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Highlights:

• Alaska Energy Metals plans to raise $3 million to drill the highly prospective Canwell target at the Nikolai project, Alaska.
• Ian Stalker, the initial CEO of K92 Mining and former CEO of UraMin, which sold for $2.6 billion, will stand for election as a director of Alaska Energy Metals. Ian has a strong track record of unlocking value in the battery metals sector.
• Tyron Breytenbach, former top metals analyst, and Mario Vetro, co-founder of K92 Mining, will also stand for election as directors.
• Paul Matysek, a serial entrepreneur who has developed and sold six publicly listed mining companies, creating over $3 billion in shareholder value, to join advisory board.

VANCOUVER, British Columbia, June 07, 2024 (GLOBE NEWSWIRE) — Alaska Energy Metals Corporation (TSX-V: AEMC, OTCQB: AKEMF) (“Alaska Energy Metals”, the “Company”, or “AEMC”) today announced that it plans to raise $3,000,000 gross proceeds through a non-brokered private placement (the “Offering”) of special warrants (the “Special Warrants”) to purchase units (the “Units”) at a price of $0.15 per Unit. The Special Warrants will convert to Units upon obtaining a receipt from the TSX Venture Exchange for a Base Shelf Prospectus supplement document to be filed by the Company. Each Unit will consist of one common AEMC share (the “Shares”) and one share purchase warrant (the “Warrants”) to purchase another Alaska Energy Metals share at a price of $0.20 for a three-year term.

The Company intends to use the net proceeds for drilling to test geological, geophysical and geochemical targets at the Canwell block of claims that form part of its Nikolai Nickel Project in Alaska. Three holes totaling 1,200 meters are planned for drilling. Proceeds will also be used for metallurgical testing of Eureka deposit drill core, marketing, and general working capital. The Canwell prospects are located near the Company’s Nikolai project Eureka deposit which represents a large accumulation of nickel with copper, cobalt, chrome, iron, platinum, palladium and gold.

Corporate Changes

The Company’s Annual General Meeting (“AGM”) of shareholders, scheduled for June 10, 2024, will be adjourned following the receipt of the annual consolidated financial statements and appointment of the auditor in order to facilitate changes to the Board of Directors. A notice of the date and time of the adjourned AGM, together with an addendum to the Information Circular and proxy, will be distributed to shareholders. Upon approval by shareholders, the Board will be set at six directors. The management nominees for election at the adjourned AGM will be Mario Vetro, Tyron Breytenbach, and Ian Stalker, along with incumbent directors Gregory Beischer, Mark Begich and, Corri Feige. Stepping off the board will be Peter Chilibeck and Larry Cooper. The Company thanks these two directors for more than a decade of service each. Mr. Chilibeck and Mr. Cooper have been invited to remain as advisors to the Company.

Mario Vetro: Mr. Vetro is an Investor / Financier and Partner at Commodity Partners of Vancouver, BC. Mr. Vetro has extensive experience in structuring and advising resource companies. He has successfully raised hundreds of millions of dollars for resource development projects and has participated in transactions ranging from $100 million to $1.5 billion.

Tyron Breytenbach: Mr. Breytenbach presently serves on the Company’s Advisory Board and has provided excellent advice. He is a strong technical geologist with experience in magmatic nickel deposits and extensive experience in international capital markets, having worked with Cormark and Stifel Canada.

Ian Stalker: Mr. Stalker is Executive Chairman of Bradda Head Lithium and has held numerous executive and board positions with resource-oriented companies. He has been involved in raising more than US$750 million from capital markets for a range of successful mining projects.

Paul Matysek: Joining the Company’s advisory board, Mr. Matysek is a well-known mineral resources developer and deal maker. He is the Executive Chairman for a number of companies including Nano One Materials Corp (TSE: NANO) and LithiumBank Resources Corp. (TSX-V: LBNK).

Greg Beischer, the Company CEO, commented: “The current team and board did a great job of identifying and defining the maiden mineral resource estimate at the Nikolai Nickel Project. The resource established to date is on track to be one of the largest nickel deposits in the United States. As companies grow, it becomes important to have depth in capital markets and operations. Seasoned mining veterans having key attributes for this stage of corporate development are needed. Tyron Breytenbach and Ian Stalker have great track records. If elected, I am confident they will maximize the Company’s chances of developing a world-class battery metals project at Nikolai in Alaska.”

About Alaska Energy Metals
Alaska Energy Metals Corporation is an Alaska-based corporation with offices in Anchorage and Vancouver working to sustainably deliver the critical materials needed for national security and a bright energy future, while generating superior returns for shareholders. 

AEMC is focused on delineating and developing the large-scale, bulk tonnage, polymetallic Eureka deposit containing nickel, copper, cobalt, chromium, iron, platinum, palladium, and gold. Located in Interior Alaska near existing transportation and power infrastructure, its flagship project, Nikolai, is well-situated to become a significant domestic source of strategic energy-related metals for North America. AEMC also holds a secondary project, ‘Angliers-Belleterre,’ in western Quebec. Today, material sourcing demands excellence in environmental performance, carbon mitigation, and the responsible management of human and financial capital. AEMC works every day to earn and maintain the respect and confidence of the public and believes that ESG performance is measured by action and led from the top.

ON BEHALF OF THE BOARD
“Gregory Beischer”
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Sarah Mawji, Public Relations
Venture Strategies
Email: [email protected]

Forward-Looking Statements
Some statements in this news release may contain forward-looking information (within the meaning of Canadian securities legislation), including, without limitation, the statements as to the Company’s intention to raise C$3 million, to drill exploratory drill holes at the Canwell prospects, and to perform metallurgical studies. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Forward-looking statements speak only as of the date those statements are made. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guaranteeing of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable law, the Company assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions, or changes in other factors affecting the forward-looking statements. If the Company updates any forward-looking statement(s), no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements.

This news release does not constitute an offer for sale, or a solicitation of an offer to buy, in the United States or to any “U.S Person” (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “1933 Act”)) of any equity or other securities of the Company. The securities of the Company have not been, and will not be, registered under the 1933 Act or under any state securities laws and may not be offered or sold in the United States or to a U.S. Person absent registration under the 1933 Act and applicable state securities laws or an applicable exemption therefrom.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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