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Alaska Energy Metals Corp. [TSXV-AEMC; OTCQB-AKEMF] has filed an updated NI 43-101 technical report on SEDAR+ for its 10%-owned Eureka property, Nikolai nickel project in Alaska, United States.

Highlights of the updated Eureka technical report and MRE (mineral resource estimate): The Eureka West and Eureka East deposits reported in the maiden 2023 MRE are now connected as one deposit measuring 4.5 km (2.8 miles) in length.

A significant portion of the Eureka MRE has been upgraded from inferred to indicated resource. The indicated resource contains 813 million tonnes (Mt) grading 0.29% nickel equivalent (NiEq) containing 3,877 million pounds (1,758,000 tonnes) of nickel; 1,276 million pounds (578,783 tonnes) of copper; 303 million pounds (137,438 tonnes) of cobalt; and 4 million ounces of platinum, plus palladium and gold.

The inferred resource increased from 319.6 million tonnes to 896 million tonnes, a 180% increase. The inferred resource contains 896 million tonnes grading 0.27% NiEq containing 4,225 million pounds (1,916,000 tonnes) of nickel; 1,040 million pounds (471,736 tonnes) of copper; 327 million pounds (148,324 tonnes) of cobalt; 3.4 million ounces of platinum, plus palladium and gold.

A higher-grade core, present over the southeastern half of the deposit, has been clearly confirmed and identified. The higher-grade core is open to the southeast, and the company has plans to drill test this zone in 2024.

As a consequence of joining the two deposits together, the strip ratio has been reduced from 3.7:1 to 1.5:1. Three parallel zones of mineralization are identified (EZ1, EZ2 and EZ3).

Chrome and iron have been identified as potentially significant co-products of mineralization at the Eureka deposit. The company will continue to evaluate the potential to produce a ferrochrome (FeCr) product through continuing metallurgical testing currently in progress.

The independent MRE and updated technical report were prepared by Stantec Consulting Services Inc. in accordance with NIt 43-101 regulations.

Alaska Energy Metals President & CEO, Gregory Beischer, commented: “It was fortunate that the spacing of the eight holes we drilled in 2023 allowed us to include 35 other holes that were drilled historically. This, in turn, allowed our consultant, Stantec, to produce a larger-than-expected Mineral Resource Estimate update. We now have a very substantial nickel deposit with a higher-grade core that could be mined early with a 0:1 strip ratio. This feature will be important for project economics. The deposit is open in all directions and the higher-grade zone, which projects to the southeast, will be drill tested during our planned 2024 drill program. So far, our discovery-exploration cost amounts to about one-tenth of a cent per pound of nickel discovered. This is a very good result for the funds entrusted to us by our shareholders.”

Alaska Energy Metals 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.

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