Alaska Silver Corp · TSXV:WAM
Alaska Silver — Investor Presentation (November 2025)
30 slides from Alaska Silver's investor presentation, November 2025
Slide 1: High-Grade Silver
High-Grade Silver Advancing North America’s Next Major Silver & Critical Minerals District (Formerly Western Alaska Minerals) TSX-V: WAM FRA: MK17 OTCQX: WAMFF NOVEMBER 2025
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 Silver-Zinc-Lead-Gallium Waterpump Creek Deposit 75Moz @ 980 g/t AgEq Inf. + Past-Producing Mine Illinois Creek Deposit 373,000oz AuEq Ind. @ +1.3g/t AuEq1 152,000oz AuEq Inf. @ 1.44g/t AuEq1 = High-Grade Precious Metals + Left: CEO Kit Marrs, Right: Dr. Peter Megaw, world Critica
Slide 4: Illinois Creek is a Major Carbonate Replacement Deposit System
Illinois Creek is a Major Carbonate Replacement Deposit System (“CRD”) With Upside Potential and Scale Scale Comparison to Major CRDs – High Grade, Simple Mining, Low Cap Ex WPC: 2.4 Mt @ 980 grams per ton Silver Equivalent* 19.1 Mt @ 1106 g/t AgEq* 51.6 Mt @ 809 AgEq* All maps are set to the same s
Slide 5: Silver Positioning – Advanced Explorers / Early Developers
Silver Positioning – Advanced Explorers / Early Developers There are only six undeveloped +60moz at +200g/t AgEq primary silver assets controlled by juniors (1) (2) AgEq (moz) AgEq (g/t) 450 GRADE 1,200 980 G/T AgEq 400 1,000 350 300 800 Metal (moz) Grade (g/t) 250 600 200 150 400 100 200 50 - - WPC
Slide 6: 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. Electronics 31 Gallium Ga WAM IS INVESTIGATING Ga POTENTIAL AT WPC • Waterpump Creek shows promising Ga concentrations Telecommunications ranging from 63.8 to 116
Slide 7: Capital Structure Ownership
Capital Structure Ownership Public Issued Shares (1) 65.40M Restricted US Residents Shares (2) 22.48M Other 49.2% (Cost Base $0.60 to $0.90) (As-Converted*) Total Public I & O + US Resident Shares (2) 87.88 Founders Directors own 12.8% of & Officers 18.8% Options & RSU’s 5.1M shares Warrants (CDN$3.
Slide 8: Leadership
Leadership CEO, Co-Founder, Director Chief Exploration Officer Executive Vice President Kit Marrs, B.Sc., M.Sc. Joe Piekenbrock, B.A., M.Sc. Pat Donnelly, P. Geo, MBA Anaconda, First Project Manager at 2009 PDAC Thayer Lindsley & AME Illinois Creek, Colin Spence Awards: Donlin Gold & +30 years capit
Slide 9: Alaska: A State with many advantages
Alaska: A State with many advantages Stable Jurisdiction Six large operating mines Alaska ranked 3rd out of 82 jurisdictions in the world for investment attractiveness* Straight-forward permitting 5-year exploration permits in good standing Clear State Mining Rights Alaska Silver State Mining Claims
Slide 10: Illinois Creek Project - Alaska State Claims
Illinois Creek Project - Alaska State Claims Stable Jurisdiction, Mining and Permitting-Friendly ✔ All WAM claims and development infrastructure on Alaska State land ✔ Land tenure totaling 29,759 hectares (73,535 acres) ✔ 100% owned - No underlying third-party agreements & no royalties ALASKA’S FIRS
Slide 11: Proposetices
Proposetices Road Agoes to YukomRiven, PROPOSED BARGE FACILITY NEW 2025 ILLINOIS CREEK CLAIMS « 0 5 10 20 Miles a a | 0 12.5 25 50 Kilometers Earthetar Geographics l 1 1 1 1 1 1 1 J
Slide 12: Unlocking Alaska's Next Major CRD District
Unlocking Alaska's Next Major CRD District Silver Sage Discovery – July 2025 • Valuation underpinned by two resource estimates: Waterpump Creek & Illinois Creek • 2024 Discovery: mineralization drilled at Warm Springs demonstrating characteristics of Waterpump Creek high-grade silver and Illinois Cr
Slide 13: High Grade Silver Initial Resource Estimate
High Grade Silver Initial Resource Estimate: 75Moz AgEq at 980g/t AgEq • WPC initial sulfide NI 43-101 resource, published February 2024 • High-grade Ag-Zn-Pb • Thick mining widths • Open to expansion: WPC South Target Tonnes Average Grade Contained Metal Class (M) AgEq Ag Zn Pb AgEq Ag Zn Pb WPC So
Slide 14: Waterpump Creek South Targeting
Waterpump Creek South Targeting 2025 WPC South Target Area • 2022-2023 drilling south of resource was too shallow and too far west to test extension of potential down dropped mineralization • 4700N fault was previously thought to be right-lateral strike-slip and is now thought to be normal, down-dro
Slide 15: Waterpump Creek South 2025 Targeting
Waterpump Creek South 2025 Targeting • 2022-2023 drilling south of resource was testing right-lateral fault motion and is thus too far west and too shallow • WPC South zone is primary drill target • WPC North zone is secondary target TSX-V: WAM 15
Slide 16: Silver Sage Discovery
Silver Sage Discovery To airstrip Illinois Creek ~550m surface ~1.1 km alteration mineralization footprint Greenstone 2025 DH Dee’s Spring Carbonate 500m Package Schist Package
Slide 17: Silver Sage Zone
Silver Sage Zone T50 – Fire Rock Greenstone T45 – Galena Schist Trench T46 Package T41 • Silver • Silver values in the 300 g/t range with grab samples up to 1235 g/t in T45 • T45 Grab Samples: • 1235 g/t silver (Ag) with 65.39% lead (Pb) • 1135 g/t Ag with 72.69% Pb • T45 Channel Sample: • 0.5 m tru
Slide 18: Trench 45 – The Galena Trench
Trench 45 – The Galena Trench Come take a look in the core shack!
Slide 19: Growth Catalysts
Growth Catalysts ❖ Expansion drilling at Waterpump Creek South Target – ❖ Designed to Increase High-Grade Silver Resource ❖ Update Illinois Creek Resource Estimate 2025 Q4 – ❖ Using current Gold & Silver prices ❖ Permitting All-weather access to Yukon River ❖ Refine the geologic model & enhance Dril
Slide 20: Social License: Actions Speak Louder Than Words
Social License: Actions Speak Louder Than Words Commitments Actions -Host community site visits -Visits from all local communities nearest to our project since 2016 -Successful local hiring: core -Local hires (since 2017) cutters, cooks, core technicians, mechanics, drill helpers -Attend tribal coun
Slide 21: TSX-V: WAM
TSX-V: WAM OTCQX: WAMFF FRA: MK17 www.alaskasilver.com info@alaskasilver.com The Gold Room at the Illinois Creek Mine circa 1997-98
Slide 22: Appendix
Appendix Waterpump Creek Warm Spring Target • ~150,000 oz Au historically mined • 373,000oz AuEq Indicated • 152,000oz AuEq Inferred (current NI 43-101. & SK-1300) TSX-V: WAM 22
Slide 23: Connecting the Dots of a Major Carbonate Replacement (CRD) System
Connecting the Dots of a Major Carbonate Replacement (CRD) System New CRD ‘spoke’ Gold-Copper, high-grade Silver zones cut in first exploration drill holes, 2024 Mineralized Trends TSX-V: WAM 23
Slide 24: Gold & Copper Projects
Gold & Copper Projects Illinois Creek NI 43-101 resource estimate, Sept. 2023: 373,000oz AuEq Ind. @ +1.3g/t AuEq* 152,000oz AuEq Inf. @ 1.44g/t AuEq* *Note: For complete resource disclosure at Illinois Creek, see Appendix. Honker – Low Sulfidation Gold Vein system Round Top – Copper Porphyry: Solve
Slide 25: Timeline
2024-2025: Warm Springs Discovery + WPC South test Mine Reclaimation Marrs stakes WPC CRD re-discovery Infill WPC intercepts, Piekenbrock stakes Round Top, (Ag-Pb-Zn), LH drilling IC mine & WPC. Honker Claims High grade Au CRD claims (Au-Cu-Mo) discoveries at Honker, Begin trading TSX-V: WAM Origina
Slide 26: Infrastructure
C130 on IC 4,400 ft Airstrip Infrastructure The project is accessible via large cargo aircraft. Our 20-km internal road system allows for road-supported drilling. The Yukon river measures 45-person camp and newly upgraded double-wall fuel storage capacities. up to 1 mile wide and 50’ deep 2 TSX-V: W
Slide 27: CRD Model Driving Exploration
CRD Model Driving Exploration What are CRD’s? • CRD’s are the fingertip of the porphyry - skarn -CRD system • Carbonate-hosted • Thick packages of dolostone host rocks in IC district = potential for mineralization • Intrusion-related • Porphyry is driving the system (still undiscovered at IC) • Mult
Slide 28: CRD Targeting
CRD Targeting The figure below demonstrates that mineralized mantos can be stacked over a significant vertical relief in any given district. At Santa Eulalia, ore bodies are stacked over a kilometer of vertical stratigraphy. Mantos in general attenuate in scale as you move outward in the system. Abo
Slide 29: 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 30: Illinois Creek Oxide Combined In-situ and Leach Pad Resource Estimate
Illinois Creek Oxide Combined In-situ and Leach Pad Resource Estimate Tonnes Average Grade Contained Metal Class (M) AgEq AuEq Ag Au AgEq AuEq Ag Au (g/t) (g/t) (g/t) (g/t) (Moz) (Koz) (Moz) (Koz) Indicated 8.7 106.4 1.33 34.4 0.90 29.8 373 9.6 253 Inferred 3.3 115.4 1.44 36.2 0.99 12.1 152 3.8 104
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