Alaska Energy Metals Announces At-the-Market Offering of up to $10 Million

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VANCOUVER, BC / ACCESS Newswire / January 31, 2025 / Alaska Energy Metals Corporation (TSXV:AEMC)(OTCQB:AKEMF) ("AEMC" or the "Company") today announced that it has entered into an equity distribution agreement dated January 31, 2025 (the "Distribution Agreement") with Haywood Securities Inc. ("Haywood" or the "Agent"). Under the Distribution Agreement, the Company will be entitled, at its discretion and from time-to-time during the term of the Distribution Agreement, to sell, through Haywood, as sole and exclusive placement agent, such number of common shares of the Company (the "Common Shares") having an aggregate gross sales price of up to $10 million (the "ATM Offering"). Sales of the Common Shares will be made through "at-the-market distributions", as defined in National Instrument 44-102 - Shelf Distributions, directly on the TSX Venture Exchange (the "TSXV") or, if any, other recognized Canadian "marketplace" within the meaning of National Instrument 21-101 - Marketplace Operations where the Common Shares are listed, quoted or otherwise traded. The volume and timing of distributions under the ATM Offering, if any, will be determined in the Company's sole discretion. The Common Shares will be distributed at market prices or prices related to prevailing market prices from time to time. As a result, prices of the Common Shares sold under the ATM Offering will vary as between purchasers and during the period of distribution. The ATM Offering will be effective until the earlier of the issuance and sale of all of the Common Shares issuable pursuant to the ATM Offering and November 30, 2026, unless terminated prior to such date by the Company or the Agent in accordance with the terms of the Distribution Agreement.

Distributions of the Common Shares under the ATM Offering will be made and qualified by way of a prospectus supplement dated January 31, 2025 (the "Prospectus Supplement") to the Company's existing short form base shelf prospectus (the "Base Shelf Prospectus") dated November 1, 2024. The Prospectus Supplement has been filed with the securities commissions in all provinces and territories of Canada. The Prospectus Supplement (together with the related Base Shelf Prospectus) is available on the SEDAR+ website maintained by the Canadian Securities Administrators at www.sedarplus.ca. Alternatively, the Company or Haywood will send the Prospectus Supplement (including the Base Shelf Prospectus) upon request. Such requests may be made by sending an email to Haywood at [e-mail].