Alaska Silver Corp. appointed Aaron Schutt as Chief Executive Officer effective October 1, 2026, under an Executive Employment Agreement providing a $300,000 base salary, an annual bonus opportunity of up to 70% of salary, eligibility for long-term incentives, and 500,000 stock options. Co‑founder Christopher (Kit) Marrs will step down as President and CEO on that date and has been named Executive Chairman effective immediately, remaining in that role after the transition. The agreement includes severance protections, with enhanced benefits if a qualifying termination occurs within 12 months of a Change of Control. The filing also highlights Alaska Silver’s Illinois Creek Project in western Alaska, including an Inferred Mineral Resource of 75 Moz AgEq at the Waterpump Creek zone and additional gold and silver resources at the historical Illinois Creek Mine.
Alaska Silver Corp. has started its fully funded 2026 drilling and exploration program at its 100%-owned Illinois Creek Project in western Alaska. The two‑rig, 6,000 meter program aims to expand the Waterpump Creek resource, test the Silver Sage target, and advance additional prospects across the district.
Work includes drill campaigns at Waterpump Creek north and south, extensive drilling at Silver Sage, and trenching at the TG/TG North areas and along the Illinois Creek corridor to generate new drill-ready targets. The company is also advancing environmental baseline and geoscience studies to support future permitting and regulatory assessments while leveraging existing high-grade silver and gold resource bases at Waterpump Creek and the historical Illinois Creek Mine.
Alaska Silver Corp. plans to settle C$1,237,962 in deferred management fee debt by issuing 1,509,710 common shares at C$0.82 per share to senior executives and an affiliated entity, subject to TSX Venture Exchange and disinterested shareholder approval.
The settlement shares will carry a four‑month hold period under Canadian securities laws. The company also granted 100,000 stock options to an officer under its Long-Term Incentive Plan, each exercisable at C$0.82 per share for five years.
Alaska Silver Corp. reported net income of $1,234,517 for the three months ended March 31, 2026, compared with a net loss of $855,852 a year earlier. This swing to profit was driven mainly by a non‑cash gain of $3,072,275 from revaluing derivative warrant liabilities, partly offset by a $452,492 loss on settlement of a promissory note and higher exploration and consulting costs.
Operating expenses rose to $1,330,742, reflecting increased exploration, management, and marketing activity as the company advanced its Alaska projects. Cash and cash equivalents declined to $6,433,387 from $9,054,203, largely due to operating cash outflows of $1,673,826 and net financing outflows of $934,204, including repayment of a $1,200,000 loan plus $120,000 interest.
The balance sheet showed total assets of $14,122,314 and working capital of $2,064,814 at March 31, 2026. The company remains a pre‑revenue mineral explorer with an accumulated deficit of $48,130,769, and its financial statements state that material uncertainties related to funding and profitability cast substantial doubt on its ability to continue as a going concern.
Alaska Silver Corp. appointed Aaron Schutt to its Board of Directors effective May 13, 2026. Schutt is President and CEO of Doyon Limited and brings long experience in Alaska-focused natural resource and utility businesses.
The company also granted 1,045,609 restricted share units to directors and officers and 960,000 stock options to directors, officers, employees and consultants, including 500,000 options to directors and officers. Each RSU converts into one common share after one year, and each option is exercisable at C$0.805 for five years.
The accompanying news release highlights Alaska Silver’s Illinois Creek Project, including significant inferred and indicated mineral resources, and discusses forward-looking expectations around a simplified capital structure, new CUSIP/ISIN and potential trading liquidity benefits.
Alaska Silver Corp. has amended its Articles to eliminate its dual-class share structure, removing the proportionate voting share class and redesignating its subordinate voting shares as a single class of Common Shares with no par value and an unlimited number authorized.
This capital structure change follows the prior conversion of all outstanding proportionate voting shares into subordinate voting shares on March 9, 2026. The amendment became effective May 7, 2026, and the Common Shares are anticipated to begin trading on the TSX Venture Exchange under a new CUSIP and ISIN on May 11, 2026, while retaining the WAM trading symbol.
Alaska Silver Corp. is a British Columbia-based mineral exploration company focused on the Illinois Creek district in western Alaska, holding over 80,000 acres with gold, silver, copper, lead and zinc targets. It has no operating revenues and relies on exploration-stage activities.
The company reported net losses of $7,279,098 in 2024 and $8,861,799 in 2025, and its auditor raised substantial doubt about its ability to continue as a going concern. As of March 16, 2026, it had 88,749,150 subordinate voting shares outstanding and a non‑affiliate equity value of about $32.6 million as of June 30, 2025.
Alaska Silver’s only material property is the Illinois Creek Project, with announced mineral resources but no proven or probable reserves. The company plans significant 2026 drilling at the Waterpump Creek deposit and the new Silver Sage zone, while facing liquidity risks, dependence on a single project, regulatory and environmental obligations, and exposure to volatile metal prices.
Alaska Silver Corp. filed a current report describing a fully funded summer 2026 exploration program at its 100%-owned Illinois Creek Project in western Alaska. The plan includes a minimum of 6,000 meters of diamond drilling using two company-owned rigs, starting in early June.
Drilling will target the high-grade Waterpump Creek deposit and the newly discovered Silver Sage Zone, along with scout holes on other priority targets. Waterpump Creek hosts an Inferred Mineral Resource of 75 million ounces silver equivalent at a grade of 279 g/t silver, 11.28% zinc and 9.87% lead, while Illinois Creek contains additional gold and silver resources.
Alaska Silver also outlines regional work across two carbonate replacement deposit–porphyry hubs, Illinois Creek and Round Top, including mapping, geochemistry, trenching and target refinement around the TG and TG North prospects, aiming to advance multiple high-potential CRD targets across the 32,737-hectare land package.
Alaska Silver Corp. filed an updated NI 43-101 technical report for the Illinois Creek gold-silver deposit, confirming the previously announced mineral resource estimate with no material changes to earlier scientific or technical disclosures.
The updated Illinois Creek oxide resource, at a US$24/t NSR cut-off, lists Indicated resources of 9.0 million tonnes grading 0.92 g/t gold and 29.7 g/t silver, containing 260 thousand ounces of gold and 8.3 million ounces of silver. Inferred resources total 10.9 million tonnes grading 0.84 g/t gold and 30.1 g/t silver, for 290 thousand ounces of gold and 10.4 million ounces of silver. The company highlights that indicated gold and silver ounces increased by 11% and 7%, respectively, and that inferred gold and silver ounces nearly doubled versus previous estimates, with oxide mineralization amenable to heap or vat leach and remaining open along strike and at depth.
Alaska Silver Corp. filed a current report describing a planned simplification of its share structure. The company will convert all issued and outstanding proportionate voting shares into subordinate voting shares on a one-for-one hundred basis, with a record date of March 9, 2026.
The dual-class structure had been used to help maintain foreign private issuer status, which the company lost when a majority of voting equity came to be held by U.S. residents as of January 1, 2025. About 73% of the proportionate voting shares being converted are held by ten key officers, founders, directors and long-time major shareholders who have agreed to voluntary lock-ups for up to 12 months after the record date, with staged releases at 6, 9 and 12 months. After the conversion, Alaska Silver intends to re-designate the subordinate voting shares as common shares at its next annual meeting.