Alaska Energy Metals Corporation announced that it has filed an Updated National Instrument 43-101 Technical Report for its 100% owned Eureka Property, Nikolai Nickel Project in Alaska, USA. Highlights of the Updated Eureka Technical Report and MRE include: The Eureka West and Eureka East deposits reported in the maiden 2023 MRE are now connected as one deposit measuring 4.5 kilometers (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 grading 0.29% NiEq containing: 3,877 million pounds (1.758 million tonnes) of nickel; 1,276 million pounds (578,783 tonnes) of copper; 303 million pounds (137,438 tonnes) of cobalt; and 4.0 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 million tonnes) of nickel; 1,040 million pounds (471,736 tonnes) of copper; 327 million pounds (148,324 tonnes) of cobalt and 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. AEMC will continue to evaluate the potential to produce a ferrochrome (FeCr) product through ongoing metallurgical testing currently in progress. The Independent MRE and Updated Technical Report were prepared by Stantec Consulting Services Inc. in accordance with National Instrument 43-101 regulations.