-Ar | Muscovite (schist) | 157 | 6 |
| Anaconda | Waterpump Creek | 1984 | K-Ar | Muscovite (schist) | 153 | 6 |
| Anaconda | Waterpump Creek | 1984 | K-Ar | Muscovite (schist) | 149 | 5 |
| Flanigan | Waterpump Creek | 1995 | Ar-Ar | Whole Rock | 145.4 | 1.9 |
| Flanigan | Honker | 1995 | Ar-Ar | Whole Rock | 139.3 | 1.8 |
| Flanigan | Illinois Creek | 1995 | Ar-Ar | Muscovite | 137.9 | 1.3 |
| Patton et al. | Kaiyuh Mtns | 1979 | K-Ar | Muscovite | 136 | 4.1 |
| Patton et al. | Kaiyuh Mtns | 1979 | K-Ar | Muscovite | 134 | 4 |
| Flanigan | Illinois Creek | 1995 | Ar-Ar | Muscovite | 127.9 | 2.2 |

---

Signature Date: March 9, 2026 6-7

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company**<br><BORDER_TOP> | **Location**<br><BORDER_TOP> | **Year**<br><BORDER_TOP> | **Type**<br><BORDER_TOP> | **Material** <br><BORDER_TOP> | **Date Ma**<br><BORDER_TOP> | **+/- Ma**<br><BORDER_TOP> |
| **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** | **Intrusive Dates** |
| Patton et al. | Khotol | 1979 | K-Ar | Biotite | 112 | 3.4 |
| Anaconda | Khotol | 1982 | K-Ar | Biotite | 111 | 4 |
| Anaconda | Khotol | 1982 | K-Ar | Biotite | 108 | 4 |
| Flanigan | Khotol | 1995 | Ar-Ar | Biotite | 107.3 | 1.4 |
| Anaconda | Round Top | 1984 | K-Ar | Feldspar | 74.8 | 2.8 |
| Anaconda | Round Top | 1984 | K-Ar | Feldspar | 72.9 | 2.8 |
| **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** | **Mineralization Dates** |
| Flanigan | Illinois Creek | 1995 | Ar-Ar | Sericite | 113.1 | 0.4 |
| Anaconda | Waterpump Creek | 1982 | K-Ar | Sericite | 113 | 4 |
| Antofagasta | Round Top | 2018 | Re-Os | Molybdenite | 72.7 | 0.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Property Geology** 

Since 2021, a major reinterpretation of the Illinois Creek Property has been ongoing as a consequence of the discovery of significant sulfide mineralization at depths below previous levels of exploration. Utilizing 1) a better understanding of CRD morphologies; 2) a greatly expanded multi-element ICP soil database; 3) re- interpretation and inversions of historical geophysical surveys; 4) a 2022 controlled source audio-magnetotellurics (CSAMT) survey undertaken to outline resistivity domains at depth; 5) ongoing drilling and mapping; and 6) a better understanding of the stratigraphy and structure; and 7) a 2023 3D resistivity and induced polarization (3DIP) survey a new and more coherent understanding of the property is evolving; and 8) the 2024 SkyTEM EM and Magnetics survey conducted in 2024.

The newly reinterpreted geologic map of the Property is presented in Figure 6-6. The map shows two structural/stratigraphic geologic domains herein dubbed the East and West blocks, the three dominant lithologic groups, and the primary structures. Rather than having two distinct structural/stratigraphic geologic domains as previously interpreted, the East and West blocks, the district has been reinterpreted as being a structurally complex stack of thrust plates. Illinois Creek mineralization is hosted in the lower plate (West Block) and Waterpump Creek mineralization is hosted in the upper plate (East Block).

Signature Date: March 9, 2026 6-8

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-6:** | **Simplified Geologic Map of the Illinois Creek Property with Primary Mineralization-Controlling Structures and Simplified Geologic Domains** |

---

![Graphic](wamff-20251231xex96d1008.jpg)

Source: WAC&G 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.1** **Temporal-Structural Considerations** 

The Illinois Creek Property shows effects of the regional tectonic deformational history discussed previously in section 7.1. Jurassic to mid-Cretaceous compressional tectonics is manifest on the property as a series of east-verging thrust faults juxtaposing progressively deeper water assemblages on top of continental margin assemblages to the west. ATI Terrane volcanics occur immediately east of the Project as an upper plate over the metasedimentary continental margin assemblages of the Ruby Terrane.

The Illinois Creek Property shows a series of stacked thrust plates, dominated by four main units. The Ruby Terrane continental slope clastic schists are thrust on top of the WPC dolomitic platform carbonates (WPC formation). The WPC formation is thrust on top of the Jurassic diabase/greenstone unit (Greenstone), which is thrust on top of the IC formation consisting of clastic (quartz arenite) and carbonate platform facies.

Broad, ENE to ESE-trending folds in the Illinois Creek district, occur as a result of the compression most notably, the ENE-northeast-trending Illinois Creek antiform which cores the West block. The stress field causing deformation was likely rotated both regionally and locally, resulting in rotated structures and various trends of structures in the district.

Signature Date: March 9, 2026 6-9

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Relaxation immediately post-compression resulted in granitic magmatism of the Khotol pluton intrusive suite, and its associated porphyry/CRD/intermediate sulfidation vein mineralization seen at Illinois Creek and the adjacent Honker prospect. This relaxation is manifest as steep NNE -trending tensional faults such as the Waterpump Creek fault and Wades fault that are syn-mineral in nature. These faults could be listric nature and verge east into pre-existing shallow angle thrusts. The NE-trending Illinois Creek and Warm Springs faults have complex movements and are yet only partially resolved. Syn-mineral movement on the Illinois Creek fault appears as normal down-drop to the south but with later post-mineral strike-slip movement. Warm Springs fault appears to reverse movement suggesting a rotation of the structural block between the Illinois Creek and Warm Springs faults.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2** **Stratigraphy** 

CSAMT, a deep sounding resistivity geophysical technique undertaken in 2022 has recognized two structural/stratigraphic blocks on the Property herein dubbed the East and West blocks, which have been differentiated by the discrete break in the geophysics, dubbed Wades fault. Different stratigraphic sections occur in both blocks at the erosional levels seen, although these different stratigraphic sections are believed to represent different lateral facies changes in a sedimentary basin. Stratigraphic sections for both blocks are based on deep drill holes by Anaconda: WPC84-16 for the East Block and ICDH10 in the West Block. These stratigraphic sections are likely impacted by additional thrust fault overthickening but are good approximations of existing stratigraphic thicknesses in both blocks. The stratigraphic column for the Illinois Creek Property, including East Block and West Block domains, is illustrated in Figure 6-7.

The Illinois Creek formation and the WPC formation are likely stratigraphically and temporally related by deposition in a classic sedimentary – carbonate basin. The Illinois Creek formation contains a clastic component (quartz arenite), which has been interpreted to be formed in a barrier bar/beach facies and includes textures and compositions of interdune/marsh facies, and platform carbonates. The WPC formation shows textures of sabkha, lagoonal, intertidal faces, patch reefs, and platform carbonates, which indicates a low energy depositional environment. Both formations show a shallowing upward trend, indicating the lateral changes in depositional environment. Stratigraphic sections for both blocks are based on deep drill holes by Anaconda: WPC84-16 for the East Block and ICDH10 in the West Block. These stratigraphic sections are likely impacted by additional thrust fault overthickening but are good approximations of existing stratigraphic thicknesses in both blocks.

Signature Date: March 9, 2026 6-10

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-7:** | **Stratigraphic Column** |

---

![Graphic](wamff-20251231xex96d1019.jpg)

Source: WAM 2025.

Signature Date: March 9, 2026 6-11

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2.1** ***Lithology Units – East Block*** 

The overthrust Kaiyuh schist includes a thick QCMS schist package overlying a section of graphitic schists indeterminate in thickness. The QCMS unit contains a distinctive magnetite-rich chlorite schist at or near its base which has been interpreted as a re-crystalline Fe formation. This unit is easily discernible in the 1984 Aerodat aeromagnetic survey. Below the overlying Kaiyuh Schist sequence is the Waterpump Creek dolomite which appears to be in excess of 600 m in thickness. A few thin interleaved chlorite schist zones might represent additional thrust plates but are more likely thin interbedded clastic layers that are conformable, but do preferentially take up strain, resulting in folding and shearing of the unit. Under the Lower Schist is Fossiliferous Dolomite unit which contains various bioclasts and shows signs of increased permeability and porosity and is a key horizon for mineralization potential. The overthickened section provides a significant opportunity for additional manto-form CRD mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2.2** ***Lithology Units – WPC Resource*** 

The oxide and sulfide mineralization at Waterpump Creek is hosted in the WPC formation, particularly in the Upper Waterpump Creek Dolomite and the Waterpump Creek Fossiliferous Dolomite. The Kaiyuh Schist acts as an aquitard for the fluids, which are pooled underneath in the Upper Waterpump Creek Dolomite. The Lower Schist is another aquitard within the Waterpump Creek Formation, which causes the fluids to pool in the Fossiliferous Dolomite below. The following descriptions are the lithology domains as logged for Waterpump Creek. Table 6-2 shows the current logging codes used for the Illinois Creek Property.

● Quartz-Muscovite Schist (QMS): Banded gray, green, brown and white schist with incredibly variable composition. Locally quartz, muscovite, graphite, or chlorite rich. Often has thin (1mm) to thick (1m) carbonate layers. Can have lots of variation and QMS is the code used for undifferentiated schist units. The schist package was historically logged as QMS, QCS (quartz-chlorite schist), QGS (quartz-graphite schist), QMCS (Quartz-muscovite-chlorite schist), QMGS (quartz-muscovite-graphite schist), MCGS (muscovite-chlorite-graphite schist), QMCbS (quartz-chlorite-carbonate-graphite schist), QCCbGS (Quartz-chlorite-carbonate-graphite schist), QMCCbS (Quartz-muscovite-chlorite-carbonate schist), QMCGS (Quartz-muscovite-chlorite-graphite schist), QMCbGS (quartz-muscovite-carbonate-graphite schist), and QMCCbGS (Quartz-muscovite-chlorite-carbonate-graphite schist). The schist is thinly foliated with often 2 foliations present. S1 is thought to be analogous with S0 (bedding). Quartz sometimes forms porphyroblasts with muscovite pressure shadows. Garnets porphyroblasts are very rare, but do occur, commonly near the magnetite schist and skarn units. Where muscovite is the dominant mineral, crenulation cleavage is common. The QMS is the Kaiyuh Schist meta-sediments.

● Magnetite Schist (MAG): Magnetic marker unit composed of quartz, chlorite, and 10-20% magnetite. Approximately 2 to 10 m in thickness. Magnetite crystals are 2 to 4 mm crystals, euhedral to subhedral, often times with muscovite pressure shadows.

● Skarn (SK): Garnet magnetite pyroxene calc-silicate is often spatially close (within 10m) of the felsic intrusives. There is considerable variation in garnet (grossularite-andradite series) modal abundance percentages, size, habit/form, and degree of retrograde alteration. Hedenbergite (pyroxene group) occurs as coarse, partly chlorite-altered, bladed, dark green to almost black radiating, bladed crystal sheafs developed along the margins of quartz veins cutting the schist. Diopside (pyroxene group) also occurs as stubby dark green prismatic crystals, 1 to 4 mm long, which appear square in section,

Signature Date: March 9, 2026 6-12

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

but are largely altered to chlorite-actinolite. These occur in variably calcareous and quartzitic schist beds, commonly where the carbonate stratigraphy is cut by structures, including fault zones and veinlets. Skarn intervals are variably foliated, but some intervals of calc-silicate alteration show little evidence of foliation at all, with dodecahedral to equant red-brown garnets and magnetite grains floating in dark green chlorite-actinolite groundmass.

● Chlorite Schist (CS): Various shades of green, dominantly chlorite with quartz and muscovite. Locally medium to coarse grained chlorite-altered amphiboles. Sub-unit of the Kaiyuh Schist.

● Graphite Schist (GS): Black, dominantly graphite with variable quartz, chlorite, and muscovite. This unit is often the basal unit of the schist package and shows intense shearing and deformation as it takes up most of the shear stresses due to rheological differences. Sub-unit of the Kaiyuh Schist.

● Hydrothermal Quartz (HQ): Large milky white quartz veins, typically in the schist package, 30cm to 5m thick.

● Felsic Intrusive (FI): Massive to flow-foliated, chalky buff terra cotta, aphanitic to porphyritic, trachyte/latite to syenogranite with up to 20-40% muscovite/sericite locally. Typically, 1m to 3m thick. Historically discriminated as two units: 1) Felsic Intrusive and 2) Felsic Intrusive Porphyry. The felsic intrusive is clay altered white to cream, very coarse-grained, feldspar-quartz-sericite-pyrite that is foliated primarily on the margins, indicating that it is older than the last shearing episode. The Felsic Intrusive Porphyry is cream to tan aphanitic groundmass with 10-15% 1 mm feldspar phenocrysts, less than 1% quartz phenocrysts, and trace mafic minerals. It is moderately to strongly clay altered and probably trachyte or latite composition. This unit differs from the other in that it is porphyritic and is unmetamorphosed, indicating that this phase is post late-Jurassic.

● Dolomite (DOL): Light to medium gray, weathering to cream, micritic mudstone to rudstone with rare arenaceous interbeds. It is often recrystallized and shows various alterations such as tan, bleaching, sanding, silicification, and fluorescence. Millimeter to centimeter scale laminations representing thin sedimentary layering or algal mats are common, and 2 mm to 5 mm pisoliths are common. Mud chips (up to 1 cm) and birds-eye structures may be found, usually in the thin laminated zones.

● Fossiliferous Dolomite (DOLF): Grey dolomite containing fossiliferous beds including conodonts, ostracods, and bivalves. Megafossils are sparse, though layers of fossil hash consisting of bivalve fragments are present. A series of core samples were submitted to Anita Harris (USGS) for conodont analysis in 1984. Dr. Harris found conodonts or conodont fragments in five of the eight samples. All five samples yielded Protopanderodus conodonts, a middle Early to early Middle Ordovician species, or unidentifiable fragments. However, one sample yielded two elements of Pygodus, a late Llanvirn to early Llandeilo (early Middle Ordovician) species. This is a " cosmopolitan species of North American faunal province and indicates deposition in normal marine mid-shelf to basin facies " (Harris, 1984). The other conodont fragments appear to be of a shallower water type. The mid-shelf to basin classification is based on water temperature, therefore, the Pygodus may represent a channel or inter-platform basin within the platform sequence interpreted from the lithofacies and conodont fragments (Teller and Wilson, 1985)

Signature Date: March 9, 2026 6-13

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

● Gossan (G): Orange to red intensely oxidized rock. Primary gossan is typically more competent with primary textures such as stockworks still preserved. Often contains well-developed secondary base metal minerals: lead minerals such as cerussite and zinc minerals such as hydrozincite and hemimorphite. Secondary gossan is typically sanded and decomposed and does not have any primary textures.

● Massive Sulfides (SULF): This is our primary ore zone. It contains fine to course-grained recrystallized carbonates such as manganoan siderite, ankerite, and dolomite with argentiferous galena, sphalerite, pyrite, and sometimes arsenopyrite and magnetite. Zebra texture is common which is banding of base metals and gangue minerals. It occasionally contains small zones of silicification.

● Marble (M): White to off white, distinctly more crystalline than the dolomite, can be sharp or gradational contact from dolomite. Crystal size is 1mm or greater. Can be dolomitic marble or calcic marble.

● Limestone (LST): Calcium carbonate- fizzes more vigorously than the dolomite, only logged in 1983.

● Quartzite (Q): Medium gray to black, very fine- to fine-grained, subrounded, very well sorted with local trace muscovite and rare dolomitic interbeds.

● Dolomitic Quartzite (DQ): Variably dolomitic quartzite. Matrix composed of dolomite with well sorted quartz grains. Can contain distinct quartzite and/or dolomite beds.

● Greenstone (GRN): Fine- to coarse-grained, semi-schistose meta-intrusive composed of chlorite, actinolite, plagioclase, and quartz.

● Phyllite (P): Altered to light grey to tan, thin to medium banded, variably dolomitic to calcareous. Locally iron stained and/or cut by quartz veins and pods.

● Hydrothermal Breccia (HBx): Silicious matrix with clasts of silicified quartzite and/or dolomitic quartzite. Can contain pyrite clasts (replacement of QTZ/DQ), pyrite can also occur as matrix.

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| | |
|:---|:---|
| **Table 6-2:** | **Current Lithology Codes for the Illinois Creek District** |

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| | | |
|:---|:---|:---|
| **Code**<br><BORDER_TOP> | **Unit**<br><BORDER_TOP> | **Area**<br><BORDER_TOP> |
| OB | Overburden | All |
| NR | No Recovery | All |
| V | Void | All |
| QMS | Quartz-Muscovite Schist | WPC, LH, IC |
| MAG | Magnetite Schist | WPC, LH, IC |
| SK | Skarn | WPC, LH, IC |
| CS | Chlorite Schist | WPC, LH, IC |
| GS | Graphite Schist | WPC, LH, IC |
| HQ | Hydrothermal Quartz | WPC, LH, IC |
| FI | Felsic Intrusive | WPC, LH, IC |
| DOL | Dolomite | WPC, LH, IC |

---

Signature Date: March 9, 2026 6-14

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | | |
|:---|:---|:---|
| **Code**<br><BORDER_TOP> | **Unit**<br><BORDER_TOP> | **Area**<br><BORDER_TOP> |
| DOLF | Fossiliferous Dolomite | WPC, LH |
| G | Gossan | WPC, LH, IC |
| SULF | Massive Sulfide | WPC, LH, IC |
| M | Marble | WPC, LH, IC |
| MC | Micrite | WPC, LH, IC |
| LST | Limestone | WPC, LH, IC |
| Q | Quartzite | WPC, LH, IC |
| DQ | Dolomitic Quartzite | WPC, LH, IC |
| GRN | Greenstone | IC |
| P | Phyllite | IC |
| HBx | Hydrothermal Breccia | IC  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2.3** ***Lithology Units – West Block*** 

Although the Kaiyuh schist is apparent in the far north portion of the West Block, the section in the area of interest, is dominated by the thick capping Greenstone unit. Importantly, the greenstone appears to act as an aquitard with fluids trapped below it. Two exploration holes, IC22-01 and -02 tested that concept and exhibit intense alteration, multiphase massive pyrite mineralization with low grade base and precious metals underneath the IC upper graphitic schist, which sits just below the greenstone unit.

Below the capping Greenstone unit, a thin graphitic schist (Upper Graphitic Schist) is recognized overlying a very thick section of calcareous and dolomitic quartzite and dolomite. This roughly 400 m package is apparent in ICDH-10 and is the host for the Illinois Creek oxide mineralization as well as the East IC manto. This stratigraphy is also the principal mineralization target south the Warm Springs fault. Historical drilling other than Anaconda that targeted the oxide resources at Illinois Creek did not differentiate between the quartzites and dolomites making detailed understanding of the internal stratigraphy of the overall permissive carbonate- rich stratigraphy difficult. As such thicknesses are approximate.

Below the permissive carbonate stratigraphy, a thick section of graphitic schist (Lower Graphitic Schist) is apparent in turn underlain by a thick chlorite/graphitic schist package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2.4** ***Lithology Units – Illinois Creek Mine and Oxide Resource*** 

The main gossan body at the Illinois Creek oxide Au/Ag deposit is hosted in a sequence of calcareous quartzite, dolomitic quartzite and dolomite overlain by a thin graphitic schist and a property-wide diabase greenstone sill. Since much of the primary lithology is broadly homogenous without any easily observable distinctions, efforts to domain lithology have been largely ineffectual. NPMC and Echo Bay devised a domain logging scheme incorporating the relative abundance to three variables: quartz, iron and manganese as their "lithologies" (Tolbert 1992).

The following descriptions of the "lithology" domains are from Tolbert (1992) and are summarized in Table 6-3.

Signature Date: March 9, 2026 6-15

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

● Quartzite (Q): white, light gray to tan, fine- to medium-grained. Several textural varieties of the quartzite occur and have been logged. Quartzite ranges from relatively pure, blocky massive (Q) to limy (Ql) and dolomitic (Qd) varieties. Carbonate-bearing quartzite is gradational between two fabrics, 1) mottled (Qlt and Qdt), and 2) carbonate/quartz banded (Qlb and Qdb). Unaltered quartzite comprises the country rock in the vicinity of the gossan but seldom directly borders mineralization.

● Altered Quartzite (Qa): cloudy, pale-yellow green with weak to strong carbonate and clay alteration and possibly weak propylitic alteration. Qa is soft and chalky, occasionally sanded and generally highly calcareous. Blue-gray quartz stock work veins are usually abundant. Qa directly borders gossan in the footwall and sometimes forms a narrow screen between gossan and Qs in the hanging wall. Potentially mineralized variants included quartzite stained with secondary iron oxide (Qf) or manganese oxide (Qm).

● Sanded Quartzite (Qs); quartzite decomposed to sand and ranging from very fine powder to medium-sized grains. Locally highly calcareous, commonly stained with secondary iron oxide, manganese oxides and copper carbonates.

● Ferruginous Quartzite (FQ): granular white quartz quartzite and hydrothermal quartz) with <50% brown, yellow or red brown iron oxide, variably brecciated and or cut iron oxide +/- quartz stock work veins. Earthy cellular and botryoidal iron oxide (goethite, limonite, and hematite) are present as breccia matrix and irregular masses. The unit is massive to extremely vuggy in texture.

● Ferruginous Manganiferous Quartzite (FMQ): similar to FQ but contains significant manganese oxide to impart a sooty black or dark gray color to all or portions of the rock (Mn generally >1%). Manganese oxide occurs as purple-gray stain/flooding, earthy/sooty bands and clots, botryoidal psilomelane masses or rarely as acicular pyrolusite needles lining cavities. FMQ is often distinctly banded with alternating <0.4 in. bands of granular quartz, iron oxide and manganese oxide.

● Ferruginous Gossan (FG): massive gossan with >50% iron oxide as earthy, cellular, and botryoidal limonite, goethite and rare hematite. Locally abundant rhombohedral pseudomorphs suggest much of the gossan has replaced massive coarse-grained carbonate (siderite, ankerite, dolomite and rhodochrosite) in some areas. Quartz comprises up to 50% of the rock as milky veins, quartzite clasts or granular masses. Primary textures are highly obscured. FG occasionally contains copper oxides and bindheimite veins.

● Ferruginous Manganiferous Gossan (FMG): similar to FG with prominent dark gray to black manganese oxide coloration in addition to brown iron oxide. Both oxides usually occur as distinct alternating bands or as wormy intergrowths. Coarse-grained rhombohedral pseudomorphs are locally present.

● Hydrothermal Quartz (HQ): Massive, vuggy, prismatic or granular hydrothermal quartz as veins, pods, or masses. Sometimes contains pseudomorphs and iron oxide veins. HQ is rare accounting for <2% of the material within the gossan.

Signature Date: March 9, 2026 6-16

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Table 6-3:** | **Historical Lithology Codes at the Illinois Creek Deposit** |

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| | |
|:---|:---|
| **Code**<br><BORDER_TOP> | **Unit**<br><BORDER_TOP> |
| Q | Quartzite |
| Qa | Altered Quartzite |
| Qs | Sanded Quartzite |
| FQ | Ferruginous Quartzite |
| FMQ | Ferruginous Manganiferous Quartzite |
| FG | Ferruginous Gossan |
| FMG | Ferruginous Manganiferous Gossan |
| HQ | Hydrothermal Quartz  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2.5** ***Detailed Structure - Illinois Creek Oxide Deposit*** 

In 2000, MRDI, under the direction of Viceroy, audited the USMX database and model. At that time, MRDI concluded that although the "lithology" codes reflected host domains thought to control the distribution of gold/silver mineralization, the mineralization clearly crossed those lithologic domains. Sections constructed during the review suggest that the gold and silver zones meandered in and out of individual rock units, much as would be expected if mineralization were controlled by a shear zone that roughly followed the strike of bedding of the host rocks. The common thickening and bifurcation of gold zones that are seen in the hanging wall and strike extensions of the deposit are common to braided shear systems (MRDI and Viceroy 2000).

MRDI concluded that the primary control of mineralization was the presence of bedding plane shears, with local zones of dilation (and thickening of ore zones) occurring at favorable changes in the strike of individual shears. Shearing preferentially occurred within sandy dolomite, calcareous to dolomitic quartzite, and calcareous phyllite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2.2.6** ***Detailed Structure – Waterpump Creek Sulfide Deposit*** 

The primary structure controlling the WPC and LH mineralization is the north-south Waterpump Creek fault. Mineralization at WPC appears to have both vertically oriented chimney-style mineralization and horizontally-oriented, manto-style mineralization. The manto-style mineralization is reliant on second-order controls such as permeability and porosity and subtle features such as the NW-SE fold of the Kaiyuh schist – WPC dolomite contact, which caused the change in strike direction discriminating the north upper oxide zone from the southern sulfide zone. The WPC fault is likely the primary fluid pathway, resulting in chimney-style, open-system mineralization, and was likely opened and closed multiple times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Mineral Deposits** 

The IC property area contains an expansive, linked CRD system. Illinois Creek is interpreted to be proximal to the fluid source, as evidenced by the Au-Cu signature, and Waterpump Creek is interpreted to be the distal fingertip of the system, as evidenced by Ag-Pb-Zn signature and more selective nature of the deposit. The two deposits (IC and WPC) are linked by pre- and syn- mineral fault sets and geochemical zonation of the district. The mineralization stair-steps its way up through the stratigraphy as it moves more distal; at Illinois Creek, mineralization is

Signature Date: March 9, 2026 6-17

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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hosted in the Illinois Creek formation, at the bottom of the stratigraphic column, and as the fluid moves along faults, it also moves up the stratigraphy into the Waterpump Creek formation, effectively showing a stair-stepping effect, as is common in CRD systems.

The known mineralization at Illinois Creek occurs as Au-Ag-Cu oxides and occurs in the Illinois Creek formation, following selective beds and stratigraphic contacts, likely following the thrust fault contact stemming from the Warm Springs fault as a primary mineralizing conduit. Approximately 7 km to the northeast, at Waterpump Creek, known mineralization occurs as Ag-Pb-Zn sulfide replacement in the Waterpump Creek formation, where the Waterpump Creek fault serves as the primary fluid conduit.

Known mineralization at Illinois Creek occurs both as a CRD Ag-Zn-Pb sulfide replacement mineralization and as Au-Ag-Cu oxide gossan mineralization formed as a consequence of deep surficial oxidation of the primary sulfide mineralization. Mineralization occurs as: 1) replacement mineralization within and along selective bedding planes and stratigraphic contacts in the Illinois Creek carbonate rocks including dolomite and dolomitic quartzite stratigraphy and 2) fillings within syn-mineral fault structure such as the Illinois Creek fault.

At Waterpump Creek, approximately 7 km to the NE from Illinois Creek, sulfide mineralization is particularly focused at or near the uppermost contact of the dolomite stratigraphy with overlying metapelitic Kaiyuh schists. The Kaiyuh schists are characterized by a complex section of graphitic, chloritic and quartz muscovite schists within which occurs a thin marker horizon of chlorite/magnetite schist possibly of banded iron formation genesis. This marker horizon is a strong aeromagnetic feature traceable through much of the district. The Kaiyuh schist/Waterpump Creek dolomite contact is an apparent pre-mineral thrust fault. Mineralization occurs along the Waterpump Creek fault, a NNE-trending fault showing down drop to the east resulting in a steepening of the thrust fault surface into the Waterpump Creek fault. The overlying Kaiyuh schists serve as an aquitard with fluid migrating up the Waterpump Creek fault and replacing dolomite at or within the footwall dolomite of the fault.

In the southern zone of WPC, the mineralization cuts below the Lower Schist unit, and replaces the Fossiliferous Dolomite unit. The Lower Schist is thought to be another aquitard that traps fluids underneath, causing a pooling of fluids under the lower schist, in the fossiliferous dolostone unit. Particularly drill hole WPC22-18, where the thickness of mineralization drastically increases to 101.1m of drill hole length, the mineralization occupies both the Upper WPC Dolomite unit and the Fossiliferous Dolomite unit, underneath the Lower Schist unit.

At Illinois Creek, very deep and poorly understood oxidation of the original CRD mineralization has resulted in the extensive development of gossan to depths up to 400 m below the surface between the Illinois Creek and the Warm Springs faults. Original primary mineralization is assumed to have been in part analogous to that seen at the Waterpump Creek deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.1** **Sulfide Mineralization Distribution – Waterpump Creek** 

Current exploration at Waterpump Creek has expanded the footprint of the sulfide mineralization over a roughly 495 m strike length, with widths varying from 25 m to 75 m, and thicknesses varying from 5 m to over 100 m. Figure 6-8 is a plan map of all Waterpump drill holes through the end of the 2023 drill season. The image also shows structure contours of the Kaiyuh schist/Waterpump Creek dolomite thrust contact and the rollover into the Waterpump Creek fault, the feeder for the mineralizing fluids. The Waterpump Creek fault can be traced for over 6 km in the East block.

Signature Date: March 9, 2026 6-18

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Figure 6-8:** | **Plan Map of the Waterpump Creek Drill Collars** |

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![Graphic](wamff-20251231xex96d1020.jpg)

Source: Alaska Silver 2026.

Signature Date: March 9, 2026 6-19

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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Figure 6-9 shows a longitudinal section down the axis of the WPC mineralization. The body is dominated by an upper high grade manto that dips to the south at approximately 15°. In and around DH's WPC22-17 and 18, the manto thickness expands significantly, likely a result from an increase in the number of mantos, closer towards the fluid source, and the late-stage cross-cutting pyrite phase that runs north-south through the earlier high-grade mantos.

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| | |
|:---|:---|
| **Figure 6-9:** | **Longitudinal Section Down Axis of Waterpump Creek Manto** |

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![Graphic](wamff-20251231xex96d1021.jpg)

Source: Alaska Silver 2026.

Figure 6-10 shows a plan 3D projection of the Waterpump Creek sulfide body with traces of the NNE WPC fault and ENE projections of fault strands of the IC fault. The blue shape is a modelled sulfide mineralization shape of massive and semi-massive sulfides. The body is roughly 1 million cubic meters in volume and remains open to expansion along projections of the WPC fault.

Signature Date: March 9, 2026 6-20

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Figure 6-10:** | **3D Plan Map Projection of the Waterpump Creek Sulfide Body** |

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![Graphic](wamff-20251231xex96d1022.jpg)

Source: Alaska Silver 2024.

Table 6-4 reports all sulfide intervals encountered by Alaska Silver during drilling in 2021, 2022, and 2023. No recoveries are yet assumed. Ongoing initial metallurgical studies are in progress and will provide initial recovery data during the 2nd quarter of 2025.

Signature Date: March 9, 2026 6-21

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Table 6-4:** | **2021, 2022, and 2023 Sulfide Intervals from Waterpump Creek** |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole**<br><BORDER_TOP> | **From (m)**<br><BORDER_TOP> | **To (m)**<br><BORDER_TOP> | **Thickness (m)**<br><BORDER_TOP> | **Ag (g/t)**<br><BORDER_TOP> | **Zn (%)**<br><BORDER_TOP> | **Pb (%)**<br><BORDER_TOP> |
| WPC21-09 | 109.4 | 120.9 | 11.5 | 522 | 22.5 | 14.4 |
| WPC22-07 | 136.4 | 142.5 | 6.1 | 459 | 12.1 | 14.8 |
| WPC22-07 | 150.1 | 164.4 | 14.3 | 54 | 10.3 | 1.9 |
| WPC22-08 | 114.6 | 125.5 | 10.9 | 157 | 9.9 | 6.4 |
| WPC22-11 | 139.1 | 150.6 | 11.5 | 337 | 16.7 | 10 |
| WPC22-11 | 152.7 | 156.3 | 3.6 | 151 | 22.3 | 5.1 |
| WPC22-13 | 150.1 | 152.9 | 2.8 | 1304 | 2.5 | 37.1 |
| WPC22-13 | 158.4 | 160.8 | 2.4 | 820 | 15 | 13 |
| WPC22-17 | 125.5 | 174.3 | 48.8 | 144 | 9 | 5.5 |
| including | 125.5 | 135.3 | 9.8 | 428 | 15.9 | 14.1 |
| including | 160.6 | 164.7 | 4.1 | 417 | 14.8 | 18.3 |
| WPC22-18 | 147.2 | 248.9 | 101.7 | 160 | 5.4 | 5.3 |
| including | 158.6 | 165.8 | 7.2 | 349 | 7.3 | 9.7 |
| including | 191.7 | 195 | 3.3 | 358 | 7.2 | 10.6 |
| including | 223.8 | 242.3 | 18.5 | 355 | 2.2 | 13.5 |
| WPC22-20 | 166.6 | 178 | 11.4 | 284 | 14.8 | 10.9 |
| including | 166.6 | 175 | 8.4 | 322 | 12.1 | 12.8 |
| including | 166.6 | 168.2 | 1.6 | 474 | 24.7 | 14.3 |
| including | 173.9 | 175 | 1.1 | 883 | 12.2 | 45.2 |
| WPC22-20 | 185.2 | 205.9 | 20.7 | 171 | 9.4 | 5.8 |
| including | 187.8 | 189.7 | 1.9 | 272 | 22.3 | 7.6 |
| including | 193.4 | 196.1 | 2.7 | 297 | 2.8 | 10.6 |
| WPC22-21 | 150 | 155.1 | 5.1 | 789 | 14.9 | 22 |
| WPC22-22 | 161.6 | 184.3 | 22.7 | 293 | 9 | 20.3 |
| including | 161.6 | 168.6 | 7 | 557 | 16.7 | 21.8 |
| WPC22-22 | 207 | 216.5 | 9.5 | 118 | 3.5 | 8.7 |
| WPC22-22 | 245.7 | 300.3 | 54.6 | 187 | 6.2 | 5.1 |
| including | 271.1 | 274.6 | 3.5 | 1223 | 32.5 | 8.1 |
| including | 292.6 | 300.3 | 7.7 | 311 | 10.1 | 1.8 |
| WPC23-0029 | 145.1 | 164.5 | 19.5 | 158 | 5.3 | 11.5 |
| Including | 145.1 | 148.1 | 3.0 | 253 | 9.7 | 15.9 |
| Including | 150.6 | 151.2 | 0.6 | 868 | 23.9 | 6.8 |

---

Signature Date: March 9, 2026 6-22

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole**<br><BORDER_TOP> | **From (m)**<br><BORDER_TOP> | **To (m)**<br><BORDER_TOP> | **Thickness (m)**<br><BORDER_TOP> | **Ag (g/t)**<br><BORDER_TOP> | **Zn (%)**<br><BORDER_TOP> | **Pb (%)**<br><BORDER_TOP> |
| Including | 163.1 | 163.7 | 0.6 | 429 | 15.6 | 5.8 |
| WPC23-0029 | 176.0 | 178.9 | 2.9 | 173 | 6.7 | 13.9 |
| WPC23-0030 | 216.6 | 238.6 | 22 | 146 | 3.3 | 9.8 |
| WPC23-0030 | 241.4 | 249.3 | 8 | 47 | 0.8 | 13.5 |
| Including | 264.7 | 270.1 | 5.3 | 729 | 24.1 | 3.1 |
| Including | 278.3 | 286.9 | 8.6 | 493 | 22.9 | 2.6 |
| WPC23-0030 | 334.6 | 336 | 1.4 | 44 | 3.6 | 6.5 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.2** **Sulfide Mineralization Characterization – Waterpump Creek** 

Mineralization at Waterpump Creek is characterized by massive and semi-massive sulfide replacement of the host Waterpump Creek dolomite by argentiferous galena, Fe-rich sphalerite and pyrite hosted in a matrix of recrystallized siderite and ankerite. Historical reflected light studies of the Waterpump Creek sulfide mineralization by Anaconda shows additional sulfide species including arsenopyrite, chalcopyrite, argentite and tetrahedrite. Alaska Silver is currently funding a Colorado School of Mines thesis to better understand the entire assemblage and paragenetic relationships within the sulfide mineralization.

The WPC sulfide mineralization shows a variety of textures including totally massive replacement, banding, pseudomorphs, and course-grained mineralization. Typically, the galena-rich zones are at the top of the mantos, and the more banded "zebra-rock" occurs near the bottom of the mantos. The mantos are thought to have formed in a long-lived, closed-system environment, with multiple pulses or generations of fluids. There is a pyrite-rich zone that occurs as a cross-cutting veins and large pyrite breccia zones, which is interpreted to have formed in an open-system environment and crosscuts the earlier closed-system mantos. This late pyrite-stage does still contain lead and zinc values, as well as silicification.

The argentiferous galena is full of small inclusions of various lead- and silver-bearing sulfosalts of the miargyrite-galena solid solution series. In-depth petrographic work of WPC is being conducted by Justin Glenn at Colorado School of Mines in the form of a master's Thesis and is expected to be completed by May of 2024. This research will give us further insights into the mineralogy and paragenesis of the ore as well as the alteration. Figure 6-11 shows argentiferous galena characterized by extreme deformation of the galena's crystal structure due to the substitution of silver within the galena lattice. The substitution results intense deformation of the galena's characteristic cubic cleavage resulting in a ribbon-like texture to the galena.

Signature Date: March 9, 2026 6-23

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-11:** | **Argentiferous Galena with Pyrite, Fe-rich Sphalerite, and Dolomite: WPC22-20** |

---

![Graphic](wamff-20251231xex96d1023.jpg)

Source: Alaska Silver 2023.

Figure 6-12 and Figure 6-13 show typical partial to complete replacement textures and grades encountered in the manto-form mineralized bodies. Figure 6-14 shows complex breccia textures indicative of the chimney mineralization encountered in DH's WPC22-17 and 18.

Signature Date: March 9, 2026 6-24

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-12:** | **Partial Replacement Textures Showing Primary Bedding** |

---

![Graphic](wamff-20251231xex96d1024.jpg)

Source: Alaska Silver 2023.

Signature Date: March 9, 2026 6-25

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-13:** | **Complete Massive Replacement Textures** |

---

![Graphic](wamff-20251231xex96d1025.jpg)

Source: Alaska Silver 2023.

---

| | |
|:---|:---|
| **Figure 6-14:** | **Complex Brecciated Chimney Mineralization** |

---

![Graphic](wamff-20251231xex96d1026.jpg)

Source: Alaska Silver 2023.

Signature Date: March 9, 2026 6-26

------

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Table 6-5 shows recognized sulfide zone minerals (including native elements) at the Waterpump Creek deposit (Teller and Wilson, 1985). Note that there is a current master's Thesis being conducted to further define the ore zone mineralogy at Waterpump Creek.

---

| | |
|:---|:---|
| **Table 6-5:** | **Sulfide Zone Minerals at the Waterpump Creek Deposit** |

---

---

| | | |
|:---|:---|:---|
| **Sulfide Zone Minerals (including native elements) from Teller and Wilson 1985** | **Sulfide Zone Minerals (including native elements) from Teller and Wilson 1985** | **Sulfide Zone Minerals (including native elements) from Teller and Wilson 1985** |
| argentite | carbon (amorphous) | silver (native) |
| bornite | chalcopyrite | pyrite |
| boulangerite | galena | sphalerite |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.3** **Oxide Mineralization Characterization – Waterpump Creek** 

Silver, lead, and zinc oxide mineralization occurs in a northwest trend, with a southeast plunge at about 30°, veering off of the primary WPC mineralizing structure. This turn in strike direction away from the main sulfide body is due to a subtle fold in the main schist-dolostone contact surface, resulting in a northwest trending fold-style trap. The oxide mineralization is generally soft and very friable, with numerous voids and loose breccia zones. Breccia clast sizes range from clay-sized through small cobbles while the mineral grains are rare up to medium sand sized. Small zones of well-developed boxworks are locally preserved in gossan zones. Rare pods of galena, cut by oxide veins, are also locally preserved within the oxide zone (Teller and Wilson 1985).

The mineralization is nearly entirely oxidized, except for small zones of remnant galena. Major lead minerals include cerussite, anglesite, plumbojarosite, massicot, and remnant galena. The remnant galena exists as 2 to 50 cm pods and also as veins and bands. The bands resemble zones of banded sulfides in the sulfide mineralization zone. Galena is generally rimmed by an insulating layer of lead oxide minerals including anglesite and/or cerussite (Teller and Wilson 1985).

Zinc oxide minerals are dominantly hemimorphite and hydrozincite with minor fraipontite and other minor oxides. No primary zinc minerals have been identified in the oxide zone. A major component in the zinc-rich oxide zone is limonite, which pseudomorphs after siderite. The silver content in oxide zones is closely associated with lead. In general, the silver: lead ratio is about 1:2 (oz/st: %) in oxide. The silver: lead ratio in remnant galena is a consistent 1:1 (Teller and Wilson 1985).

The overall lead and zinc distribution in the oxide zone is lead (and associated silver) in the upper portions of the zone, and zinc (with low lead and silver) in the basal portions of the oxide zone, which resembles the metal distribution in the sulfide zone. There is a downward leaching of zinc, resulting in a zinc halo below the oxide zone, but not above it (Teller and Wilson 1985).

Signature Date: March 9, 2026 6-27

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-15:** | **WPC Oxide Zone Drill Core: WP-83-006: 14.1 m at 25.3 oz/st Ag (866.4 g/t) Ag, 44% Pb, and 2.3% Zn** |

---

![Graphic](wamff-20251231xex96d1027.jpg)

Source: Nate Brewer 1984.

---

| | |
|:---|:---|
| **Figure 6-16:** | **WPC Oxide Zone Trench CC Samples** |

---

![Graphic](wamff-20251231xex96d1028.jpg)

Source: Nate Brewer 1984.

Note. Left: Massicot cerussite Pb-rich gossan, and right is "brain-corral" gossan after annealed galena

Signature Date: March 9, 2026 6-28

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Table 6-6 shows recognized oxide zone minerals (including silicates) at the Waterpump Creek deposit (Teller and Wilson 1985).

---

| | |
|:---|:---|
| **Table 6-6:** | **Oxide Zone Minerals at the Waterpump Creek Deposit** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** | **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** | **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** | **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** | **Oxide Zone Minerals (including silicates) from Teller and Wilson 1985** |
| anglesite | diopside | hemimorphite | mimetite | rosenhahnite |
| argentojarosite | fluorite | hopeite | montmorillonite | schultenite |
| beudantite | fraipontite | illite | plattnerite | scorodite |
| carminite | goethite | jarosite | plumbojarosite | sericite |
| cerussite | gypsum | kaolinite | pyrolusite | siderite |
| chlorite | hematite | massicot | quartz | tremolite |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.4** **Oxide Mineralization Distribution – Illinois Creek** 

Gold and silver mineralization occur throughout the zone of gossanous material that strikes east-northeast and dips from 40 to 70 degrees south at the Illinois Creek mine. Drilling and trenching have defined mineralization and anomalous gold values over a total strike length of about 3,600 m, a true thickness of up to 100 m, and a vertical depth of 400 m. Individually recognized subunits mostly consist of massive hematite and limonite, strongly ferruginous quartzite, manganiferous-ferruginous quartzite and manganiferous iron oxides.

Figure 6-17 shows typical core intervals for both FG and FMG from Illinois Creek deposit.

---

| | |
|:---|:---|
| **Figure 6-17:** | **Core Sample Photograph of FG and FMG** |

---

![Graphic](wamff-20251231xex96d1029.jpg)

Source: WAC&G 2019.

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Ferruginous Gossan (FG) - Sample IC95-025 188 m grading 0.3 ppm Au and 45.3 ppm Ag.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Ferruginous Manganiferous Gossan (FMG) - Sample IC95-040A 93 m grading 1.31 ppm Au and 6.2 ppm Ag

Figure 6-18 shows a 3D perspective view of the FG and FQ units within the surrounding calcareous and dolomitic quartzites at the Illinois Creek deposit looking south at 45 degrees. Figure 6-19 and Figure 6-20 show similar perspectives with gold and silver grades.

Signature Date: March 9, 2026 6-29

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-18:** | **3D Perspective View of Illinois Creek Deposit Showing FG and FQ Units (Red) and Calcareous and Dolomitic Quartzites (Yellow)** |

---

![Graphic](wamff-20251231xex96d1030.jpg)

Source: WAC&G 2019.

---

| | |
|:---|:---|
| **Figure 6-19:** | **3D Perspective View of the Illinois Creek Deposit Showing Gold Grades** |

---

![Graphic](wamff-20251231xex96d1031.jpg)

Source: WAC&G 2019.

Signature Date: March 9, 2026 6-30

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-20:** | **3D Perspective View of Illinois Creek Deposit Showing Silver Grades** |

---

![Graphic](wamff-20251231xex96d1032.jpg)

Source: WAC&G 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.5** **Oxide Mineralization Characterization – Illinois Creek** 

In the zone of oxidation, ore consists of hematite, goethite, limonite, jarosite, psilomelane (wad) and manganite. Iron oxides show a variety of textures ranging from in situ crystals derived from oxidation of sulfides and carbonates to botryoidal growths and acicular needles of transported iron. Earthy, hematitic gossan and quartzite contain the highest gold grades. According to Kirkham and Apel (1993), quartz veining and groundmass silicification is spatially related to better gold mineralization.

Analysis of polished sections and scanning electron microscope (SEM) measurements by Anaconda and NPMC suggest that the gold is present in its native state and as electrum in grains less than 20 microns in diameter. Gillerman et al. (1985), note that high gold grades are associated with visible copper oxides and brick red, hematitic limonites. SEM work by Hossein Salek (Gillerman and Brewer 1985) found micron-size native gold grains in iron oxides. MRDI's evaluation of theoretical grain sizes, based on duplicate assays of sample pulps, supports a relatively small grain size.

Silver is present as electrum, argentojarosite and native silver and is strongly associated with the occurrence of manganese oxides.

Deep holes drilled by Anaconda in 1982 provide some limited information regarding the nature of unoxidized mineralization located down-dip from the gossan ore zones. At a depth of >400 m below surface, unoxidized mineralization consists of iron and manganese-rich carbonate, with arsenopyrite, pyrite, quartz, base-metal sulfides and sulfosalts.

In addition to the information gleaned from the deep Anaconda holes at Illinois Creek, Anaconda drilling at Waterpump Creek encountered classic carbonate replacement mineralization with sulfides dominated by sphalerite, galena, argentite, chalcopyrite, boulangerite, pyrite, and arsenopyrite.

Flanigan (1998), as a part of his thesis, conducted detailed reflected-light and SEM analyses to further define the mineralogy of the Illinois Creek and Waterpump Creek deposits. Though the

Signature Date: March 9, 2026 6-31

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Illinois Creek deposit is almost entirely oxidized, a few intervals with trace primary sulfides remain and, even in the most highly oxidized samples, some microscopic sulfides are present.

At Illinois Creek, pyrite appears to be the most abundant primary sulfide, with most other primary sulfide minerals occurring as inclusions in pyrite or on pyrite-grain boundaries. These include sphalerite, chalcopyrite, arsenopyrite, tetrahedrite, and electrum. Additional minerals, too fine-grained to be recognized petrographically, were identified using the electron microprobe and include native bismuth, bismuthinite, stannite, tetrahedrite, stibnite, boulangerite, and galena.

Figure 6-21 shows photomicrographs of typical albeit rare, primary mineralization at the Illinois Creek deposit.

Signature Date: March 9, 2026 6-32

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-21:** | **Reflected Light Photomicrographs of Rare Primary Minerals at Illinois Creek** |

---

![Graphic](wamff-20251231xex96d1033.jpg)

Source: Teller and Wilson 1985.

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Sample IC9103-195.5 ' showing tetrahedrite with associated chalcopyrite included in pyrite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Sample IC9103-195.5 ' showing arsenopyrite with associated chalcopyrite and electrum included in pyrite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Sample IC9103-195.5 ' showing euhedral arsenopyrite in pyrite.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Sample IC10-862m showing euhedral arsenopyrite in vein quartz.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Sample from trench 9109 showing remnant sulfides in a highly supergene oxidized matrix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Sample from trench 9109 showing varying degrees of hydration in limonite with supergene related native copper and acanthite.

Signature Date: March 9, 2026 6-33

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Additional results from mineralogical studies conducted by Hossein Salek from Anaconda's Tucson research lab are documented in a series of internal memos (1984 and 1985). Table 6-7 shows recognized oxide zone minerals at the Illinois Creek deposit (Salek 1984a; Salek 1984b).

---

| | |
|:---|:---|
| **Table 6-7:** | **Mineralogy of the Illinois Creek Oxide Deposit** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Oxide Zone Minerals** | **Oxide Zone Minerals** | **Oxide Zone Minerals** | **Oxide Zone Minerals** |
| Anglesite | Cerrusite | Hematite | Plattnerite |
| Argentojarosite | Cornwallite | Hemimorphite | Plumbojarosite |
| Arsenobrackenbushite | Delafossite | Hopeite | Psilomelane |
| Azurite | Electrum | Malachite | Pyrolusite |
| Beudantite | Fluorite | Massicot | Schultenite |
| Bindheimite | Fraipontite | Mimetite | Scorodite |
| Carminite | Goethite | Native Gold | Todorokite |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3.6** **Alteration** 

Alteration at Illinois Creek varies considerably from proximal to more distal environments. Alteration at Illinois Creek consists dominantly of sanding, which is also present at LH, but is only present in very small amounts at WPC.

At WPC, alteration extends laterally from mineralization along the permissive host units and fugitive calcite veins extend both laterally and above the mineralization zone. Alteration types include sanding, bleaching, "tan" (ferroan ankerite and manganoan siderite), recrystallization of dolostone, and manganese dendrites. Laterally distal alteration is typically very structurally controlled, and only extends millimeters to centimeters from fractures or veins. More proximal to mineralization, the alteration becomes more and more pervasive, until it is completely altering the host dolostone. Bleaching typically occurs more distally but is overprinted by tan alteration more proximal to mineralization. This alteration pattern is shown in Figure 6-23.

Broadly bleached zones of dolomite occur immediately in contact with high grade massive and semi-massive sulfide mineralization. Slightly elevated Zn values to ~300 ppm form a halo varying from 50 m to 100 m around the mineralization.

A weak halo of manganiferous calcite veins is often present extending up to 50 m above and laterally from the mineralization. Dubbed fugitive calcite veins, these veins represent spent ore fluids still enriched in Mn. The veins fluoresce bright orange under in shortwave ultraviolet (UV) light. Figure 6-22 shows bright red fluorescing fugitive calcite veining next to the Waterpump Creek sulfide body. Orange fluorescence is characteristic of Mn-calcite, pink fluorescence is characteristic of Pb-calcite, and yellow fluorescence and phosphorescence is characteristic of various Pb and Zn carbonates. The UV fluorescence commonly occurs as stockwork calcite veins, but also occurs as replacement of bioclasts and breccia clasts, and as breccia cement.

Signature Date: March 9, 2026 6-34

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 6-22:** | **Fugitive Calcite Veins Under Natural Light and SWUV Light WPC22-21 at 167.5 m** |

---

![Graphic](wamff-20251231xex96d1034.jpg)

Source: Alaska Silver 2023.

---

| | |
|:---|:---|
| **Figure 6-23:** | **Schematic Cross-Section Showing the Alteration Zonation of WPC** |

---

![Graphic](wamff-20251231xex96d1035.jpg)

Source: Alaska Silver 2023.

Signature Date: March 9, 2026 6-35

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

At LH and the more proximal Illinois Creek oxide deposit, alteration is considerably more widespread and intense than that seen at the distal Waterpump Creek deposit. Wide alteration haloes characterized by 10 m to >100 m of sanding are evident with widespread anomalous Zn and Pb geochemistry to >1,000 ppm. This disaggregation of the dolomite and dolomitic quartzites suggests increasingly acidic fluids as the core of the system is approached. Figure 6-24 shows strong sanding in the footwall of the Illinois Creek fault and gossan.

---

| | |
|:---|:---|
| **Figure 6-24:** | **Strong Sanding in the Illinois Creek Central Pit** |

---

![Graphic](wamff-20251231xex96d1036.jpg)

Source: Alaska Silver 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Other Alaska Silver Properties** 

No information from any other properties owned by Alaska Silver was used in the estimate of Mineral Resources at the Illinois Creek Property.

In addition to the Illinois Creek deposit, Alaska Silver is actively exploring its wholly owned Round Top and Honker properties located about 23 km northeast and 10 km north-northwest, respectively, of the Illinois Creek deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.1** **Round Top Property** 

At Round Top, a high-level molybdenum- and silver-based porphyry copper deposit (PCD) has been identified with sheeted chalcopyrite/covellite and minor base metal veins with illite alteration in a high-level lithocap dominated by argillic alteration as kaolinite. Deep surficial oxidation has resulted in the development of an extensive chalcocite-enrichment blanket with several enriched horizons. An extremely complex diatreme brecciation event precedes primary mineralization. A total of 38 drill holes were completed at the Round Top porphyry copper deposit. Initial deeper drilling has recognized early higher temperature stockwork, molybdenum- enriched mineralization. Magnetic susceptibility modeling along with alteration and geochemical vectoring suggests primary biotite/magnetite/chalcopyrite/trace-bornite mineralization that lies north of current deep-drilling, which has reached depths of 750 m.

Signature Date: March 9, 2026 6-36

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

In addition to the Round Top porphyry mineralization, widespread carbonate replacement mineralization and attendant soil anomalies lie immediately west of the Round Top porphyry system in the Illinois Creek formation at the TG and TG North (TGN) occurrences. A total of 13 drill holes targeting the TG/TGN carbonate replacement mineralization were completed on this property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4.2** **Honker Prospect** 

The Honker prospect is a north-northeast-trending low-sulfidation vein prospect discovered by Anaconda in the early 1980s. During its tenure, approximately 1,000 m were drilled in 10 short drill holes. Five holes intersected mineralization, three of which intersected the main vein, returning intervals averaging 2.6 m at 5.3 g/t (0.155 oz/st) Au with a maximum intercept of 4 m of 6.6 g/t (0.193 oz/st) Au. The remaining five holes were drilled in either the footwall or hanging wall. The vein which occurs in rubble crop over an 800 m interval shows numerous surface and channel samples often in excess of 10 g/t (0.292 oz/st) Au with many samples in excess of 1.0 oz/st (34.2 g/t) Au. Depths of oxidation are in excess of 150 m. Initial Anaconda metallurgical work on the vein mineralization suggest gold recoveries of >90% by leaching (Brewer, 1981).

The Honker prospect provides important synergies and a valuable upside to increasing the Mineral Resource and throughput in any future Illinois Creek mine development (Brewer and Millholland, 1982). Alaska Silver drilled a short 6-hole program at Honker in 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5** **Deposit Types** 

The Illinois Creek district hosts a series of deposits related to Cretaceous-age magmatism, including porphyry Cu/Mo/Ag systems as well as marginal CRDs and low to intermediate sulfidation gold veins.

The Illinois Creek Property is best described as a CRD system which has added potential to host a yet undiscovered causative porphyry Cu/Mo/Ag system. The property exhibits both primary sulfide CRD mineralization best exemplified by the Waterpump Creek Ag/Zn/Pb deposit, and secondary oxidized gossan mineralization as seen at the Illinois Creek oxide Au/Ag/Cu deposit.

Property-wide mineralization zonation is characterized with Cu/Au/Pb/Ag/As/Bi zoned to the south and west and Pb/Zn/Ag/Sb/Mn zoned to the north and east.

CRDs are best described as carbonate-hosted, intrusion-related, high-temperature (>250°), multiphase, zoned polymetallic deposits formed as a consequence of the direct continuous replacement of limestones or dolomites. They can be part of continuum into Zn-rich skarns and porphyries though not all CRD systems contain productive skarns or porphyries. Fluid pathways are characterized by the lateral replacement of selective beds (mantos) or structural cross cutting bodies (chimneys).

Metal transport in CRD systems is by chloride (Cl)-complexes in acidic, highly saline fluids. Deposition is due to the breakdown of the Cl-complexes as a result of acid neutralization of the highly acidic saline fluids. The volumetric decrease during dissolution of the carbonates allows for continued expansion of the fluid into the surrounding carbonates, a process also known as self-stoping. The overall gradual temperature decrease of the mineralizing fluids along the strike of mineralization imparts classic porphyry metal zonation from proximal to distal as Au, Cu, Zn, Pb, Ag, and Mn.

Signature Date: March 9, 2026 6-37

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

An important implication of these depositional controls is that in closed systems, where the fluids are constrained below aquitards or within selective stratigraphic units, temperature gradients can be very low with only acid neutralization having a significant impact on high-grade deposition. This results in often very long and very continuous rods or tubes of replacement mineralization that may be kilometers in length and extend outward from the core of the systems and primary porphyry fluids.

This results in classic CRD ore body distribution often labelled skeletal or spoke distribution patterns. Figure 6-25 shows the Illinois Creek system and two notable comparative CRD systems some with economic porphyries and some without. These comparison include: Santa Eulalia in Mexico; Tintic and Bingham Canyon in Utah, USA; and Hermosa in Arizona, USA. The systems are all shown at the same scale and also show both skeletal and spoke like manto distributions.

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| | |
|:---|:---|
| **Figure 6-25:** | **Comparison of Illinois Creek CRD System with Major Worldwide CRD Systems** |

---

![Graphic](wamff-20251231xex96d1037.jpg)

Source: Alaska Silver 2026.

Notably, the Hermosa discovery and subsequent acquisition by South32, a major Australian mining company in 2019, has led to a resurgence in CRD exploration. The Hermosa deposit lies in the Red Mountain porphyry mining district in the Patagonia Mountains of southern Arizona where the Hermosa (Taylor) zinc-lead-silver CRD system flanks the Sunnyside porphyry. Other important CRD systems include the Leadville and Gilman districts in Colorado, the Superior mining district of central Arizona, where the Magma Mine replacement deposits flank the Resolution porphyry Cu/Mo deposit, and a series of Mexican deposits including Cinco de Mayo, Naica and Platosa.

Signature Date: March 9, 2026 6-38

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.0** **Exploration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Exploration** 

Summaries of the exploration conducted by the previous operators of the Illinois Creek Property are presented in Section 5 (History). This section of the report mainly summarizes the exploration completed by Piek Exploration and WAC&G. Some of these studies are a continuation of exploration initiated by the various previous operators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1** **Geochemistry** 

In 2015, Piek Exploration compiled all the available historical soil surveys. A total of 27 discrete surveys by five companies were completed at Illinois Creek resulting in an overall database of 3,575 samples. Unfortunately, the majority of the soils were analyzed for only a limited number of elements, primarily copper, lead, zinc, gold, silver, antimony, arsenic, and manganese. In some cases, only gold and silver values are available.

In 2015, Piek Exploration collected another 44 samples for ICP assay along four short lines over projections of the west extension of the Illinois Creek deposit. The results produced values as high as: 219 ppm Cu, 988 ppm Zn, 425 ppm Pb, 22 ppb Au, and 8 ppm Ag.

In 2020, 2021 and 2022, WAC&G completed three major soil surveys directed at additional multielement ICP geochemistry augmented by 4-acid digestion of the samples to better quantify not just anomalous mineralization but lithogeochemistry to better map surface geology. Total samples acquired for the respective years are 182, 877, and 518. The soil database for all known soil surveys on the Property now totals 5,196 samples.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1.1** ***Soil Geochemistry - District Soils*** 

Plots of the consolidated district soil database are provided in Figure 7-1 to Figure 7-5. The plots show lead, zinc, arsenic, gold and copper, respectively, along with major target areas on the Property.

Signature Date: March 9, 2026 7-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-1:** | **Lead Soil Geochemistry - Illinois Creek Property** |

---

![Graphic](wamff-20251231xex96d1038.jpg)

Source: WAC&G 2023.

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| | |
|:---|:---|
| **Figure 7-2:** | **Zinc Soil Geochemistry - Illinois Creek Property** |

---

![Graphic](wamff-20251231xex96d1039.jpg)

Source: WAC&G 2023.

Signature Date: March 9, 2026 7-2

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-3:** | **Arsenic Soil Geochemistry - Illinois Creek Property** |

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![Graphic](wamff-20251231xex96d1040.jpg)

Source: WAC&G 2023.

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| | |
|:---|:---|
| **Figure 7-4:** | **Gold Soil Geochemistry - Illinois Creek Property** |

---

![Graphic](wamff-20251231xex96d1041.jpg)

Source: WAC&G 2023.

Signature Date: March 9, 2026 7-3

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Figure 7-5:** **Copper Soil Geochemistry - Illinois Creek Property**

![Graphic](wamff-20251231xex96d1042.jpg)

Source: WAC&G 2023.

The soil plots show the gross property-wide metal zonation with Pb and Zn zoned to the NE and As, Cu, and Au zoned to the SW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1.2** ***Soil Geochemistry - District Soils - Implications*** 

Along the WPC-LH trend soils show very significant Pb, Zn, and As anomalies (Sb, Mn and Ag are not shown though anomalous). These anomalies lie up dip from the CRD-controlling WPC fault structure and reflect fluid leakage along select bedding planes and as mineralization pooled below the overlying pelitic schist and greenstone these thrust plates which served as an aquitard to fluid flow.

Near the Illinois Creek and Warm Springs prospects the same anomalous geochemistry is apparent but with significant Au and Cu present both along the Illinois Creek fault structure and as a large 1.5 x 1.5 km anomaly extending south from the Illinois Creek pit and disappearing under alluvial cover in the Little Mud River valley. This anomaly appears to crosscut the Property-wide greenstone sill that elsewhere (drill holes IC22-01 and 02) acts as an aquitard constraining fluid below the unit.

South of the pit, the anomalous soil geochemistry usually confined within permissive carbonate stratigraphy crosscuts all units. Sheeted veining first observed in drill holes IC21-07 and 08 collared immediately south of the pit also suggests a vertical component to mineralization. The presence of sheeted veins may indicate hydrofracturing from an over-pressured open-system porphyry environment versus the closed systems environments of the distal CRD mineralization.

The hypothesis is further substantiated by the increasingly proximal copper and gold values seen in the soil geochemistry. These gradients suggest that the causative porphyry source of the fluids may be somewhere to the south of the Illinois Creek pit.

Signature Date: March 9, 2026 7-4

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.1.3** ***Soil Geochemistry - Extensions of the Illinois Creek Oxide Deposit*** 

In 2020, to better understand and quantify the potential for additional oxide Mineral Resources adjacent to the Illinois Creek oxide deposit, WAC&G completed an additional 182 multi- element ICP soil samples. The compiled soil geochemistry data, together with the recompiled 2001 ARG mapping and sampling, have resulted in the identification of several exploration targets extending from the Illinois Creek oxide deposit as shown in Figure 7-6 through Figure 7-11. The targets shown on the figures include the East and West IC fault extension targets, the South 31E fault target and the Gossan Hill and Leach pad targets.

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| | |
|:---|:---|
| **Figure 7-6:** | **Gold Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![Graphic](wamff-20251231xex96d1043.jpg)

Source: WAC&G 2020.

Signature Date: March 9, 2026 7-5

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-7:** | **Silver Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![Graphic](wamff-20251231xex96d1044.jpg)

Source: WAC&G 2020.

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| | |
|:---|:---|
| **Figure 7-8:** | **Arsenic Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![Graphic](wamff-20251231xex96d1045.jpg)

Source: WAC&G 2020.

Signature Date: March 9, 2026 7-6

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-9:** | **Copper Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![Graphic](wamff-20251231xex96d1046.jpg)

Source: WAC&G 2020.

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| | |
|:---|:---|
| **Figure 7-10:** | **Lead Soil Geochemistry and Oxide Exploration Targets Near the Illinois Creek Deposit** |

---

![Graphic](wamff-20251231xex96d1047.jpg)

Source: WAC&G 2020.

Signature Date: March 9, 2026 7-7

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-11:** | **Zinc Soil Geochemistry and Exploration Targets Near the Illinois Creek Deposit** |

---

![Graphic](wamff-20251231xex96d1048.jpg)

Source: WAC&G 2020.

Though no longer an immediate focus of the exploration, these targets remain viable for expansion of the oxide resources discussed herein in Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2** **Geophysics** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2.1** **2022 CSAMT Survey** 

In 2022, because of the recognition of the WPC as a potential major CRD target, Alaska Silver contracted with Zonge International to undertake a comprehensive CSAMT survey of the Illinois Creek Property to better understand the overall structural architecture of the system primarily the major lithologic domains and any apparent pre-, syn- or post-mineral faulting. CSAMT is a deep-sounding resistivity technique that effectively delimits areas of similar resistivity and highlights structures bounding those discrete resistivity domains.

Due to limited helicopter availability, only 11 of the 13 lines were completed. Lines are spaced every 500 m with 100 m stations between 7106250N on the north and 7100250N on the south. Data for lines 7102750N and 7103750N was not acquired. Total line kilometers of data acquired is 41.7 km. Figure 7-12 is an oblique view from the south of the 2022 CSAMT survey with resistivity shown in ohms.

Signature Date: March 9, 2026 7-8

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-12:** | **2022 CSAMT Survey** |

---

![Graphic](wamff-20251231xex96d1049.jpg)

Source: WAC&G 2020.

Interpretation of the CSAMT resistivity along with the 2004 Edcon gravity survey and the 1983 Aerodat aeromagnetic survey along with the ICP multi-element soil database and the limited surficial mapping provides much of the basis for the updated geologic map (see Figure 6-6).

In addition to the 2022 CSAMT survey, Alaska Silver has begun a systematic review and reinterpretation of the numerous but piecemeal geophysical surveys undertaken through the life of the Project. Most notably a 3D re-inversion of 2005 pole/dipole IP survey completed by Aurora Geosciences for NovaGold Inc, was reprocessed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2.2** **Re-inverted 2005 IP Survey** 

With the potential to greatly expand the mineralization footprint, Alaska Silver commissioned a re-inversion of the historical 2005 NovaGold pole-dipole IP survey by Bolin Geophysical Services LLC (BGS). In December BGS completed a proprietary 3D re-inversion of the 2D data originally acquired by Aurora Geosciences in 2005.

Figure 7-13 shows a profile of the re-inverted resistivity data from the survey. The data appears to show a correlation between both the resistivity and chargeability with the sulfide mineralization at Waterpump Creek.

Signature Date: March 9, 2026 7-9

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-13:** | **Resistivity Profile Through the Waterpump Creek Sulfide Body** |

---

![Graphic](wamff-20251231xex96d1050.jpg)

Source: Alaska Silver 2023.

The entire 2 km north-south limits of the 2005 IP survey shows that the WPC resistivity anomaly continues to the limits of the survey area. To the south the anomaly is truncated by a fault approximately 150 m south of the limits of current drilling. The anomaly is then offset to the west where it continues south over 1.4 km to the limits of the survey in the LH target area. The resistivity anomaly continues to the 2 km limits of the current survey both north and south.

Figure 7-14 and Figure 7-15 are east and south looking views of the IP 30-ohm low-resistivity anomaly from Waterpump Creek sulfide body through the LH target area.

Signature Date: March 9, 2026 7-10

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-14:** | **East-Looking View of the WPC-LH Resistivity Anomaly** |

---

![Graphic](wamff-20251231xex96d1051.jpg)

Source: Alaska Silver 2023.

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| | |
|:---|:---|
| **Figure 7-15:** | **South-Looking View of the <30-ohm IP Resistivity Anomaly Looking from WPC Through the LH Target Area** |

---

![Graphic](wamff-20251231xex96d1052.jpg)

Source: Alaska Silver 2023.

Signature Date: March 9, 2026 7-11

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Additional support for this exploration target is based on previous exploration drilling at LH which encountered widespread highly anomalous geochemistry as well as numerous thin gossan zones with grades >5% Pb+Zn and >1 oz/st (34.2 g/t) Ag. Widespread sanding and clay alteration of the host dolomite is common in these drill holes. These altered and mineralized intervals may be up-dip leakage mineralization in the footwall dolomites west of the Waterpump Creek feeder fault.

Drill testing during the 2023 program confirmed widespread sanding and alteration of the host dolomites in the re-inverted resistivity target at LH. The reprocessed resistivity anomaly likely reflects this alteration and confirms the need for more drill testing to delineate the feeder zones responsible for the widespread alteration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.2.3** **2023 3-D Induced Polarization and Resistivity Survey** 

A high resolution 3D resistivity and induced polarization survey was acquired by DIAS Geophysical (DIAS) covering WPC and LH target areas during the 2023 summer field season. Over 3 million dipole combinations were generated using the DIAS common voltage reference technique to provide an extremely data rich survey for resolving both shallow and deep subsurface electrical properties over an area of approximately 11 km<sup>2</sup>. Inversion modeling with UBC DCIP3D and Loke Res3DInv reveals distinct structural, stratigraphic controls to CRD mineralization as well as outline the increasing alteration halo to the south from Waterpump Creek, through Last Hurrah and into the Illinois Creek area.

The 3D inversion modelling produced two isosurfaces that reflect important geological features to guide future exploration as shown in Figure 7-16. A <5 ohm-m resistivity domain trends north-south from WPC though the LH prospects and is near vertical. This very low resistivity domain appears to represent the WPC fault, which is likely the main fluid pathway for the WPC mineralization. The resistivity modeling shows a <25 ohm-m domains that corresponds directly with extensive sanding and clay alteration surrounding the CRD mineralization. This domain extends father to the southwest to outline a large area of low resistivity in the lower carbonate section of the east block corresponding to the Warm Springs Fault target. Both resistivity domains define ENE fault structures, the northern of which offsets the WPC mineralization.

Signature Date: March 9, 2026 7-12

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-16:** | **Two Oblique Views of the 5 ohm-m and 25 ohm-m Modelled Domains** |

---

![Graphic](wamff-20251231xex96d1053.jpg)

Source: Alaska Silver 2024.

Signature Date: March 9, 2026 7-13

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1.3** **2024 Airborne EM and Magnetics Survey** 

In 2024, Alaska Silver completed an airborne SkyTEM electromagnetic survey in collaboration with the State of Alaska Division of Geologic and Geophysical Surveys (ADGGS) as part of a larger regional survey in Western Alaska. A total of 605 line-km was flown at 200 m north-south and 400 m east west line spacings for Alaska Silver exclusively over the greater IC area and includes areas (and orientations) not covered by the 2023 3DIP survey over the Waterpump Creek trend and the 2022 widely spaced CSAMT survey in the Warm Springs target area. Additional 400 m spaced east-west lines (in-fill to the WAM exclusive lines) were flown for the broader public survey. Magnetic data was also collected along the lines by SkyTEM. Additional geophysical modeling was conducted by Matthew Penney at Hardrock Geophysics, LLC for better visualization and interpretation of the finalized data, which is publicly available on the USGS website.

These recent EM and Magnetics surveys appear to be effective in resolving the structural framework of the CRD system by identifying major aquitard fluid traps and pre-, syn-, and post mineralization faults. Additionally, the EM data shows large-scale south to southeast gently plunging anticlines that create the ideal structural trap for the porphyry-CRD system emplacement.

In 2024, the ADGGS contracted SkyTEM Canada Incorporated and Aqua Geo Frameworks LLC (AGF) to fly and model the Kuskokwim airborne EM survey in the northern Kaiyuh Mountains, Alaska which covers parts of the Nulato and Ophir quadrangles, south of Galena, Alaska. The survey consists of 5,823.4 line-km and was flown on east-west lines with 400 m line spacing, with in-fill lines on a North Block, funded by Doyon, Limited, and a South Block, funded by Western Alaska Minerals. The South Block which covers the Illinois Creek property was flown at 200 m line spacing on both east-west and north-south oriented lines. The work was supported by the State of Alaska capital improvement project funds with additional survey lines funded by Doyon, Limited, and WAC&G. The time-domain EM data was collected with the helicopter-mounted SkyTEM system from July to August 2024 by SkyTEM Canada Incorporated.

Additionally, in 2024, the Kuskokwim airborne magnetic and radiometric survey over the northern Kaiyuh Mountains was conducted. The magnetic and radiometric data was collected with a helicopter in June 2024 by EON Geosciences Inc. This survey contains 1,975 km<sup>2</sup>. This work was supported by the USGS's Earth MRI program with additional funding by Doyon, Limited. This is in addition and continuation of the 2023 Kuskokwim airborne EM and Magnetics survey, Northern Kuskokwim Mountains survey which covers parts of the Tanana, Norton Bay, Nulato, Ruby, Kantishna River, Medfra, and Mt. McKinley quadrangles. Magnetic and radiometric data were collected with a fixed-wing aircraft from May to August 2023 by MPX Geophysics LTD and covers a total of 29,361 km<sup>2</sup> over 86,712 line-km flown at 400 m line spacing. This work was supported by the USGS's Earth MRI program with additional support by the State of Alaska Capital Funds.

Original public data and reports can be found in Petersen et al. (2025), Fusso et al. (2025), and Emond and MPX Geophysics (2023).

The 2024 EM and Magnetics survey data was received in the late spring of 2025. Alaska Silver contracted Matthew Penney at Hardrock Geophysics to re-invert and model the two new surveys with additional former surveys funded by WAC&G. The surveys that were investigated by Matthew Penney include the following: 1) 2005 Gravity; 2) 2012 Magnetics and Radiometrics by Precision Geosurveys; 3) 2023 DCIP Dias 3DIP; 4) 2024 EM Mag GPR2023-001; and 5) 2024 EM MAG GPR 2025-0002. The 2025-003 Kuskokwim airborne magnetic and radiometric survey was not yet available at the time.

Signature Date: March 9, 2026 7-14

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Figure 7-17 and Figure 7-18 show the results of Magnetics and SkyTEM EM surveys, respectively.

---

| | |
|:---|:---|
| **Figure 7-17:** | **Merged Regional Magnetic Data Showing the Alaska Silver Claims and Geologic Terranes** |

---

![Graphic](wamff-20251231xex96d1054.jpg)

Source: Petersen et al., 2025; Fusso et al., 2025; Patton and Moll Stalcup, 2000.

Signature Date: March 9, 2026 7-15

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

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| | |
|:---|:---|
| **Figure 7-18:** | **SkyTEM EM Data, Grid by Matthew Penney at Hardrock Geophysics Showing the Regional Fold Structures of the Ruby Terrane** |

---

![Graphic](wamff-20251231xex96d1055.jpg)

Source: Peterson et al., 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Exploration Targets** 

The Illinois Creek Property represents a major epigenetic porphyry-centered system which presents opportunities to find both the causative porphyry driving the system and distal CRD mineralization focused within carbonate-rich clastic sediments and carbonates within the lower Paleozoic Illinois Creek formation. Deep leaching in the district has also allowed for extensive oxidation and the development of the Illinois Creek deposit oxide gossans.

Since 2021, a major reinterpretation of the Illinois Creek property geology has been ongoing due to the discovery at Waterpump Creek of sulfide mineralization at depths below previous levels of exploration.

Signature Date: March 9, 2026 7-16

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

In the East Block, the mineralization-controlling NNE-trending Waterpump Creek fault and the look alike Wades fault trend are apparent over the entire 6 km N-S strike length of the CSAMT survey. Immediate extensions to the Waterpump Creek sulfide mineralization and the 1.4 km low resistivity anomaly was a focus in the 2023 drilling. The extension of WPC mineralization to the north along the WPC fault is still open for exploration.. To the south, the WPC mineralization is offset against the E-W 4700N fault, but mineralization is believed to continue south to the WPC South zone and into the LH zone. The2024 exploration drilling tested down-dip of the anomalous soil geochemistry and LH gossan, towards the WPC fault which is shown in the 2023 3D IP low resistivity. The drill holes intersected localized gossan with only minor Ag-Pb-Zn enrichment. The 2025 drilling tested four drill holes in the south side of the 4700N fault, immediately south of the WPC resource. These holes intercepted the schist-dolostone contact at a depth of approximately 500 m, providing structural context for continued exploration drilling at WPC South proposed in 2026.

In addition, 2025 exploration trenching led to the discovery of the Silver Sage zone, which was a brand new zone, approximately 4.6 km south of Waterpump Creek, south of the airstrip. Initial trenching was following up on soil anomalies and found massive galena and cerussite on surface. Nine shallow holes drilled in 2025 provided an initial stratigraphic and structural context for this brand new zone. The Silver Sage zone will be a focus in the proposed 2026 drill program.

In the West Block, south of the Warm Springs fault, an extensive greenstone sill caps the permissive stratigraphy and looks to provide an aquitard not unlike that seen in the East Block where the pelitic schists provide an aquitard to trap mineralization. The mineralization permissive stratigraphic section below the greenstone sill identified by the CSAMT profiles outline an approximate 4 km x 2 km CRD target area southeast of the Illinois Creek pit. This Warm Springs target zone was tested in 2024. Seven of the nine completed holes intersected scattered sulfide and oxide Au-Ag-Pb-Zn mineralization within a 750 m wide halo of moderate to high siliceous alteration.

A Cu, Au, Pb, and As soil anomaly covering a 1.5 km x 1.5 km area extending south of the Illinois Creek pit suggests a developing porphyry target in that area.

In addition to the sulfide targets which are the current focus of exploration, additional oxide Au/Ag targets extend in and around the Illinois Creek mine pit. Those targeted anomalies are discussed in depth in section 9.2.3. A summary of the principal exploration targets on the Property is outlined Table 7-1.

Signature Date: March 9, 2026 7-17

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 7-1:** | **Major Exploration Targets - Illinois Creek Property** |

---

---

| | | |
|:---|:---|:---|
| **Target** | **Style of Mineralization** | **Exploration Opportunity** |
| Waterpump Creek North | Primary Ag/Zn/Pb sulfide CRD mineralization | Test for extensions to the Waterpump Creek deposit. |
| Waterpump Creek/Last Hurrah Trend | Primary Ag/Zn/Pb sulfide CRD mineralization | Little tested IP chargeability and resistivity anomaly striking south from WPC through the LH area - up dip geochemical support. |
| Silver Sage Target | Primary Ag/Pb/Zn/Au/Cu CRD mineralization | 550 m mineralization footprint on surface and 1.1 km alteration footprint on surface from trenching. Closer to the potential porphyry source of the IC-WPC system. |
| Wades Fault Trend | Primary Ag/Zn/Pb sulfide CRD mineralization | WPC fault look-alike with known geophysical and geochemical support.  |
| Warms Springs Target | Primary Ag/Zn/Pb/Cu/Au sulfide CRD mineralization | Major 2 x 4 km target with extensive 3-D resistivity anomaly below a greenstone sill in 400m perspective stratigraphy. |
| South IC Porphyry Target | Primary Cu/Mo/Au/Ag porphyry | Magnetic anomaly southeast of the Illinois Creek pit, closer to the new Silver Sage zone. |
| Extensions of the Illinois Creek Deposit | Oxide Au/Ag | Test the eastern extension of Illinois Creek structure soil anomaly. |
| Extensions of the Illinois Creek Deposit | Oxide Au/Ag | Test the geochemical soil anomaly related to the 31E Fault. |
| Extensions of the Illinois Creek Deposit | Oxide Au/Ag | Test west soil extensions of the Illinois Creek deposit including the main structure and the Gossan Hill and Leach Pad targets. |
| Macho Grande / 5 o'clock / Nates Gossans | Oxide Au/Ag | Limited exploration was completed on these adjacent gossan zones. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3** **Drilling** 

A total of 743 drill holes (74,336.2 m) has been completed on the Illinois Creek Property: 298 diamond core holes (43,984.5 m) and 445 reverse-circulation (RC) rotary drill holes (30,351.7 m).

Over twenty different annual campaigns dating from 1981 through to 2025 were conducted by nine different operators. Table 7-2 summarizes the operators, annual campaigns, number of drill holes and total meters drilled on the deposit.

Signature Date: March 9, 2026 7-18

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 7-2:** | **Drill Campaigns 1981 through 2025** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company/Operator**<br><BORDER_TOP> | **Year**<br><BORDER_TOP> | **Drill Hole (DH)**<br><BORDER_TOP> | **# Drill Holes**<br><BORDER_TOP> | **Area**<br><BORDER_TOP> | **Type**<br><BORDER_TOP> | **Meters**<br><BORDER_TOP> |
| Anaconda | 1981 | DH-001 to DH-009, DH-007B, DH-007A | 10 | Illinois Creek | Core | 1433.4 |
| Anaconda | 1982 | DH-010 to DH-023 | 14 | Illinois Creek | Core | 2862.7 |
| Anaconda | 1982 | 82-301 to 82-318 | 18 | Illinois Creek | RC | 2266.1 |
| Anaconda | 1983 | WP-83-001 to WP-83-007 | 7 | Waterpump Creek | Core | 427.7 |
| Anaconda | 1984 | WP-84-008 to WP-84-038 | 31 | Waterpump Creek | Core | 4738.8 |
| Anaconda | 1984 | MG-1 to MG-6 | 6 | Macho Grande | Core | 254.0 |
| Goldmor | 1988 | 88-001 to 88-049 | 49 | Illinois Creek | RC | 1098.2 |
| Goldmor | 1988 | 88-006A | 1 | Illinois Creek | Core | 16.8 |
| Goldmor | 1990 | 90-001 to 90-038 | 38 | Illinois Creek | RC | 1815.8 |
| NPMC | 1991 | 91-001 to 91-021 | 21 | Illinois Creek | Core | 1560.5 |
| NPMC | 1992 | 92-001 to 92-021 | 21 | Illinois Creek | Core | 1528.9 |
| Echo Bay | 1993 | 93-001 to 93-166 | 166 | Illinois Creek | RC | 18739.5 |
| USMX | 1994 | 94-001 to 94-041 | 41 | Illinois Creek | Core | 2474.0 |
| USMX | 1994 | Miscellaneous geotech/monitoring | 1 | Illinois Creek | Core | 91.4 |
| USMX | 1995 | 95-001, 95-006A, 95-003 to 95-024, 95-028 to 95-033, 95-035 to 95-039, 95-044 to 95-082 | 74 | Illinois Creek | RC | 4684.3 |
| USMX | 1995 | 95-002, 95-025 to 95-027A, 95-034, 95040A, 95-040 to 95-043 | 15 | Illinois Creek | Core | 1693.1 |
| USMX | 1995 | Miscellaneous geotech/monitoring | 4 | Illinois Creek | RC | 370.0 |
| USMX | 1995 | Miscellaneous geotech/monitoring | 13 | Illinois Creek | Core | 815.5 |
| Viceroy | 1999 | 99-001 to 99-023 | 23 | Illinois Creek | RC | 731.6 |
| ARG | 2002 | IC02-01 to IC02-05 | 5 | Illinois Creek | Core | 215.3 |

---

Signature Date: March 9, 2026 7-19

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Company/Operator** | **Year** | **Drill Hole (DH)** | **# Drill Holes** | **Area** | **Type** | **Meters** |
| NovaGold | 2005 | KH05-001 to KH05-009 | 9 | Waterpump Creek/Last Hurrah | Core | 1215.0 |
| NovaGold | 2006 | KH06-010 to KH06-020 | 11 | Waterpump Creek/Last Hurrah | Core | 1531.8 |
| WAC&G | 2019 | IC19-001 to IC19-003 | 3 | West Illinois Creek Mag Anomaly | Core | 365.8 |
| WAC&G | 2020 | L20-001 to L20-073 | 73 | Illinois Creek Leach Pad | RC | 646.2 |
| WAC&G | 2021 | WPC21-01 to WPC21-09, IC21-01 to IC21-08, LH21-01 to LH21-03 | 17 | Waterpump Creek/Illinois Creek | Core | 1604.4 |
| WAC&G | 2022 | WPC22-01 to WPC22-28, IC22-01 to IC22-03 LH22-01 | 32 | Waterpump Creek/Illinois Creek | Core | 8842.9 |
| WAC&G | 2023 | WPC23-0029 to WPC23-0033, LH23-0005 to LH23-0013 | 14 | Waterpump Creek/Last Hurrah | Core | 5118.5 |
| WAC&G | 2024 | LH24-0014 to LH24-0017, IC24-0004 to IC24-0012 | 13 | Last Hurrah/Warm Springs (IC) | Core | 4229.8 |
| WAC&G | 2025 | WPC25-0034 to WPC25-0037, SS25-0001 to SS25-0009 | 13 | Waterpump Creek/Silver Sage | Core | 2964.2 |
| Subtotal (RC) |  |  | 445 |  | RC | 30351.7 |
| Subtotal (Core) |  |  | 298 |  | Core | 43984.5 |
| **Total** |  |  | **743** |  | **All** | **74336.2** |

---

Signature Date: March 9, 2026 7-20

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Table 7-3 summarizes the drill campaigns, core sizes, and contractors, where known.

---

| | |
|:---|:---|
| **Table 7-3:** | **Summary of Illinois Creek Property Drilling Campaigns by Drill Contractor** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year** | **Total Drill<br>Holes** | **Meters** | **Reverse<br>Circulation** | **Core Size** | **Drilling Contractor** |
| 1981 | 10 | 1433.4 | -- | HQ/NX | Arctic Resources – core |
| 1982 | 32 | 5128.8 | 4 ⅞" Tricone<br>5" Hammer | HQ/NX | Arctic Resources – core SDS – rotary |
| 1983 | 7 | 427.7 | -- | HQ/NX/BX | Nana-Coates? |
| 1984 | 42 | 5408.9 | -- | HQ/NX/BX | Nana-Coates |
| 1988 | 50 | 1115.0 | 4" Tricone<br>4" Hammer | -- | M and W Drilling |
| 1990 | 38 | 1815.8 | 4" Tricone<br>4" Hammer | -- | M and W Drilling? |
| 1991 | 21 | 1560.5 | -- | HQ/NX | Boyles Bros. |
| 1992 | 21 | 1528.9 | -- | HQ/NX | Boyles Bros. |
| 1993 | 166 | 18739.5 | 5.5" Hammer | -- | Becker |
| 1994 | 42 | 2565.4 | -- | HQ/NX | Boyles Bros. |
| 1995 | 101 | 7146.8 | 4 ⅞" Tricone<br>4 ⅞" Hammer | HQ/NX | Boyles Bros. Tester |
| 1999 | 23 | 731.6 | 5 ⅜" Tricone<br>5 ⅜" Hammer | -- | Tester |
| 2002 | 5 | 215.3 | Unknown | Unknown | Unknown |
| 2005 | 9 | 1215.0 | -- | NQ & HQ | Boart Longyear |
| 2006 | 11 | 1531.8 | -- | NQ & HQ | Boart Longyear |
| 2019 | 3 | 365.8 | -- | NQ | More Core |
| 2020 | 73 | 646.2 | 2 ⅝" Hammer |  | More Core |
| 2021 | 17 | 1604.4 | -- | NQ & HQ | More Core |
| 2022 | 32 | 8842.9 | -- | NQ & HQ | More Core |
| 2023 | 14 | 5118.5 |  | NQ & HQ | More Core |
| 2024 | 13 | 4229.8 |  | NQ & HQ | More Core |
| 2025 | 13 | 2964.2 |  | HQ | More Core |
| **Total** | **743** | **74336.2** | **--** | **--** | **--** |

---

Figure 7-19 is a plan map showing the drill campaigns in the WPC-LH trend. Figure 7-20 is plan showing the drill campaigns in the Illinois Creek trend and used in the Mineral Resource estimate and Figure 7-21 is a plan map showing RC versus core drill holes used in the Mineral Resource estimate.

Signature Date: March 9, 2026 7-21

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-19:** | **Plan Map Showing Drill Campaigns in the WPC-LH Trend** |

---

![Graphic](wamff-20251231xex96d1056.jpg)

Source: WAC&G 2026.

Signature Date: March 9, 2026 7-22

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 7-20:** | **Plan Map Showing Drill Campaigns in the Illinois Creek Deposit Area** |

---

![Graphic](wamff-20251231xex96d1057.jpg)

Source: WAC&G 2025.

---

| | |
|:---|:---|
| **Figure 7-21:** | **Plan Map Showing RC and Core Drill Holes in the Illinois Creek Deposit Area** |

---

![Graphic](wamff-20251231xex96d1058.jpg)

Source: WAC&G 2025.

Since the previous TRS, Alaska Silver has completed a drill program comprising 2,057 m of drilling in four holes at the Waterpump Creek deposit, with WPC-35 which cut 5.9 m (core length) grading 38 g/t (1.2 oz/st) Ag and 12.1% Zn, including 3.2 m grading 67 g/t (2.1 oz/st) Ag and 16.9% Zn. In addition, 906.5 m of drilling in nine shallow scout holes was completed at the newly discovered high-grade silver-lead zone, Silver Sage, located approximately 4.8 km south of Waterpump Creek. Among these holes, SS25-04 cut 4.4 m (core length) reporting 148 g/t (4.8 oz/st) Ag; 0.68% Pb and 0.24% Zn, including 1 m grading 349 g/t (11.2 oz/st) Ag, 2.2% Pb, and 0.20% Zn.

In early July 2025, Alaska Silver identified a new mineralized zone, Silver Sage, through initial trenching along a 1.5 km long transect centered on historical 1980s soil anomalies that had never been followed up on. The program identified a 550 m long deeply weathered breccia zone containing distinctive rubbly boulders of massive silver-bearing galena and cerussite (oxidized

Signature Date: March 9, 2026 7-23

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

galena). Trench sampling returned numerous high-grade silver-lead values, including multiple samples reporting assays above 310 g/t (10 ounces per ton [oz/st]) Ag, with grades up to 1,235 g/t (40 oz/st) Ag. Sampling also returned gold values as high as 0.55 g/t.

Late in the 2025 season, nine short, widely spaced drill holes totaling 906.5 m were drilled across and along the inferred axis of the breccia zone to evaluate stratigraphy, alteration, and potential structural controls. Four of the holes hit significant localized silver and lead with widespread anomalous zinc values and gold locally exceeding 1 g/t and copper approaching 1%. The mineralization was deeply oxidized with geochemistry indicating the dissolution and removal of a substantial proportion of the zinc. The drilling shows that the mineralization is concentrated at the top of a thick section of reactive carbonate rocks directly beneath an impermeable schist layer - a classic CRD setting. Follow-up drilling of the area to locate the feeder for this mineralization and coherent mineralization is a priority goal for the 2026 field season.

Alaska Silver completed a limited 4-hole, 2,057 m drilling program in 2025 at the Waterpump Creek South Target to seek extensions of the known high-grade resource, across a post-mineral fault zone and to identify the structural conduits that channeled mineralizing fluids into carbonate-rock mineralization traps. Two of the four holes intersected significant silver-zinc mineralization north of the fault and may represent the continuation of the high-grade Waterpump Creek resource. The other two holes deviated significantly from their targets, but one hole (WPC25-0037) cut appreciable copper, and both cut extensive CRD-style mineralization. The copper here may indicate proximity to a feeder structure. All four holes cut post-mineral faults and provide critical information on the overall architecture of the Waterpump Creek area. The combined results strongly indicate that mineralization continues to the south of the post-mineral fault. The improved understanding of how the post-mineral faulting created the current deposit geometry will help guide comprehensive step-out drilling to successfully locate the offset mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1** **Drilling Procedures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1.1** **Diamond Drilling Procedures 2021-2025** 

WAC&G uses conventional diamond core drilling methods, utilizing 3 m (10 ft) drill runs. Each hole is cored from the surface, using HQ (7.78 cm) rods with the option to reduce to NQ (6.03 cm) rods, and even further BQ (4.61 cm) rods if necessary. Drill core is extracted from the core tubes by the drilling contractors and placed in wood core boxes, with wood run blocks placed at the end of the drill run designating depth in feet. Drill core is recovered from the drill rigs by 4x4 vehicles when on access roads, or by helicopter when access is unavailable.

Upon drill core arrival at the core logging facilities, the core is washed, core block locations are marked on the core box, and run blocks are converted from feet to meters. Trained geotechnicians then measure the from-to for each core box and mark the meterage at the top and bottom of the box using permanent marker. Subsequent to the initial intake geotechnicians then complete recovery and rock quality designations (RQD), which are recorded into the logging program GeoSpark Core®. Metal tags are then placed on each wood core box denoting the box number, and the from-to interval on the front of each core box.

Logging geologists will designate lithologies and sample intervals. Sample intervals are set on approximately 1.5 m intervals and do not cross lithologic boundaries. Samples are denoted by sample tags which are stapled to the core box, with one being saved on the core box and one being sent to the lab. Additionally, geologists will insert quality control (QA/QC) samples in the

Signature Date: March 9, 2026 7-24

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

form of a standard, a blank, or a duplicate, with one of each QA/QC inserted per 27 samples. In conjunction with lithologic and sample breaks, geologists also record structures, mineralization, and alteration in the GeoSpark logging software. Once all geologic logging is completed, photos are taken of all drill core. Cut lines are then drawn on the core perpendicular to the dominant bedding, foliation, or veining. Geologists designate samples for specific gravity testing on a basis of one per lithology, or one every 10 m for lithologies greater than 10 m. For intercepts containing sulfide, each competent sample is measured for specific gravity to aid in future resource estimates. Specific gravity measurements are taken on half core following the core cutting process.

Following the completion of all geologic logging, the wood core boxes are sent to the core cutting facilities. Core cutting is completed using diamond core saws. Core cutters will cut each core designated sample in half along the already designated cut lines placing half in a 6 mm, 18" x 24" polypropylene sample bags. The poly sample bags are secured with a zip tie and brought to the staging facility.

Once in the staging facility, geotechnicians will remove the selected samples for specific gravity measurement. WAC&G utilizes a digital scale and water displacement on site to perform the systematic SG measurements. Upon completion of specific gravity measurements, all samples are re-sealed with zip ties. Once a drill hole has been logged and cut, the samples are placed into labeled rice bags and secured with locking zip ties with corresponding identification numbers. Rice bags are then placed in plastic totes for preparation for air shipment to the ALS Lab facility in Fairbanks, Alaska. A chain of custody is issued with every delivery to the ALS facility in Fairbanks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1.2** **Reverse-Circulation Drilling Procedures- 2020** 

WAC&G drilled all of the 2020 RC holes that test the leach pad area. Other diamond drilling by WAC&G in 2020 tested other exploration targets located away from the Illinois Creek deposit.

WAC&G drilled 73 RC holes using a 2 ⅝ in. conventional hammer in dry drilling conditions. Each 1.5 m (5 ft) sample was collected in its entirety and placed in a labeled bag, sealed, and transported to camp and then weighed. At camp, sample batches with a minimum 60 samples or >60 samples needed to complete a hole were assembled. A total of eight QA/QC samples, including two blanks, two duplicates and four standard samples (three different standards: OREAS 153b, 235, and 601b) were placed in each batch and sample numbers were assigned.

A Jones splitter was then used to reduce the original sample to an 8 kg to 10 kg split, placed in a pre-labeled bag with a perforated sample card number and zip tied. Split samples were again weighed to provide moisture content after lab drying. Any remaining reject from the Jones splitter was saved in the original bag and again labeled with the sample number and stored on site. A double split in consecutive bags with consecutive samples numbers was completed for the duplicate intervals. Both blank samples and standards were inserted in the sample sequencing.

The samples were then placed in pre-labeled rice bags, sealed, and securely stored pending air transport back to Fairbanks. ALS Chemex was notified at the time of each shipment and met the samples to take custody from the air transport contractor.

Signature Date: March 9, 2026 7-25

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1.3** **MRDI Procedures Audit 1999** 

Viceroy contracted MRDI to produce an audit report of the drilling and sampling methods, including sample preparation and assaying processes used during Viceroy's 1999 option with the State of Alaska to mine and then reclaim the remaining mineral resources.

MRDI used reports prepared by Gillerman and Brewer (1985; covering a portion of Anaconda work), Salisbury & Associates (1989; covering Goldmor work), Kirkham and Apel (1993; covering Echo Bay work), USMX (1996; covering USMX work and summarizing all previous work), and an audit report by Fluor Daniel (1996).

Where possible, MRDI confirmed descriptions of the sampling with more detailed reports on file. During its review, MRDI could not locate all of the historical data and reports regarding drilling methods, sampling methods and sample recovery, as described in Kirkham and Apel's report and the Fluor Daniel audit; at that time, USMX had dissolved into bankruptcy proceedings and could not provide the information to MRDI.

Though aspects of the USMX data were lost, NPMC did provide MRDI with a large number of original records (logs, assay certificates, survey records and density test results) for Anaconda, Goldmor, NPMC and Echo Bay work. These were sufficient for MRDI to conduct a complete audit of the drilling and sampling work. Copies of all drill logs, including all the USMX holes, were present at the mine office during MRDI's review and are most likely the source of the data scanned by NovaGold in 1992 for the State of Alaska.

During the audit, MRDI compiled and imported all available sample assays, check assays, sampling recovery, logs, density measurements and survey data into a Medsystem® database. MRDI extracted assays, geological codes, collar surveys and downhole surveys which were the basis for its audit and review. Unfortunately, the Medsystem® database did not survive the mine reclamation by ARG.

The current project database was compiled from scanned files of assay certificates, drill logs and memos, compiled annual summaries, miscellaneous reports, and various internal compilations in the scanned data provided to Piek Exploration by NovaGold. Assay data, where available, were entered by hand directly from assay certificates and, where unavailable, were taken from assay-annotated drill logs, seasonal compilations and tabulated data. Though the majority of assay certificates are available, the author recommends that the database is brought up to date with all data sources.

Although extensive trench data was collected and used in previous historical mineral resource estimations, this type of data has not been used in the estimate of Mineral Resources contained in this TRS. WAC&G personnel believe most of the trench sample data were derived from areas in the deposit that were already mined out.

All drilling and trenching at the Illinois Creek deposit were oriented to a mine grid in which mine grid north is N17°07'15"W and mine grid east follows the strike direction of mineralization at N71° 53'45'' E. A majority of diamond and RC holes were inclined at -60 to -70 degrees which is roughly perpendicular to the dip of mineralization with the exception of the Goldmor RC holes which were drilled vertically and generally to depths of only 30 m to 45 m below surface.

Trenches were cut by a backhoe or tracked excavator along a line perpendicular to the strike of mineralization. MRDI reviewed trench maps prepared by Anaconda and NPMC and found that, in all cases, the trenches used in the database reached bedrock at depths ranging from 1 m to 3 m below the surface.

Signature Date: March 9, 2026 7-26

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

The water table is approximately at the 75 m<sup>3</sup>/g elevation throughout the Project site. The surface elevation ranges from 235 masl to as low as 90 masl on the western limit of the drilling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1.4** **Historical Diamond Drilling Procedures** 

There is limited information about specific drill core handling procedures.

Core drilling was used by Anaconda, NPMC and USMX. This comprises approximately 30% of the total assay footage reviewed and used by MRDI in its audit and estimate of the Illinois Creek deposit. Drilling elsewhere on the Property at 5 o'clock, Macho Grande, Waterpump Creek and Last Hurrah used only core drilling; these holes were not used in the Mineral Resource estimation contained within this TRS.

Core holes in the Illinois Creek area were drilled almost entirely with core rigs producing either HQ (2.5 in. diameter) or NX (2.155 in. diameter) core. In 1984, Anaconda drilled three short BX (1.655 in. diameter) holes.

**Anaconda**

Anaconda core holes DDH01 to DDH23 are located entirely within the central portion of the Illinois Creek oxide deposit, and these core assays comprise about 11% of the total amount of drilling used for Mineral Resource estimation at Illinois Creek. At least half of Anaconda's holes were drilled to intersect the gossan at deep levels, testing the upside potential for sulfide mineralization below the oxide deposit. Subsequent core drilling by NPMC and USMX emphasized shallow (< 120 m) holes to delineate the deposit on spacing of 30 m or less.

Minimal documentation exists with respect to Anaconda's sampling methods. Drill logs show that core was sampled at geological contacts on nominal 1.5 m intervals, and some sample intervals are considerably shorter. Core was not photographed, and existing core was destroyed during mine reclamation by ARG.

"Low" recoveries were reported for Anaconda holes in Echo Bay's (Kirkham and Apel, 1993) and USMX's (USMX, 1996a) evaluation of drilling data. MRDI's inspection of core logs revealed recoveries from 60% to 90% in mineralized gossan. MRDI plotted recovery versus gold grade for holes DDH04 and DDH22. Gold values exhibit no relationship to recovery in DDH04. Depressed gold values are associated with low recovery at 26 m, 44 m, 55 m, 88 m, and 94 m in DDH22. Results suggest that grades may have been somewhat under-estimated in intervals of low recovery.

Anaconda core drilling meets industry standards for drilling this type of deposit.

**North Pacific Mining Company**

Data for 41 NPMC core holes comprise about 7% of the total amount of drilling used to estimate Mineral Resources for the Illinois Creek deposit. Core was logged and then split for sampling on 0.3 m to 1.5 m (1 ft to 5 ft) intervals. Core was not photographed. MRDI inspected all drill logs and found that core recovery (obtained by measuring cored intervals) was 90% or greater for all but a few intervals of mineralized gossan.

NPMC core drilling meets industry standards for drilling this type of deposit.

**USMX**

USMX drilled 65 core holes in 1994 and 1995 to provide nominal 30 m (100 ft) drill spacing for the deposit. A series of monitoring and geotechnical holes was drilled in addition to the holes for

Signature Date: March 9, 2026 7-27

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

mineral resource estimation. A total of 4,657.9 m (15,281.7 ft) of core drilling was completed, comprising about 8% of the drilling used for Mineral Resource estimation. Drill core was logged for geological and geotechnical parameters, photographed and marked for sampling. Samples nominally measuring 1.5 m (5 ft) were sampled within major lithologies. The core was split with a hydraulic splitter or sawed in half. One half was sent to a laboratory for assay. The other half was retained in core boxes on the Property, and that was subsequently destroyed during mine reclamation.

USMX did not compile or evaluate core recoveries. MRDI's inspection of core logs revealed generally poor (<60%) core recoveries in mineralized gossan. Consequently, MRDI constructed recovery versus grade plots for nine holes with "ore-grade" intercepts. These plots generally show no correlation between grade and recovery.

USMX's relatively poor core recoveries during drilling does not meet typical industry standards for drilling this type of deposit; however, the degree to which this may influence the estimation of Mineral Resources appears to be limited. The thickness and grade of mineralized intervals appear to be similar to holes drilled nearby using other methods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.1.5** **Historical Reverse-Circulation Drilling Procedures** 

Some RC holes were drilled below the water table along the western margin of the deposit.

RC drilling programs carried out by Anaconda, USMX and Viceroy used water injection to stabilize drill holes. Echo Bay and Goldmor drilled dry, except when water injection was required for drill hole stabilization or when hammer bits plugged in soft material (which was noted to occur frequently). MRDI did a review of the RC drilling in its 1999 study and concluded they were similar in character to the diamond drill sample results. Comparisons made by QP's and SGI found that RC and DDH samples in proximity compare favorably. There is no reason to believe there is any bias in the RC drill results.

There is only partial knowledge of specific drill sample handling procedures.

**Anaconda**

The holes were reportedly drilled with either a 4⅞ in. tricone or 5-in. hammer bit. Samples weighing 9 kg to 12 kg (20 lb to 26 lb) were collected on 1.5 m (5 ft) intervals, representing a 13% to 30% cut of the entire sample (Miller, 1982). Anaconda RC holes are all located away from the Illinois Creek deposit and, as a result, none of these data were used in the Mineral Resource estimation for the Illinois Creek deposit.

Kirkham and Apel (1993) reported that the Anaconda RC holes produced poor recoveries, ranging from 25% to 85% in the gossan. MRDI did not locate Anaconda reports or drill logs that confirmed this, and it did not allow for an independent calculation of recovery versus grade. MRDI stated that RC recoveries of 40% to 60% are normal for drilling in dry conditions or drilling with limited water injection and that Anaconda sample weights were adequate for Mineral Resource estimations. The QPs for this report agree with these comments.

**Goldmor**

Goldmor drilling was completed without water injection and above the water table at depths less than 45 m. Goldmor drill holes comprise about 9% of the total meters of drilling used to estimate the in situ Mineral Resources at the Illinois Creek deposit.

Signature Date: March 9, 2026 7-28

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Kirkham and Apel (1993) reported that the Goldmor drilling experienced "fair to good" recoveries. This was apparently based on a subjective assessment by the rig geologist and not on accurately measured sample weights.

MRDI did not find documentation regarding the size of samples collected or the range of recoveries obtained. Therefore, it is not known if the RC sampling met industry standards.

MRDI inspected assays for intervals of Goldmor holes where those intervals were crossed later by inclined Echo Bay RC and USMX core holes. This assessed the quality of Goldmor drilling relative to drilling for which sample quality was documented. Gold grades were found to be comparable between Goldmor RC holes and Echo Bay RC or USMX core holes. The QPs of this report also noted reasonable comparison of the older, predominantly RC drilling with the more recent diamond core drilling results.

**Echo Bay**

Echo Bay RC drilling comprises about 49% of the total meters of drilling used for Mineral Resource estimation for the Illinois Creek deposit. Echo Bay's RC drilling program was carried out to confirm previous drilling and to fill in the gaps in drilling data. Drilling equipment, ground conditions, sample weights, split fraction, water flow and sampling problems were recorded for each sample interval. This information was preserved in Illinois Creek files as photocopies of spreadsheet printouts only. Echo Bay did not tabulate all recovery data, but recoveries varied from 20% to 120%. The average was approximately 40% to 50% based on MRDI's inspection of the drill logs, which is normal for an RC drill program in highly oxidized rocks.

Echo Bay used a conventional hammer bit in the hanging wall of mineralization and switched to a skirted tricone bit within mineralization. The cyclone discharge was riffle split to 0.125 or 0.25 of the original mass to produce a nominal sample weight of 4.5 kg to 7 kg (10 lb to 15 lb) for 1.5 m (5 ft) sample intervals. Sample weights from 2.3 kg to 11 kg (5 lb to 25 lb) were obtained from a rotary wet splitter for samples below the water table or when water injection was used for drill hole stabilization.

MRDI compared recovery data and gold grades for a series of Echo Bay RC holes. Plots show that gold grades within mineralized sections are generally depressed in intervals with low recovery. Therefore, low recoveries may have resulted in a local under-estimation of grades rather than over-estimation of grades.

Echo Bay found that holes drilled beneath the water table exhibited a loss in collected sample weight and a loss of fines, mostly due to high-water flows that could not be managed with the available sampling equipment. Echo Bay's test sampling determined that the fines are preferentially mineralized and that from 5% to 10% of the gold was lost in unrecovered fines (Kirkham and Apel 1993). Echo Bay did not find evidence of grade spikes or downhole contamination.

Unfortunately, RC recovery data are not available in the current sample database. MRDI appears to have conducted a thorough review of the information it had available at that time and come to the conclusion that some gold was likely lost in zones of poor RC recoveries.

Echo Bay's drilling method and recorded data meet industry standards except for holes drilled beneath the water table at the west end of the deposit. The results for 12 holes drilled below the water table in the western end of the Illinois Creek deposit are average for these conditions, and these have relatively little impact on the overall estimate of Mineral Resources.

Signature Date: March 9, 2026 7-29

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**USMX**

USMX RC holes comprise about 11% of the total amount of drilling used for Mineral Resource estimation for the Illinois Creek deposit. The RC holes cover a majority of the strike length of the deposit. USMX used a 4⅞ in. hammer or tricone bit. Drilling was dry except when water injection was required due to hole conditions. Samples were collected from a cyclone or rotary splitter at 1.5 m (5 ft) intervals and reduced to a nominal 2.3 kg (5 lb) with a Jones splitter. MRDI determined the USMX sample size was adequate for Mineral Resource estimation, and the QPs agree with this comment.

USMX geologists visually estimated sample recovery because there was a lack of actual sample weights to calculate the relationship between grade and recovery. MRDI questioned USMX procedures but concluded sample results were adequate given the particle size and distribution of gold within samples.

**Viceroy**

Viceroy RC drilling represents only about 2% of the total amount of drilling used for Mineral Resource estimation at the Illinois Creek deposit. Viceroy RC drill holes used a 5⅜ in. conventional hammer bit in the hanging wall of gossan and a 5⅜ in. tricone bit through gossan and adjacent, highly altered rocks (such as sanded, dolomitic quartzite). All drilling was completed with water injection.

Samples were collected with a rotary wet splitter. The primary sample was discharged into a micro-pore sample bag within a 5-gallon bucket. A split, representing between ⅛ to ¼ of the total volume, was used to maintain a sample weight of about 4.5 kg (10 lb). Fifty percent of the outer shell discharge of the splitter was collected as a rig duplicate and stored at the mine. Total sample weight was not recorded; therefore, sample recovery was not calculated. Some fines were lost in the primary sample due to water overflow from the sample bucket but, again, given the fine-grain size of gold in the Illinois Creek deposit, the Viceroy samples are considered to be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.2** **Drilling Recoveries** 

Core recoveries by Alaska Silver during its 2021, 2022, 2023, 2024, and 2025 drill seasons are respectively 68.5%, 83.2%,79.8%, 82.8%, and 85.9%. Poor recoveries in 2021 reflect the preponderance of drilling in the oxidized zone at Waterpump Creek and in strongly altered and sanded dolomite quartzites in extension drilling along the IC fault on the eastern margins of the IC Creek oxide resource. Additional recovery problems have been encountered at the schist/dolomite thrust contact where broken ground and voids have resulted in poor recovery. Drill core procedures were subsequently modified with significantly improved recoveries in 2022 drilling at Waterpump Creek. Drill recoveries through the mineralized massive sulfide intervals at Waterpump Creek in 2022 averaged 82.1% and in 2023 averaged 62.7%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.2.1** **Historical Core Recoveries** 

To understand the relationship between sample recovery and grade more clearly, MRDI created an electronic spreadsheet of sample recoveries during its historical audit. MRDI used recoveries recorded on logs from Anaconda core holes, NPMC core holes, Echo Bay RC holes and USMX core holes. Detailed recovery information does not exist for RC holes for Anaconda, Goldmor and USMX.

MRDI analyses show the following.

Signature Date: March 9, 2026 7-30

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Core Drilling**

● Core drilling by Anaconda and USMX exhibits low (less than 90%) recoveries in " ore " zones.

● NPMC core holes were drilled with core recoveries exceeding 90%.

● MRDI's inspection of core recovery versus gold grades shows that there is no correlation between core recoveries and gold grade.

**Reverse-Circulation (RC) Drilling**

Echo Bay was the only company that accurately measured RC sample weights. Average sample recovery was about 50%, which is adequate for RC drilling above the water table.

● Anaconda, Goldmor, USMX and Viceroy did not measure sample weights but qualitatively estimated recoveries from the sample size. These companies reported "good" recoveries in most cases.

● The water table was only encountered in the far western portion of the deposit where the static water level is 30 m below the surface.

● MRDI ' s evaluations indicate that intervals of poor RC recovery have lower gold grades suggesting that some gold may have been lost during drilling and sampling.

MRDI also reviewed five twinned holes representing twins of core holes and RC holes or different campaigns of RC holes. Its review, although very limited in scope, noted the following:

● The position of gold zones is nearly identical in all twins.

● RC and core holes, or RC holes from different drill campaigns, intersected the same mineralized sections.

● Though one twin pair showed slightly higher values in core relative to RC, the encountered zones were the same in both holes. In general, agreement is remarkably good for the five twins.

MRDI concluded that the drilling method, sample size and average recovery were generally adequate to support Mineral Resource estimations. The lack of coarse gold compensates for relatively low core recoveries in two of the drill campaigns. Poor sample recovery, however, has most likely led to local under-estimation of gold grades. The QP of this report agrees with the conclusions made by MRDI that there were no drilling, sampling and recovery factors that could materially impact the accuracy and reliability of the results.

WAC&G leach pad RC drilling in 2020 used a 2.675 in. hammer and 5 ft sample intervals with an assumed 2.3 specific gravity yield 28 lb/samples. Sample recoveries averaged 37 lb/sample. It is not unusual to have some sloughing when RC drilling in unconsolidated material. It is unlikely that these overweight samples have biased the results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.3** **Collar Surveys** 

The following collar survey procedures were used by Alaska Silver in the 2020 through 2025 drill seasons:

● In 2020, WAC&G contracted with McClintock Land Associates (MLA) to set control points and locate proposed drill hole locations. All drill holes completed during the 2020 drill program were located and marked with survey lath, and collar horizontal and vertical

Signature Date: March 9, 2026 7-31

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

coordinates were recorded and corrected using the local datum, NAD83, UTM Zone 4 North.

● In 2021, WAC&G contracted with Rowland Engineering Consultants (RECON). During the 2021 field program RECON set and surveyed eight survey reference monuments utilizing two Leica GS16 multi-frequency Global Navigation Satellite System (GNSS) receivers. RECON surveyors then conducted multiple GNSS RTK measurements and static occupations for all reference monuments. The raw data was processed in Leica Infinity version 3.3 to correct the collar locations for the local datum; NAD83 UTM Zone 4 North and the local vertical datum acquired from the reference monuments. The real time kinematic (RTK) survey of all drill collars yielded at least 6 cm positional quality, with 91% of surveyed points having positional quality of less than 3 cm.

● In 2023, Alaska Silver contracted Kuna Engineering (Kuna) to perform drill collar surveys of the initial round of drilling WPC23-0029 through WPC23-0032 and LH23-0005 through LH23-0008. The collar for WPC23-0033 was missed by the Kuna personnel. Kuna utilized a survey-grade Trimble GPS receivers using RTK methods. Kuna tied into the 2021-2022 surveys using the HV-8 control point for vertical and horizontal control of all collar location measurements.

● In 2022 and in 2025, Alaska Silver again contracted RECON LLC dba RECON to execute a drill collar survey of all drill holes completed during the 2022 field program. RECON personnel used two Leica GS16 multi-frequency GNSS receivers. RECON surveyors conducted multiple GNSS RTK measurements and static occupations for all reference monuments. RECON tied into the 2021 survey using the HV-8 control point for vertical and horizontal control of all collar location measurements. Collar locations were post processed using Leica Infinity version 3.3 seeding the local datum. All collar locations were surveyed with a vertical and horizontal accuracy of under 3 cm. Collars from 2024 were surveyed in 2025 from the drill collar monuments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.3.1** **Historical Collar Surveys** 

The drill collar locations and trench locations during Anaconda exploration were established using Brunton (compass) and tape surveys. No survey records for Goldmor RC holes were found. In 1992, NPMC contracted MLA, a licensed surveyor, to resurvey the mine grid system and all drill collar and trenches that existed at that time (MLA, 1992). MLA used a Topcon GTS-302D total station. Drill collar locations are quoted as accurate to 0.1 m or less.

MLA was able to relocate and survey the location of all but 34 drill holes. Most of these were from the earliest work by Anaconda. MLA used Anaconda's location records for the 34 holes relative to grid cross lines and readjusted the locations relative to the new grid survey. MLA estimated the accuracy of these drill collars to be about ± 3 m (10 ft). This level of accuracy is considered sufficient for use in the estimation of Mineral Resources.

In 1994, USMX contracted MLA to update the survey to include Echo Bay and USMX holes to that date (MLA, 1994). Subsequent holes by USMX and Viceroy were surveyed using the mine's total station survey equipment (Scott Bennett, pers. comm.). Data were entered into the MRDI Medsystem® database electronically; therefore, a written survey report does not exist for 1995 and 1999 drill holes.

Where required, the drill hole collar database was subsequently rotated by Piek Exploration to UTM NAD83 coordinate system which is the basis for the current Mineral Resource study.

Leach pad drill holes were surveyed and staked by MLA prior to the 2020 drill program.

Signature Date: March 9, 2026 7-32

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

The collar surveys meet industry standards and are adequate to support this Mineral Resource estimation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.4** **Downhole Surveys** 

Alaska Silver utilized the Axis Mining Technology north seeking Champ Gyro downhole survey camera during the 2024 and 2025 drill programs. Once the hole was completed, survey data was collected at 10 m intervals down hole both as the instrument was lowered and raised from the hole, with the depth being recorded by a magnetic wireline counter. The survey results were validated by the survey software by comparing the measurements in and out of the hole. The surveys from out of the hole were recorded and imported into the GeoSpark database. Surveys were also performed while the hole was advancing to check for hole deviation.

During the 2021, 2022, and 2023 drill programs Alaska Silver utilized the REFLEX EZ-TRACK downhole survey tool provided by IMDEX. The REFLEX EZ-TRACK collects both magnetic and gravimetric measurements using three fluxgate magnetometers aligned in orthogonal directions to measure the azimuth; and three orthogonal accelerometers to measure the dip. During the 2021 program, downhole surveys were collected once the drill hole had reached the total depth and collected as single shot measurements when pulling drill tooling at 15.2 m (50 ft) intervals. During the 2022 drilling program, surveys were collected as single shot measurements every 50 ft while advancing each drill hole, and again were collected when pulling the drill tooling once each hole had reached the total depth. All azimuths were then corrected for the magnetic declination of the property as reported by NOAA during each field season.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.4.1** **Historical Downhole Surveys** 

Only 56% of core holes (Anaconda and NPMC campaigns) and none of the RC holes were surveyed down hole. Surveyed holes show strong deviations in early Anaconda core holes, but minimal deviations in subsequent NPMC core holes.

Due to the relatively shallow depth of drilling (<120 m), it is not expected that any downhole deviations have had a material impact on the Mineral Resource estimation. In addition, ore shapes in the 1998 mineral resource model reviewed by MRDI compared very well with the outline of actual ore zones mined in 1996 and 1997.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3.5** **QP ' s Opinion** 

The QP is of the opinion that geochemical, geophysical, and drill samples have all been taken using standard industry practices. Samples are representative and unbiased except in two drilling campaigns. In those two cases low drill sample recovery has likely led to under reporting of gold in samples causing local under-estimation of gold grades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4** **Hydrogeology Data** 

In 1995, SRK Consulting (SRK) completed a hydrogeologic evaluation of the site for USMX. The study relied on the results of groundwater-level monitoring in six wells, falling-head and pump tests, and the site geology to conclude the presence of an aquifer (termed the Illinois Creek aquifer) which is roughly coincident with the geologic fold that trends east-west and envelopes the Illinois Creek gold deposit.

Between 1995 and 2004, during historical mine operations, USMX monitored water levels in monitoring wells.

Signature Date: March 9, 2026 7-33

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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In 2006, ADNR assumed responsibility for post-closure monitoring, and it monitored water levels periodically until 2019.

At this time, the volume of any potential pit water or excess pumped water and the potential need for water treatment and permitting, such as discharge permits, have not been evaluated for any new mine development on the Illinois Creek property, however, these will be included, as necessary, in future mine planning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5** **Geotechnical Data** 

USMX's 1994 and 1995 drill campaigns included several geotechnical holes that were designed to provide data for pit design. Recovery, RQD, hardness, and fracture orientation/frequency were recorded for all 1994 and 1995 holes and the select geotechnical holes were oriented to provide strike and dip measurements for fractures and to determine shear directions.

Alaska Silver has not yet undertaken any geotechnical drill studies. Alaska Silver has routinely collected recovery and rock quality data from drill core from 2021 to 2025 and core hardness and weathering data from 2022 to 2025.

Signature Date: March 9, 2026 7-34

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.0** **Sample Preparation, Analyses, and Security** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Sample Preparation** 

Aspects of the field sampling procedures are described in Section 7.2 (Drilling) of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.1** **Protocols** 

Sample preparation protocols, where known, are shown in Table 8-1.

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| | |
|:---|:---|
| **Table 8-1:** | **Sample Preparation Procedures Drill Campaigns 1981 through 2025** |

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| | | | |
|:---|:---|:---|:---|
| **Company** | **Year** | **Laboratory** | **Preparation Protocols** |
| Anaconda | 1981–1984 | Rainbow Resource Lab,<br>Anchorage, AK<br>Bondar-Clegg, Vancouver, B.C. | Crush Pulverize -100 mesh |
| Goldmor | 1988–1990 | Acme Labs | Unknown |
| NPMC | 1991–1992 | Chemex, Spark, NV | Crush -10 mesh 250 g split<br>Pulverize 90% passing -150 mesh (208) |
| Echo Bay | 1993 | Bondar-Clegg, Vancouver, B.C. | Crush and split Specifics unknown |
| USMX | 1994–1995 | Chemex, Spark, NV | Crush -10 mesh 300 g split<br>Pulverize 90% passing -150 mesh (208) |
| Viceroy | 1999 | Mine site | Crush -10 mesh 500 g split<br>Pulverize 90% passing -150 mesh |
| ARG | 2002 | Mine site | Unknown |
| NovaGold | 2005–2006 | Chemex, Spark, NV | Crush -10 mesh 250 g split<br>Pulverize 90% passing -150 mesh (208) |
| WAC&G | 2020 | ALS, Fairbanks, AK | ALS Sample Preparation Procedure:<br>Crush to 70% passing 2 mm<br>1,000 g split<br>Pulverize 85% passing 75 microns |
| WAC&G | 2021 | SGS Canada, Burnaby, BC | PRP89 Special: Weigh <10kg, Dry 105°C, Crush to 75% passing 2mm<br>250 g split<br>Pulverize 85% passing 75 microns |
| WAC&G | 2022-2025 | ALS Global, Vancouver, BC | ALS Sample PREP-31<br>Crush entire sample 70% passing 2 mm<br>250 g split<br>Pulverize 85% passing 75 microns |

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ALS, ALS Global, and SGS Canada are independent laboratories with no ownership interest in Alaska Silver, or vice versa. ALS and ALS Global are certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005. SGS Canada Inc. is certified under ISO 9001:2015 and accredited under ISO/IEC 17025:2017 by the Standards Council of Canada.

Signature Date: March 9, 2026 8-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2** **Specific Gravity Determinations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2.1** **WAC&G 2021, 2022, 2023, and 2024 SG Measurements** 

Beginning in 2021, WAC&G began on site specific gravity (SG) measurements of drill core. SGs were performed on assay sample intervals to eliminate bias and correlate assay results with SG measurements. SG's were measured using a digital scale stationed above a water tank that allows for water displacement measurements of samples after they have been cut. Additionally, SG measurements were taken on a basis of one per lithology, or one every 10 m for lithologies greater than 10 m.

For intercepts containing significant sulfide mineralization, each competent sample is measured for specific gravity to aid in future resource estimates. It is important to note, SG measurements are taken on the most competent intervals, any fine particulates that may be present are left in the sample bag and not used in the SG measurement.

To assess any drift in the scale, standards were selected and measured prior to performing any SG measurements on drill core and repeated prior to the start of measurements on a new drill hole.

During the 2022 field campaign, 10 cm to 20 cm samples were collected from various lithologies and sent to ALS Labs for water displacement measurements to verify Alaska Silver's specific gravity methodology. These samples were individually tested on site three times prior to being sent to ALS. In addition to the verification tests performed by ALS, a suite of samples was sent to Zonge Int. for rock properties testing which included SG analyses.

There is a total of 24 samples pairs with both field measured SGs and lab verified SGs by either ALS or Zonge. The linear regression for all 24 samples gives an R2 of 0.89 indicating reasonable correlation between the on-site and commercial SG measurements (Figure 8-1).

Signature Date: March 9, 2026 8-2

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | |
|:---|:---|
| **Figure 8-1:** | **Plot Showing ALS and Zonge SG vs. Field-measured SG** |

---

![Graphic](wamff-20251231xex96d1059.jpg)

Source: Alaska Silver (2023)

Results from the SG study are reported in an internal Alaska Silver report dated February 23, 2023, by Zach Mahaffey. This report outlines results and suggests changes to practices and/or added QA/QC testing.

To date Alaska Silver has performed 1,428 SG measurements on 14 different lithologies observed, including 1,311 from the WPC and LH prospects and 117 from the Illinois Creek prospect. Dolomite (DOL) and Massive Sulfide (SULF) are the most frequently measured SGs, with samples populations of 520 and 212, respectively (for all three prospects).

Table 8-2 shows calculated statistical values for all lithologies for on-site SG measurements.

**Table 8-2:** **Summary of On-site Specific Gravity Measurements**

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <BORDER_TOP> | **Lith**<br><BORDER_TOP> | **Count**<br><BORDER_TOP> | **Length**<br><BORDER_TOP> | **Mean**<br><BORDER_TOP> | **Median**<br><BORDER_TOP> | **SD**<br><BORDER_TOP> | **Q1**<br><BORDER_TOP> | **Q2**<br><BORDER_TOP> | **Min**<br><BORDER_TOP> | **Max**<br><BORDER_TOP> |
| **WPC - LH** | DOL | 610 | 854.04 | 2.69 | 2.71 | 0.12 | 2.64 | 2.77 | 2.10 | 3.41 |
| **WPC - LH** | FI | 7 | 10.3 | 2.24 | 2.27 | 0.17 | 2.06 | 2.37 | 1.97 | 2.42 |
| **WPC - LH** | G | 77 | 97.14 | 2.71 | 2.69 | 0.28 | 2.55 | 2.85 | 2.03 | 3.71 |
| **WPC - LH** | HQ | 6 | 6.7 | 2.57 | 2.58 | 0.06 | 2.57 | 2.62 | 2.49 | 2.71 |
| **WPC - LH** | MAG | 20 | 27.32 | 2.67 | 2.57 | 0.34 | 2.53 | 2.66 | 2.40 | 4.11 |
| **WPC - LH** | Sch | 489 | 715.98 | 2.67 | 2.70 | 0.14 | 2.60 | 2.76 | 2.18 | 3.13 |

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Signature Date: March 9, 2026 8-3

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Lith** | **Count** | **Length** | **Mean** | **Median** | **SD** | **Q1** | **Q2** | **Min** | **Max** |
|  | SK | 17 | 21.03 | 2.86 | 2.85 | 0.13 | 2.73 | 2.99 | 2.70 | 3.09 |
|  | SULF | 212 | 255.72 | 3.67 | 3.63 | 0.40 | 3.43 | 3.83 | 2.30 | 6.24 |
| **Illinois Creek** | DOL | 47 | 64.7 | 2.62 | 2.63 | 0.107 | 2.58 | 2.70 | 2.29 | 2.88 |
| **Illinois Creek** | DQ | 24 | 37.0 | 2.69 | 2.69 | 0.059 | 2.63 | 2.73 | 2.59 | 2.78 |
| **Illinois Creek** | FI | 2 | 2.9 | 2.65 | 2.75 | 0.178 | 2.50 | 2.75 | 2.50 | 2.75 |
| **Illinois Creek** | G | 16 | 21.1 | 2.62 | 2.60 | 0.144 | 2.52 | 2.69 | 2.43 | 2.95 |
| **Illinois Creek** | GRN | 55 | 81.8 | 2.83 | 2.89 | 0.153 | 2.78 | 2.93 | 2.32 | 2.98 |
| **Illinois Creek** | GS | 14 | 21.6 | 2.58 | 2.58 | 0.170 | 2.50 | 2.74 | 2.23 | 2.83 |
| **Illinois Creek** | HBx | 102 | 117.3 | 2.67 | 2.60 | 0.231 | 2.54 | 2.75 | 2.27 | 4.04 |
| **Illinois Creek** | HQ | 3 | 1.8 | 2.83 | 2.75 | 0.297 | 2.60 | 3.09 | 2.60 | 3.09 |
| **Illinois Creek** | LST | 3 | 4.7 | 2.77 | 2.75 | 0.035 | 2.75 | 2.81 | 2.75 | 2.81 |
| **Illinois Creek** | Q | 30 | 37.2 | 2.62 | 2.63 | 0.082 | 2.56 | 2.66 | 2.41 | 2.78 |
| **Illinois Creek** | QMS | 2 | 4.6 | 2.22 | 2.28 | 0.103 | 2.14 | 2.28 | 2.14 | 2.28 |
| **Illinois Creek** | SULF | 15 | 12.4 | 3.60 | 3.66 | 0.405 | 3.25 | 3.98 | 2.97 | 4.11 |
| **Illinois Creek** | ANK | 9 | 8.4 | 2.92 | 2.88 | 0.190 | 2.72 | 3.06 | 2.66 | 3.19 |

---

Notes: SD Standard Deviation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2.2** **WAC&G 2022 Leach Pad Density** 

Several test pits, dug and filled with water, provided the SG values: the larger test pits (dug by backhoe) showed SG ranges from 2.1 to 2.6 with an average of 2.3; the several smaller test pits (dug by hand) showed SG ranges from 1.8 to 2.2 with an average of 2.0. Historical production records indicate a total of 1.59 Mt of ore was stacked on the leach pad. With a pad volume estimated to be 631,360 m<sup>3</sup>, this gives an average SG of 2.5. Although some of the rocks at Illinois Creek contain high-sulfide contents, and the leach pad appears to be well compacted, an average SG of 2.5 is considered too high for material of this type. Therefore, an average SG of 2.3 is considered reasonable for determining the mineral resource tonnage on the leach pad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1.2.3** **Historical Specific Gravity Determinations** 

SG determinations were derived for a total of 220 samples by NPMC between 1991 and 1994 and by USMX in 1994. MRDI found records of NPMC measurements in Project files. NPMC data account for 143 measurements or 68% of the total 220 measurements.

SG was determined using the caliper method. This is an appropriate method for Illinois Creek ores because the vuggy, porous nature of the gossan is not conducive to using the process of wax- or lacquer-coatings and water emersion.

No records were found documenting the procedure used for USMX measurements. MRDI checked USMX values for each rock type and found the mean of USMX SG values to be no more than ±5% of the mean of NPMC values for the same rock type.

Table 8-3 shows the SG values outlined in USMX's 1996 Feasibility Study.

Signature Date: March 9, 2026 8-4

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 8-3:** | **Specific Gravity - USMX 1996 Feasibility Study** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lithology Code** | **#** | **Maximum g/cc** | **Minimum g/cc** | **Mean g/cc** |
| FG – ore | 40 | 3.1 | 2 | 2.48 |
| FQ – ore | 67 | 2.99 | 2.02 | 2.47 |
| FQ, high pyrite – ore | 2 | 3.14 | 2.67 | 2.91 |
| FMG – ore | 17 | 2.96 | 1.9 | 2.41 |
| MFG – ore | 4 | 2.99 | 2.74 | 2.81 |
| FMQ – ore | 25 | 3.07 | 2.07 | 2.5 |
| HQ – ore | 2 | 2.53 | 2.36 | 2.45 |
| Q – waste | 11 | 2.75 | 2.51 | 2.67 |
| **Total** | **168** |  |  |  |

---

The 168 SG values (Table 8-3) suggest, for reasons unknown, that USMX did not use some of the currently available SG measurements.

USMX derived one SG for "ore" and one for "waste" using a volume weighting of SG measurements. This assumed that the ore units FQ, FG and FMG+FMQ+MFG, comprise 67%, 17% and 16% of the deposit, respectively. This produces an average SG of 2.48 g/cc for the "ore" or mineralized units. Q and Qa were assigned weightings of 85% and 15% waste, respectively, giving an average SG of 2.63 g/cc for the "waste" or less mineralized units. Note that the intense oxidation of the "ore" units results in lower SG values compared to the "waste" units.

MRDI could not easily check the volume percent assigned to each unit. Drill hole sections show that FQ and FG are the dominant ore hosts; therefore, the weightings of these units are reasonable. The weightings are not really significant, however, because the SG of most ore units varies no more than ±3% from the mean. FQ with high-pyrite content is rare. Values obtained for ore units and wall rocks are reasonable for these rock types.

MRDI grouped samples using their core-hole ID and found that only three FQ samples and one FG sample were from the West Illinois Creek deposit area. All other samples were from the main central part of the Illinois Creek deposit. There are no SG samples from the east area of the deposit. Drill logs suggest that rock units do not change significantly along strike of the gossan zone. However, MRDI recommended that at least 30 SG measurements should be obtained from "ore and waste" units in each deposit so that tonnage calculations are supported by local values. Due to the often highly oxidized state of the mineralized units at the Illinois Creek deposit, it is likely difficult to obtain appropriate or representative material for additional SG determinations at this time. Further SG determinations are recommended during all future drilling programs.

SG values were assigned to sample intervals based on the lithology type designations. Not all sample intervals have associated lithology codes, and, as a result, approximately 90% of the sampled intervals in the database have assigned SG values.

The QP believes the approach used to assign SG values is reasonable for use in the estimation of mineral resources.

Signature Date: March 9, 2026 8-5

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Security** 

During the 2021 to 2025 field programs, WAC&G maintained a high standard for handling drill core sample security. Once the drill core has been halved and placed in the labeled poly bag with the sample tag and sealed with a zip tie, samples are staged by hole and in sequential order. Once all samples for a specific drill hole have been cut, the poly sample bags are placed inside rice bags that are labeled with the hole number and laboratory address on the front, and the bag number and weight on the back. The rice bags are then sealed with a tamper proof locking zip tie with a unique identification number. The rice bag number, the samples contained within the rice bag, the weight, and the locking zip tie identification number all recorded on the sample sheet and saved for future reference and tracking.

Samples are loaded on regularly scheduled charter flights and transported back to Fairbanks, Alaska from the Illinois Creek camp. Once the samples have arrived in Fairbanks, Horst Expediting and Remote Operations collects the samples and transports them to their facility to stage for delivery to the appropriate laboratory.

During the 2021 field season samples were staged on pallets and shrink wrapped prior to shipment to the SGS Minerals Geochemistry preparation facility in Whitehorse, Yukon Territory. The palletized and secured rice bags containing the core samples were then shipped via Greenstone Station Inc., a shipping contractor from the Horst facility to the SGS preparation lab. A signed chain of custody (COC) was issued by SGS and returned to WAC&G, ensuring none of the locking zip ties were tampered with.

For the 2022 through 2025 field seasons, rice bags containing drill core samples were again retrieved from the scheduled charter flights by Horst Expediting and staged at their facility. Horst Expediting would then deliver the rice bags containing the drill core samples to the ALS preparation facility in Fairbanks, Alaska. Upon delivery to ALS, a COC was issued and returned to WAC&G again ensuring none of the rice bags and samples were tampered with prior to delivery to the ALS facility.

Security measures taken during historical programs are not known to WAC&G; however, WAC&G has no reason to suspect that any of these samples were tampered with prior to analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3** **Assaying and Analytical Procedures** 

The laboratories and assay procedures used during the various exploration and infill drill campaigns are summarized in Table 8-4.

**Table 8-4:** **Analytical Laboratories and Protocols - Drill Campaigns 1981 through 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Company**<br><BORDER_TOP> | **Year**<br><BORDER_TOP> | **Laboratory**<br><BORDER_TOP> | **Analytical Procedures**<br><BORDER_TOP> |
| Anaconda | 1981–1984 | Rainbow Resource Lab, Anchorage, AK Bondar-Clegg, Vancouver, B.C. | Au – 1 assay ton FA/AA Aqua Regia finish Ag,<br>Cu, Pb, Zn – AA with HNO<sub>3</sub>/HCL digestion<br>Select As, W – colorimetric Select Sn, Sb XRF |
| Goldmor | 1988–1990 | Acme Labs | Au – 1 assay ton FA/Unknown finish<br>Ag – 1 assay ton FA/Unknown finish<br>Select AA? Cu Pb Zn Sb |
| NPMC | 1991–1992 | Chemex, Spark, NV | Au – 1 assay ton FA/Gravimetric finish<br>Ag – AA with Aqua Regia digestion<br>ICP - 32 element<br>Aqua Regia digestion (229) |

---

Signature Date: March 9, 2026 8-6

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Company** | **Year** | **Laboratory** | **Analytical Procedures** |
| Echo Bay | 1993 | Bondar-Clegg, Vancouver, B.C. | Au – 1 assay ton FA/AAS finish<br>Ag – 1 assay ton FA/AAS finish |
| USMX | 1994–1995 | Chemex, Spark, NV and Chemex, Vancouver, B.C. | Au – 1 assay ton FA/AAS finish<br>Ag – 1 assay ton FA/AAS finish<br>Cu – AA with Aqua Regia digestion Select 32 element ICP |
| Viceroy | 1999 | Mine site | Au – 1 assay ton FA/AAS finish<br>Ag – 1 assay ton FA/AAS finish<br>>10 g/t – Gravimetric finish |
| ARG | 2002 | Mine site | Unknown |
| NovaGold | 2005–2006 | Chemex, Spark, NV | ICP – 32 element 4-acid digestion |
| WAC&G | 2020 | ALS, Sparks, NV | Au-AA23 – 30g FA/AAS finish<br>ME-ICP61- 33 element, ICP-AES, 4-acid digestion<br>AA13 – 30g cyanide leach Au Cu and Ag<br>Au-Gra21 overage with Gravimetric finish ME-OG62 overages ICP |
| WAC&G | 2021 | SGS Minerals, Burnaby, BC | GE FAA30V5 – 30g FA/AAS finish<br>GE ICP40Q12 – 33 element, ICP-AES, <br>4-acid digestion<br>GO ICP42Q100 – Pb, Zn, Ag overages ICP- AES |
| WAC&G | 2022-2023 | ALS Global, Vancouver, BC | Au-AA23 – 30g FA/AAS finish<br>ME-ICP61 – 33 element, ICP-AES, 4-acid digestion<br>ME-OG62 – Pb, Zn, Ag overages, ICP-AES Ag-GRA21 – Overlimit on ME-OG62, 30g FA with gravimetric finish<br>Zn-VOL50 – Overlimit on ME-OG62, Zinc by titration<br>Pb-VOL70- Overlimit on ME-OG62, Lead by acid dissolution and titration |
| WAC&G | 2024-2025 | ALS Global, Vancouver, BC | Au-AA23 – 30g FA/AAS finish<br>ME-MS61 – 48 element, ICP-AES, 4-acid digestion<br>ME-OG62 – Pb, Zn, Ag overages, ICP-AES <br>Au-GRA21 - Overlimit on Au-AA24, 30g FA with gravimetric finish<br>Ag-GRA21 – Overlimit on ME-OG62, 30g FA with gravimetric finish<br>Zn-VOL50 – Overlimit on ME-OG62, Zinc by titration<br>Pb-VOL70- Overlimit on ME-OG62, Lead by acid dissolution and titration |

---

Signature Date: March 9, 2026 8-7

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4** **Quality Assurance/Quality Control** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.1** **Alaska Silver 2021-2025 Core Drilling QA/QC** 

Alaska Silver has maintained a consistent QA/QC protocol for all drill cores sampling through the 2021 to 2025 field seasons. Alaska Silver's protocol calls for insertion of 11% QA/QC check samples by inserting a blank, a duplicate, and a standard into each set of 27 core samples.

During the 2021 field program, blank material consisted of sand that had previously been tested by SGS using the same analytical suite as 2021 drill core to determine baseline values of the material. During the 2022 drill program, WAC&G acquired blank material from the ALS preparation laboratory in Fairbanks, which also analyzed and certified the material. Commercially available marble chips were used in 2023, 2024, and 2025 as blank material. In 2023, one split was taken from each 50 pound bag (3 splits) and was analyzed separately to establish values for the blanks.

For the 2021, 2022 and 2023 drilling campaigns, WAC&G collected field duplicates of drill core. Each designated duplicate sample was collected by halving the primary sample interval such that the primary sample and duplicate sample were quarter core segments of the entire sample interval. For the 2023, 2024, and 2025 campaigns, Alaska Silver also selected samples for duplicate analysis by ALS. The duplicate samples alternated between pulp duplicates (a separate split from the pulverized sample) and coarse reject duplicates (a second split taken from the initial crushed sample and then pulverized).

The 2021 drill program utilized four certified reference materials (CRM) as standards, for the WCP and LH prospects These samples, shown in Table 8-5, included OREAS 141 (low-grade), OREAS 620 (low to mid-grade), OREAS 136 (mid-grade), and OREAS 134b (high-grade). Standards were inserted to approximate the grade of sample intervals inferred by visual inspection of sulfide and/or oxide mineralization. During 2022, OREAS 317 was substituted for OREAS 134b due to a shortage of the OREAS 134b standard. OREAS 630b was replaced OREAS 141 in 2023 as a low-grade CRM.

The Illinois Creek prospect used the same three CRMs (Table 8-5) as standards for both the 2021 and 2022 drilling programs and include OREAS 600b (low-grade), OREAS 905 (mid- grade), and OREAS 602b (high-grade). These CRMs reflected the differences in the metal zoning between the Waterpump Creek and Illinois Creek target areas with CRMs reflecting the increased Cu and Au content of the Illinois Creek target versus the high-grade Ag, Pb, and Zn mineralization at Waterpump Creek.

Four different CRMs for the 2023 WCP and LH drilling programs and includes OREAS 317 as a high-grade reference, OREAS 136 as an intermediate grade reference closest to the expected cut-off grade for the WPC resource, OREAS 620 and OREAS 630b for progressively lower grade material.

The 2024 drill program used five CRMs for the LH drill holes and nine CRMs for the Warm Springs drill holes. The CRMs were selected to cover the range of expected values to be assayed and the metals that must be monitored (Ag, Pb, and Zn for LH and Au, Cu, Ag, Pb, Zn for Warm Springs). Two of the higher-grade base metal CRMs, OREAS 136 and OREAS 317, were used for both projects. However, these two CRMs do not have certified values for Au. The most used CRM for both programs is OREAS 153c, with very low metal grades that are close to the thresholds of what is considered anomalous for both projects. OREAS L11 was used as a Warm Springs CRM when other CRMs were exhausted.

Signature Date: March 9, 2026 8-8

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

In 2025, two new CRMs were added to the suite – OREAS 628 and OREAS 353b. OREAS 628 was used as a low-grade CRM and OREAS 153c was added for use in barren rock. In 2025, five CRMs were used for the Silver Sage zone – OREAS 620, 317, 628, 136, and 153c and four CRMs were used for the WPC South drilling – OREAS 628, 153c, 620, and 136.

---

| | |
|:---|:---|
| **Table 8-5:** | **Certified Reference Materials Utilized by WAC&G from 2021 through 2025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM** | **Au** | **Ag** | **Cu** | **Pb** | **Zn** |
| OREAS 134b | - | 209 ppm | 1337 ppm | 13.36% | 18.03% |
| OREAS 136 | - | 151 ppm | 306 ppm | 4.76% | 3.63% |
| OREAS 141 | - | 1.58 ppm | 2453 ppm | 59 ppm | 3637 ppm |
| OREAS 153c | 327 ppb | 1.77 ppm | 0.702% | 92 ppm | 359 ppm |
| OREAS 317 | - | 232 ppm | 0.42% | 12.13% | 17.45% |
| OREAS 600b | 0.204 ppm | 25.1 ppm | 499 ppm | 119 ppm | 404 ppm |
| OREAS 602b | 2.29 ppm | 118 ppm | 0.50% | 493 ppm | 764 ppm |
| OREAS 620 | 0.685 ppm | 40 ppm | 0.17% | 0.77% | 3.15% |
| OREAS 628 | 0.868 ppm | 10.2 ppm | 1.74% | 92 ppm | 359 ppm |
| OREAS 630b | - | 19 ppm | - | 0.41% | 1.11% |
| OREAS 905 | 0.391 ppm | 0.518 ppm | 1533 ppm | 30.4 ppm | 138 ppm |
| OREAS L11 | 0.305 ppm | - | - | - | - |

---

As the core samples are prepared for shipment each sample and quality control sample is assigned and tagged with a unique sequenced number. The assigned sample number, type of sample, i.e., half cut core, quarter cut core, blank, duplicate or CRM, is recorded. On the sample list to the laboratory only the sample numbers are provided. There is a quality control sample per nine (9) core samples, which averaged to about one (1) control sample for 15 m of sampled core. For each batch of 27 core samples three quality control samples, a blank, a duplicate and a CRM sample are inserted. The placement of the quality control sample is at the discretion of the geologist with some conventions. Where applicable a blank sample is placed within or after an interval of notable mineralization. The duplicates and CRM are inserted before or within a multi-sampled interval of mineralization.

Table 8-6 shows a summary of all core and quality control samples for 2021 to 2025.

---

| | |
|:---|:---|
| **Table 8-6:** | **Core and Quality Control Materials 2021 through 2025** |

---

---

| | |
|:---|:---|
| **Type**<br><BORDER_TOP> | **# Sample**<br><BORDER_TOP> |
| Core Samples | 8918 |
| QC Samples | 1059 |
| Blanks | 359 |
| Duplicates | 349 |
| CRMs | 351 |
| Total | 9977 |
| Core Samples/QC Sample | 8.4 |

---

Signature Date: March 9, 2026 8-9

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

The details and recommendations of the 2021, 2022, and 2023 Waterpump Creek drill core assay QA/QC programs are reported in the January 19, 2022, S. K. Morris memo: Waterpump Creek 2021 Diamond Drill Sample Assay QA/QC, April 3, 2023, S. K. Morris memo: 2022 Waterpump Creek Drill Core Assay Quality Control and Quality Assurance, and March 22, 2024 A. West memo: 2023 Waterpump Creek and Last Hurrah Drill Core Assay Quality Control and Quality Assurance.

The QC sample assay results are evaluated for accuracy and repeatability. The Laboratory's sample preparation process is checked for contamination and carry over with the blank samples. The blank assays results are compared against the certified value then compared with the preceding and following samples results. The original and duplicate core sample results are compared to assess sample to sample variability. The certified reference material results are compared with the certified lab value to check for an analytical bias, drift, or variation scatter. Values falling outside quality control limits are noted for closer examination including resampling and assaying.

Analysis of 2021 and 2022 QA/QC values identified eight (8) sampled intervals where the QC results were out of compliance.

The failure rates for blanks and CRM control samples are less than one percent. The preparation and assay procedures for 2021 and 2022 are well controlled and produce valid assay results. Analysis of 2023 QA/QC values identified eight (8) sampled intervals where the CRM control sample results were out of compliance for the low-grade CRM, OREAS 630b, seven for Ag and one for Ag and Pb. Seven of the intervals were from Last Hurrah and one from WPC and all samples were outside of mineralized core. Seven of the intervals were rerun with 5 passing. Analysis of 2024 QA/QC values identified fourteen (14) sample intervals where the CRM control results were out of compliance; two (2) for LH (for Ag in the low grade OREAS-153), and twelve (12) for Warm Springs for various metals and CRMs. The four intervals from the Warm Springs project that were within mineralized intervals were rerun. All four intervals passed on reanalysis. The QA/QC for the 2025 drilling is currently being completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.2** **WAC&G 2020 Leach Pad Drilling QA/QC** 

Three standards certified by Ore Research were used to validate the assays for leach pad drill samples. The three standards, OREAS 153b, OREAS 235, and OREAS 601b, are shown in Table 8-7. No assay results from standard material fell outside of control limits.

Blank material was also submitted at a rate of two per batch. All assays of blank material fell within the control limit.

Two coarse reject duplicates were assayed in every batch, and results suggested the sample preparation protocol produced more heterogeneity than was desirable. There was no evidence that variation introduced bias in the results, and, therefore, there was no reason to reject assay results.

---

| | |
|:---|:---|
| **Table 8-7:** | **Certified Reference Materials Utilized by WAC&G during the 2021/22 Season** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **CRM** | **Au** | **Ag** | **Cu** | **Pb** | **Zn** |
| OREAS 153b | 0.313 ppm | 1.45 ppm | 0.68% | 13.1 ppm | 122 ppm |
| OREAS 235 | 1.59 ppm | 0.135 ppm | 24 ppm | 8.57 ppm | 75 ppm |
| OREAS 601b | 0.775 ppm | 50.1 ppm | 0.10% | 318 ppm | 318 ppm |

---

Signature Date: March 9, 2026 8-10

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.3** **Historical QA/QC Procedures** 

Historical QA/QC programs are lacking or poorly documented. MRDI and Viceroy, in the 1999 audit of the Property, documented and outlined the following historical QA/QC procedures. No additional documentation is available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.3.1** **Goldmor** 

The earliest documented check assays were performed by Acme Labs on 20 pulps originally assayed by Bondar-Clegg and likely from Anaconda drilling. Results are shown in Table 8-8 and indicate good agreement between lab results because the relative difference of the means for gold and silver is less than 5%.

---

| | |
|:---|:---|
| **Table 8-8:** | **ACME Check Assays Bondar-Clegg** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Average Original Pulps**<br>**oz/st (g/t)** | **Average Check Pulps**<br>**oz/st (g/t)** | **Relative Difference%** |
| Au | 0.1068 (3.7) | 0.1028 (0.103) | 3.8 |
| Ag | 2.423 (83.0) | 2.429 (83.2) | -0.2 |

---

**North Pacific Mining Company**

In 1992, NPMC reported it had selected samples from coarse rejects and submitted them for pulp preparation and assaying to Chemex. Selections were reportedly made from Goldmor (1988 and 1990) rotary drilling and Anaconda (1981 to 1984) core drilling. NPMC reported that there was "no overall variance" suggesting that large differences were not observed between the original assays and re-assays.

A Chemex (Sparks, Nevada location) assay certificate (A9113093) from 1991 shows 189 assays for portions of some of Goldmor's 1988 drill holes. These one assay-ton gold and silver reassays were made on pulps, and it is unclear whether this is a separate study from the 1992 coarse rejects described here. MRDI entered the gold and silver data from the Chemex assay report and matched it to the data in the assay database. The laboratory providing the original assays is undocumented. Results are shown in Table 8-9. The data show consistently good agreement across the entire grade range of checked data.

---

| | |
|:---|:---|
| **Table 8-9:** | **Chemex Check Assays 1991** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Average Original Pulps**<br>**oz/st (g/t)** | **Average Check Pulps**<br>**oz/st (g/t)** | **Relative Difference**<br>**(%)** |
| Au | 0.0554 (1.9) | 0.0545 (1.9) | 1.7 |
| Ag | 2.328 (79.7) | 2.361 (80.89) | -1.4 |

---

NPMC also had Chemex insert a laboratory standard every 20 samples, a duplicate pulp every 40 samples, and a blank sample every 40 samples during its programs. Results of these checks are not documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.3.2** **Echo Bay** 

In 1993, Echo Bay selected from stored rejects of NPMC core that had been drilled in 1991 and 1992. These rejects were submitted to Bondar-Clegg for check assays and were reported to

Signature Date: March 9, 2026 8-11

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

have "excellent correlation" with NPMC results (USMX, 1996a), although no data or correlations are presented.

Echo Bay also reportedly twinned seven of Goldmor's rotary drill holes with RC drills; the results were presented in USMX's 1996 Feasibility Study. No statistical analysis was provided. Visual inspection of these graphs suggests reasonable agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.3.3** **USMX** 

According to the USMX Feasibility Study, USMX "twinned several existing drill holes with good confirmation." It is not clear whether these are twins of NPMC drilling, Echo Bay drilling, or both. No distinction was made between twins of Echo Bay and NPMC drilling. Therefore, results cannot be interpreted.

Finally, in 1994 or 1995, USMX carried out a check assay program of all previous drill assays: 10% of the drill holes within the proposed pit plan were checked (173 pulps). The population of selected holes covered all areas of the proposed pit, and all drill campaigns, to the extent that pulps were available.

A comparison of means in Table 8-10 shows very close agreement between the results from Chemex and Bondar-Clegg

---

| | |
|:---|:---|
| **Table 8-10:** | **USMX Bondar-Clegg vs Chemex Check Assays 1996** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Average Bondar-Clegg Pulps**<br>**oz/st (g/t)** | **Average Chemex Pulps**<br>**oz/st (g/t)** | **Relative Difference**<br>**(%)** |
| Au | 0.1499 (5.1) | 0.1505 (5.2) | -0.40% |
| Ag | 1.451(49.7) | 1.439 (49.3) | 0.80% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4.3.4** **Viceroy** 

Duplicate samples were collected on every 10th sample during drilling conducted by Viceroy in 1999. These duplicates capture all the sampling and measurement errors introduced from the point of sample collection to the instrument reading. These field duplicate results show very close agreement for both gold and silver.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5** **QP ' s Opinion** 

The QP is of the opinion that the sample preparation, which includes sample splitting at site and sample reduction at the laboratory, security, and analytical procedures were properly executed and controlled, and sample data are adequate to support mineral resource estimation.

Signature Date: March 9, 2026 8-12

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.0** **Data Verification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Historical Data Verification** 

The original USMX mine dataset was lost during the reclamation of the mine, so the current database was reconstructed using historical scans made from available files from the mine office during reclamation.

Anaconda assay results were entered directly from either available assay certificates or Anaconda logs accompanying its annual reports.

Goldmor assay certificates are unavailable for 1988, but the 1988 drill logs report assay values for each sample interval. The 1990 Acme Lab assay certificates are all available. The 1991 and 1992 Chemex assay certificates for NPMC are also available. Sample summary forms with gold and silver assays by Bondar-Clegg for Echo Bay's 1993 program are also complete; original assay certificates are available for most, but not all, of the drill holes. The 1994 and 1995 assays by Chemex for USMX are largely complete; where assay certificates are missing, some drill logs report assay values. A few USMX drill holes have not been recovered. The 1999 Viceroy assay certificates are available and complete.

The 1994 and earlier collar data are based on Illinois Creek Drill Grid Survey Report conducted and written by McClintock Land Associates (McClintock 1994) for USMX. The 1994 and 1995 collars are based on scanned USMX spreadsheet summaries of survey data. As described in Section 7.2, all subsequent collar and downhole surveys are sufficiently accurate and precise to support Mineral Resource estimation.

Piek Exploration conducted two 5% data verification checks of the assay and collar databases. In both instances, only two errors in the assay values were encountered and those appeared to be transcription errors.

The QP verified that errors identified by Piek and others had been corrected in the data base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **WAC&G Data Verification** 

Following the 2021 field program WAC&G personnel completed a validation check of the historical Waterpump Creek and Last Hurrah drilling data. Most pertinent was verifying assay data against original issued certificates from the various analytical labs. In addition, to the assay verification, drill collar locations, down hole survey data, and lithologies were checked against the original drill logs and reports. The collar locations from the Anaconda programs originally recorded in NAD 27 were rotated to the appropriate NAD 83 system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3** **QP Data Verification** 

The QP randomly selected the sample data from 15 drill holes including results from across the Illinois Creek area gold drilling programs. The number of samples represent over 4% of the data used in the estimate of Mineral Resources. A typical industry procedure is to compare approximately 5% of the assay sample results in the database to certificates. If the error rate is less than 1%, then no further action is taken. If the error rate exceeds 1%, a more extensive review is undertaken. The grades in these holes were compared to those contained in the certified assay certificates provided by the laboratories. In this suite of 818 individual samples, there were four errors found in the gold data and three errors in the silver data, an error rate of less than one percent. These results are similar to those achieved during previous database

Signature Date: March 9, 2026 9-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

audits. The QP reviewed the historical metallurgical studies to understand why the historical heap leach process did not work efficiently. Those studies represented valuable background needed to develop a process that could efficiently handle both gold and copper metallurgy as the Project progresses.

The sample data from an additional four drill holes from the leach pad area were randomly selected, and the assay results were compared to the values contained in the assay certificates. There were no errors identified.

The sample data from two drill holes from the WPC area were randomly selected, and the assay results in the database were compared to the values contained in the assay certificates. There were no errors identified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4** **QP ' s Opinion** 

In the QP's opinion, the database was generated using accepted industry standards, and the contained data are appropriate for the estimation of Indicated and Inferred Mineral Resources for the Illinois Creek oxide gold and silver project and appropriate for the estimation of Inferred Mineral Resources at the Waterpump Creek deposit.

No limitations were imposed on the verification of the sample data. Sufficient checks were conducted to satisfy the QP that data were adequate for resource estimation.

Signature Date: March 9, 2026 9-2

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.0** **Mineral Processing and Metallurgical Testing** 

Initial metallurgical analysis of the Waterpump Creek sulfide mineralization is currently ongoing at ALS In Kamloops, BC. Preliminary results from this test work were used to estimate the recovery of Ag, Pb, and Zn for the silver equivalent (AgEq) calculation at Waterpump Creek.

Historical metallurgical work undertaken for the development of the Illinois Creek oxide Au/Ag deposit indicates that the highly oxidized rocks are amenable to a relatively low-cost leaching extraction of gold and silver using cyanide solutions. Additional work is now being undertaken by DM Consulting, LLC in Lakewood, CO to ascertain the amenability of the oxide resources to Merrill-Crowe and sulfidization, acidification, recycling and thickening (SART) processing to optimize Ag and Cu recoveries, respectively.

Available historical metallurgical test work was reviewed, and conceptual process flowsheets were developed for the deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Historical Metallurgical Test Work** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1.1** **Anaconda Mineral Company (1982 – 1985)** 

In 1981, Anaconda drilled three holes, and several metallurgical studies were completed on individual depth intervals or composites prepared from these drill hole samples. These samples were designated as RD81-345, and the holes were designated as IC 4, 5 and 6. The objective of these studies was to evaluate different processing options, including gravity, flotation, agitated leach and heap leach for recovery of gold and silver minerals.

The highlights of these studies indicated the following:

● Three high-grade composites were prepared from selected intervals of the three holes. These composites assayed 0.05 to 0.08 oz/st Au and 0.6 to 2.7 oz/st Ag.

● The samples were not amenable to gravity concentration.

● The samples were amenable to agitated cyanide leach at primary grind of P80 of 100 mesh. The gold and silver extractions ranged from 83.2% to 90.5% and 23.5% to 42.3%, respectively, in 24 hours. However, the cyanide consumption was high at ± 11.6 lb/t, and the lime consumption was ± 8 lb/t.

● Additional test work completed on a high-grade bulk sample, assaying 0.394 oz/st Au and 9.61 oz/st Ag (1983 – 1984), included gravity concentration, magnetic separation, flotation, and agitated cyanidation leach tests. The ore was not amenable to flotation, magnetic separation, or gravity concentration. The agitated cyanidation leach tests recovered more than 96% of gold in 24 hours at three grind sizes: 10 mesh, 100 mesh and 200 mesh. However, the maximum silver extraction of 26.1% was obtained at a grind size of 200 mesh. Preliminary test work had also indicated that the ore was amenable to heap leaching with gold extraction of ± 80% and silver extraction of ± 20% at P80 of 10 mesh. The material was agglomerated before loading the column. Again, the cyanide consumption was high at 4.5 lb/t.

● Bottle roll tests were completed (1984 – 1985) on additional bulk ore samples (designated as RD84-106). Twenty-four agitated leach tests at P95 of 200 mesh resulted in gold extraction ranging from 84.2% to 97.7% and averaged 93.6%. The silver extraction ranged from 13.2% to 45.4% and averaged 29.7%. The average feed grade was 0.271

Signature Date: March 9, 2026 10-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

oz/st Au and 8.85 oz/st Ag. The average sodium cyanide consumption was 12.4 lb/t of ore, and average lime consumption was 7.1 lb/t of ore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Goldmor Group (1988 – 1990)** 

Goldmor completed metallurgical testing in several laboratories including Bondar Clegg; Salisbury and Associates; Bacon, Donaldson and Associates; and McClelland Laboratories, Inc.

The highlights of these studies are as follows:

● The results from the 24-hour cyanidation leach tests on seven samples assaying 0.1 to 0.2 oz/st Au showed excellent leachability of gold with extraction ranging from 87% to 92%. Silver extractions ranged from 33% to 46%. The cyanide consumptions were high.

● Cyanidation tests on two composites samples assaying 3.16 and 3.4 g/t Au had gold extraction of ± 85%. The " as received " material had P90 of 10 mesh. The silver extraction ranged from 35% to 45%. The NaCN consumption was extremely high and ranged from 7.7 to 11 lb/t.

● Bacon, Donaldson and Associates (1989) evaluated the historical test work on the deposit and concluded that higher cyanide strength resulted in increased gold extraction. However, the presence of copper minerals in the ore is responsible for the lower gold extraction with lower cyanide strength. They also concluded: the higher the feed grade, the higher the gold extraction. The copper values in the selected historical samples ranged from 0.26% to 2.10%.

● McClelland Laboratories, Inc. performed agitated leach and heap leach tests on a 5-ton bulk ROM sample assaying 0.094 oz/st Au, 1.67 oz/st Ag and 0.45% Cu. Gold and silver extractions of 78.4% and 19.7%, respectively, were obtained at P100 of 0.25 in. Copper recovery was 11.4%. Cyanide consumption and lime requirements were 2.69 lb/t and 18.9 lb/t, respectively.

● Both gold and silver extraction improved (84.8% and 27%, respectively) with higher concentration of cyanide (2 g/L versus 1 g/L, respectively). Cyanide consumption was much higher at 4.79 lb/t.

● Column percolation tests were performed at P100 of 6 in. (ROM) and P80 of 1.5 and 0.5 in. The ore charges in all tests were agglomerated with 5 lb/t of lime and 10 lb/t of cement. The metallurgical tests indicated that precious metal recovery and cyanide consumption increased with decreasing feed size. Gold recoveries of 81.0, 83.3, 86.4 and 91.6% were achieved from the ROM, 6 mesh, 1.5 in. and 0.5 in. feed sizes, respectively. Respective silver recoveries were 24.7, 28.0, 24.9 and 34.1%. Copper recovery was about 12% for all feed sizes. The respective cyanide consumptions were 1.86, 2.40, 2.92 and 3.08 lb/t.

● Based on this study, the optimum leach size was determined to be P80 of 0.5 in. The study concluded that leaching of ore at ROM feed size was not practical, even though high recovery was achieved, because agglomeration pre-treatment is required. Silver-to- gold ratio in solution was high (up to 5:1) and the copper solution grades were also high (more than 200 ppm). Therefore, zinc precipitation process should be considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1** **North Pacific Mining Company (1991 – 1992)** 

McClelland Laboratories completed agitated cyanidation (bottle roll) and heap leach (column) tests on three ROM bulk samples designated high-grade, Mn/Sb and SQB for North Pacific Mining Company.

Signature Date: March 9, 2026 10-2

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

The highlights of the test program indicated the following:

● The head grades of the three composites are shown in Table 10-1. The high-grade sample contained significant amounts of copper.

● The bulk ore samples were amenable to direct agitated cyanidation treatment at a 90% passing minus ¼ in. feed size. Gold recoveries of 79.2, 86.2 and 84.4% were achieved from high-grade, Mn/Sb and SQB feeds, respectively, in 96 hours of leaching. Respective silver recoveries were 29.6, 27.3 and 42.4%.

● The deep zone high-grade composite was marginally amenable to agitated cyanidation treatment at the " as received " feed size. The other composites were amenable at that feed size. Gold recoveries of 51.6, 76.2 and 82.6%, respectively, were achieved in 96 hours of agitated cyanidation. Respective silver recoveries were 29.2, 34.8 and 30.2%.

● Reagent consumptions were high, ranging from 3.30 to 13.36 lb/st (1.65 to 6.68 kg/t) for sodium cyanide and 10.6 to 18.9 lb/st (5.3 to 9.45 kg/t) for lime.

● Optimum agglomerating conditions required 15 to 20 lb of cement per ton of ore. The agglomerates for Mn/Sb bulk sample did not markedly degrade under simulated freeze/thaw conditions.

● Column testing was mentioned, but no report was available for review. However, a memorandum dated March 11, 1991, did indicate problems with maintaining pH in the columns. The gold and silver extractions for agglomerated minus 1 in. material for three bulk samples are summarized in Table 10-2. The results were reasonable with gold extraction ranging from 69.2% to 84%. The cyanide consumption was reasonable, ranging from 1.87 to 2.93 lb/st (0.94 to 1.47 kg/t).

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| | |
|:---|:---|
| **Table 10-1:** | **Feed Analyses of Three Bulk Samples** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Sample** | **Head Grade** | **Head Grade** | **Head Grade** |
| **Sample** | **Au (oz/st)** | **Ag (oz/st)** | **Cu (%)** |
| High-Grade | 0.123 | 4.76 | 0.91 |
| Mn/Sb | 0.025 | 0.38 | 0.08 |
| SQB | 0.056 | 0.60 | 0.32 |

---

---

| | |
|:---|:---|
| **Table 10-2:** | **Column Leach Test Results for Three Bulk Samples** |

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| | | | |
|:---|:---|:---|:---|
| **Parameters** | **Composite**<br><BORDER_TOP> | **Composite**<br><BORDER_TOP> | **Composite**<br><BORDER_TOP> |
| **Parameters** | **FG**<br><BORDER_TOP> | **FMG/FMQ**<br><BORDER_TOP> | **FQ** <br><BORDER_TOP> |
| Feed Grade | Feed Grade | Feed Grade | Feed Grade |
| Au (oz/st) | 0.095 | 0.75 | 0.10 |
| Ag (oz/st) | 2.56 | 3.32 | 0.71 |
| Cu (%) | 0.96 | 0.78 | 0.20 |
| Extraction % (110 days) | Extraction % (110 days) | Extraction % (110 days) | Extraction % (110 days) |
| Au | 73.3 | 69.2 | 84.0 |
| Ag | 11.2 | 10.8 | 25.4 |
| Cyanide Consumption (lb/t)  | 2.93 | 2.19 | 1.87 |

---

Signature Date: March 9, 2026 10-3

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Parameters** | **Composite** | **Composite** | **Composite** |
| **Parameters** | **FG** | **FMG/FMQ** | **FQ** |
| Cement (lb/st) | 15 | 15 | 15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2** **USMX (1994 – 1995)** 

USMX entered into a letter agreement with NPMC to evaluate the Illinois Creek Project. It prepared a year-end report (1994) summarizing the activities on the Project.

Some relevant highlights extracted from the report are summarized here:

● The deposit occurs as a large gossan zone which was intersected over a strike length of 14,500 ft to a depth of greater than 2,000 ft. Oxidation of the mineralization which originally contained arsenopyrite, pyrite and lesser base-metal sulfides and sulfosalts in a variable silicious matrix is nearly complete to a depth of about 1,400 ft below the present surface.

● Economic gold-silver mineralization is present in portions of the gossan and is associated with elevated copper and/or lead content.

● The gossan is broken into three lithologies: ferruginous quartzite (FQ), ferruginous gossan (FG) and ferruginous/manganiferous quartzite/gossan (FMQ/FMG). FQ unit constitutes about 67% of the mineralized portion, and the remaining is split equally between the other two lithologies.

● Mineralogically, gossan contains several oxide minerals, including hematite, goethite, jarosite, psilomelane and manganite. Gold is present in the native phase and to a lesser degree as electrum, forming small grains (<20 microns) intimately associated with amorphous iron limonites. Silver occurs as argentojarosite and less commonly in the native phase and is closely associated with manganese oxides.

● Though copper assays were available in the drill hole database, they were neglected in the initial evaluation.

● McClelland Laboratories performed tests in 1994 – 1995 on the three bulk samples representing ore types: FG, FQ and FMG/FMQ. Bottle roll tests for 96 hours on P100 of 0.25 in. feed resulted in gold extraction of 74% to 79% for the three ore types. The column tests on ROM ore resulted in gold extraction of ± 90% for FQ and FMQ/FMG material and 77.5% for FG material. The average recovery projected for the deposit was 80.5% for gold and 28.9% for silver. The feed for the columns assayed 0.066 oz/st to 0.173 oz/st Au and 0.70 to 6.31 oz/st Ag.

● The ROM ore screen analyses indicated that 20% to 25% of the material is finer than 65 mesh. This amount of fines could potentially cause permeability issues, especially during winter months. This has been noted by MRDI in the audit report in 2000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Conceptual Process Flowsheet** 

The QP's review of all the metallurgical studies indicated that the following factors should be considered in order to develop a reliable extraction process for the climatic conditions in Alaska:

● The mineralization is amenable to both heap leaching and agitated leach process.

● The mineralization is friable and will produce sufficient fines to warrant agglomeration before stacking on the heap.

Signature Date: March 9, 2026 10-4

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

● The mineralization contains sufficient oxide copper to consume high quantities of cyanide; therefore, it would be economical to recover cyanide by incorporating a SART process, which may result in a higher CAPEX, or alternatively recover Cu by cementation, which will have a lower CAPEX and slightly higher OPEX.

● Approximately 30% to 50% of the silver will be recovered in the heap leach process. Remaining silver is refractory (argentojarosite) and will require additional processing steps in the circuit to improve extraction.

● Silver-to-gold ratio in the pregnant solution is greater than 5:1. Therefore, Merrill Crowe process should be selected for recovery of gold and silver from pregnant solution.

● Metal recoveries for a milling/cyanidation process with Merrill Crowe are estimated at 92% for gold and 65% for silver. The QP recommends that additional metallurgical testing be completed to confirm these recovery projections.

● There are no known processing factors or deleterious elements that could have a significant impact on potential economic extraction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **QP ' s Opinion** 

In the QP's opinion, the metallurgical test work to date is sufficient for the purposes of Mineral Resource estimation. Additional test work should be undertaken to confirm recoveries of Au, Ag, and Cu for the oxide ore.

Signature Date: March 9, 2026 10-5

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.0** **Mineral Resource Estimates** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Summary** 

This section of the TRS describes the Mineral Resource estimation methodology and summarizes the key assumptions considered by the QPs to prepare the Mineral Resource model for the gold, silver and copper mineralization for the Illinois Creek deposit and silver, lead and zinc at the Waterpump Creek deposit.

This includes an estimate of the in situ Mineral Resources at Illinois Creek deposit (subsection 11.2.1 and 11.2.3), an estimate of the Mineral Resources located on the leach pad area at Illinois Creek deposit area (subsections 11.2.2 and 11.2.3), where mineralized material was stacked during previous mining activities and leached intermittently from 1997 through mine closure and an estimate of the in situ Mineral Resources at Waterpump Creek deposit (subsection 11.3).

Drilling on the Property in 2024 was on two new exploration targets, Warm Springs and LH, which are located between the Illinois Creek and Waterpump Creek deposits; further drilling is required before Mineral Resources can be estimated for these targets.

In 2025, drilling was conducted at WPC South and the newly discovered Silver Sage exploration zone. Four drill holes at WPC South did not intercept mineralization, but were near-misses and were testing the structure and stratigraphy in the south block to aid in targeting for 2026. The Silver Sage zone was discovered through trenching early in the 2025 field season. A short follow-up drill program was conducted in 2025, consisting of 9 shallow drill holes to test the structure and stratigraphy in this brand new zone. Further drilling is required for mineralization delineation and before Mineral Resources can be estimated for this target.

Mineral Resources have been classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves dated May 10, 2014 (CIM (2014) definitions).

The updated estimate of the in situ and leach pad Illinois Creek Indicated and Inferred Mineral Resources as of January 22, 2026 is shown in Table 11-1.

Signature Date: March 9, 2026 11-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-1:** | **Mineral Resource Estimate for Combined Illinois Creek In-Situ and Leach Pad Mineral Resources – January 22, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes** <br>**(Mt)** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** |
| **Class** | **Tonnes** <br>**(Mt)** | **Au (g/t)** | **Ag (g/t)** | **Au (koz)** | **Ag (Moz)** |
| Indicated | 10.3 | 0.86 | 31.6 | 280 | 10.2 |
| Inferred | 11.1 | 0.83 | 30.3 | 292 | 10.6 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. |

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Estimates of the sulfide and oxide Inferred Mineral Resources at Waterpump Creek are shown in Table 11-2 and Table 11-3, respectively. The effective date of the Waterpump Creek sulfide Mineral Resource estimate is February 20, 2024, and the effective date of the Waterpump Creek oxide Mineral Resource estimate is February 1, 2024.

Signature Date: March 9, 2026 11-2

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| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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|:---|:---|
| **Table 11-2:** | **Waterpump Creek Mixed Oxide/Sulfide and Sulfide Mineral Resource Estimate – February 20, 2024** |

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Domain** | **Tonnes<br>(Mt)** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Metallurgical<br>Recoveries** | **Metallurgical<br>Recoveries** | **Metallurgical<br>Recoveries** |
| **Class** | **Domain** | **Tonnes<br>(Mt)** | **AgEq<br>(g/t)** | **Ag<br>(g/t)** | **Zn<br>(%)** | **Pb<br>(%)** | **ZnEq<br>(%)** | **AgEq<br>(Moz)** | **Ag<br>(Moz)** | **Zn<br>(Mlb)** | **Pb<br>(Mlb)** | **ZnEq<br>(Mlb)** | **Ag**<br>**(%)** | **Zn**<br>**(%)** | **Pb**<br>**(%)** |
| Inferred | Oxide/Sulfide | 0.04 | 302 | 302 | - | - | - | 0.3 | 0.3 | - | - | - | 75 | - | - |
| Inferred | Sulfide | 2.38 | 980 | 279 | 11.28 | 9.87 | 26.4 | 74.9 | 21.4 | 591.2 | 517.3 | 1383 | 75 | 84 | 70 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices were based on industry consensus of 2024 long term metal pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. |

---

Signature Date: March 9, 2026 11-3

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-3:** | **Waterpump Creek North Oxide Mineral Resource Estimate – February 1, 2024** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes**<br>**(Mt)** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** | **Metallurgical Recoveries** |
| **Class** | **Tonnes**<br>**(Mt)** | **AgEq**<br>**(g/t)** | **Ag**<br>**(g/t)** | **AgEq**<br>**(Moz)** | **Ag**<br>**(Moz)** | **Ag**<br>**(%)** |
| Inferred | 0.72 | 150 | 150 | 3.5 | 3.5 | 75 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus 2024 long term pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus 2024 long term pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus 2024 long term pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus 2024 long term pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus 2024 long term pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus 2024 long term pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In situ Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus 2024 long term pricing.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>5.<br>Totals may not add due to rounding. |

---

Signature Date: March 9, 2026 11-4

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

The QP has confirmed that there were no changes in the Mineral Resource estimates between the effective date and December 31, 2024

The QP is of the opinion that with consideration of the recommendations summarized in Sections 1 and 23 of this TRS, any issues relating to all relevant technical and economic factors likely to influence the prospect of economic extraction can be resolved with further work.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **Illinois Creek** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1** **In Situ Mineral Resource Estimate** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.1** **Approach to Estimation of In Situ Mineral Resources at Illinois Creek** 

In the opinion of the QP, the mineral resource estimate reported herein is a reasonable representation of the mineralization found at the Illinois Creek Project at the current level of sampling. The mineral resources were estimated in conformity with generally accepted CIM Estimation of Mineral Resources and Mineral Reserves Best Practices Guidelines (CIM MRMR Best Practice Guidelines, November 29, 2019) and is reported in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions.

Mineral Resources are not Mineral Reserves, and they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves upon application of modifying factors.

Estimations are made from 3D block models based on geostatistical applications using commercial mine planning software (MinePlan® v15.7). The project limits are based in the UTM coordinate system (NAD83) using a nominal block size measuring 10 m × 10 m × 5 m (L × W × H) for the Illinois Creek deposit.

The Mineral Resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, silver and copper. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data.

Definitions for resource categories used in this TRS are those defined by the SEC in S-K 1300. Mineral Resources are classified into Indicated and Inferred categories. The Mineral Resources were classified according to their proximity to the sample data locations.

This section of the report describes the approach used to estimate the in situ Mineral Resources at the Illinois Creek deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.2** **Available Data** 

On March 20, 2019, WAC&G provided the updated drill hole sample data for the Illinois Creek deposit. Since that time, there has been no additional exploration in the area of the Mineral Resources.

The data comprised a series of ASCII files (.csv spreadsheet) containing collar locations, down hole survey results, geologic information, and assay results for a total of 583 drill holes representing 51,558 m of drilling. Of these, 505 drill holes, totaling 41,488 m of drilling, test the Illinois Creek deposit and contribute to the estimation of the in situ Mineral Resources. The other 78 drill holes are exploratory in nature and test for extensions east of the Illinois Creek deposit or other satellite deposits on the Property. Note: These drilling statistics are derived from the database used to generate the estimate of Mineral Resources and may differ slightly

Signature Date: March 9, 2026 11-5

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

from those presented in Section 7.2 (Drilling) of this report. WAC&G has made some changes to the drilling database since March 2019 that accounts for these differences. These minor changes have no impact on the estimate of Mineral Resources for the Illinois Creek deposit.

It should be noted that the drilling data for the Illinois Creek deposit were initially reported in the imperial system using a local "drill grid" coordinate system. All of this information was converted to metric units (in other words, feet to meters), and the coordinates were rotated to UTM grid coordinates (UTM NAD83 Zone 4W).

Of the 505 holes that test the Illinois Creek deposit, 145 are DDHs and 360 holes are RC drill holes. Comparisons were made between the data produced from each type of drilling. DDHs tend to provide higher gold grades than RC drilling, but these differences are inconsistent and may only be local occurrences. Previous studies conducted by MRDI suggest that the RC drilling may not effectively capture all of the gold in some areas. DDH and RC results show local variations, but, overall, they seem to correspond quite well. There were no modifications made to the database based on the type of drill hole.

There are no recovery data included in the database. MRDI, as part of its March 2000 audit, reported that recoveries tend to be quite good in most cases, but some gold losses were observed in holes that encountered poor recoveries.

Drilling on the Illinois Creek deposit was conducted between 1981 and 2006 with the majority of holes completed during campaigns run from 1990 through 1995. Drill holes penetrate the south- southeast dipping Illinois Creek deposit over a strike length of more than 2,500 m and to depths that exceed 200 m below surface.

The distribution of gold grades in drill holes that are proximal to the Illinois Creek deposit is shown in plan view in Figure 11-1.

In the Illinois Creek sample database, a total of 16,936 individual samples, representing 25,611 m of drilling, were analyzed for gold and silver content. About 50% of these samples were also analyzed using a multi-element (whole-rock, 26-element) package. The results for copper, lead and zinc were selected for potential inclusion in this Mineral Resource evaluation. Further evaluation of the available data show that only about 30% of samples were tested for lead and zinc content, and based on these results, the distributions of lead and zinc data are considered insufficient to support estimates of Mineral Resources. The distributions of available gold, silver and copper sample data in the vicinity of the Illinois Creek deposit are shown in Figure 11-2, Figure 11-3, and Figure 11-4, respectively.

Signature Date: March 9, 2026 11-6

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-1:** | **Plan View of Gold Grades in Drilling** |

---

![Graphic](wamff-20251231xex96d1060.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-2:** | **Isometric View of Available Gold Data in Drilling** |

---

![Graphic](wamff-20251231xex96d1061.jpg)

Source: SGI 2021.

Signature Date: March 9, 2026 11-7

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-3:** | **Isometric View of Available Silver Data in Drilling** |

---

![Graphic](wamff-20251231xex96d1062.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-4:** | **Isometric View of Available Copper Data in Drilling** |

---

![Graphic](wamff-20251231xex96d1063.jpg)

Source: SGI 2021.

Signature Date: March 9, 2026 11-8

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

As shown in Figure 11-1 to Figure 11-4, it is not uncommon to have drill hole intervals that have no associated assay data. The drill hole logging information was reviewed in an attempt to identify why some sample data may not be present.

Unsampled drilling intervals that represent no recovery, overburden, lost assay data, or logged intervals that appear to represent some potential for mineralization (ferruginous or manganiferous quartzite) are shown as "missing" in the sample database.

Unsampled drilling intervals that, based on the logging descriptions, show no visible signs of the presence of mineralization, have been identified and assigned zero grade values for gold and silver content. This represents a total of 5,655 m of drill hole intervals that have been assigned default zero grade values for gold and silver.

Figure 11-5 and Figure 11-6 show the distribution of gold and silver sample data, respectively, following the treatment of unsampled intervals. Note the differences between Figure 11-2 and Figure 11-5 for gold sample data and between Figure 11-3 and Figure 11-6 for silver sample data.

---

| | |
|:---|:---|
| **Figure 11-5:** | **Isometric View of Gold Data in Drilling following Treatment of Unsampled Intervals** |

---

![Graphic](wamff-20251231xex96d1064.jpg)

Source: SGI 2021.

Signature Date: March 9, 2026 11-9

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-6:** | **Isometric View of Silver Data in Drilling following Treatment of Unsampled Intervals** |

---

![Graphic](wamff-20251231xex96d1065.jpg)

Source: SGI 2021.

The distribution of missing copper data is not consistent, and, as a result, there have been no modifications to the copper database to account for missing copper assay results.

Individual sample intervals range from a minimum of 0.06 m to a maximum of 28.35 m and average 1.58 m long.

Essentially, all of the RC samples (>99%) were taken on 5 ft (1.52 m) sample intervals. The length of DDH samples is more variable, but the majority of these samples (33%) were also taken over 5 ft (1.52 m) intervals, and the overall average of DD samples is 1.42 m long.

As described in Section 8 (Sample Preparation, Analyses and Security) of this report, a series of 220 samples were selected for SG determinations by NPMC and USMX between 1991 and 1994. Based on these results, average SG values were assigned to the various lithology units. This provides SG values for approximately 90% of the sample intervals in the database (approximately 10% of the sample intervals do not have defined lithology types, and, therefore, do not have associated SG values).

SG values range from 2.29 to 2.67 and average 2.56. The mineralized core of the deposit tends to have lower SG values due to the intense oxidation that is present. The available SG data are considered sufficient to support the estimation of Mineral Resources, and the distribution of SG data are considered sufficient to support the interpolation of SG values into blocks in the resource block model.

A topographic surface was provided in the local "drill grid" imperial coordinate system that represents the topographic surface as of May 2013 (Note: Since the mine closed in 2003, there has been some minor remedial reclamation work, but it appears that this topographic surface represents the extent of mining that has taken place at Illinois Creek). The topographic surface

Signature Date: March 9, 2026 11-10

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

was converted to metric coordinates and translated to the NAD83 projection. The current surface is represented by the topographic contours shown in Figure 11-5 through Figure 11-8. Note: The topographic surface in the leach pad area was updated using the surveyed RC collar locations and a series of additional proximal point locations.

An additional topographic surface was generated using the drill hole collar locations that represent the "pre-mining" surface. The resource block model was generated to include the portions of the deposit that have already been mined out (for comparison purposes). However, the estimate of in situ Mineral Resources presented in this report was truncated by the May 2013 topographic surface.

Geologic information, derived from observations during core and RC chip logging, provide lithology code designations for the various rock units present on the Property.

The statistical properties of the data in the vicinity of the Illinois Creek deposit, excluding exploration drill holes, are shown in Table 11-4.

---

| | |
|:---|:---|
| **Table 11-4:** | **Summary of Basic Statistics of Data Proximal to the Mineral Resource Model** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element**<br><BORDER_TOP> | **# of Samples**<br><BORDER_TOP> | **Min**<br><BORDER_TOP> | **Max**<br><BORDER_TOP> | **Mean**<br><BORDER_TOP> | **Std. Dev.**<br><BORDER_TOP> |
| Gold (g/t) | 19330 | 0 | 91.749 | 0.444 | 1.895 |
| Silver (g/t) | 19327 | 0 | 2564.60 | 15.2 | 53.93 |
| Copper (%) | 9836 | 0 | 11.40 | 0.07 | 0.270 |
| SG | 17864 | 2.29 | 2.67 | 2.56 | 0.090 |

---

Note: Original sample data are weighted by sample length. The data used in Table 11-4 are restricted to drill holes in the vicinity of the Illinois Creek deposit. Default zero-grade values are assigned to unsampled intervals that do not show signs of the presence of mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.3** **Compositing** 

Compositing the drill hole samples helps standardize the database for further statistical evaluation. This step eliminates any effect that inconsistent sample lengths might have on the data.

To retain the original characteristics of the underlying data, a composite length was selected that reflects the average, original sample length. The generation of longer composites can result in some degree of smoothing which could mask certain features of the data.

A composite length of 1.5 m was selected for the Illinois Creek deposit, reflecting the fact that the vast majority of samples were collected on 1.5 m intervals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.4** **Generation of Gold and Silver Probability Shell Domains** 

The distributions of gold and silver (and copper) are similar, but there are areas where gold is present and silver grades are low (or vice versa). As a result, separate probability shell domains were generated based on the distributions of gold and silver in the deposit. Indicator values are assigned to 1.5 m composited sample data based on a threshold grade of 0.10 g/t Au and 10 g/t Ag. Probability estimates are made in model blocks for both metals using ordinary kriging (OK).

Signature Date: March 9, 2026 11-11

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

During interpolations, a dynamic search approach was used in which the search orientations are controlled using an interpreted plane that represents the center of the mineralized zone. This approach retains the stratigraphic sequence of the mineralization and replicates any inherent banding in the deposit's grade distributions in the block model. Following interpolation, 3D domains were produced in which the areas inside the probability shells represent areas where there is a >50% probability that the grade will be above the defined threshold grade limits. The shape and extent of the grade probability shell domains are shown in Figure 11-7 and Figure 11-8.

---

| | |
|:---|:---|
| **Figure 11-7:** | **Isometric View of Gold Probability Grade Shell Domain** |

---

![Graphic](wamff-20251231xex96d1066.jpg)

Source: SGI 2021.

Signature Date: March 9, 2026 11-12

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-8:** | **Isometric View of Silver Probability Grade Shell Domain** |

---

![Graphic](wamff-20251231xex96d1067.jpg)

Source: SGI 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.5** **Exploratory Data Analysis** 

Exploratory data analysis (EDA) involves the statistical summarization of the database to better understand the characteristics of the data that may control grade. One of the main purposes of this exercise is to determine whether there is evidence of spatial distinctions in grade which may require the separation and isolation of domains during interpolation. The application of separate domains prevents unwanted mixing of data during interpolation, and, therefore, the resulting grade model will better reflect the unique properties of the deposit. However, applying domain boundaries in areas where the data are not statistically unique may impose a bias in the distribution of grades in the model.

A domain boundary, which segregates the data during interpolation, is typically applied when the average grade in one domain is significantly different from that of another domain. A boundary may also be applied if there is evidence that a significant change in the grade distribution has occurred across the contact.

A series of boxplots were generated to compare the statistical properties of sample data inside versus outside of the probability shell domains. Figure 11-9 shows the distribution of gold and silver data located inside versus outside of their respective probability grade shell domains. Note the very distinct differences in the data with very little overlap of the contained data.

Signature Date: March 9, 2026 11-13

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-9:** | **Boxplots of Gold and Silver Data Inside vs Outside of the Probability Grade Shell Domains** |

---

![Graphic](wamff-20251231xex96d1068.jpg)

Source: SGI 2021.

Comparison of copper data contained inside versus outside of both the gold and silver probability grade shell domains show that the distribution of copper is more distinct inside and outside of the silver shell, with less overlap of the grade distributions and more distinct differences between the mean grades inside and outside of the silver domain.

A series of contact profiles were also generated that evaluate the nature of grade changes across the various domain boundaries. The example in Figure 11-10 shows somewhat transitional grade changes, as grades tends to decrease near the contacts inside the shell domains. These figures are generated using 1.5 m composite sample data. At the scale of blocks in the model (10 × 10 × 5 m), the grade transition at the contact is much more abrupt, indicating that these domains have segregated two distinct populations of sample data.

Signature Date: March 9, 2026 11-14

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-10:** | **Contact Profiles of Gold and Silver Grades Across Grade Shell Domains Boundaries** |

---

![Graphic](wamff-20251231xex96d1069.jpg)

Source: SGI 2021.

**Conclusions and Modeling Implications**

The results of the EDA indicate that the gold and silver grades within their individual probability shell domains are significantly different than those in the surrounding area, and that the probability shell domains should be treated as distinct or hard domains during block grade estimations for these metals.

The distribution of copper is more closely related to that of silver, and, therefore, the silver grade probability shell domain was used during the estimation of copper grades in the block model.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.6** **Evaluation of Outlier Grades** 

Histograms and probability plots for the distribution of gold, silver and copper were reviewed to identify the presence of anomalous outlier grades in the composited (1.5 m) database. Following a review of the physical location of potentially erratic samples in relation to the surrounding sample data, it was decided that these would be controlled during block grade interpolations using the application of outlier limitations. An outlier limitation controls the distance of influence of samples above a defined grade threshold. During grade interpolations, samples above the outlier thresholds are limited to a maximum distance of influence of 20 m (approximately ½ the distance between drill holes). The grade thresholds for gold, silver and copper are shown in Table 11-5.

Overall, these applications result in a 5% reduction in both contained gold and silver and a 4% reduction in contained copper. These measures are considered appropriate for a deposit with this distribution of delineation drilling.

Signature Date: March 9, 2026 11-15

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-5:** | **Treatment of Outlier Sample Data** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Domain** | **Maximum** | **Outlier Limit** |
| Gold (g/t) | Inside Shell | 66.627 | 20 |
| Gold (g/t) | Outside Shell | 17.686 | 5 |
| Silver (g/t) | Inside Shell | 2307.0 | 800 |
| Silver (g/t) | Outside Shell | 809.4 | 100 |
| Copper (%) | Inside Shell | 9.28 | 2 |
| Copper (%) | Outside Shell | 6.86 | 1 |

---

Note: Table 11-5 reflects 1.5 m composited drill hole data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.7** **Variography** 

The degree of spatial variability in a mineral deposit depends on both the distance and direction between points of comparison. Typically, the variability between samples increases as the distance between those samples increases. If the degree of variability is related to the direction of comparison, then the deposit is said to exhibit anisotropic tendencies which can be summarized with the search ellipse. The semi-variogram is a common function used to measure the spatial variability within a deposit.

The components of the variogram include the nugget, the sill and the range. Often samples compared over very short distances, even samples compared from the same location, show some degree of variability. As a result, the curve of the variogram often begins at some point on the y-axis above the origin: this point is called the nugget. The nugget is a measure of not only the natural variability of the data over very short distances but also a measure of the variability which can be introduced due to errors during sample collection, preparation, and the assay process.

The amount of variability between samples typically increases as the distance between the samples increases. Eventually, the degree of variability between samples reaches a constant, maximum value: this is called the sill, and the distance between samples at which this occurs is called the range.

In this report, the spatial evaluation of the data was conducted using a correlogram rather than the traditional variogram. The correlogram is normalized to the variance of the data and is less sensitive to outlier values, generally giving better results.

Variograms were created using the commercial software package Sage 2001© developed by Isaaks & Co.

Multidirectional variograms for gold, silver and copper were generated from the distributions of data located inside the respective probability shell domains. The same variograms are used to estimate the grades both inside and outside of the domains. Variograms were generated using a z-coordinate relative to the interpreted central trend plane of the mineralization. This approach represents the dynamic search orientation approach described previously that retains any stratigraphic banding that may be present in the deposit. The variograms are summarized in Table 11-6.

Signature Date: March 9, 2026 11-16

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-6:** | **Variogram Parameters** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | | | | **1st Structure** | **1st Structure** | **1st Structure** | **2nd Structure** | **2nd Structure** | **2nd Structure** |
| **Element** | **Nugget** | **Sill 1** | **Sill 2** | **Range**<br>**(m)** | **Azimuth**<br>**(°)** | **Dip**<br>**(°)** | **Range**<br>**(m)** | **Azimuth**<br>**(°)** | **Dip**<br>**(°)** |
| Gold | 0.35 | 0.554 | 0.096 | 23 | 56 | 22 | 514 | 66 | 1 |
| Gold | Spherical | Spherical | Spherical | 18 | 13 | -62 | 165 | 336 | 1 |
| Gold | Spherical | Spherical | Spherical | 7 | 139 | -18 | 19 | 220 | 88 |
| Silver | 0.325 | 0.48 | 0.195 | 20 | 26 | 67 | 196 | 51 | -2 |
| Silver | Spherical | Spherical | Spherical | 10 | 187 | 22 | 61 | 142 | -18 |
| Silver | Spherical | Spherical | Spherical | 4 | 100 | -7 | 28 | 134 | 72 |
| Copper | 0.289 | 0.55 | 0.161 | 48 | 100 | 16 | 1231 | 87 | 3 |
| Copper | Spherical | Spherical | Spherical | 22 | 219 | 59 | 286 | 177 | 17 |
| Copper | Spherical | Spherical | Spherical | 9 | 2 | 26 | 66 | 348 | 73 |

---

Note: Correlograms were conducted on 1.5 m composite sample data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.8** **Model Setup and Limits** 

A block model was initialized in MinePlan®, and the dimensions are defined in Table 11-7. The selection of a nominal block size measuring 10 × 10 × 5 m (l × w × h) is considered appropriate with respect to the current drill hole spacing as well as the selective mining unit (SMU) size typical of an operation of this type and scale.

---

| | |
|:---|:---|
| **Table 11-7:** | **Block Model Limits** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Direction** | **Minimum** | **Maximum** | **Block Size (m)** | **# of Blocks** |
| X (east) | 551400 | 555400 | 10 | 400 |
| Y (north) | 7100700 | 7102200 | 10 | 150 |
| Z (elevation) | -200 | 300 | 5 | 100 |

---

Blocks in the model were coded on a majority basis with the gold and silver probability grade shell domains. During this stage, blocks along a domain boundary are coded when more than 50% of the block occurs within the boundaries of that domain.

The proportion of blocks that occur below the topographic surface is also calculated and stored within the model as individual percentage items. These values are used as weighting factors to determine the in situ Mineral Resources for the deposit. Note: Grades were estimated into all model blocks below the pre-mining topographic surface. The current (remaining) Mineral Resources were estimated below the current topographic surface that accounts for the portion of the deposit that has already been mined out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.9** **Interpolation Parameters** 

The in situ block model grades for gold, silver and copper were estimated using OK. The results of the OK estimation were compared with the Hermitian Polynomial Change of Support model (also referred to as the Discrete Gaussian Correction). This method is described in more detail in Section 11.2.1.9.

Signature Date: March 9, 2026 11-17

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

The Illinois Creek OK model was generated with a relatively limited number of samples to match the change of support or Herco (Hermitian Correction) grade distribution. This approach reduces the amount of smoothing or averaging in the model, and, while there may be some uncertainty on a localized scale, this approach produces reliable estimates of the recoverable grade and tonnage for the overall deposit.

Estimates for SG are made using the inverse distance weighting (ID2) interpolation method.

The estimation parameters for the various elements in the Mineral Resource block model are shown in Table 11-8. All grade estimations use length-weighted composite drill hole sample data.

---

| | |
|:---|:---|
| **Table 11-8:** | **Interpolation Parameters for In Situ Mineral Resources** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Search Ellipse Range (m)** | **Search Ellipse Range (m)** | **Search Ellipse Range (m)** | **# of Composites** | **# of Composites** | **# of Composites** | **Method** |
| **Element** | **X** | **Y** | **Z**<sup>1</sup> | **Min/block** | **Max/block** | **Max/hole** | **Method** |
| Gold | 200 | 200 | 7 | 5 | 40 | 10 | OK |
| Silver | 200 | 200 | 7 | 5 | 40 | 10 | OK |
| Copper | 200 | 200 | 7 | 5 | 40 | 10 | OK |
| SG | 200 | 200 | 10 | 5 | 32 | 8 | ID2 |

---

Note. <sup>1</sup> The vertical search range is relative to the interpreted trend of the mineralized zone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.10** **Validation** 

The results of the modeling process were validated using several methods. These include a thorough visual review of the model grades in relation to the underlying drill hole sample grades, comparisons with the change of support model, comparisons with other estimation methods and grade distribution comparisons using swath plots.

**Visual Inspection**

A detailed visual inspection of the block model was conducted in both section and plan to ensure the desired results following interpolation. This includes confirmation of the proper coding of blocks within the grade probability shell domains. The estimated gold, silver and copper grades in the model appear to be valid representations of the underlying drill hole sample data. Examples of the distribution of gold and silver grades in model blocks compared to the drill hole sample data are shown in several selected vertical cross sections oriented at an azimuth of 340 degrees in Figure 11-11 and Figure 11-12. Figure 11-13 shows gold equivalent (AuEq) grades in model blocks for comparison purposes.

Signature Date: March 9, 2026 11-18

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-11:** | **Gold Grades in Drilling and Block Model** |

---

![Graphic](wamff-20251231xex96d1070.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-12:** | **Silver Grades in Drilling and Block Model** |

---

![Graphic](wamff-20251231xex96d1071.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-13:** | **Gold Equivalent Grades in Block Model** |

---

![Graphic](wamff-20251231xex96d1072.jpg)

Source: SGI 2021.

Signature Date: March 9, 2026 11-19

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Model Checks for Change of Support**

The relative degree of smoothing in the block model estimates was evaluated using the Discrete Gaussian of Hermitian Polynomial Change of Support method (described by Rossi and Deutsch, Mineral Resource Estimation, 2014).

With this method, the distribution of the hypothetical block grades can be directly compared to the estimated (OK) model through the use of pseudo-grade/tonnage curves. Adjustments are made to the block model interpolation parameters until an acceptable match is made with the Herco distribution. In general, the estimated model should be slightly higher in tonnage and slightly lower in grade when compared to the Herco distribution at the projected cut-off grade. These differences account for selectivity and other potential ore-handling issues which commonly occur during mining.

The Herco distribution is derived from the declustered composite grades which were adjusted to account for the change in support, going from smaller drill hole composite samples to the large blocks in the model. The transformation results in a less skewed distribution but with the same mean as the original declustered samples.

The Herco analysis was conducted on the distribution of gold and silver in the block model and level of correspondence was achieved in all cases.

Examples showing the distributions of the gold and silver models inside their respective probability grade shell domains are shown in Figure 11-14.

---

| | |
|:---|:---|
| **Figure 11-14:** | **Herco Grade/Tonnage Plot for Gold and Silver Models** |

---

![Graphic](wamff-20251231xex96d1073.jpg)

Source: SGI 2021.

Signature Date: March 9, 2026 11-20

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Comparison of Interpolation Methods**

For comparison purposes, additional models for gold, silver and copper were generated using both the inverse distance weighted (ID2) and nearest neighbor (NN) interpolation methods (the NN model was generated using data composited to 5 m intervals).

Comparisons are made between these models on grade/tonnage curves. Examples of the grade/tonnage curves for gold and silver are shown in Figure 11-15 (these are restricted to model blocks within their respective probability shell domains and in the Indicated category). There is good correlation between the OK and ID2 models throughout the range of cut-off grades. The NN distribution, generally showing less tonnage and higher grade, is the result of the absence of smoothing in this modeling approach. Similar results were achieved with the copper model.

Reproduction of the model using different methods tends to increase the confidence in the overall Mineral Resource estimate.

---

| | |
|:---|:---|
| **Figure 11-15:** | **Grade/Tonnage Comparison of Gold and Silver Models** |

---

![Graphic](wamff-20251231xex96d1074.jpg)

Source: SGI 2021.

Note: restricted to Indicated class blocks inside grade shell domains.

Signature Date: March 9, 2026 11-21

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Swath Plots (Drift Analysis)**

A swath plot is a graphical display of the grade distribution derived from a series of bands, or swaths, generated in several directions through the deposit. Grade variations from the OK model are compared using the swath plot to the distribution derived from the declustered (NN) grade model.

On a local scale, the NN model does not provide reliable estimations of grade, but, on a much larger scale, it represents an unbiased estimation of the grade distribution based on the underlying data. Therefore, if the OK model is unbiased, the grade trends may show local fluctuations on a swath plot, but the overall trend should be similar to the NN distribution of grade.

Swath plots were generated in three orthogonal directions for all models. An example of the gold and silver distributions in north-south swaths is shown in Figure 11-16.

There is good correspondence between the models in most areas. The degree of smoothing in the OK model is evident in the peaks and valleys shown in the swath plots. Areas where there are large differences between the models tend to be the result of "edge" effects, where there is less available data to support a comparison. Note: The majority of the Mineral Resources occur in three separate zones: West (between 551600E to 552000E), Central (between 552300E to 553400E) and East (between 553600E to 553800E).

The validation results indicate that the OK model is a reasonable reflection of the underlying sample data.

---

| | |
|:---|:---|
| **Figure 11-16:** | **Swath Plot of Gold and Silver OK and NN Models by Easting** |

---

![Graphic](wamff-20251231xex96d1075.jpg)

Signature Date: March 9, 2026 11-22

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.1.11** **Mineral Resource Classification** 

The in situ Mineral Resources for the Illinois Creek deposit were classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions. The classification parameters are defined relative to the distance between gold sample data and are intended to encompass zones of reasonably continuous mineralization that exhibit the desired degree of confidence. These parameters are based on visual observations and statistical studies. Classification parameters are based primarily on the nature of the distribution of gold data as it is the main contributor to the relative value of this polymetallic deposit.

The following criteria were used to define in situ Mineral Resources in the Indicated and Inferred categories.

**Indicated Mineral Resources (In-situ)**

Mineral resources in this category exhibit good continuity of mineralization in which there is a consistent pattern or distribution of drill holes that are on a maximum nominal spacing of 30 m.

**Inferred Mineral Resources (In situ)**

Mineral resources in this category include model blocks that are located within a maximum distance of 100 m from a drill hole.

A domain was interpreted that encompasses model blocks that are included in the Indicated category. This step ensures consistency of classification of Indicated Resources across the deposit.

At this stage of project evaluation, there are no in situ Mineral Resources included in the Measured category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2** **Leach Pad Mineral Resource Estimate** 

This section of the report describes the approach used to estimate the Mineral Resources on the leach pad at the Illinois Creek deposit. This is the first estimate of Mineral Resources for the material located on the leach pad at the Illinois Creek deposit.

The leach pad material was stacked and leached intermittently starting in 1979 through mine closure. Recovery problems were encountered due to the change from a crush/agglomeration process envisioned in the feasibility study to a run-of-mine (ROM) scenario and, as a result, very little of the contained gold was ever extracted from the material on the leach pad. During reclamation, the pad was slightly recontoured and covered with a thin 1 m topsoil cap.

In the summer of 2020, WAC&G tested the leach pad area by drilling a series of 73 vertically oriented reverse circulation (RC) drill holes spaced on a regular 25 to 30 m grid pattern. The RC drill holes were stopped approximately 2 to 3 m above the impermeable liner location at the bottom of the leach pad.

Figure 11-17 shows the location of drilling in the leach pad area in relation to the drill holes that test the Illinois Creek deposit. The leach pad Mineral Resource estimate was generated using the RC drill hole sample assay results. Interpolation characteristics were defined based on the assumption that the leach pad material was stacked in a series of horizontal lifts.

Signature Date: March 9, 2026 11-23

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Figure 11-17:** **Plan View Showing Drilling on the Illinois Creek Deposit and in the Leach Pad Area**

![Graphic](wamff-20251231xex96d1076.jpg)

Source: SGI 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.1** **Available Data** 

On October 16, 2020, WAC&G provided the updated drill hole sample data for the Illinois Creek deposit.

The data comprised a series of Excel files (.xls spreadsheet) containing collar locations and assay results for a total of 73 drill holes representing 643.15 m of drilling. There was no associated geologic information provided with this drilling.

As stated previously, all of the drilling on the leach pad was completed using RC drilling equipment. Drilling was conducted in imperial units and the from-to intervals have been converted to metric equivalents for Mineral Resource estimation purposes. All holes are vertically oriented and range from a minimum of 3.05 m (10 ft) long to a maximum of 18.29 m (60 ft) long. Samples are taken on 1.52 m (5 ft) intervals.

All drilled intervals were sampled and analyzed using a multi-element ICP package plus fire assay for gold and additional analyses for cyanide-soluble gold, silver and copper. Sample data for gold, silver, copper, lead and zinc plus cyanide-soluble gold, silver and copper values were exported and retained for Mineral Resource estimation purposes. At this stage of project evaluation, it is likely that lead, zinc or copper would not be effectively extracted from the leach pad, but estimates are retained for information purposes. Assay results for copper, lead, zinc and cyanide-soluble copper are expressed in parts per million (ppm) units; these have been converted to percentage values for this study. Note: 15 samples exceed the maximum ICP grade ranges for lead (values occur as ">10,000 ppm Pb in the original database). These have been assigned default values of 1.01% Pb.

Signature Date: March 9, 2026 11-24

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

The distribution of drill holes on the leach pad is shown in plan view in Figure 11-18.

---

| | |
|:---|:---|
| **Figure 11-18:** | **Plan View of Drilling on the Leach Pad Area** |

---

![Graphic](wamff-20251231xex96d1077.jpg)

Source: SGI 2021.

The leach pad sample database contains a total of 422 individual samples, each of which represents a 1.52 m (5 ft) sample interval.

The distributions of available gold, silver, copper, lead and zinc sample data are shown in Figure 11-19, Figure 11-20, Figure 11-21, Figure 11-22, and Figure 11-23, respectively.

The ratio of cyanide-soluble gold to total gold (AuCN/AuTotal) was also calculated from the sample data to provide some information regarding the solubility of the material on the leach pad. These ratios, shown in Figure 11-24, tend to be quite variable over the leach pad.

Signature Date: March 9, 2026 11-25

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-19:** | **Isometric View of Available Gold Data in Leach Pad Drilling** |

---

![Graphic](wamff-20251231xex96d1078.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-20:** | **Isometric View of Available Silver Data in Leach Pad Drilling** |

---

![Graphic](wamff-20251231xex96d1079.jpg)

Source: SGI 2021.

Signature Date: March 9, 2026 11-26

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-21:** | **Isometric View of Available Copper Data in Leach Pad Drilling** |

---

![Graphic](wamff-20251231xex96d1080.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-22:** | **Isometric View of Available Lead Data in Leach Pad Drilling** |

---

![Graphic](wamff-20251231xex96d1081.jpg)

Source: SGI 2021.

Signature Date: March 9, 2026 11-27

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-23:** | **Isometric View of Available Zinc Data in Leach Pad Drilling** |

---

![Graphic](wamff-20251231xex96d1082.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-24:** | **Isometric View of AuCN/AuTotal Ratios in Leach Pad Drilling** |

---

![Graphic](wamff-20251231xex96d1083.jpg)

Source: SGI 2021.

A 3D topographic surface in the area of the leach pad was generated using the drill hole collar locations plus a series of additional points surveyed by McClintock Land Associates. The topographic contours shown in Figure 11-18 to Figure 11-24 have been generated from the updated topographic surface. A surface representing the base of the leach pad was created

Signature Date: March 9, 2026 11-28

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---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

using the "as-built" information originally generated by SRK. During drilling of the leach pad, drill holes were stopped 2 to 3 m above the base of the leach pad to prevent damage to the liner.

Several test pits, dug and filled with water, provided the SG values: the larger test pits (dug by backhoe) showed SG ranges from 2.1 to 2.6 with an average of 2.3; the several smaller test pits (dug by hand) showed SG ranges from 1.8 to 2.2 with an average of 2.0. Historical production records indicate a total of 1.59 Mt of ore was stacked on the leach pad. With a pad volume estimated to be 631,360 m<sup>3</sup>, this gives an average SG of 2.5. Although the rocks at Illinois Creek contain high-sulfide contents, and the leach pad appears to be well compacted, an average SG of 2.5 is considered too high for material of this type. Therefore, an average SG of 2.3 was considered reasonable to determine the Mineral Resource tonnage on the leach pad.

The statistical properties of the leach pad sample data are shown in Table 11-9.

---

| | |
|:---|:---|
| **Table 11-9:** | **Summary of Basic Statistics of Leach Pad Sample Data** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **# of Samples** | **Min** | **Max** | **Mean** | **Std. Dev.** |
| Gold (g/t) | 422 | 0 | 3.740 | 0.467 | 0.444 |
| Silver (g/t) | 422 | 0 | 409.0 | 46.2 | 43.04 |
| Copper (%) | 422 | 0 | 4.37 | 0.44 | 0.406 |
| Lead (%) | 422 | 0 | 1.01 | 0.29 | 0.237 |
| Zinc (%) | 422 | 0 | 1.00 | 0.16 | 0.089 |
| CN Soluble Gold (g/t) | 422 | 0 | 3.29 | 0.239 | 0.325 |
| CN Soluble Silver (g/t) | 422 | 0 | 78.3 | 8.9 | 9.825 |
| CN Soluble Copper (%) | 422 | 0 | 0.20 | 0.07 | 0.06 |

---

Note: Original sample data are weighted by sample length.

There is quite a high amount of variability in the sample weights, but there is no evidence that a relationship exists between sample size and grade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.2** **Compositing** 

See Section 11.2.1.3 for the description of compositing.

A composite length of 1.5 m was selected for the leach pad samples, reflecting the fact that all samples were collected on 1.52 m (5 ft) intervals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.3** **Exploratory Data Analysis** 

See Section 11.2.1.5 for the description of EDA.

A series of histograms and cumulative probability plots were generated for the various elements of interest. In essentially all cases, the sample data exhibit skewed distributions and pseudo- lognormal trends. A series of scatterplots were also generated that show weak to moderate correlation between gold and the other metals.

Signature Date: March 9, 2026 11-29

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

There are no geologic domains related to the mineralized material located on the leach pad. Historical data suggests the material was placed on the pad in horizonal lifts, which would suggest there may be weak lateral trends present but limited-to-no vertical continuity of sample grades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.4** **Evaluation of Outlier Grades** 

Histograms and probability plots for the distribution of gold, silver, copper, lead and zinc were reviewed to identify the presence of anomalous outlier grades in the composited (1.5 m) database. Following a review of the physical location of potentially erratic samples in relation to the surrounding sample data, it was decided that these would be controlled during block grade interpolations using a combination of top-cutting plus the application of outlier limitations. An outlier limitation controls the distance of influence of samples above a defined grade threshold. During grade interpolations, samples above the outlier thresholds are limited to a maximum distance of influence of 20 m (approximately ½ the distance between drill holes). The grade thresholds for all elements are shown in Table 11-10.

Overall, these applications result in a 3.3% reduction in contained gold, 3.5% reduction in contained silver, 2.1% reduction in contained copper, and 1.4% and 1.8% reductions in contained lead and zinc, respectively. These measures are considered appropriate for this leach pad area.

---

| | |
|:---|:---|
| **Table 11-10:** | **Treatment of Outlier Samples in Leach Pad Data** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Maximum** | **Top-Cut Limit** | **Outlier Limit** |
| Gold (g/t) | 3.640 | - | 1.500 |
| Silver (g/t) | 409.0 | 300.0 | 150.0 |
| Copper (%) | 4.24 | 2.50 | 1.70 |
| Lead (%) | 1.01 | - | 0.90 |
| Zinc (%) | 1.00 | 0.50 | 0.40 |

---

Note: Table 11-10 reflects 1.5 m composited drill hole data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.5** **Variography** 

See Section 11.2.1.7 for the description of variography.

Multidirectional variograms for gold, silver, copper, lead, zinc and the ratio of AuCN/AuTotal were generated using the composited (1.5 m) sample data. Variograms were "flattened" in the horizontal directions to restrict or limit the amount of smoothing in the vertical direction (this approach is in response to the horizontal stacking approach used to build the leach pad). The variograms are summarized in Table 11-11.

Signature Date: March 9, 2026 11-30

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-11:** | **Variogram Parameters of Leach Pad Sample Data** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | | | | **1st Structure**<br><BORDER_TOP> | **1st Structure**<br><BORDER_TOP> | **1st Structure**<br><BORDER_TOP> | **2nd Structure**<br><BORDER_TOP> | **2nd Structure**<br><BORDER_TOP> | **2nd Structure**<br><BORDER_TOP> |
| **Element** | <br>**Nugget**<br><BORDER_TOP> | <br>**Sill 1**<br><BORDER_TOP> | <br>**Sill 2**<br><BORDER_TOP> | **Range**<br>**(m)**<br><BORDER_TOP> | **Azimuth**<br>**(°)**<br><BORDER_TOP> | **Dip**<br>**(°)**<br><BORDER_TOP> | **Range**<br>**(m)**<br><BORDER_TOP> | **Azimuth**<br>**(°)**<br><BORDER_TOP> | **Dip**<br>**(°)**<br><BORDER_TOP> |
| Gold | 0.062 | 0.805 | 0.133 | 37 | 96 | 0 | 2203 | 0 | 0 |
| Gold | Spherical | Spherical | Spherical | 16 | 6 | 0 | 23 | 90 | 0 |
| Gold | Spherical | Spherical | Spherical | 6 | 90 | 90 | 9 | 90 | 90 |
| Silver | 0.226 | 0.364 | 0.41 | 53 | 341 | 0 | 411 | 62 | 0 |
| Silver | Spherical | Spherical | Spherical | 17 | 71 | 0 | 47 | 332 | 0 |
| Silver | Spherical | Spherical | Spherical | 5 | 90 | 90 | 18 | 90 | 90 |
| Copper | 0.075 | 0.625 | 0.3 | 48 | 104 | 0 | 88 | 4 | 0 |
| Copper | Spherical | Spherical | Spherical | 17 | 14 | 0 | 30 | 94 | 0 |
| Copper | Spherical | Spherical | Spherical | 5 | 90 | 90 | 9 | 90 | 90 |
| Lead | 0.033 | 0.741 | 0.226 | 34 | 80 | 0 | 201 | 28 | 0 |
| Lead | Spherical | Spherical | Spherical | 31 | 350 | 0 | 47 | 118 | 0 |
| Lead | Spherical | Spherical | Spherical | 5 | 90 | 90 | 10 | 90 | 90 |
| Zinc | 0.26 | 0.545 | 0.195 | 26 | 33 | 0 | 1669 | 65 | 0 |
| Zinc | Spherical | Spherical | Spherical | 19 | 123 | 0 | 57 | 335 | 0 |
| Zinc | Spherical | Spherical | Spherical | 8 | 90 | 90 | 9 | 90 | 90 |
| Ratio AuCN/AuTotal | 0.328 | 0.608 | 0.065 | 65 | 44 | 0 | 874 | 34 | 0 |
| Ratio AuCN/AuTotal | Spherical | Spherical | Spherical | 28 | 134 | 0 | 786 | 124 | 0 |
| Ratio AuCN/AuTotal | Spherical | Spherical | Spherical | 10 | 90 | 90 | 21 | 90 | 90 |

---

Note: Correlograms were conducted on 1.5 m composite sample data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.6** **Model Setup and Limits** 

The block model described in Table 11-7 not only covers the area of the in situ Mineral Resources but also extends to the area of the leach pad. The nominal block size, measuring 10 × 10 × 5 m (l × w × h), is considered appropriate with respect to the current drill hole spacing in the leach pad area. Grade estimates used to estimate the leach pad Mineral Resources are restricted to model blocks that intersect the volume of material located on the leach pad.

The proportion of blocks that occur within the volume of material on the leach pad is also calculated and stored within the model as individual percentage items. These values are used as weighting factors to determine the volume (tonnage) of Mineral Resources located on the leach pad.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.7** **Interpolation Parameters** 

The block model grades for gold, silver, copper, lead, zinc and the ratio of AuCN/AuTotal were estimated using OK. The results of the OK estimation were compared with the Hermitian

Signature Date: March 9, 2026 11-31

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

Polynomial Change of Support model (also referred to as the Discrete Gaussian Correction described previously in Section 11.2.1.10 of this report).

The Illinois Creek OK model for the leach pad Mineral Resources was generated with a relatively limited number of samples to match the change of support or Herco (Hermitian Correction) grade distribution. This approach reduces the amount of smoothing or averaging in the model, and, while there may be some uncertainty on a localized scale, this approach produces reliable estimates of the recoverable grade and tonnage for the overall deposit.

The estimation parameters for the various elements in the Mineral Resource block model are shown in Table 11-12. All grade estimations use length-weighted composite drill hole sample data.

---

| | |
|:---|:---|
| **Table 11-12:** | **Interpolation Parameters for Leach Pad Area Mineral Resources** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Search Ellipse Range (m)** | **Search Ellipse Range (m)** | **Search Ellipse Range (m)** | **Number of Composites** | **Number of Composites** | **Number of Composites** | **Comments** |
| **Element** | **X** | **Y** | **Z**<sup>1</sup> | **Min/block** | **Max/block** | **Max/hole** | **Comments** |
| Gold | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Silver | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Copper | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Lead | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Zinc | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |
| Ratio AuCN/AuTotal | 100 | 100 | 7 | 3 | 20 | 5 | 1 DH per Octant |

---

Note. <sup>1</sup> The vertical search range is relative to the interpreted trend of the mineralized zone. DH = drill hole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.8** **Validation** 

The results of the modeling process were validated using several methods. These include a thorough visual review of the model grades in relation to the underlying drill hole sample grades, comparisons with the change of support model, comparisons with other estimation methods and grade distribution comparisons using swath plots.

**Visual Inspection**

A detailed visual inspection of the block model was conducted in both section and plan to ensure the desired results following interpolation. The estimated gold, silver, copper, lead and zinc grades in the leach pad area appear to be valid representations of the underlying drill hole sample data. Examples of the distribution of gold and silver grades in model blocks compared to the drill hole sample data are shown in several selected vertical cross sections oriented at an azimuth of 340 degrees in Figure 11-25 and Figure 11-26.

Signature Date: March 9, 2026 11-32

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-25:** | **Gold Grades in Drilling and Block Model in the Leach Pad Area** |

---

![Graphic](wamff-20251231xex96d1084.jpg)

Source: SGI 2021.

---

| | |
|:---|:---|
| **Figure 11-26:** | **Silver Grades in Drilling and Block Model in the Leach Pad Area** |

---

![Graphic](wamff-20251231xex96d1085.jpg)

Source: SGI 2021.

**Model Checks for Change of Support**

See Section 11.2.1.10 for the description of model checks for change of support.

Signature Date: March 9, 2026 11-33

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

The Herco analysis was conducted on the distribution of all five metals estimated in the block model and level of correspondence was achieved in all cases.

Examples showing the distributions of the gold and silver models are shown in Figure 11-27.

---

| | |
|:---|:---|
| **Figure 11-27:** | **Herco Grade/Tonnage Plot for Gold and Silver Models in the Leach Pad Area** |

---

![Graphic](wamff-20251231xex96d1086.jpg)

Source: SGI 2021.

**Swath Plots (Drift Analysis)**

See Section 11.2.1.10 for the description of swath plots.

Swath plots were generated in three orthogonal directions for all models. An example of the gold and silver distributions in north-south swaths is shown in Figure 11-28.

There is good correspondence between the models in most areas. The degree of smoothing in the OK model is evident in the peaks and valleys shown in the swath plots.

The validation results indicate that the OK model is a reasonable reflection of the underlying sample data.

Signature Date: March 9, 2026 11-34

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-28:** | **Swath Plot of Gold and Silver OK and NN Models by Easting in the Leach Pad Area** |

---

![Graphic](wamff-20251231xex96d1087.jpg)

Source: SGI 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.2.9** **Mineral Resource Classification** 

The Mineral Resources located in the leach pad area at the Illinois Creek deposit were classified in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with the CIM Definition Standards on Mineral Resources and Mineral Reserves (May 2014). The classification parameters are defined relative to the distance between gold sample data and are intended to encompass zones of reasonably continuous mineralization that exhibit the desired degree of confidence. These parameters are based on visual observations and statistical studies. Classification parameters are based primarily on the nature of the distribution of gold data as it is the main contributor to the relative value of this polymetallic leach pile.

The following criteria were used to define leach pad Mineral Resources in the Indicated and Inferred categories.

Signature Date: March 9, 2026 11-35

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Indicated Mineral Resources (Leach Pad)**

Mineral resources in this category are areas of the leach pad where there is a consistent pattern or distribution of drill holes that are on a maximum nominal spacing of 30 m.

**Inferred Mineral Resources (Leach Pad)**

Mineral resources in this category include model blocks that are located within a maximum distance of 60 m from a drill hole.

A domain was interpreted that encompasses model blocks that are included in the Indicated category. This step ensures consistency of classification across the deposit. The remainder of the leach pile material that is not included in the Indicated category is included in the Inferred resource category.

At this stage of Project evaluation, there are no Mineral Resources on the leach pad that can be included in the Measured category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2.3** **Summary Illinois Creek In Situ and Leach Pad Mineral Resource Estimate** 

S-K 1300 defines a mineral resource as: "[A] concentration or occurrence of material of economic interest, in or on the Earth's crust in such form, grade or quality and quantity, that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location, or continuity that with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled."

The requirement with respect to "reasonable prospects for economic extraction" generally implies that quantity and grade estimates meet certain economic thresholds and that mineral resources are reported at an appropriate cut-off grade that takes into account extraction scenarios and processing recovery. It is assumed that the in situ Mineral Resources would be mined using open pit extraction methods. It is also assumed that there would be no selectivity (i.e., no cut-off grade threshold) of the material located in the leach pad area and that all the material currently located on the leach would be treated with cyanide leaching solution.

Reasonable prospects for economic extraction of the in situ Mineral Resources were tested by constraining it within a floating cone pit shell with the following parameters (US$):

---

| | |
|:---|:---|
| <br>● Mining (open pit)<br>| $4.00/t |
| <br>● Processing<br>| $10.25/t |
| <br>● G&A<br>| $9.75/t |
| <br>● Gold price<br>| $3,500/oz |
| <br>● Silver price<br>| $45/oz |
| <br>● Gold process recovery<br>| 92% |
| <br>● Silver process recovery<br>| 65% |
| <br>● Copper process recovery<br>| 0% (no CN-leach recovery of copper) |
| <br>● Payment percentage<br>| 99% |
| <br>● Gold refining charge<br>| $0.032/g |

---

Signature Date: March 9, 2026 11-36

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| <br>● Silver refining charge<br>| $0.008/g |
| <br>● Pit slope<br>| 45 degrees |

---

These metal prices and mining costs were derived by reviewing current industry disclosures of similar projects and prices in 2025.

Based on the metal prices and recoveries listed here, net smelter revenue (NSR) values are calculated using the following formula:

NSR = (Au g/t × recovery %) x payment % - (refining charge/g × recovered gAu) + (Ag g/t x recovery %) x payment % - (refining charge/g x recovered gAg)

The pit shell is generated using a floating cone algorithm based on the recoverable NSR block values. There are no adjustments for mining recoveries or dilution. It is important to recognize that discussions surrounding surface mining parameters are used solely to test the "reasonable prospects for economic extraction," and they do not represent an attempt to estimate mineral reserves. There are no mineral reserves estimated for this Project. These preliminary evaluations are used to prepare a Mineral Resource Statement and to select appropriate reporting assumptions.

The estimate of in situ Mineral Resources, contained within the $3,500/oz Au pit shell, is shown in Table 11-13. Based on the assumed metal prices, operating costs and projected metallurgical recoveries, the base case cut-off value for mineral resources is estimated to be $24/t NSR. Note that the average SG of the in-situ mineral resources is 2.52.

The estimate of Mineral Resources located on the leach pad is shown in Table 11-14. It is assumed that all of the material currently located on the leach pad exhibits reasonable prospects for economic extraction considering the same prices and costs used for the floating cone analysis above. It is also assumed that there will be no selective mining and that the whole volume of material on the pad will be processed using leaching solutions. Therefore, mineral resources located on the leach pad are presented at a zero-cut-off grade.

The combined Mineral Resources for the Illinois Creek Project are shown in Table 11-15.

There are no known factors related to environmental, permitting, legal, title, taxation, socio- economic, marketing, political or other relevant factors which could materially affect the mineral resource. Mineral resources in the Inferred category have a lower level of confidence than that applied to mineral resources in the Indicated category, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonable to expect that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.

Signature Date: March 9, 2026 11-37

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-13:** | **Mineral Resource Estimate for Illinois Creek In Situ Mineral Resources – January 22, 2026** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au Price** <br>**(US$/oz)** | **Ag Price** <br>**(US$/oz)** | **Class** | **NSR Cut-off**<br>**(US$/t)** | **Tonnes** <br>**(Mt)**  | **Grade** | **Grade** | **Contained Metal** | **Contained Metal** |
| **Au Price** <br>**(US$/oz)** | **Ag Price** <br>**(US$/oz)** | **Class** | **NSR Cut-off**<br>**(US$/t)** | **Tonnes** <br>**(Mt)**  | **Au** <br>**(g/t)** | **Ag** <br>**(g/t)** | **Au** <br>**oz** | **Ag** <br>**Moz** |
| 3500 | 45 | Indicated | 24 | 9.0 | 0.92 | 29.72 | 260000 | 8.33 |
| 3500 | 45 | Inferred | 24 | 10.9 | 0.84 | 30.11 | 290000 | 10.44 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>In Situ Mineral Resources are constrained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.25/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR.<br>3.<br>Metal prices are based on 2025 consensus pricing and comparable project comparisons.<br>4.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>5.<br>Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. |

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| | |
|:---|:---|
| **Table 11-14:** | **Mineral Resource Estimate for Illinois Creek Leach Pad Mineral Resources – January 22, 2026** |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes** <br>**(000 t)** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** |
| **Class** | **Tonnes** <br>**(000 t)** | **Au (g/t)** | **Ag (g/t)** | **Au (koz)** | **Ag (Moz)** |
| Indicated | 1300 | 0.44 | 44.3 | 18.6 | 1.9 |
| Inferred | 152 | 0.37 | 42.6 | 1.8 | 0.2 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.<br>3.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>4.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>5.<br>Totals may not add due to rounding. |

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It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Mineral Resources are presented at a zero-cut-off grade.

Signature Date: March 9, 2026 11-38

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-15:** | **Mineral Resource Estimate for Combined Illinois Creek In-Situ and Leach Pad Mineral Resources – January 22, 2026** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class** | **Tonnes** <br>**(Mt)** | **Average Grade** | **Average Grade** | **Contained Metal** | **Contained Metal** |
| **Class** | **Tonnes** <br>**(Mt)** | **Au (g/t)** | **Ag (g/t)** | **Au (koz)** | **Ag (Moz)** |
| Indicated | 10.3 | 0.86 | 31.6 | 280 | 10.2 |
| Inferred | 11.1 | 0.83 | 30.3 | 292 | 10.6 |
| Notes:<br>6.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>7.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>8.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>9.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>10.<br>Totals may not add due to rounding. | Notes:<br>6.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>7.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>8.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>9.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>10.<br>Totals may not add due to rounding. | Notes:<br>6.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>7.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>8.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>9.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>10.<br>Totals may not add due to rounding. | Notes:<br>6.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>7.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>8.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>9.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>10.<br>Totals may not add due to rounding. | Notes:<br>6.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>7.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>8.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>9.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>10.<br>Totals may not add due to rounding. | Notes:<br>6.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>7.<br>In-Situ Mineral resources are stated as contained within a pit shell developed using metal prices of US$3,500/oz Au and US$45/oz Ag, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees. The cut-off grade for resources considered amenable to open pit extraction methods is $24/t NSR. It is assumed that the entire volume of the material on the leach pad will be processed and therefore, no selectivity is possible, and the Leach Pad Mineral Resources are presented at a zero-cut-off grade.<br>8.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.<br>9.<br>Mineral resources in the Inferred category have a lower level of confidence than that applied to Indicated mineral resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred mineral resources could be upgraded to Indicated mineral resources with continued exploration.<br>10.<br>Totals may not add due to rounding. |

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**Sensitivity of In Situ Mineral Resources to Gold Price**

There is relatively little change in the volume of mineral resources in the Indicated category with changing gold price. This is because a large majority of Indicated class model blocks occur within the base case pit shell. The volume of mineral resources in the Inferred category increases substantially as prices increase.

Signature Date: March 9, 2026 11-39

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-16:** | **Sensitivity of In Situ Mineral Resources to Gold Price** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Au Price** <br>**(US$/oz)** | **Ag Price** <br>**(US$/oz)** | **Class** | **NSR Cut-off**<br>**(US$/t)** | **Tonnes** <br>**(Mt)** | **Au** <br>**(g/t)** | **Ag** <br>**(g/t)** | **Au** <br>**(oz)** | **Ag**<br>**(Moz)** |
| 3500 | 45 | Indicated | 24 | 9.0 | 0.92 | 29.72 | 260000 | 8.33 |
| 3500 | 45 | Inferred | 24 | 10.9 | 0.84 | 30.11 | 290000 | 10.44 |
| 3000 | 40 | Indicated | 24 | 8.9 | 0.92 | 29.88 | 250000 | 8.28 |
| 3000 | 40 | Inferred | 24 | 9.4 | 0.87 | 30.30 | 260000 | 9.14 |
| 4000 | 50 | Indicated | 24 | 9.1 | 0.91 | 29.59 | 260000 | 8.37 |
| 4000 | 50 | Inferred | 24 | 11.9 | 0.82 | 29.73 | 310000 | 11.33 |
| 4500 | 60 | Indicated | 24 | 9.2 | 0.91 | 29.50 | 260000 | 8.40 |
| 4500 | 60 | Inferred | 24 | 13.4 | 0.78 | 29.09 | 330000 | 12.42 |
| **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** | **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** | **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** | **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** | **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** | **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** | **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** | **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** | **Note:**<br>**The estimates in Table 11-16 are constrained within individual pit shells generated using the defined gold and silver prices, and using the $24/t NSR cut-off grade are calculated based on the projected operating costs, process recoveries and varying metal prices (gold price varies from $3,000/oz to $4,500/oz and silver from $40/oz to $60/oz, mining costs of US$4.00/t, processing costs of US$10.25/t, G&A cost of US$9.75/t, 92% metallurgical recovery Au, 65% metallurgical recovery Ag and an average pit slope of 45 degrees). The base case gold price is $3,500/oz with a cut-off grade of $24/t NSR.**<br>**Mineral resources are not mineral reserves because the economic viability has not been demonstrated.** |

---

Signature Date: March 9, 2026 11-40

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3** **Waterpump Creek** 

In the opinion of the QP, Dr. Bruce Davis, FAusIMM, the mineral resource estimate reported herein is a reasonable representation of the mineralization found at the Waterpump Creek deposit at the current level of sampling. The mineral resources were estimated in conformity with generally accepted CIM MRMR Best Practice Guidelines and is reported in accordance with the definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions.

Mineral Resources are not Mineral Reserves, and they do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves upon application of modifying factors.

Estimations are made from 3D block models based on geostatistical applications using commercial mine planning software (MinePlan® v16.0.5). The project limits are based in the UTM coordinate system (NAD83) using a nominal block size measuring 15 m × 15 m × 3 m (L x W x H).

The Mineral Resource estimate was generated using drill hole sample assay results and the interpretation of a geological model which relates to the spatial distribution of gold, silver and copper. Interpolation characteristics were defined based on the geology, drill hole spacing, and geostatistical analysis of the data.

The Mineral Resources were classified according to their proximity to the sample data locations.

These are the first estimates of Mineral Resources produced for the Waterpump Creek deposit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.1** **Available Data** 

In August 2023, WAC&G provided the drill hole sample data for the Waterpump Creek deposit. Since that time, there has been no additional exploration in the area of in situ Mineral Resources.

The data comprised a series of ASCII files (.csv spreadsheet) containing collar locations, down- hole survey results, geologic information and assay results for a total of 88 drill holes representing 16,125 m of drilling. The geology domains were built using Leapfrog software and were received by LGGC as dxf files.

Drilling on the Waterpump Creek deposit was conducted between 1983 and 2023 with 45 holes drilled between 1983 and 2006 and 43 holes between 2021 and 2023. Drill holes penetrate the north south trending Waterpump Creek deposit over a strike length of 750 m and to depths that exceed 400 m below surface.

In the Waterpump Creek sample database, a total of 7,386 individual samples were analyzed for silver, lead and zinc content.

The distribution of silver grades in drill holes that are proximal to the Waterpump Creek deposit is shown in plan view in Figure 11-29 and in long section in Figure 11-30, for lead in Figure 11-31 and Figure 11-32 and for zinc in Figure 11-33 and Figure 11-34.

Signature Date: March 9, 2026 11-41

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-29:** | **Plan View of Silver Grades in Drilling, Ag g/t** |

---

![Graphic](wamff-20251231xex96d1088.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-42

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-30:** | **Long Section View of Silver Grades in Drilling, Ag g/t** |

---

![Graphic](wamff-20251231xex96d1089.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-43

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-31:** | **Plan View of Lead Grades in Drilling, Pb %** |

---

![Graphic](wamff-20251231xex96d1090.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-44

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-32:** | **Longitudinal Section View of Lead Grades in Drilling, Pb %** |

---

![Graphic](wamff-20251231xex96d1091.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-45

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-33:** | **Plan View of Zinc Grades in Drilling, Zn %** |

---

![Graphic](wamff-20251231xex96d1092.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-46

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-34:** | **Long Section View of Zinc Grades in Drilling, Zn %** |

---

![Graphic](wamff-20251231xex96d1093.jpg)

Source: LGGC 2024.

As shown in Figure 11-29 through Figure 11-34, it is not uncommon to have drill hole intervals that have no associated assay data, especially outside of areas of mineralization. Mineralized zones were sampled while hanging wall and footwall zones were more selectively sampled. Areas not sampled were assigned a zero grade for each element.

Individual sample intervals range from a minimum of 0.04 m to a maximum of 6.2 m and average 1.50 m long.

Bulk density (BD) data for the Waterpump Creek deposit were reviewed. The database contains 1,146 test results and LGGC averaged the data by the different geology domains. The averaged results were used to estimate the tonnage in the resource estimation as per Table 11-17.

---

| | |
|:---|:---|
| **Table 11-17:** | **Averaged Bulk Density Results by Domain** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **No.** | **Mean** | **Coefficient<br>of Variation** | **Minimum** | **Q25** | **Q50** | **Q75** | **Maximum** |
| **Waste Domains** |  | 2.68 |  |  |  |  |  |  |
| 100 | 489 | 2.67 | 0.06 | 2.06 | 2.59 | 2.71 | 2.76 | 4.11 |
| 150 | 37 | 2.68 | 0.03 | 2.53 | 2.64 | 2.68 | 2.72 | 2.81 |
| 500 | 337 | 2.7 | 0.04 | 2.1 | 2.65 | 2.71 | 2.77 | 3.41 |
| **Mineralized Domains** |  |  |  |  |  |  |  |  |
| 600(630, 640, 655) | 98 | 3.02 | 0.17 | 2.22 | 2.63 | 2.83 | 3.43 | 4.41 |
| 620 | 1 | 2.24 | Used 3.0 |  |  |  |  |  |
| 665 | 184 | 3.67 | 0.11 | 2.52 | 3.43 | 3.62 | 3.83 | 6.24 |

---

Signature Date: March 9, 2026 11-47

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

BD values within the estimated domains (600, 620, and 665) range from 2.24 to 3.67 and average 3.34 (excluding the 2.24 from the single result for domain 620). With only one measurement in the 620 domain, LGGC applied a BD value of 3.0 to this domain.

A topographic surface was derived from a LIDAR survey over the area and was provided in the UTM coordinate metric units.

Geologic information, derived from observations during logging, provided lithology code designations for the various rock units present on the Waterpump Creek deposit area.

The statistical properties for silver, lead and zinc of each mineralized domain at the Waterpump Creek deposit are summarized in Table 11-18.

---

| | |
|:---|:---|
| **Table 11-18:** | **Summary of Basic Statistics of Assay Data by Mineralized Domains** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **No.** | **Mean** | **Coefficient of<br>Variation** | **Minimum** | **Maximum** |
| Ag | 620 | 267 | 169.58 | 2.25 | 0.2000 | 3140.60 |
| Pb | 620 | 267 | 8.13 | 1.95 | 0.0001 | 72.44 |
| Zn | 620 | 267 | 4.99 | 1.69 | 0.0050 | 43.34 |
| Ag | 630(600) | 32 | 140.35 | 1.63 | 4.9000 | 940.00 |
| Pb | 630(600) | 32 | 4.66 | 1.67 | 0.1150 | 31.72 |
| Zn | 630(600) | 32 | 4.68 | 1.37 | 0.0208 | 28.40 |
| Ag | 640(600) | 207 | 77.73 | 1.89 | 0.2500 | 977.00 |
| Pb | 640(600) | 207 | 3.05 | 1.72 | 0.0009 | 32.87 |
| Zn | 640(600) | 207 | 5.20 | 1.09 | 0.0165 | 31.78 |
| Ag | 655(600) | 19 | 86.95 | 1.28 | 3.0000 | 395.00 |
| Pb | 655(600) | 19 | 2.55 | 1.13 | 0.0721 | 9.69 |
| Zn | 655(600) | 19 | 2.71 | 1.09 | 0.2550 | 16.80 |
| Ag | 665 | 295 | 227.04 | 1.56 | 0.2500 | 2670.00 |
| Pb | 665 | 295 | 7.39 | 1.39 | 0.0050 | 71.10 |
| Zn | 665 | 295 | 10.11 | 0.99 | 0.0200 | 57.70 |

---

Note: Original assay data are weighted by sample length. The data used in Table 11-18 are restricted to assay data in the mineralized domains used for the resource estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.2** **Compositing** 

Compositing the drill hole samples helps standardize the database for further statistical evaluation. This step eliminates any effect that inconsistent sample lengths might have on the data.

To retain the original characteristics of the underlying data, a composite length was selected that reflects the average, original sample length. The generation of longer composites can result in some degree of smoothing which could mask certain features of the data.

A composite length of 1.5 m was selected for the Waterpump Creek deposit, reflecting the fact that the vast majority of samples were collected on 1.5 m intervals.

Signature Date: March 9, 2026 11-48

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.3** **Mineralized Domains at Waterpump Creek Deposit** 

Alaska Silver provided the domain solids based on the logged geology codes and mineralized domains. LGGC found them to be reasonable representations of the underlying geology and appropriate for use in the Mineral Resource estimation (Figure 11-35 and Figure 11-36).

**Figure 11-35:** **Plan View of Mineralized Domains at Waterpump Creek Deposit**

![Graphic](wamff-20251231xex96d1094.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-49

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-36:** | **Long Section View of Mineralized Domains at Waterpump Creek Deposit** |

---

![Graphic](wamff-20251231xex96d1095.jpg)

Source: LGGC 2023.

As there were too few composites for mineral estimation in domains 630 and 655, the data from these domains were combined with domain 640 and the combined code assigned was 600 (Table 11-19).

---

| | |
|:---|:---|
| **Table 11-19:** | **Lithology and Mineralized Domains with Corresponding Codes** |

---

---

| | |
|:---|:---|
| **Geology Solids** | **Code** |
| Schist | 100 |
| Lower Schist | 150 |
| Dolomite | 500 |
| North Min oxide | 620 |
| Oxide Pyrite | 630 (600) |
| Oxide Sulfide | 640 (600) |
| Pyrite | 655 (600) |
| Sulfide | 665 |

---

The summary statistics of the composited data within the mineralized domains is included in Table 11-20.

Signature Date: March 9, 2026 11-50

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-20:** | **Summary of Basic Statistics of 1.5 m Composites by Mineralized Domains** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **No.** | **Mean** | **Coefficient of<br>Variation** | **Minimum** | **Maximum**  |
| Ag | 620 | 199 | 155.62 | 2.10 | 0.0800 | 2097.67 |
| Pb | 620 | 199 | 7.46 | 1.91 | 0.0001 | 69.60 |
| Zn | 620 | 199 | 4.52 | 1.65 | 0.0040 | 41.32 |
| Ag | 630(600) | 13 | 147.14 | 1.99 | 17.6900 | 1153.33 |
| Pb | 630(600) | 13 | 5.54 | 1.47 | 1.1347 | 32.93 |
| Zn | 630(600) | 13 | 4.32 | 1.03 | 0.0420 | 14.50 |
| Ag | 640(600) | 121 | 72.73 | 2.35 | 0.2500 | 1325.30 |
| Pb | 640(600) | 121 | 2.57 | 2.01 | 0.0009 | 36.65 |
| Zn | 640(600) | 121 | 5.06 | 1.13 | 0.0437 | 27.99 |
| Ag | 655(600) | 41 | 106.65 | 2.13 | 0.9200 | 1466.80 |
| Pb | 655(600) | 41 | 3.18 | 1.86 | 0.0196 | 38.25 |
| Zn | 655(600) | 41 | 4.51 | 0.85 | 0.2530 | 15.51 |
| Ag | 665 | 178 | 226.38 | 1.10 | 1.3400 | 1556.00 |
| Pb | 665 | 178 | 7.32 | 0.98 | 0.0140 | 37.56 |
| Zn | 665 | 178 | 10.17 | 0.87 | 0.0620 | 45.13 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.4** **Exploratory Data Analysis** 

EDA involves the statistical summarization of the database to better understand the characteristics of the data that may control grade. One of the main purposes of this exercise is to determine whether there is evidence of spatial distinctions in grade which may require the separation and isolation of domains during interpolation. The application of separate domains prevents unwanted mixing of data during interpolation, and, therefore, the resulting grade model will better reflect the unique properties of the deposit. However, applying domain boundaries in areas where the data are not statistically unique may impose a bias in the distribution of grades in the model.

Comparison of silver, lead and zinc grades contained inside versus outside of each mineralized domain were reviewed and showed that the distribution of silver, lead and zinc is more distinct inside the domains than the surrounding schist and dolomite domains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.5** **Evaluation of Outlier Grades** 

Histograms and probability plots for the distribution of silver, lead and zinc were reviewed to identify the presence of anomalous outlier grades in the assay and composited (1.5 m) data. Examples of these plots are included in Figure 11-37 for domain 665. Following a review of the physical location of potentially erratic samples in relation to the surrounding sample data, it was decided that these would be controlled during block grade interpolations using the application of outlier limitations. An outlier limitation controls the distance of influence of samples above a defined grade threshold. During grade interpolations, samples above the outlier thresholds are limited to a maximum distance of influence of 45 m. The grade thresholds for silver, lead and zinc are shown in Table 11-21.

Signature Date: March 9, 2026 11-51

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-37:** | **Histogram/Probability Plots of 1.5 m Composites for Ag g/t, Pb%, and Zn% in Domain 665** |

---

![Graphic](wamff-20251231xex96d1096.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-52

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-21:** | **Outlier Limitation Grade Thresholds and Range by Domain** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Element** | **Domain** | **Outlier Limit** | **Outlier Range** |
| Silver (g/t) | 620 | 1100 | 45 m |
| Silver (g/t) | 600 | 200 | 45 m |
| Silver (g/t) | 665 | 1100 | 45 m |
| Lead (%) | 620 | 40 | 45 m |
| Lead (%) | 600 | 10 | 45 m |
| Lead (%) | 665 | 33 | 45 m |
| Zinc (%) | 620 | 25 | 45 m |
| Zinc (%) | 600 | 12 | 45 m |
| Zinc (%) | 665 | 40 | 45 m |

---

Note: Table 11-21 reflects 1.5 m composited drill hole data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.6** **Variography** 

The degree of spatial variability in a mineral deposit depends on both the distance and direction between points of comparison. Typically, the variability between samples increases as the distance between those samples increases. If the degree of variability is related to the direction of comparison, then the deposit is said to exhibit anisotropic tendencies which can be summarized with the search ellipse. The semi-variogram is a common function used to measure the spatial variability within a deposit.

The components of the variogram include the nugget, the sill, and the range. Often samples compared over very short distances, even samples compared from the same location, show some degree of variability. As a result, the curve of the variogram often begins at some point on the y-axis above the origin: this point is called the nugget. The nugget is a measure of not only the natural variability of the data over very short distances but also a measure of the variability which can be introduced due to errors during sample collection, preparation, and the assay process.

The amount of variability between samples typically increases as the distance between the samples increases. Eventually, the degree of variability between samples reaches a constant, maximum value: this is called the sill, and the distance between samples at which this occurs is called the range.

In this report, the spatial evaluation of the data was conducted using a correlogram rather than the traditional variogram. The correlogram is normalized to the variance of the data and is less sensitive to outlier values, generally giving better results.

Variograms were created using the commercial software package Sage 2001© developed by Isaaks & Co.

Multidirectional variograms for silver, lead and zinc were generated from the distributions of data located inside the combined mineralized domains. The variograms for each element are summarized in Table 11-22.

Signature Date: March 9, 2026 11-53

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Table 11-22:** **Variogram Parameters**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Element** | **Nugget** | **Sill 1** | **Sill 2** | **1st Structure** | **1st Structure** | **1st Structure** | **2nd Structure** | **2nd Structure** | **2nd Structure** |
| **Element** | **Nugget** | **Sill 1** | **Sill 2** | **Range<br>(m)** | **Azimuth<br>(°)** | **Dip**<br>**(°)** | **Range<br>(m)** | **Azimuth<br>(°)** | **Dip**<br>**(°)** |
| Silver | 0.308 | 0.399 | 0.293 | 85.4 | 153 | -38 | 71.4 | 65 | 2 |
| Silver | Spherical | Spherical | Spherical | 22.3 | 44 | -23 | 191.5 | 335 | 10 |
| Silver | Spherical | Spherical | Spherical | 3 | 111 | 44 | 18.1 | 164 | 80 |
| Lead | 0.136 | 0.238 | 0.626 | 82.2 | 14 | -2 | 69.8 | 80 | 6 |
| Lead | Spherical | Spherical | Spherical | 36 | 258 | 19 | 161.9 | 345 | 40 |
| Lead | Spherical | Spherical | Spherical | 4.1 | 99 | 71 | 12.5 | 177 | 49 |
| Zinc | 0.115 | 0.480 | 0.405 | 75.2 | 181 | -2 | 117.7 | 58 | 2 |
| Zinc | Spherical | Spherical | Spherical | 25.9 | 90 | -27 | 202.2 | 326 | 37 |
| Zinc | Spherical | Spherical | Spherical | 4.7 | 95 | 63 | 20.1 | 150 | 53 |

---

Note: Correlograms were conducted on 1.5 m composite sample data and reported in vertical order of X, Y, Z axis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.7** **Model Setup and Limits** 

A block model was initialized in MinePlan®, and the dimensions are defined in Table 11-23. The selection of a nominal block size measuring 15 × 15 × 3 m (L × W × H) is considered appropriate with respect to the current drill hole spacing as well as the selective mining unit (SMU) size typical of an operation of this type and scale.

**Table 11-23:** **Block Model Limits**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Direction** | **Minimum** | **Maximum** | **Block Size (m)** | **# of Blocks** |
| X (east) | 557700 | 558600 | 15 | 60 |
| Y (north) | 7104500 | 7105805 | 15 | 87 |
| Z (elevation) | -300 | 216 | 3 | 172 |

---

Blocks in the model were coded with the mineralized domain codes and percents of each domain within a block. Each mineralized domain is interpolated into the block within its boundary and then the block grade is combined using weight averaging of percent of each domain within a block.

The proportion of blocks that occur below the topographic surface is also calculated and stored within the model as individual percentage items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.8** **Interpolation Parameters** 

The in situ block model grades for silver, lead and zinc were estimated using OK.

The estimation parameters for the various elements in the Mineral Resource block model are shown in Table 11-24. All grade estimations use length-weighted composite drill hole sample data.

Signature Date: March 9, 2026 11-54

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-24:** | **Interpolation Parameters for In Situ Mineral Resources – Waterpump Creek** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Element** | **Domain** | **Search Ellipse<br>Range (m)** | **Min No.<br>Comps** | **Max No<br>Comps** | **Max No.<br>Comps per<br>DDH** |
| Silver | 600 | 300 | 3 | 12 | 2 |
| Silver | 620 | 300 | 4 | 20 | 3 |
| Silver | 665 | 300 | 3 | 12 | 2 |
| Lead | 600 | 300 | 3 | 12 | 2 |
| Lead | 620 | 300 | 4 | 20 | 3 |
| Lead | 665 | 300 | 3 | 12 | 2 |
| Zinc | 600 | 300 | 4 | 20 | 3 |
| Zinc | 620 | 300 | 4 | 20 | 3 |
| Zinc | 665 | 300 | 4 | 20 | 3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.8.1** **Validation** 

The results of the modeling process were validated using several methods. These include a thorough visual review of the model grades in relation to the underlying drill hole sample grades, comparisons with other estimation methods and grade distribution comparisons using swath plots.

**Visual Inspection**

A detailed visual inspection of the block model was conducted in both sections and plans to ensure the desired results following interpolation. This includes confirmation of the proper coding of blocks within the grade probability shell domains. The estimated silver, lead and zinc grades in the model appear to be valid representations of the underlying drill hole sample data. Examples of the distribution of silver, lead and zinc grades in model blocks compared to the drill hole composite data are shown in several selected vertical, north-south cross sections (looking west) in Figure 11-38, Figure 11-39, and Figure 11-40.

Signature Date: March 9, 2026 11-55

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-38:** | **Grades in Drilling and Block Model, Section 558240E, Domains 600 and 665** |

---

![Graphic](wamff-20251231xex96d1097.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-56

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-39:** | **Grades in Drilling and Block Model, Section 558255E, Domains 600 and 665** |

---

![Graphic](wamff-20251231xex96d1098.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-57

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Figure 11-40:** | **Grades in Drilling and Block Model, Section 558270E, Domains 600 and 665** |

---

![Graphic](wamff-20251231xex96d1099.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-58

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

**Swath Plots (Drift Analysis)**

A swath plot is a graphical display of the grade distribution derived from a series of bands, or swaths, generated in several directions through the deposit. Grade variations from the OK model are compared using the swath plot to the distribution derived from the inverse distance (ID2) and declustered nearest neighbor (NN) grade models.

On a local scale, the NN model does not provide reliable estimations of grade, but, on a much larger scale, it represents an unbiased estimation of the grade distribution based on the underlying data. Therefore, if the OK and ID2 models are unbiased, the grade trends may show local fluctuations on a swath plot, but the overall trend should be similar to the NN distribution of grade.

Swath plots were generated in three orthogonal directions for all models. An example of the silver, lead, and silver equivalent distributions in east-west swaths is shown in Figure 11-41.

There is good correspondence between the models in most areas. The degree of smoothing in the OK and ID2 models is evident in the peaks and valleys shown in the swath plots. Areas where there are large differences between the models tend to be the result of "edge" effects, where there is less available data to support a comparison.

The validation results indicate that the OK model is a reasonable reflection of the underlying sample data.

---

| | |
|:---|:---|
| **Figure 11-41:** | **Swath Plot of Gold and Silver OK and NN Models by Easting for All Domains** |

---

![Graphic](wamff-20251231xex96d1100.jpg)

Source: LGGC 2024.

Signature Date: March 9, 2026 11-59

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.9** **Mineral Resource Classification** 

Mineral resources in the Inferred category include model blocks that are located within a maximum distance of 100 m from a drill hole.

A domain has been interpreted that encompasses model blocks that are included in the Inferred category. This step insures consistency of classification across the deposit.

Mineral Resources are defined in S-K 1300 as: "[A] concentration or occurrence of material of economic interest, in or on the Earth's crust in such form, grade or quality and quantity, that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location, or continuity that with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.10** **Summary of Waterpump Creek In Situ Mineral Resources** 

The requirement with respect to "reasonable prospects for economic extraction" generally implies that quantity and grade estimates meet certain economic thresholds and that mineral resources are reported at an appropriate cut-off grade that takes into account extraction scenarios and processing recovery. It is assumed that the in situ Mineral Resources would be mined using underground extraction methods for the deeper zones 600 (sulfide/oxide mix) and 665 (sulfide zone) and by open pit extraction methods for the shallower north oxide zone 620.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.10.1** **Underground Extraction: Zones 600 and 665** 

Reasonable prospects for economic extraction of the in situ Mineral Resources have been assessed using the following inputs (US$):

---

| | |
|:---|:---|
| <br>● Mining (underground)<br>| $65/t |
| <br>● Processing<br>| $35/t |
| <br>● G&A<br>| $15/t |
| <br>● Silver price<br>| $24/oz |
| <br>● Lead price<br>| $1/lb |
| <br>● Zinc price<br>| $1.3/lb |
| <br>● Silver process recovery<br>| 75% |
| <br>● Lead process recovery<br>| 70% |
| <br>● Zinc process recovery<br>| 84% |

---

These metal prices and mining costs were derived by reviewing current industry disclosers of similar projects.

The AgEqR reporting cut-off grade for zone 665 was based on the metal prices and recoveries listed above using recovered silver equivalent formula:

AgEqR = (Ag g/t x 0.75) + (Pb%/100 × 1998.99) + (Zn%/100 × 3118.47)

The silver equivalent block grades for zone 665 were calculated assuming full metal recoveries using the silver equivalent formula:

Signature Date: March 9, 2026 11-60

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

AgEq=Ag g/t + (Pb%/100 × 2855.7) + (Zn%/100 × 3712.5)

The zinc equivalent block grades for zone 665 were calculated assuming full metal recoveries using the zinc equivalent formula:

ZnEq=Zn% + (Pb% × 0.769) + (Ag g/t × 0.027)

The estimates of in situ underground Mineral Resources for zones 665 and 660 are shown in Table 11-25. Based on the assumed metal prices, operating costs and projected metallurgy recoveries, Zone 665 is reported using an AgEqR cutoff of 200 g/t. Zone 600 uses a 200 g/t Ag cut-off grade, which assumes no recovery of Zn or Pb from the mixed oxide/sulfide zone.

The QPs are not aware of any known factors related to environmental, permitting, legal, title, taxation, socio-economic, marketing factors which could materially affect the Mineral Resource. Mineral Resources in the Inferred category have a lower level of confidence than that applied to mineral resources in the Indicated category, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonable to expect that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

---

| | |
|:---|:---|
| **Table 11-25:** | **In Situ Underground Mineral Resource Estimate at Waterpump Creek Deposit Declared using 200 g/t AgEqR Cut-off for the Mixed Oxide/Sulfide (600) and Sulfide (665) Domains – February 20, 2024** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Cut-off (g/t)** | **Tonnes** | **Metal Grades** | **Metal Grades** | **Metal Grades** | **Metal Grades** | **Metal Grades** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Domain** | **Cut-off (g/t)** | **Tonnes** | **Ag<br>(g/t)** | **Pb<br>(%)** | **Zn<br>(%)** | **AgEq<br>(g/t)** | **ZnEq<br>(%)** | **Ag<br>(Moz)** | **AgEq<br>(Moz)** | **Pb<br>(Mlb)** | **Zn<br>(Mlb)** | **ZnEq<br>(Mlb)** |
| 600 | Ag 200 | 40000 | 302 | - | - | - | - | 0.3 | - | - | - | - |
| 665 | AgEqR 200 | 2380000 | 279 | 9.87 | 11.28 | 980 | 26.4 | 21.4 | 74.9 | 517.3 | 591.2 | 1383 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated based on estimated recoveries of 75% Ag, 70% Pb, and 84% Zn and metal pricing of US$24/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb. The formulas for AgEq and ZnEq based on the above metal prices are AgEq (g/t) = Ag (g/t) + 28.56 x Pb (%) + 37.12 x Zn (%) and ZnEq (%) = Zn (%) + Pb (%) x 0.7692 + Ag (g/t) x 0.0269. The cut-off grade for resources considered amenable to underground extraction methods is 200 g/t AgEq and includes recoveries in the calculations: AgEq(recovery) = Ag (g/t) x 75% + 28.56 x Pb (%) x 70% + 37.12 x Zn (%) x 84%.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. |

---

The effective date of the Mineral Resource is February 20, 2024. The QP for the Mineral Resource is Bruce Davis, FAusIMM.

High-grade samples were restricted using an outlier strategy for Ag at 1,100 ppm, Pb at 33% and Zn at 40% for zone 665 and Ag at 200, Pb at 10% and Zn at 12% for 45 m from the composite.

Signature Date: March 9, 2026 11-61

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

AgEqR reporting cut-off grade calculation is based on estimated recoveries from preliminary metallurgical test work of 75% Ag, 70% Pb, and 84% Zn and metal prices of US$24.00/oz Ag, US$1.00/lb Pb, and US$1.30/lb Zn and cost inputs suitable for underground extraction method. The AgEq and ZnEq grade calculations are based on the same metal prices and assume full metal recovery.

The sensitivity of the in situ underground Mineral Resources to varying silver, lead and zinc prices is demonstrated by listing Mineral Resources using different cut-off grades. The results are summarized in Table 11-26.

---

| | |
|:---|:---|
| **Table 11-26:** | **In Situ Underground Mineral Resource Estimate at Waterpump Creek Deposit Reported using Comparative AgEqR Cut-offs** |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Ag** <br>**Cut-off<br>(g/t)** | **Tonnes** | **Ag<br>(g/t)** | **Pb<br>(%)** | **Zn<br>(%)** | **Ag<br>(Moz)** | | | | | | |
| 600 | 100 | 90000 | 206 | 5.76 | 4.86 | 0.6 |  |  |  |  |  |  |
| 600 | 150 | 60000 | 249 | 6.85 | 4.59 | 0.5 |  |  |  |  |  |  |
| 600 | **200** | **40000** | **302** | **8.23** | **4.85** | **0.3** |  |  |  |  |  |  |
| 600 | 250 | 20000 | 351 | 9.24 | 4.96 | 0.2 |  |  |  |  |  |  |
| 600 | 300 | 10000 | 389 | 9.38 | 5.54 | 0.2 |  |  |  |  |  |  |
| 600 | 400 | - | - | - | - | - |  |  |  |  |  |  |
| **Domain** | **AgEqR<br>Cut-off<br>(g/t)** | **Tonnes** | **Ag<br>(g/t)** | **Pb<br>(%)** | **Zn<br>(%)** | **AgEq<br>(g/t)** | **ZnEq<br>(%)** | **Ag<br>(Moz)** | **AgEq<br>(Moz)** | **Pb<br>(Mlb)** | **Zn<br>(Mlb)** | **ZnEq<br>(Mlb)** |
| 665 | 100 | 2390000 | 278 | 9.83 | 11.24 | 976 | 26.3 | 21.4 | 75 | 517.7 | 592 | 1384.70 |
| 665 | 150 | 2390000 | 279 | 9.84 | 11.25 | 977 | 26.3 | 21.4 | 75 | 517.6 | 591.9 | 1384.40 |
| 665 | **200** | **2380000** | **279** | **9.87** | **11.28** | **980** | **26.4** | **21.4** | **74.9** | **517.3** | **591.2** | **1383.30** |
| 665 | 250 | 2370000 | 280 | 9.9 | 11.31 | 983 | 26.5 | 21.3 | 74.8 | 516.7 | 590.2 | 1381.20 |
| 665 | 300 | 2340000 | 283 | 9.99 | 11.38 | 991 | 26.7 | 21.3 | 74.5 | 515.4 | 586.9 | 1375.80 |
| 665 | 400 | 2270000 | 289 | 10.21 | 11.52 | 1008 | 27.1 | 21 | 73.5 | 510.3 | 575.9 | 1356.70 |
| 665 | 500 | 2180000 | 294 | 10.42 | 11.67 | 1025 | 27.6 | 20.6 | 71.8 | 500.9 | 560.8 | 1326.60 |
| 665 | 600 | 2040000 | 301 | 10.71 | 11.84 | 1047 | 28.2 | 19.8 | 68.7 | 481.8 | 533 | 1268.20 |
| 665 | 800 | 1110000 | 323 | 11.69 | 12.82 | 1133 | 30.5 | 11.6 | 40.5 | 286.7 | 314.2 | 748.1 |
| 665 | 1000 | 70000 | 446 | 15.16 | 15.97 | 1471 | 39.6 | 0.9 | 3.1 | 22.1 | 23.3 | 57.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.10.2** **Open Pit Extraction: North Oxide Zone (Domain 620)** 

Reasonable prospects for economic extraction of the open pit extraction of in situ Mineral Resources have been assessed using the following inputs (US$):

---

| | |
|:---|:---|
| <br>● Mining (open pit)<br>| $2.50/t |
| <br>● Processing<br>| $10/t |

---

Signature Date: March 9, 2026 11-62

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| <br>● G&A<br>| $4/t |
| <br>● Silver price<br>| $24/oz |
| <br>● Silver process recovery<br>| 75% |

---

These metal prices and mining costs were derived by reviewing current industry disclosers of similar projects.

The silver reporting cut-off grade and a resource reporting pit shell were based on the silver metal prices, mining inputs and recoveries listed above.

The estimates of in situ open pit Mineral Resources are shown in Table 11-27. Based on the assumed silver prices, operating costs and projected metallurgical recovery, the base case cut-off grade for Mineral Resources is estimated to be 40 g/t Ag.

---

| | |
|:---|:---|
| **Table 11-27:** | **In Situ Open Pit Inferred Mineral Resource Estimate at Waterpump Creek Deposit Declared using 40 g/t Ag Cut-off for the North Oxide Domain (620) – February 1, 2024** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Domain** | **Ag Cut-off (g/t)** | **Tonnes** | **Ag (g/t)** | **Ag (Moz)** | **Metallurgical Recovery (%)** |
| 620 | 40 | 720000 | 150 | 3.5 | 65 |
| Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. | Notes:<br>1.<br>The definitions for Mineral Resources in S-K 1300, which are consistent with CIM (2014) definitions, were followed for Mineral Resources.<br>2.<br>Mineral Resources are stated as contained within a pit shell developed using metal prices of US$1,600/oz Au and US$20/oz Ag, mining costs of US$2.50/t, processing costs of US$10/t, G&A cost of US$4.00/t, 65% metallurgical recovery Ag, and an average pit slope of 45 degrees. AgEq values are based only on gold and silver values using metal prices of US$1,600/oz Au and US$20/oz. The cut-off grade for resources considered amenable to open pit extraction methods is 40 g/t Ag.<br>3.<br>Metal prices are based on industry consensus long term pricing.<br>4.<br>All Mineral Resources are classified as Inferred.<br>5.<br>Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Indicated Mineral Resources, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.<br>6.<br>Totals may not add due to rounding. |

---

The effective date of the Mineral Resource is February 1, 2024. The QP for the Mineral Resource is Bruce Davis, FAusIMM.

High-grade samples were restricted using an outlier strategy for Ag at 1,100 ppm, Pb at 40% and Zn at 25% for 45 m from the composite.

Ag reporting cut-off grade calculation is based on estimated recoveries from preliminary metallurgical test work of 75% Ag, metal prices of US$24.00/oz Ag, and cost inputs suitable for open pit extraction method (mining cost US$2.50/t, processing and G&A US$14/t, pit slope 45°).

The sensitivity of the open pit in situ Mineral Resources to varying silver prices is demonstrated by listing Mineral Resources using different cut-off grades. The results are summarized in Table 11-28.

Signature Date: March 9, 2026 11-63

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-28:** | **In Situ Mineral Resource Estimate at Waterpump Creek Deposit Reported using Comparative AgEq Cut-offs** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Ag Cut-off**<br><BORDER_TOP> | **Tonnes**<br><BORDER_TOP> | **Ag** <br>**(g/t)**<br><BORDER_TOP> | **Ag** <br>**(Moz)**<br><BORDER_TOP> |
| 0 | 760000 | 143 | 3.52 |
| 20 | 760000 | 143 | 3.52 |
| 40 | **720000** | **150** | **3.48** |
| 60 | 580000 | 174 | 3.25 |
| 80 | 470000 | 198 | 3.01 |
| 100 | 400000 | 218 | 2.8 |
| 150 | 260000 | 271 | 2.24 |
| 200 | 170000 | 326 | 1.75 |
| 300 | 80000 | 415 | 1.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3.10.3** **Total Open Pit and Underground Mineral Resources** 

The combined underground and open pit Mineral Resource estimate results are reported in Table 11-29.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4** **QP ' s Opinion** 

The QP is not aware of any known factors related to environmental, permitting, legal, title, taxation, socio-economic, marketing factors which could materially affect the Mineral Resources. Mineral Resources in the Inferred category have a lower level of confidence than that applied to Mineral Resources in the Indicated category, and, although there is sufficient evidence to imply geologic grade and continuity, these characteristics cannot be verified based on the current data. It is reasonable to expect that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

Signature Date: March 9, 2026 11-64

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

---

| | |
|:---|:---|
| **Table 11-29:** | **In Situ Mineral Resource Estimate at Waterpump Creek Deposit Reported for Underground and Open Pit Extraction Methods** |

---

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain** | **Mining<br>Method** | **Cut-<br>off** | **Cut-off<br>Grade** | **Tonnes** | **Ag<br>(g/t)** | **Pb**<br>**(%)** | **Zn**<br>**(%)** | **AgEq<br>(g/t)** | **ZnEq<br>(%)** | **Ag<br>(Moz)** | **AgEq<br>(Moz)** | **Pb<br>(Mlb)** | **Zn<br>(Mlb)** | **ZnEq<br>(Mlb)** |
| 620 | OP | Ag | 40 g/t | 720000 | 150 | - | - | - | - | 3.5 | - | - | - | - |
| 600 | UG | Ag | 200 g/t | 40000 | 302 | - | - | - | - | 0.3 | - | - | - | - |
| 665 | UG | AgEqR | 200 g/t | 2380000 | 279 | 9.87 | 11.28 | 980 | 26.4 | 21.4 | 74.9 | 517.3 | 591.2 | 1383.30 |
| All | OP & UG |  |  | 3140000 | 250 | - | - | - | - | 25.2 | - | - | - | - |

---

Signature Date: March 9, 2026 11-65

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5** **Mineral Resource Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5.1** **Sources of Uncertainty** 

Any sampling process generates error. For instance, the interpretation of geology from a core sample may not reflect the geology relatively close to where the sample was taken. Assays from that piece of core may be different than the amount of mineral in the whole piece of core. The sampling, handling, and processing techniques employed to collect and process the Illinois Creek and Waterpump Creek datasets are designed to produce representative and unbiased sample results. This means that while sampling error is minimized, it cannot be eliminated.

Variability in the sample data is an expression of the accumulated sampling errors from all sources. That variation is captured by the estimation variance produced from the least squares estimation technique used to estimate resources. Estimation variance for Indicated resources implies a 90% confidence limit for total contained metal is ±10%. A global 90% confidence interval for Inferred resources contained metal is ±20%.

Signature Date: March 9, 2026 11-66

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.0** **Mineral Reserve Estimates** 

The Illinois Creek Project is an early exploration project; there are currently no Mineral Reserves estimated at the Project.

Signature Date: March 9, 2026 12-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.0** **Mining Methods** 

This section is not applicable.

Signature Date: March 9, 2026 13-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.0** **Processing and Recovery Methods** 

This section is not applicable.

Signature Date: March 9, 2026 14-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.0** **Infrastructure** 

This section is not applicable.

Signature Date: March 9, 2026 15-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.0** **Market Studies** 

This section is not applicable.

Signature Date: March 9, 2026 16-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.0** **Environmental Studies, Permitting, and Plans, Negotiations, or Agreements with Local Individuals or Groups** 

This section is not applicable.

Signature Date: March 9, 2026 17-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.0** **Capital and Operating Costs** 

This section is not applicable.

Signature Date: March 9, 2026 18-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.0** **Economic Analysis** 

This section is not applicable.

Signature Date: March 9, 2026 19-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.0** **Adjacent Properties** 

No properties controlled by any third parties are adjacent to the Illinois Creek property. Alaska Silver is actively exploring its other properties in the Illinois Creek mining district which are referenced in sections 4.2 and 7.4.

Signature Date: March 9, 2026 20-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.0** **Other Relevant Data and Information** 

No additional information or explanation is necessary to make this TRS understandable and not misleading.

Signature Date: March 9, 2026 21-1

------

---

| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.0** **Interpretation and Conclusions** 

Based on the evaluation of the data available from the Illinois Creek Project, the QPs of this TRS conclude the following:

● At the effective date of this TRS (January 22, 2026), the Illinois Creek Property consists of 287 contiguous State of Alaska mining claims, which are part of a larger mineral tenure package totaling 436 mining claims covering 32,737 ha (80,895 acres). The Property also includes one Uplands Mining Lease (the former Piek Inc. claims) covering an area of 4,506 ha (11,135 acres).

● Alaska Silver, through its 100% owned WAC&G and Piek Inc. subsidiaries, holds a 100% interest in the Illinois Creek Property. WAC&G also maintains a 100% ownership of four additional properties in the Illinois Creek district including the Round Top, Honker, Khotol Ridge, and Paw Print claims.

● The Illinois Creek Au/Ag/Cu oxide deposit is characterized as a CRD, with zones of predominantly massive sulfides pervasively oxidized to depths approaching 400 m below surface. The remaining iron-oxide gossans contain appreciable amounts of gold, silver, and copper plus minor amounts of lead and zinc.

● Exploration on the Property began in the early 1980s. In the late 1990s and early 2000s, there was limited production, and exploration was halted due to falling metal prices and corporate financial difficulties for the operators at that time.

● The Illinois Creek deposit is estimated to contain 9.0 Mt of Mineral Resources in the Indicated category at a grade of 0.92 g/t Au and 29.7 g/t Ag and 10.9 Mt Mineral Resources in the Inferred category at an average grade of 0.84 g/t Au and 30.1 g/t Ag. These Mineral Resources are constrained within a pit shell generated using a gold price of US$3,500/oz and a silver price of US$45/oz and summarized using a base case cut- off value of $24/t NSR.

● A leach pad area on the Property contains a volume of mineralized material that was stacked during previous mining activities and leached intermittently from 1997 through mine closure. During the summer of 2020, WAC&G drilled and sampled the leach pile. It is estimated to contain 1.3 Mt of Indicated Mineral Resources at a grade of 0.44 g/t Au and 44.3 g/t Ag and 0.15 Mt of Inferred Mineral Resources at a grade of 0.37 g/t Au and 42.6 g/t Ag.

● Exploration from 2021 through 2025 largely focused on advancing the Waterpump sulfide mineralization first discovered by Anaconda in 1983. Drilling in 2021, 2022, and 2023 by Alaska Silver has encountered high-grade massive and semi-massive sulfide mineralization with important Ag, Pb, and Zn grades. Initial metallurgical investigation of the sulfide mineralization has begun with a series of composites delivered to ALS Labs in Kamloops, BC.

● Drilling at Waterpump Creek has outlined primary sulfide CRD mineralization along 495 m of strike length with possible widths varying from 25 to 75 m, and with thicknesses varying from 5 to over 100 m.

● The Waterpump Creek deposit is estimated to be 2.38 Mt of dominantly sulfide mineral resource in the Inferred category at a grade of 279 g/t Ag, 9.87% Pb, and 11.28% Zn amenable to underground extraction and 0.720 Mt of dominantly oxide mineral resource in the Inferred category at a grade of 150 g/t Ag.

Signature Date: March 9, 2026 22-1

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|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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● Preliminary metallurgical work indicates that the highly oxidized rocks are amenable to relatively low-cost leaching extraction of gold and silver using cyanide solutions. No test work has been completed for Pb and Zn recoveries for the oxidized rocks at Waterpump Creek.

● There are no known factors related to metallurgical, environmental, permitting, legal, title, taxation, socio-economic, marketing, or political issues which could materially affect the mineral resource estimates.

Signature Date: March 9, 2026 22-2

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.0** **Recommendations** 

Based on the evaluation of the data available from the Project, the QPs recommend the following two-phase program shown in Table 23-1.

The total estimated direct program costs are approximately US$11.0 million for Phase 1 and US$15.5 million for Phase 2, which includes site costs such as camp support, overhead and other indirect costs, excluding corporate G&A costs.

Phase 2 is contingent on positive drill results at either Waterpump Creek, Warm Springs, or elsewhere. A sufficient mineral inventory will need to be established before proceeding to in-fill drilling and an Initial Assessment (IA).

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| | |
|:---|:---|
| **Table 23-1:** | **Recommendations for the Illinois Creek Project with Proposed Budgets** |

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| | | | |
|:---|:---|:---|:---|
| **Phase 1** | **Phase 1** | **Phase 1** | **Phase 1** |
| **Item** | **Description**  | **Metrics** | **Estimated Cost (US$)** |
| Exploration Drilling - WPC | Continued exploration and extension drilling of the WPC mineralization to expand the Mineral Resource to both the south and to the north along the Waterpump Creek structure. | Minimum of 7,500 m of core drilling and 15 holes | $6.0 M |
| Exploration Drilling - Silver Sage and other  | Follow-up drilling of the Silver Sage target and other related soil anomalies and initial drilling of the numerous targets recognized in the 2024 USGS/ ADGGS geophysical program.  | Minimum of 6,000 m of core drilling and 12 holes | $4.8 M |
| Environmental Base Line Studies  | Continued environmental baseline monitoring studies to support environmental and permitting activities. |  | $0.2 M |
| **Total Phase 1 Cost**  | **Total Phase 1 Cost**  | **Total Phase 1 Cost**  | **$11.0 M** |
| **Phase 2** | **Phase 2** | **Phase 2** | **Phase 2** |
| **Item** | **Description** | **Metrics** | **Estimated Cost (US$)** |
| In-Fill Drilling - WPC  | In-fill drilling to convert the majority of current resource and portion of any exploration success in Phase 1 to indicated to support an IA. | Minimum of 12,000 m of drilling and 35 holes | $9.6 M |

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Signature Date: March 9, 2026 23-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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| | | | |
|:---|:---|:---|:---|
| **Phase 2** | **Phase 2** | **Phase 2** | **Phase 2** |
| **Item** | **Description** | **Metrics** | **Estimated Cost (US$)** |
| Geotech Investigation - WPC | Complete oriented Geotech drilling.  | Minimum of 2,500 m of drilling and 8 holes plus physical property test work  | $2.7 M |
| Metallurgical Test Work - WPC | Complete PQ drilling to attain bulk samples and complete variability and Lock cycle flotation metallurgical test work to de-risk program. | 4 PQ drill holes (1,500 m) and test work | $2.2 M |
| Continued and Additional Environmental base line studies | Continue the Phase 1 studies and commence additional studies (acid rock discharge [ARD], water quality) to support an IA. |  | $0.5 M |
| Initial Assessment  |  |  | $0.5 M |
| **Total Phase 2 Cost**  | **Total Phase 2 Cost**  | **Total Phase 2 Cost**  | **$15.5 M** |

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Signature Date: March 9, 2026 23-2

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.0** **References** 

Aerodat, Ltd., 1984, Report on the Combined Helicopter Borne Magnetic, Electromagnetic and VLF Survey Illinois Creek Area, private report prepared for the Anaconda Mining Company.

Alaska Biological Research, Inc. (ABR), 1995, Soil Survey of Proposed Illinois Creek Mine Site. Alaska Biological Research, Inc. (ABR), 1995, Wetlands Survey of the proposed Illinois Creek Mine and Barge Site.

Alaska Department of Fish and Game, 1995, Illinois Creek Gold Mine Project Fisheries Study, November 1995.

Alaska State claims, 2019, Alaska Department of Natural Resources website: dnr.alaska.gov/. Aurora Geosciences, 2005, induced Polarization Survey of the Khotol Grid, Illinois Creek Mine, report prepared for the Alaska Gold Company.

Bennett, S., Lamborn, J., McLeod, R. and Iannacchione, M., 1998, Ore Reserve Update, Illinois Creek Mine, private report prepared for USMX, Inc., April 10, 1998.

Brewer N.A., 1981, Honker Project Summary, Internal Anaconda Mining Company memo. Brewer N.A., 1982, 1981 Annual Summary Report, Illinois Creek Project, Anaconda Mining Company.

Brewer N.A. and Millholland, M.A., 1982, 1981 and 1982 Summary Report, Illinois Creek Project, Anaconda Mining Company.

Davis, D., DiMarchi, J., and Malhotra, D., 2025, S-K 1300 Technical Report Summary Illinois Creek Project, Western Alaska, USA, prepared for Western Alaska Minerals Corp., Effective Date January 31, 2025, Signature Date April 30, 2025.

Derry, Michener, Booth and Wall (DMBW), 1998, Reserve Audit of the Illinois Creek Gold Mine, West Central Alaska, private report prepared for Dakota Mining.

Dimo, G., 1980, The Illinois Creek Cu-Ag-Pb-Zn Prospect, Nulato A-4 Quadrangle, Alaska, Anaconda Mining Company report.

Edcon, 1983, Acquisition and Processing Helicopter Supported Gravity Survey, Southern Kaiyuh Mountains, Alaska, private report prepared for the Anaconda Mining Company.

Edcon, 2004, Illinois Creek Gravity Survey, Southern Kaiyuh Mountains Alaska, private report prepared for NovaGold Inc.

Engelhardt, P.R., and Garcia, L.J., 1984, Summary of Illinois Creek Metallurgical Test Results, Anaconda internal memo, March 7, 1984.

Engelhardt, P.R., Garcia, L.J., and Norrigran, D.A., 1984, Summary of the Flotation and Gravity Characteristics of the Waterpump Creek Mineralization, Anaconda internal memo, March 14, 1984.

Flanigan, B.P., 1994, Genesis and mineralization of ore deposits in the Illinois Creek region, west-central, Alaska: University of Alaska Fairbanks, M.S. thesis, 125 p.

Fluor Daniel, 1996, Audit of the Illinois Creek Mine, private report prepared for USMX.

Gillerman, V.S. and Brewer, N.A., 1985, 1984 report on the Illinois Creek Project Volumes I–III, Anaconda Mining Company.

Signature Date: March 9, 2026 24-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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Goldmor Group, Ltd., 1990, Illinois Creek Project 1990 Field Season report, private report prepared for CIRI.

Kilty, K. and McDermott, M.M., 1981, Aeromagnetic Survey of the Kaiyuh Hills, prepared by Ertec Airborne Systems for the Anaconda Mining Company.

Kirkham, R.A. and Apel, R.A., 1993, Results of the 1993 Exploration Program at the Illinois Creek Project, West Central Alaska, private report prepared for Echo Bay Exploration, December 1993.

Lamborn, J., 1997, Illinois Creek Geology and Exploration Potential, private report prepared for USMX, January 2, 1997.

McClintock Land Associates, Inc. (MLA), 1992, Illinois Creek Drill Grid Survey, 1992, private report prepared for North Pacific Mining Company.

McClintock Land Associates, Inc. (MLA), 1994, Illinois Creek Drill Grid Survey, 1994, private report prepared for USMX.

McDermott, M.M., 1981, Geophysical Project Summary, Internal Anaconda memo.

McDermott, M.M., 1984, Geophysical Interpretation of the Illinois Creek Belt, Internal Anaconda memo.

McClelland Laboratories Inc., 1990, Preliminary Cyanidation Test Work – Illinois Creek Cuttings Composites, March 15, 1990.

McClelland Laboratories Inc., 1990, Column Leach Test Work – Illinois Creek, June 29, 1990. McClelland Laboratories Inc., 1991, Report on Direct Cyanidation of Agglomerate Strength and Stability Test Illinois Creek Bulk Ore Samples, November 11, 1991.

McClelland Laboratories Inc., 1995, Metallurgical Environmental Test Work and Analyses Illinois Creek Core and Bulk Composites, July 10, 1995.

Miller, J.K., 1982, Sampling Procedures, internal Anaconda Minerals memorandum, May 25, 1982.

Moore and Box, 2016, Age, Distribution and Style of Deformation in Alaska North of 60 degrees; Implications for the Assembly of Alaska, Tectonophysics, Volume 691, pgs. 133-170.

Morsell, 1991 and 1994, Illinois Creek Gold Mine Project Aquatic Resources Analysis.

MRDI and Viceroy Resource Corporation, 2000, Audit of Database, Revision of Resource Model and Statement of Mining Costs and Reserves, report prepared by MRDI for Viceroy Resource Corporation.

North Pacific Mining Corporation (NPMC), 1991, Illinois Creek Annual Report, North Pacific Mining Company.

NPMC, Hughes, R. and Smith, M., 1993, Illinois Creek Transportation Study, report prepared for AIDEA under contract 92-018.

NPMC, 1994, Illinois Creek Project Summary, private report prepared by the North Pacific Mining Corporation, January 1994.

Northern Land Use Research (NLUR), 1995, Illinois Creek Gold Mine Project Archaeological Survey Kaiyuh Hills, Alaska, September 1995.

Rossi and Deutsch, Mineral Resource Estimation, Dordrecht, London, Springer, 2014. RTR, Inc., 1995, Illinois Creek Gold Mine Project profile, February 1995.

Signature Date: March 9, 2026 24-2

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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Salek, H., 1984a, Mineralogical and Alteration Study of Samples from the Waterpump Creek Prospect, Alaska, internal Anaconda memo.

Salek, H., 1984b, Mineralogy and Gold/Silver Occurrence Studies of Samples from the Illinois Creek Project, Alaska, internal Anaconda memo.

Salisbury & Associates, Inc., 1989, Illinois Creek Project, Geologic Reserve Estimates, private report prepared for the Goldmor Group, Ltd., February 7, 1989.

SRK Consulting, 1995, Illinois Creek Project Assessment of Acid Generating Potential.

Teller, S.D., 1984, 1983 Waterpump Creek Interim Report, Volume I to III, Internal report for the Anaconda Mining Company.

Teller S.D., and Wilson, G.E.,1985, 1984 Waterpump Creek Prospect, Illinois Creek Property, Volume I to III, Internal report for the Anaconda Mining Company.

Tolbert, 1992, Appendix A, Illinois Creek Project, NPMC's Efforts in Creating a Geologic Resource Model, in Salisbury and Dietz, 1992, Illinois Creek Project, Geologic Reserve Estimate and Preliminary Mine Reserve Estimate, 1992, private report for NPMC.

TRC Environmental Corporation, 1995, USMX Illinois Creek Project, Alaska Air Quality Permit Application.

United States Mining Corporation (USMX), 1994, 1994 Year End Report, Illinois Creek Project, Alaska, USMX report prepared for NPMC.

USMX, 1996a, Illinois Creek Project Feasibility Study, private report prepared by USMX, Inc., February 22, 1996.

USMX, 1996b, Consolidated Permit Application, Volume I, Application.

USMX, 1996c, Consolidated Permit Application, Volume II, Hydrogeology Report: Pollution Prevention Plan.

USMX, 1996d, Consolidated Permit Application, Volume III, Heap Leach Design Report.

USMX, 1996e, Consolidated Permit Application, Volume IV, Ore and Waste Rock Characterization Report, Assessment of Acid Generating Potential Report, and Reclamation Plan.

U.S. Census, 2017, Population of Galena, Kaltag and Nulato, Alaska; www.census.gov. Western Regional Climate Center, 2019, Alaska Climate Summaries: wrcc@dri.edu.

Signature Date: March 9, 2026 24-3

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.0** **Reliance on Information Provided by the Registrant** 

This TRS has been prepared by the QPs for Alaska Silver. The information, conclusions, opinions, and estimates contained herein are based on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information available to the QPs at the time of preparation of this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assumptions, conditions, and qualifications as set forth in this TRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Data, reports, and other information supplied by Alaska Silver and other third-party sources.

For the purpose of this TRS, the QPs have relied on information provided by Alaska Silver's management team for matters related to the legal aspects of mineral tenure and mining rights permits, surface rights, royalties, agreements and encumbrances relevant to this report in the Summary and Section 3 of the TRS.

Active State of Alaska claims and their ownership have been verified at the Alaska Department of Natural Resources website dnr.alaska.gov/ on January 20, 2026.

The QPs have not researched property title or mineral rights for the Illinois Creek Property as we consider it reasonable to rely on Alaska Silver's management team as it is responsible for maintaining this information.

The QPs have taken all appropriate steps, in their professional opinion, to ensure that the above information from Alaska Silver is sound.

Except as provided by applicable laws, any use of this TRS by any third party is at that party's sole risk.

Signature Date: March 9, 2026 25-1

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| | |
|:---|:---|
| Alaska Silver Corp. \| Illinois Creek Project | ![Graphic](wamff-20251231xex96d1003.jpg) |
| S-K 1300 Technical Report Summary | ![Graphic](wamff-20251231xex96d1003.jpg) |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**26.0** **Date and Signature Page** 

This report titled "S-K 1300 Technical Report Summary, Illinois Creek Project, Western Alaska, USA" with an effective date of January 31, 2025, was prepared and signed by:

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| | |
|:---|:---|
|  | **(Signed) *Bruce Davis*** |
| Dated at Grand Junction, CO | Bruce Davis, PhD, FAusIMM  |
| Signature Date: March 9, 2026 | Bruce Davis Consulting |
|  | **(Signed) *Jack DiMarchi*** |
| Dated at Seattle, WA | Jack DiMarchi, C.P.G.  |
| Signature Date: March 9, 2026 | Core Geoscience LLC |
|  | **(Signed) *Deepak Malhotra*** |
| Dated at Lakewood, CO | Deepak Malhotra, PhD, SME(RM)  |
| Signature Date: March 9, 2026 | DM Consulting |

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Signature Date: March 9, 2026 26-1

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