Alaska Silver Announces Closing of US$13.8 Million Offering

Rhea-AI Summary

Alaska Silver (WAMFF) closed a US$13.8 million offering on October 3, 2025, selling 21,229,000 Units at US$0.65 per Unit for gross proceeds of US$13,798,850. Each Unit includes one subordinate voting share and one warrant exercisable at US$0.97 for three years from closing. The full over-allotment option was exercised.

Net proceeds will fund mineral exploration, repay certain debt and provide working capital. The offering was led by Cantor Fitzgerald with a syndicate of underwriters. The company paid an underwriting discount of US$1,034,913.75 and issued 849,160 underwriters' warrants exercisable at US$0.97 starting 180 days after Sept 30, 2025 for 18 months.

Positive

• Gross proceeds of US$13.8M
• Issued 21,229,000 Units to strengthen liquidity
• Warrants exercisable at US$0.97 for three years
• Underwriters' warrants 849,160 issued

Negative

• Underwriting discount of US$1,034,913.75
• Potential dilution from 21.2M new shares and warrants
• Underwriters' warrants exercisable starting 180 days after Sept 30, 2025

Tucson, Arizona--(Newsfile Corp. - October 3, 2025) - Alaska Silver Corp. (TSXV: WAM) (the "Company," "Alaska Silver" or "WAM") is pleased to announce that it has closed its previously announced offering of 21,229,000 units of the Company ("Units") at a price of US$0.65 per Unit for gross proceeds of US$13,798,850 (the "Offering"). The Offering was led by Cantor Fitzgerald & Co. ("Cantor") as lead book-running manager on behalf of a syndicate of underwriters including Canaccord Genuity Corp., ATB Capital Markets Inc. and Agentis Capital Markets (First Nations Financial Markets LP) (collectively, the "Underwriters"). Each Unit consists of one subordinate voting share and one subordinate voting share purchase warrant (a "Warrant"). Each Warrant is exercisable for one subordinate voting share of the Company at US$0.97 until the date which is three years from the closing date of the Offering. The full over-allotment option granted by the Company to the Underwriters was exercised in connection with the Offering.

The net proceeds of the Offering will be used to fund the Company's mineral exploration activities, to repay certain outstanding debt and for general working capital purposes.

The Offering was completed (i) in each of the Provinces and Territories of Canada, except for Quebec, in reliance on the "listed issuer financing" exemption from the prospectus requirements available under Part 5A.2 of National Instrument 45-106 - Prospectus Exemptions, as modified by Coordinated Blanket Order 45-935 - Exemptions from Certain Conditions of the Listed Issuer Financing Exemption, and pursuant to the public offering exemption available under BC Instrument 72-503 - Distribution of Securities outside British Columbia; (ii) in the United States pursuant a prospectus that forms a part of an effective registration statement filed with the Securities and Exchange Commission; and (iii) in such other jurisdictions other than Canada and the United Sates pursuant to relevant prospectus or registration exemptions in accordance with applicable laws, provided that no prospectus filing or comparable obligation, ongoing reporting or continuous disclosure requirement or requisite regulatory or governmental approval arises or has arisen in such jurisdictions. There is no hold period on the Units issued in the Offering.

In connection with the Offering, the Company paid to the Underwriters an underwriting discount of US$1,034,913.75 and issued to the Underwriters warrants to purchase up to 849,160 subordinate voting shares (the "Underwriters' Warrants"). Each Underwriters' Warrant entitles the holder thereof to acquire subordinate voting shares of the Company at a per share exercise price of US$0.97 beginning on the date which is 180 days after September 30, 2025, which is the date of the pricing of the Offering (the "Pricing Date"), until the date which is 18 months after the Pricing Date.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the Company's securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company's securities in any state or jurisdiction in which such offers, solicitations or sales would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Alaska Silver

Alaska Silver is one of the pioneers of North America's next major silver and critical minerals district at the Illinois Creek Project, a prolific 8-km mineral corridor hosting two stand-alone deposits with a new Warm Springs discovery zone in between (the "IC project"). The claims of the IC project cover a 100% owned land package of 73,535 acres (115 square miles or 29,758 hectares), located approximately 38 kilometers from the region's marine highway, the Yukon River.

"Kit Marrs"

Kit Marrs
President & CEO
Phone: (520) 200-1667
kit@alaskasilver.com

Patrick Donnelly
Executive Vice President
pat@alaskasilver.com

Or visit our website at: www.alaskasilver.com

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

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof. This forward looking information relates to, among other things, the intended use of proceeds from the Offering.

Such forward-looking information is based on numerous assumptions, including among others, that the Company will be able to utilize the proceeds of the Offering in the manner intended. Although the assumptions made by the Company in providing forward-looking information is considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate and actual results and future events could differ materially from those anticipated in such information.

Important factors that could cause actual results to differ materially from the Company's plans or expectations include market conditions, metal prices, and the risk that the Company will not be able to utilize the proceeds of the Offering in the manner intended. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. Any forward-looking information contained in this news release is expressly qualified in their entirety by this cautionary statement. We seek safe harbor.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269046

FAQ

How much did Alaska Silver (WAMFF) raise in the October 3, 2025 offering?

The company raised gross proceeds of US$13,798,850 from the offering.

How many Units were issued in Alaska Silver's (WAMFF) offering and at what price?

The offering issued 21,229,000 Units at US$0.65 per Unit.

What are the warrant terms attached to the Units in the WAMFF offering?

Each Unit includes a warrant exercisable for one share at US$0.97 until three years from closing.

What will Alaska Silver (WAMFF) use the net proceeds for after the offering?

Net proceeds will fund mineral exploration, repay certain outstanding debt and for general working capital.

What fees and additional securities were issued to underwriters in the WAMFF deal?

The company paid an underwriting discount of US$1,034,913.75 and issued 849,160 underwriters' warrants at US$0.97.

When do the underwriters' warrants from the WAMFF offering become exercisable and for how long?

They become exercisable 180 days after Sept 30, 2025 (pricing date) and remain exercisable for 18 months.