Alaska Silver Corp. has announced a private investment in public equity financing of up to C$7.6 million (approximately US$5.46 million) to fund a 50% expansion of its 2026 exploration drilling at the Illinois Creek Project in western Alaska.

The financing involves issuing up to 13,846,910 units at an offering price of C$0.55 per unit. Each unit consists of one common share and one common share purchase warrant, with each warrant entitling the holder to purchase an additional common share at C$0.75 for three years following closing. Crescat Capital LLC, a significant shareholder holding approximately 13.8% of Alaska Silver's common shares, is participating in the financing to maintain its ownership interest.

The proceeds will directly increase the company's active 2026 drilling program from 6,000 metres to approximately 9,000 metres, providing additional flexibility for target testing at Waterpump Creek and Silver Sage. Funding will also support ongoing metallurgical and technical work, as well as baseline environmental studies. The arrangement is expected to close on or about August 14, 2026, subject to customary closing conditions and regulatory approvals from the TSX Venture Exchange.

The 100%-owned project spans 80,895 acres in western Alaska and is anchored by the historical Illinois Creek Mine at the western end and the Waterpump Creek deposit to the east. Waterpump Creek hosts an Inferred Mineral Resource of 75 million ounces of silver equivalent at a grade of 279 g/t silver, 11.28% zinc, and 9.87% lead, remaining open to both the north and south.

"We are delighted with the strong support for this financing from Crescat and others that lets us immediately expand our 2026 drill program by 50% and aggressively advance our highest-priority targets across the Illinois Creek district"

"Drilling is progressing so well at both Waterpump Creek and Silver Sage that the drillers are ahead of plan by nearly 25%, which leaves plenty of time during the current exploration season for an additional 3,000 metres of follow up drilling on what we've seen already"

— Kit Marrs, President and CEO

The broader commodity market provides supportive background context, with silver priced at US$65.04 per ounce, reflecting an 8.65% increase over the thirty-day period leading to August 11, 2026.

Read the full announcement: Alaska Silver Announces C$7.6 Million Pipe Financing to Expand 2026 Drill Program to 9,000 Metres