Alaska Energy Metals Corporation announced it has received assay results from rock samples collected on the Canwell block of claims (Property) during summer 2023. The Company has also received results for its 2023 Controlled-source Audio-frequency Magnetotellurics (CSAMT) and Time-Domain Electromagnetic (TEM) ground-based geophysical survey program on the Canwell Property. Test surveys were also done on the Eureka Property.

Together, the Canwell and Eureka Properties form the Nikolai Nickel Project, which is located approximately 130km south of Delta Junction, Alaska, within the Delta River Mining District, Interior Alaska. The Company's 2023 geophysical program was designed to test CSAMT responses over known mineralization, as well as to identify untested targets. The second stage utilized TEM over low-resistivity zones defined in the CSAMT.

This targeted approach was to locate potential ultramafic rocks and then observe electromagnetic responses that may reveal a conductive mineralized body. Multiple untested targets have been defined from the survey, with plans to test these targets during the 2024 exploration program. Figure 2 provides an overview of the CSAMT and TEM survey grid, interpreted TEM anomalies (black dashed lines and anomaly number), CSAMT low- resistivity anomalies (red lines), TEM diffusion grids (color grids), and surface rock sample results from the 2023 program.

Map of CSAMT and TEM grid lines with TEM diffusion current, interpreted TEM anomalies, CSAMT low-resistivity areas and 2023 surface sample locations and results. A crossover/inflection in the Z-component and a broad peak in the X-component is observed at mid-time near TEM station 650 (3B). This area has ultramafic rocks mapped at surface and has been tested by historical drilling to the south, with disseminated mineralization encountered.

Further geological mapping and sampling around these anomalies will be completed with two drill holes proposed in 2024 to test these CSAMT and TEM anomalies. Section view through CSAMT L65550 and TEM Anomaly 3A & 3B, displaying historic drill hole nickel intercepts and proposed drill holes for 2024. Located in central Alaska near existing transportation and power infrastructure, the project is well- situated to become a significant, domestic source of critical and strategic energy-related metals for the American market.

Additionally, the company is exploring the Angliers Nickel Project in Western Quebec.