Alaska Silver Corp · TSXV:WAM
Alaska Silver — Investor Presentation (April 2026)
35 slides from Alaska Silver's investor presentation, April 2026
Slide 1: High Grade Silver: Advancing North America's Next Major Silver & Critical Minerals District
HIGH GRADE SILVER 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 Past-Producing Mine Illinois Creek Deposit 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 Silver-Zinc-Lead-Gallium Waterpump Creek Deposit 75Moz @ 980 g/t AgEq1 Inf. High-Grade Precious Metals + Critical Minerals
Slide 4: Illinois Creek is a Major Carbonate Replacement Deposit System
ILLINOIS CREEK IS A MAJOR CARBONATE SCALE COMPARISON TO MAJOR REPLACEMENT DEPOSIT SYSTEM (“CRD”) CRDS – HIGH GRADE, SIMPLE WITH UPSIDE POTENTIAL AND SCALE MINING, LOW CAPEX WPC: 2.4 Mt @ 980 grams per ton Silver Equivalent* 19.1 Mt @ 1106 g/t AgEq* 51.6 Mt @ 809 AgEq* Silver Sage 2025 Discovery All
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) 450 GRADE 1,200 980 G/T AgEq AgEq (moz) AgEq (g/t) 400 1,000 350 300 800 Metal (moz) 250 Grade (g/t) 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 31 GALLIUM Electronics Ga Alaska Silver is investigating Ga potential at WPC • Waterpump Creek shows promising Ga concentrations Telecommunications ranging from 63
Slide 7: Capital Structure Ownership
CAPITAL STRUCTURE OWNERSHIP Publicly Issued and Outstanding Shares* 88.53M Directors & Officers 18.8% Options & RSU’s 5.1M Other 49.2% Founders Warrants (CDN$3.10, 2.30, 0.65 0.90, US$.97) 36.8M own 12.8% of Fully Diluted 129.8M shares US OTCQX IPO 10/3/25 US$13,800,000 @ Institutional 32% US$.65/CD
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 +30 years capital markets, exploration 2009 PDAC Thayer Lindsley & AME Illinois Creek, and corpora
Slide 9: 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 Alaska Silver Clear State
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 32,737 hectares (80,895 acres) ✔ 100% owned - No underlying third-party agreements & no royalties ALASKA’S FIRS
Slide 11: Infrastructure
INFRASTRUCTURE The project is accessible via large cargo aircraft. Our 20-km internal road system allows for road- supported drilling. 45-person camp and newly upgraded double- wall fuel storage capacities. C-130 on IC 4,400 ft Airstrip TSX-V: WAM 11
Slide 12: Unlocking Alaska's Next Major CRD Districts
UNLOCKING ALASKA'S NEXT MAJOR CRD DISTRICTS TWO UNDER-EXPLORED CRD-PORPHYRY SYSTEMS “An octopus rarely has only one arm” – Dr. Peter Megaw Illinois Creek-Waterpump Creek CRD System • 2 CRD Resources • Illinois Creek Au-Ag Round Top • Waterpump Creek Ag-Pb-Zn System • Numerous CRD targets • Warm Spri
Slide 13: Silver Sage Discovery – July 2025
UNLOCKING ALASKA'S NEXT MAJOR CRD DISTRICT Silver Sage Discovery – July 2025 OPEN 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
Slide 14: 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 WPC Sulfide • High-grade Ag-Zn-Pb Resource • Thick mining widths • Open to expansion: WPC South Target WPC South Target Tonnes Average Grade Contained Metal Class (
Slide 15: Waterpump Creek 2026 Targeting
WATERPUMP CREEK 2026 TARGETING • Goal: Expand the High-Grade WPC Resource • WPC South is priority drill target • WPC North is secondary drill target WPC North Target • CRD system likely continues to the south, as demonstrated by significant alteration • Drilling in 2023-2025 have provided insights i
Slide 16: Silver Sage Discovery
SILVER SAGE DISCOVERY Brand new zone, 550 m mineralization footprint and 1.1 km alteration footprint: A major development for the Illinois Creek CRD System ❖ Initially discovered through trenching in early 2025, which was following up on soil anomalies ❖ Grab samples up to 1235 g/t Ag with 65.39% Pb
Slide 17: Trench 45 – The Galena Trench
TRENCH 45 – THE GALENA TRENCH Polymetallic Discovery – Ag, Pb, Zn, Au, Cu Grab samples from trenches included: • 1235 g/t Ag with 65.39% Pb • 1135 g/t Ag with 72.69% Pb • 0.5m channel sample: 326 g/t Ag and 30.57% Pb • Up to 12.05% Zn over 1.85m channel sample in T47 • Up to 0.551 g/t Au over 1.0m c
Slide 18: Silver Sage Zone: 2025 Drilling
Schist SILVER SAGE ZONE: 2025 Drilling Package Carbonate Greenstone Package SS25-0006: 2.9m @ 18.52 g/t Ag, T50 1.10% Pb, 1.15% Zn T45 – Galena Trench Grab samples up to 1235 g/t Ag and 65.39% Pb SS25-0007: 3.2m @ 31.46 g/t Ag, T46 0.80% Pb, 0.53% Zn T41 SS25-0001: 3.1m @ 0.43 g/t Au, 61.86 g/t Ag,
Slide 19: Growth Catalysts
GROWTH CATALYSTS ❖ Expansion drilling at Waterpump Creek South Target ❖ Designed to Increase High-Grade Silver Resource ❖ Updated 2026 Illinois Creek Resource Estimate – Completed January 2026 ❖ Permitting All-weather access to Yukon River ❖ Refine the geologic model & enhance Drill Targeting by ❖ U
Slide 20: Social License: Actions Speak Louder Than Words
Social License: Actions Speak Louder Than Words Actions Commitments Host community site Visits from all local visits communities nearest to our project since 2016 Local hires (since 2017) Successful local hiring: core cutters, cooks, core technicians, mechanics, Attend tribal council drill helpers m
Slide 21: Why Invest?
WHY INVEST? We surpass the fundamental Junior Mining Investment Due Diligence requirements: High-Grade Precious Metals + Critical Minerals Team Two stand-alone resources on either end of an Proven Success 8km corridor with large upside potential Capital Structure Tight, Management owns ~30% Silver-Z
Slide 22: 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 23: Appendix
Appendix Waterpump Creek Silver Sage Target Warm Springs Target 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 (current NI 43-101. & SK-1300) 23
Slide 24: Round Top: Cu-Mo-Ag Porphyry
ROUND TOP: Cu-Mo-Ag Porphyry • Open at depth • Another source of hydrothermal fluids for CRD-Skarn mineralization • 25 km NE of Illinois Creek in another Porphyry-Skarn-CRD System • Large system – identified 1.2 x 1.3 km area of porphyry Cu-Ag-Mo mineralization • Widespread primary Cu mineralization
Slide 25: Round Top: Cu-Mo-Ag Porphyry
ROUND TOP: Cu-Mo-Ag Porphyry From To Interval Cu Ag Mo Drill Hole (m) (m) (m) (%) (g/t) (ppm) RT-11 138 177 39 0.51 8.6 16 RT17-018 181 212 31.6 0.72 23.8 7 RT17-019 147 176 28.7 0.92 8.5 81 RT18-022 334 374 15.1 0.34 1.4 186 RT18-022 433 465 31.8 0.27 12 170 RT18-022 442 465 22.8 0.31 16.5 160 RT18
Slide 26: TG/TGN: Ag-Pb-Zn CRD Target
TG/TGN: Ag-Pb-Zn CRD Target WPC-Style CRD Potential adjacent to the Round Top Porphyry System RT18-029: Round Top 6.1 m of 1.6% Pb and 64g/t Ag Porphyry Cu Deposit • Major potential for WPC- style CRD mineralization adjacent to the Round Top Porphyry Cu deposit TG-1: • Multi km coincident Ag, Pb, 23
Slide 27: Round Top - TG/TGN System Geochemistry
Round Top - TG/TGN System Geochemistry Soil data shows a 6 x 8 km East Lobe Mo core fluid package – analogous to the Illinois Creek CRD Round Top Round Top system Cu-Mo Porphyry Cu-Mo Porphyry Round Top System is West Lobe cored by two proximal porphyry Cu target areas – the East Lobe and the West L
Slide 28: Honker: High-Grade Gold Oxide Target
HONKER: High-Grade Gold Oxide 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 num
Slide 29: Heap Leach Pad Au-Ag Resource
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 Details 29
Slide 30: Timeline
2026: WPC South + Silver Sage Drill Progi Original Anaconda Mine Reclaimation Discoveries: Piekenbrock stakes IC, WPC, LH IC mine & WPC Round Top, Honker CRD claims (Au, Ag, Cu, Pb, Zn) Marrs stakes WPC CRDre-discovery Infill WPC intercepts, Silver Sage Round Top, (Ag-Pb-Zn), LH drilling Discovery H
Slide 31: 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) • Mul
Slide 32: CRD Manto Geometry
CRD Manto Geometry 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
Slide 33: 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 34: 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 35: 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