Alaska Silver Corp · TSXV:WAM
Alaska Silver — Investor Presentation (September 2026)
28 slides from Alaska Silver's investor presentation, Sep 17, 2026
Slide 1: Multiple Resources, Big System = High Potential
Multiple Resources Big System = High Potential Advancing North America’s Next Major Silver & Critical Minerals District TSX-V: WAM FRA: MK17 OTCQX: WAMFF
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains numerous forward-looking statements relating to Alaska Silver Corp.’s exploration and potential mining business, including estimated production data, expected production and operating schedules, results of operations, reserves and resources, expe
Slide 3: Two Quality Assets
TWO QUALITY ASSETS Illinois Creek Gold-Silver Deposit Past-Producing Mine 260,000oz Au & 8.3 Moz Ag Ind. @ 0.92g/t Au & 29.7g/t Ag 290,000oz Au & 10.4 Moz Ag Inf. @ 0.84g/t Au & 30.1g/t Ag Waterpump Creek Deposit Silver-Zinc-Lead-Gallium 75Moz @ 980 g/t AgEq1 Inf. High-Grade Precious Metals + Critic
Slide 4: WPC: A Potential Source of Domestic Critical Minerals
WPC: A POTENTIAL SOURCE OF DOMESTIC CRITICAL MINERALS ATTRACTIVE FOR POTENTIALLY FASTER PERMITTING AND (NON-DILUTIVE) GOVERNMENT FUNDING 31 GALLIUM Electronics Ga We are investigating Ga potential at WPC & Silver Sage • Waterpump Creek shows promising Ga concentrations ranging Telecommunications fro
Slide 5: Capital Structure Ownership
CAPITAL STRUCTURE OWNERSHIP Issued and Outstanding Shares 102.9M Directors & Officers Options & RSU’s 6.5M Warrants 51.5M Other (CDN$3.15, 0.64, 0.65, 0.90, 0.75 US$.97) Fully Diluted 161.0M Institutional Recent Financings October 3, 2025 US OTCQX IPO US$13,800,000 @ US$.65/CDN$.90 August 17, 2026 A
Slide 6: Silver Positioning - Advanced Explorers / Early Developers
SILVER POSITIONING - ADVANCED EXPLORERS / EARLY DEVELOPERS There are only six undeveloped +60moz at +200g/t AgEq silver assets controlled by juniors (1) GRADE 980 G/T AgEq (2) (3) Mcap (C$m) $71 $1,850 $55 $435 $225 $238 EV / oz $0.57 $3.13 $0.42 $2.58 $0.49 $0.53 Courtesy of: (US$ / AgEq) Drilling
Slide 7: Leadership
LEADERSHIP EXECUTIVE LEADERSHIP Incoming CEO Executive Chairman Executive Vice President Chief Financial Officer Director Co-Founder Patrick Donnelly, P.Geo., MBA Darren Morgans, CPA, CA Aaron Schutt, JD, M.Sc. Kit Marrs, B.Sc., M.Sc. 30+ years in capital markets, 25+ years of experience as CFO in P
Slide 8: Alaska: A State with Many Advantages
ALASKA: A STATE WITH MANY ADVANTAGES Stable Jurisdiction Six large operating mines Alaska ranked 12th (Between Finland and Queensland) out of 82 jurisdictions in the world for investment attractiveness* Straight-forward permitting 5-year exploration permits in good standing Clear State Mining Rights
Slide 9: Illinois Creek Project - Alaska State Claims
ILLINOIS CREEK PROJECT - ALASKA STATE CLAIMS Yukon River Access Road Permitting in Process ✔ All WAM claims and development infrastructure on Alaska State land ✔ Land tenure totaling 32,737 hectares (80,895 acres) ✔ 100% owned - No underlying third-party agreements, no royalties The Yukon river meas
Slide 10: On-Site Infrastructure
ON-SITE INFRASTRUCTURE The project is accessible via large cargo aircraft Our 20-km internal road system allows for road-supported drilling. Four company owned drill rigs 45-person camp and newly upgraded double-wall fuel tanks; +25,000 gallon storage capacity C-130 on IC 4,400 ft Airstrip TSX-V: WA
Slide 11: Scale Comparison to Major CRD's
ILLINOIS CREEK IS A LARGE SCALE CARBONATE SCALE COMPARISON TO MAJOR CRD’S REPLACEMENT DEPOSIT SYSTEM (“CRD”) WITH HIGH GRADE, UPSIDE POTENTIAL AND SCALE STRAIGHT-FORWARD MINING WPC: 2.4 Mt @ 980 grams per ton Silver Equivalent* 19.1 Mt @ 1,106 g/t AgEq* 51.6 Mt @ 809 AgEq* Silver Sage 2025 Discovery
Slide 12: Unlocking Alaska's Next Major CRD District
UNLOCKING ALASKA'S NEXT MAJOR CRD DISTRICT TWO UNDER-EXPLORED CRD-PORPHYRY SYSTEMS “There are no one-armed Octopuses” – Dr. Peter Megaw Round Top Porphyry – TG/TG North CRD System TG North Ag-An-Pb-Cu-Au Known porphyry • Cu-Mo-Ag Porphyry (Round Top) source • Open at depth • Source for adjacent Ag-P
Slide 13: Alaska Silver's 2026 Exploration Program
ALASKA SILVER’S 2026 EXPLORATION PROGRAM 9,500 METRES Focused on Expanding New Discoveries 2026 PROGRAM HIGHLIGHTS ▪ Drilling at Waterpump Creek and Silver Sage ▪ District-scale Exploration ▪ Round Top Revival ▪ Illinois Creek Metallurgical studies ● Expanded Environmental and Road Permitting Studie
Slide 14: Unlocking Alaska's Next Major CRD District: Silver Sage Discovery
UNLOCKING ALASKA'S NEXT MAJOR CRD DISTRICT Silver Sage Discovery OPEN Valuation underpinned by two resource estimates: Waterpump Creek & Illinois Creek 2025 Discovery: mineralization drilled at Silver Sage demonstrates characteristics of Waterpump Creek high-grade silver and Illinois Creek gold with
Slide 15: Silver Sage Zone 2026 Drill Results Pending
SILVER SAGE ZONE 2026 DRILL RESULTS PENDING 5,022 METERS DRILLED 27 Holes – 24 Testing near-surface mineralization ZONE HIGHLIGHTS ● Alteration system traced 1.2 km x 1.1 km laterally and 1200 meters vertically — open in multiple directions ● Follow-up of high-grade Galena Zone discovery: XRF spot r
Slide 16: 2026 Drilling at Silver Sage - Assays Pending
2025 Polymetallic Discovery – Ag, Pb, Zn, Au, Cu Grab samples from trenches included: • 1235 g/t Ag with 65% Pb • 1135 g/t Ag with 72% Pb • 0.5m channel sample: 326 g/t Ag and 30% Pb • Up to 12% Zn over 1.85m channel sample in T47 • Up to 0.55 g/t Au over 1.0m channel sample • Cu values ranging from
Slide 17: Waterpump Creek 2026 Drill Results Pending
WATERPUMP CREEK 2026 DRILL RESULTS PENDING 4,474 METRES DRILLED 12 Holes - Tightening the WPC Resource Model ZONE HIGHLIGHTS ● 5-hole fence at WPC South (2,449 m) defined a down dropped block with CRD-style alteration ● 4 holes at WPC North intercepted CRD-style alteration ● Drilling confirmed the W
Slide 18: High-Grade Silver Initial Resource Estimate
HIGH-GRADE SILVER INITIAL RESOURCE ESTIMATE 75Moz AgEq at 980g/t AgEq WPC South • WPC initial sulfide NI 43-101 resource, Target published February 2024 A Down- • High-grade Ag-Zn-Pb WPC Sulfide dropped Resource Graben • Thick 8-100meter mineralization widths • Open to expansion: WPC North & West Ta
Slide 19: Historic Illinois Creek Mine
Historic Illinois Creek Mine Waterpump Creek Silver Sage Illinois Creek Past-Producing Mine + Current Resource ~150,000 oz Au historically mined 260,000oz Au & 8.3 Moz Ag Indicated 290,000oz Au & 10.4 Moz Ag Inferred August 2026 (current NI 43-101. & SK-1300) Goal: To optimize Silver & Copper recove
Slide 20: Social License: Actions Speak Louder Than Words
SOCIAL LICENSE: ACTIONS SPEAK LOUDER THAN WORDS Commitments Actions ● Involve the local ● Host community site communities in our visits to our project project as much as we ● Successfully hire locally possibly can for 10 years ● Attend tribal council ● Develop an economic meetings base that will hav
Slide 21: 2026 Work
2026 WORK ❖ Drilling at Waterpump Creek North & South Target: Drilling Completed, Assays Pending ❖ Drilling at Silver Sage Discovery: Drilling Completed, Assays Pending ❖ Permitting All-weather road access to Yukon River: Permit filed with Alaska DNR in July ❖ 2026 Baseline Studies Field Work Comple
Slide 22: Why Invest?
WHY INVEST? High-Grade Precious Metals + Critical Minerals Two stand-alone resources within an 8km corridor open in both directions with large upside potential. We surpass the fundamental Junior Mining Investment Due Diligence requirements: Team Silver-Zinc-Lead-Gallium Proven Success Waterpump Cree
Slide 23: TSX-V: WAM
Tommy Neglaska, Kaltag in red hard hat TSX-V: WAM OTCQX: WAMFF FRA: MK17 www.alaskasilver.com info@alaskasilver.com The Gold Room at the Illinois Creek Mine circa 1997-98 Photo courtesy of Tommy Neglaska
Slide 24: Illinois Creek Heap Leach Pad Au-Ag Resource
ILLINOIS CREEK HEAP LEACH PAD AU-AG RESOURCE Indicated: 1.3 Mt at 0.44 grams/t Au and 44.3 g/t Ag containing 18,600 Oz Au and 1.9 Moz Ag Inferred: 152 kt at 0.37 g/t Au and 42.6 g/t Ag LEACH PAD RESOURCE containing 1,800 oz Au and 200,000 oz Ag IC PIT RESOURCE TSXV: WAM *See last slide for Resource
Slide 25: Waterpump Creek Sulfide Mineral Resource Estimate
WATERPUMP CREEK SULFIDE MINERAL RESOURCE ESTIMATE Tonnes Average Grade Contained Metal Class (M) AgEq Ag Zn Pb ZnEq AgEq Ag Zn Pb ZnEq (g/t) (g/t) (%) (%) (%) (Moz) (Moz) (Mlbs) (Mlbs) (Mlbs) Inferred 2.38 980 279 11.28 9.87 26.4 74.9 21.4 591 517 1383 Mineral resources are stated based on the follo
Slide 26: Illinois Creek Oxide In-Pit Resource Estimate
ILLINOIS CREEK OXIDE IN-PIT RESOURCE ESTIMATE Tonnes Average Grade Contained Metal Class (M) Au Ag Au Ag (g/t) (g/t) (Koz) (Moz) Indicated 9.0 0.92 29.7 260 8.3 Inferred 10.9 0.84 30.1 290 10.4 Mineral resources are stated based on the following assumptions: In-Situ mineral resources are constrained
Slide 27: Illinois Creek Leach Pad Resource Estimate
ILLINOIS CREEK LEACH PAD RESOURCE ESTIMATE Tonnes Average Grade Contained Metal Class (1,000s) AgEq AuEq Ag Au AgEq AuEq Ag Au (g/t) (g/t) (g/t) (g/t) (Moz) (Koz) (Moz) (Koz) Indicated 1,300 79.5 1.00 44.3 0.44 3.4 41.8 1.9 18.6 Inferred 152 72.2 0.90 42.6 0.37 0.3 4.4 0.2 1.8 Mineral resources are
Slide 28: Honker: High-Grade Gold Target
HONKER: High-Grade Gold Target High-grade, low sulfidation vein field ~10km north of Illinois Creek • Veins strike up to 1,000m in length and vary from 1 to 7 meters in width • Numerous grab, channel and bulk samples return assays >34g/t Au (>1opt) 2021 Pad 2 • HK21-06: 7.6-meter vein with numerous
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