http://fasb.org/us-gaap/2025#RelatedPartyMember--12-312026Q10001893899http://fasb.org/us-gaap/2025#RelatedPartyMemberUnlimited0false0001893899wamff:U.s.ResidentShareholderMemberwamff:ExchangeThroughProportionateSharesOnlyMemberwamff:ProportionateVotingSharesMember2021-01-012021-12-310001893899wamff:U.s.ResidentShareholderMemberwamff:ExchangeThroughMergerUnitMemberwamff:ProportionateVotingSharesMember2021-01-012021-12-310001893899wamff:U.s.ResidentShareholderMemberwamff:SubordinateVotingSharesMember2021-01-012021-12-310001893899wamff:NonU.s.ResidentShareholderMemberwamff:SubordinateVotingSharesMember2021-01-012021-12-310001893899wamff:RsuGrantDecember2025Memberwamff:SubordinateVotingSharesMember2025-12-180001893899wamff:RsuGrantJune2025Memberwamff:SubordinateVotingSharesMember2025-06-260001893899wamff:RsuGrantMarch2025Memberwamff:SubordinateVotingSharesMember2025-03-310001893899us-gaap:RestrictedStockUnitsRSUMemberwamff:SubordinateVotingSharesMemberus-gaap:SubsequentEventMember2026-05-130001893899us-gaap:RestrictedStockUnitsRSUMember2024-03-012024-03-0100018938992021-12-310001893899wamff:IllinoisCreekMineProjectAlaskaMember2021-01-012021-12-310001893899wamff:PawPrintPropertyMember2026-01-012026-03-310001893899wamff:KhotolPropertyMember2026-01-012026-03-310001893899wamff:OtherExplorationTargetProjectsAlaskaMember2025-01-012025-12-310001893899wamff:OtherExplorationTargetProjectsAlaskaMember2023-01-012023-12-310001893899wamff:OtherExplorationTargetProjectsAlaskaMember2022-01-012022-12-310001893899wamff:UnsecuredLoanPromissoryNoteMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001893899wamff:PromissoryNoteMember2023-09-302023-09-300001893899wamff:PromissoryNoteMember2024-12-310001893899wamff:PromissoryNoteMember2023-09-300001893899wamff:UnsecuredLoanPromissoryNoteMember2026-03-230001893899wamff:BrokerWarrantsMember2026-03-310001893899us-gaap:DerivativeMember2026-01-012026-03-310001893899us-gaap:DerivativeMember2025-01-012025-12-310001893899wamff:WesternAlaskaCopperGoldCompanyMemberwamff:IllinoisCreekMineProjectAlaskaMemberwamff:PromissoryNoteMember2021-12-310001893899wamff:SubordinateVotingSharesMember2026-01-012026-03-310001893899wamff:SubordinateVotingSharesMember2025-01-012025-03-310001893899wamff:ProportionateVotingSharesMember2025-01-012025-03-310001893899us-gaap:MeasurementInputRiskFreeInterestRateMember2026-03-310001893899us-gaap:MeasurementInputPriceVolatilityMember2026-03-310001893899us-gaap:MeasurementInputExpectedTermMember2026-03-310001893899us-gaap:MeasurementInputExpectedDividendRateMember2026-03-310001893899us-gaap:MeasurementInputRiskFreeInterestRateMember2025-10-010001893899us-gaap:MeasurementInputPriceVolatilityMember2025-10-010001893899us-gaap:MeasurementInputExpectedTermMember2025-10-010001893899us-gaap:MeasurementInputExpectedDividendRateMember2025-10-010001893899us-gaap:MeasurementInputRiskFreeInterestRateMember2025-03-120001893899us-gaap:MeasurementInputPriceVolatilityMember2025-03-120001893899us-gaap:MeasurementInputExpectedTermMember2025-03-120001893899us-gaap:MeasurementInputExpectedDividendRateMember2025-03-1200018938992025-10-010001893899wamff:ProportionateVotingSharesMemberus-gaap:CommonStockMember2026-01-012026-03-310001893899wamff:IllinoisCreekMineProjectAlaskaMemberwamff:PromissoryNoteMember2021-01-012021-12-310001893899us-gaap:RetainedEarningsMember2026-03-310001893899us-gaap:AdditionalPaidInCapitalMember2026-03-310001893899us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001893899us-gaap:RetainedEarningsMember2025-12-310001893899us-gaap:AdditionalPaidInCapitalMember2025-12-310001893899us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001893899us-gaap:RetainedEarningsMember2025-03-310001893899us-gaap:AdditionalPaidInCapitalMember2025-03-310001893899us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001893899us-gaap:RetainedEarningsMember2024-12-310001893899us-gaap:AdditionalPaidInCapitalMember2024-12-310001893899us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001893899wamff:ExercisePrice3.16Member2026-03-310001893899wamff:ExercisePrice2.75Member2026-03-310001893899wamff:ExercisePrice1.65Member2026-03-310001893899wamff:ExercisePrice0.96Member2026-03-310001893899wamff:ExercisePrice0.85TwoMember2026-03-310001893899wamff:ExercisePrice0.85OneMember2026-03-310001893899wamff:ExercisePrice0.73Member2026-03-310001893899wamff:ExercisePrice0.64Member2026-03-310001893899wamff:ExercisePrice0.63Member2026-03-310001893899wamff:ExercisePrice0.49Member2026-03-310001893899wamff:ExercisePrice0.45Member2026-03-310001893899wamff:ExercisePrice3.16Member2026-01-012026-03-310001893899wamff:ExercisePrice2.75Member2026-01-012026-03-310001893899wamff:ExercisePrice1.65Member2026-01-012026-03-310001893899wamff:ExercisePrice0.96Member2026-01-012026-03-310001893899wamff:ExercisePrice0.85TwoMember2026-01-012026-03-310001893899wamff:ExercisePrice0.85OneMember2026-01-012026-03-310001893899wamff:ExercisePrice0.73Member2026-01-012026-03-310001893899wamff:ExercisePrice0.64Member2026-01-012026-03-310001893899wamff:ExercisePrice0.63Member2026-01-012026-03-310001893899wamff:ExercisePrice0.49Member2026-01-012026-03-310001893899wamff:ExercisePrice0.45Member2026-01-012026-03-310001893899us-gaap:EmployeeStockOptionMember2026-03-310001893899us-gaap:EmployeeStockOptionMember2025-12-310001893899us-gaap:EmployeeStockOptionMember2024-12-310001893899us-gaap:EmployeeStockOptionMember2025-01-012025-12-310001893899us-gaap:EmployeeStockOptionMemberus-gaap:SubsequentEventMember2026-05-132026-05-130001893899us-gaap:RestrictedStockUnitsRSUMember2026-03-310001893899us-gaap:RestrictedStockUnitsRSUMember2024-12-310001893899us-gaap:RestrictedStockUnitsRSUMember2025-12-182025-12-180001893899us-gaap:RestrictedStockUnitsRSUMember2025-06-262025-06-260001893899us-gaap:RestrictedStockUnitsRSUMember2025-03-312025-03-310001893899us-gaap:RestrictedStockUnitsRSUMember2024-12-272024-12-270001893899wamff:RsuGrantDecember2025Member2025-12-180001893899wamff:RsuGrantJune2025Member2025-06-260001893899wamff:RsuGrantMarch2025Member2025-03-310001893899us-gaap:RestrictedStockUnitsRSUMemberus-gaap:SubsequentEventMember2026-05-132026-05-130001893899wamff:PromissoryNoteMemberus-gaap:RelatedPartyMember2026-01-012026-03-310001893899wamff:PromissoryNoteMember2026-01-012026-03-310001893899wamff:PromissoryNoteMemberus-gaap:RelatedPartyMember2025-01-012025-03-310001893899us-gaap:RelatedPartyMember2026-03-310001893899us-gaap:RelatedPartyMember2025-12-310001893899us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001893899wamff:PromissoryNoteMemberus-gaap:RelatedPartyMember2026-03-310001893899wamff:PromissoryNote2021Member2026-03-310001893899wamff:PromissoryNoteMemberus-gaap:RelatedPartyMember2025-12-310001893899wamff:PromissoryNote2025Member2025-12-310001893899wamff:PromissoryNote2021Member2025-12-310001893899us-gaap:RetainedEarningsMember2026-01-012026-03-310001893899us-gaap:RetainedEarningsMember2025-01-012025-03-310001893899wamff:WesternAlaskaCopperAndGoldCompanyMember2026-03-310001893899wamff:PiekIncMember2026-03-310001893899wamff:RoundTopPropertyAlaskaMember2026-03-310001893899wamff:OtherExplorationTargetProjectsAlaskaMember2026-03-310001893899wamff:IllinoisCreekMineProjectAlaskaMember2026-03-310001893899wamff:HonkerPropertyAlaskaMember2026-03-310001893899wamff:RoundTopPropertyAlaskaMember2025-12-310001893899wamff:OtherExplorationTargetProjectsAlaskaMember2025-12-310001893899wamff:IllinoisCreekMineProjectAlaskaMember2025-12-310001893899wamff:HonkerPropertyAlaskaMember2025-12-310001893899wamff:RoundTopPropertyAlaskaMember2024-12-310001893899wamff:OtherExplorationTargetProjectsAlaskaMember2024-12-310001893899wamff:IllinoisCreekMineProjectAlaskaMember2024-12-310001893899wamff:HonkerPropertyAlaskaMember2024-12-310001893899wamff:PromissoryNoteMember2026-03-310001893899wamff:PromissoryNoteMember2025-12-310001893899us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001893899us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001893899wamff:EquipmentAndVehiclesMember2026-01-012026-03-310001893899wamff:EquipmentAndVehiclesMember2025-01-012025-12-310001893899wamff:UnsecuredLoanPromissoryNoteMember2026-03-232026-03-230001893899wamff:PromissoryNoteMember2025-11-012025-11-010001893899wamff:PromissoryNoteMember2024-04-012025-06-300001893899wamff:UnsecuredLoanPromissoryNoteMember2026-03-310001893899wamff:PromissoryNoteMember2024-01-012024-12-310001893899wamff:UnsecuredLoanPromissoryNoteMemberus-gaap:RelatedPartyMember2026-03-310001893899wamff:PromissoryNoteMemberus-gaap:RelatedPartyMember2025-03-310001893899wamff:PromissoryNoteMember2021-03-310001893899wamff:UnsecuredLoanPromissoryNoteMember2025-03-122025-03-120001893899wamff:SubordinateVotingSharesMemberus-gaap:CommonStockMember2026-01-012026-03-310001893899wamff:SubordinateVotingSharesMemberus-gaap:CommonStockMember2026-03-310001893899wamff:SubordinateVotingSharesMember2026-03-310001893899wamff:ProportionateVotingSharesMember2026-03-310001893899wamff:SubordinateVotingSharesMemberus-gaap:CommonStockMember2025-12-310001893899wamff:ProportionateVotingSharesMemberus-gaap:CommonStockMember2025-12-310001893899wamff:SubordinateVotingSharesMember2025-12-310001893899wamff:ProportionateVotingSharesMember2025-12-310001893899wamff:SubordinateVotingSharesMemberus-gaap:CommonStockMember2025-03-310001893899wamff:ProportionateVotingSharesMemberus-gaap:CommonStockMember2025-03-310001893899wamff:SubordinateVotingSharesMemberus-gaap:CommonStockMember2024-12-310001893899wamff:ProportionateVotingSharesMemberus-gaap:CommonStockMember2024-12-310001893899us-gaap:DerivativeMember2026-03-310001893899us-gaap:DerivativeMember2025-12-310001893899wamff:PrivatePlacementWarrantsFinderWarrantsAndPromissoryNoteWarrantsMemberwamff:SubordinateVotingSharesMember2026-03-310001893899wamff:BrokerWarrantsMemberwamff:SubordinateVotingSharesMember2026-03-310001893899wamff:PromissoryNoteWarrantsIssuedOnMarch212025Member2026-03-310001893899wamff:PrivatePlacementWarrantsIssuedOnSeptember142023Member2026-03-310001893899wamff:PrivatePlacementWarrantsIssuedOnSeptember12023Member2026-03-310001893899wamff:PrivatePlacementWarrantsIssuedOnOctober32025Member2026-03-310001893899wamff:PrivatePlacementWarrantsIssuedOnMay82024Member2026-03-310001893899wamff:PrivatePlacementWarrantsIssuedOnMay42023Member2026-03-310001893899wamff:PrivatePlacementWarrantsIssuedOnMay142024Member2026-03-310001893899wamff:PrivatePlacementWarrantsIssuedOnApril262024Member2026-03-310001893899wamff:FindersWarrantsIssuedOnMay82024Member2026-03-310001893899wamff:AgentWarrantsIssuedOnSeptember12023Member2026-03-310001893899wamff:AgentWarrantsIssuedOnOctober32025Member2026-03-310001893899wamff:AgentWarrantsIssuedOnApril262024Member2026-03-310001893899wamff:UnsecuredLoanPromissoryNoteMember2025-03-1200018938992025-03-310001893899wamff:RoundTopPropertyAlaskaMember2026-01-012026-03-310001893899wamff:IllinoisCreekMineProjectAlaskaMember2026-01-012026-03-310001893899wamff:HonkerPropertyAlaskaMember2026-01-012026-03-310001893899wamff:RoundTopPropertyAlaskaMember2025-01-012025-12-310001893899wamff:IllinoisCreekMineProjectAlaskaMember2025-01-012025-12-310001893899wamff:HonkerPropertyAlaskaMember2025-01-012025-12-3100018938992025-01-012025-12-3100018938992024-12-310001893899wamff:WesternAlaskaCopperGoldCompanyMemberwamff:IllinoisCreekMineProjectAlaskaMember2021-01-012021-12-310001893899us-gaap:RestrictedStockUnitsRSUMemberwamff:ManagementFeeExpenseMember2026-01-012026-03-310001893899us-gaap:EmployeeStockOptionMemberwamff:ManagementFeeExpenseMember2026-01-012026-03-310001893899us-gaap:EmployeeStockOptionMemberwamff:ExplorationExpenseMember2026-01-012026-03-310001893899us-gaap:EmployeeStockOptionMemberwamff:ConsultingFeesMember2026-01-012026-03-310001893899wamff:RsuGrantDecember2025Member2025-12-182025-12-180001893899wamff:RsuGrantJune2025Member2025-06-262025-06-260001893899wamff:RsuGrantMarch2025Member2025-03-312025-03-310001893899us-gaap:RestrictedStockUnitsRSUMemberwamff:ManagementFeeExpenseMember2025-01-012025-03-310001893899us-gaap:RestrictedStockUnitsRSUMemberwamff:ExplorationExpenseMember2025-01-012025-03-310001893899us-gaap:EmployeeStockOptionMemberwamff:ManagementFeeExpenseMember2025-01-012025-03-310001893899us-gaap:EmployeeStockOptionMemberwamff:ExplorationExpenseMember2025-01-012025-03-310001893899us-gaap:EmployeeStockOptionMemberwamff:ConsultingFeesMember2025-01-012025-03-310001893899us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001893899us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001893899us-gaap:VehiclesMember2026-03-310001893899us-gaap:EquipmentMember2026-03-310001893899us-gaap:VehiclesMember2025-12-310001893899us-gaap:EquipmentMember2025-12-3100018938992025-01-012025-03-3100018938992026-03-3100018938992025-12-310001893899wamff:SubordinateVotingSharesMember2026-05-130001893899wamff:ProportionateVotingSharesMember2026-05-1300018938992026-01-012026-03-31wamff:Ywamff:itemxbrli:sharesiso4217:USDiso4217:CADxbrli:sharesiso4217:USDxbrli:sharesxbrli:purewamff:segmentiso4217:CADwamff:directorwamff:employee

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File No. 333-290204

ALASKA SILVER CORP.

(Exact name of registrant as specified in its charter)


British Columbia	87-4818470
(State or other jurisdiction of incorporation or organization)	(I.R.S. employer identification number)
500-1111 West Hasting St
Vancouver, British Columbia, Canada	V6E 2J3
(Address of principal executive offices)	(Zip Code)

(520) 200-1667

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ (Note: The registrant is not subject to the filing requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”), but voluntarily files reports with the Securities and Exchange Commission).

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated Filer	☒	Smaller reporting company	☒	Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)		Name of each exchange on which registered

The registrant has 88,749,150 outstanding subordinate voting shares as of May 13, 2026.

The registrant has no outstanding proportionate voting shares as of May 13, 2026.

Table of Contents

ALASKA SILVER CORP.

INDEX TO QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2026


		Page Number
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Condensed Consolidated Balance Sheet	2
	Unaudited Condensed Consolidated Statements Of Loss And Comprehensive Loss)	3
	Unaudited Condensed Consolidated Statements Of Cash Flows	4
	Unaudited Condensed Consolidated Statements Of Stockholders’ Equity	5
	Notes To The Unaudited Condensed Consolidated Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	24
Item 4.	Controls and Procedures	24
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	25
Item 3.	Defaults Upon Senior Securities	25
Item 4.	Mine Safety Disclosures	25
Item 5.	Other Information	25
Item 6.	Exhibits	26
SIGNATURES		27

Table of Contents

ALASKA SILVER CORP.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(EXPRESSED IN UNITED STATES DOLLARS)

(UNAUDITED)

Table of Contents

ALASKA SILVER CORP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET

(Expressed in United States Dollars)


		Notes		March 31, 2026			December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents				$	6,433,387		$	9,054,203
GST receivable					62,311			52,433
Prepaid and deposits					314,826			205,082
Total current assets					6,810,524			9,311,718
Non-Current Assets
Equipment		3			1,006,556			1,116,998
Mineral properties		4			6,305,234			6,295,910
TOTAL ASSETS				$	14,122,314		$	16,724,626
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable and accrued liabilities		5		$	224,569		$	314,463
Due to related parties		6			1,154,009			1,342,972
Promissory note – current portion		8			120,000			120,000
Derivative warrant liabilities		10			3,247,132			6,357,552
Total current liabilities					4,745,710			8,134,987
Non-Current Liabilities
Asset retirement obligation		7			229,112			230,437
Promissory note		8			1,344,417			2,176,608
TOTAL LIABILITIES					6,319,239			10,542,032
STOCKHOLDERS’ EQUITY
Capital stock		9
Authorized:
Unlimited without par value
Issued and outstanding:
88,749,150 subordinate voting shares at March 31, 2026 and 65,663,486 at December 31, 2025; No proportionate voting shares at March 31, 2026 and 224,801 at December 31, 2025					—			—
Additional paid-in capital		9			56,143,632			55,757,668
Cumulative translation adjustment					(209,788)			(209,788)
Deficit					(48,130,769)			(49,365,286)
TOTAL SHAREHOLDERS’ EQUITY					7,803,075			6,182,594
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				$	14,122,314		$	16,724,626
Nature of operations and going concern		1
Subsequent events		12

Approved by the Board of Directors:

“Christopher (Kit) Marrs”		“Kevin Nishi”
Director		Director

The accompanying notes are integral to these consolidated financial statements.

Table of Contents

ALASKA SILVER CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)


	Notes	March 31, 2026			March 31, 2025
EXPENSES
Accretion expense		$	2,137		$	2,093
Consulting fees			143,427			44,207
Depreciation			110,442			110,355
Exploration expenses	3		351,711			164,901
Filing and regulatory fees			25,882			11,543
Insurance			19,295			7,032
Management fees			322,583			237,613
Marketing expenses			152,016			94,276
Office and sundry			90,416			66,204
Professional fees			112,833			103,016
			(1,330,742)			(841,240)
OTHER ITEMS
Foreign exchange (loss) gain			(32,841)			14,184
Gain on derivative warrant liability revaluation	10		3,072,275			—
Loss on settlement of promissory note	8		(452,492)			—
Interest expense	8		(65,228)			(31,655)
Interest income			43,545			2,859
NET INCOME (LOSS)			1,234,517			(855,852)
OTHER COMPREHENSIVE LOSS
Unrealized foreign exchange loss on translation of foreign operations			—			(13,150)
COMPREHENSIVE INCOME (LOSS)		$	1,234,517		$	(869,002)
EARNINGS (LOSS) PER SHARE – BASIC AND DILUTED		$	0.01		$	(0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – BASIC	9		88,522,863			64,670,020
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING – DILUTED	9		92,869,962			64,670,020

The accompanying notes are integral to these consolidated financial statements.

Table of Contents

ALASKA SILVER CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)


		March 31, 2026			March 31, 2025
Cash flows used in operating activities:
Net income (loss) for the period		$	1,234,517		$	(855,852)
Adjustments for non-cash items:
Accretion expense			2,137			2,093
Depreciation expense			110,442			110,355
Share-based payments			52,053			80,242
Gain on derivative warrant liability revaluation			(3,072,275)			—
Loss on settlement of promissory note			452,492			—
Unrealized foreign exchange loss			60			—
Interest accrued on Promissory Note			65,228			31,086
			(1,155,346)			(632,076)
Changes in non-cash working capital
GST receivable			(9,878)			(5,130)
Prepaids and deposits			(109,744)			18,634
Accounts payable and accrued liabilities			(209,895)			23,434
Due to related parties			(188,963)			106,537
			(1,673,826)			(488,601)

Cash flows (used in) from investing activities:
Mineral property claim expenditures			(12,786)			—

Cash flows from (used in) financing activities:
Exercise of stock options			157,464			—
Exercise of warrants			138,332			—
Issuance of promissory note			—			1,179,983
Repayment of promissory note			(1,230,000)			(30,000)
			(934,204)			1,149,983

Effect of exchange rate changes on cash			—			(13,150)
Net change in cash for the period			(2,620,816)			648,232
Cash and cash equivalents, beginning of period			9,054,203			849,572
Cash and cash equivalents, end of period		$	6,433,387		$	1,497,804

Non cash financing and investing activities
Revision in ARO estimate		$	(3,462)		$	(7,894)
Value of warrants issued with debt units		$	—		$	747,488
Value of derivative warrant liability at exercise		$	38,115		$	—
Interest paid in cash		$	120,000		$	—

The accompanying notes are integral to these consolidated financial statements.

Table of Contents

ALASKA SILVER CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Expressed in United States Dollars, except number of shares)


							Accumulated
	Shares				Additional		Other
	Subordinate		Proportionate		Paid-In		Comprehensive		Accumulated
	Voting		Voting		Capital		Loss		Deficit		Total
December 31, 2024	42,189,920		224,801		$	45,969,682	$	(220,447)	$	(40,503,487)	$	5,245,748
Issuance of warrants	—		—			747,488		—		—		747,488
Stock-based compensation	—		—			80,242		—		—		80,242
Foreign translation exchange loss	—		—			—		(13,150)		—		(13,150)
Net loss	—		—			—		—		(855,852)		(855,852)
March 31, 2025	42,189,920		224,801			46,797,412		(233,597)		(41,359,339)		5,204,476
December 31, 2025	65,663,486		224,801			55,757,668		(209,788)		(49,365,286)		6,182,594
Conversion of proportionate voting shares	22,480,100		(224,801)			—		—		—		—
Exercise of stock options	349,000		—			157,464		—		—		157,464
Exercise of warrants	256,564		—			176,447		—		—		176,447
Share-based compensation	—		—			52,053		—		—		52,053
Net income	—		—			—		—		1,234,517		1,234,517
March 31, 2026	88,749,150	*	—	*	$	56,143,632	$	(209,788)	$	(48,130,769)	$	7,803,075

*	The proportionate voting shares were exchanged for a total of 22,480,100 subordinate voting shares, for no additional consideration during the quarter. See Note 9.

The accompanying notes are integral to these consolidated financial statements.

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

1.NATURE OF OPERATIONS AND GOING CONCERN

Alaska Silver Corp. (“Alaska Silver” or the “Company”), was incorporated under the Business Corporations Act of British Columbia on April 8, 2020, as 1246779 B.C. Ltd. The Company is a public company whose subordinate voting shares are listed for trading on the TSX Venture Exchange (“TSXV”) under the symbol “WAM”. The Company’s registered office is 1500-1111 West Hastings St, Vancouver BC V6E 2J3. As discussed further below, the Company is in the mineral exploration and development business.

Going Concern

These condensed consolidated financial statements have been prepared with the going concern assumption, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations. The Company has no current source of operating revenue and has an accumulated operating deficit of $48,130,769. The Company will require further financing to operate and further develop its business. The Company’s ability to realize its assets and discharge its liabilities is dependent upon it obtaining financing as necessary and ultimately upon its ability to dispose of its mineral property interests on a profitable basis or otherwise achieve profitable operations. These material uncertainties cast substantial doubt on the Company’s ability to continue as a going concern. Failure to arrange adequate financing on acceptable terms and/or achieve profitability may have an adverse effect on the Company’s financial position, operational success, cash flow, and prospects. These condensed consolidated financial statements do not give effect to adjustments to assets or liabilities that would be necessary should the Company be unable to continue as a going concern. These adjustments could be material.

2.	BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Statement of Compliance

These condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America (“US GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our annual financial statements for the year ended December 31, 2025.

These consolidated financial statements were authorized for issue by the Board of Directors on May 13, 2026.

Basis of Presentation

These condensed consolidated financial statements have been prepared on a historical cost basis, modified where applicable. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.

Basis of Consolidation

These condensed consolidated financial statements include the accounts of the Company and its wholly owned and controlled entities. Control is achieved when the Company has the power to govern the financial operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

2.BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued)

Basis of Consolidation (continued)

The following subsidiaries have been consolidated from all dates presented within these financial statements:


Subsidiary		Ownership		Location
Alaska Silver USA Corp (“ASUSA” and Formerly Western Alaska Copper & Gold Company)		100	%	USA
Piek Inc.		100	%	USA

All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

These condensed consolidated financial statements are presented in United States dollars. The functional currency of each entity in the consolidated group is determined with reference to the currency of the primary economic environment in which that entity operates. The Company’s consolidated reporting currency, which is determined on a discretionary basis, is the US Dollar (“USD”). Exchange differences arising on the translation of Alaska Silver’s accounts to USD for reporting purposes, including the translation of non-monetary items using period end rates, are reported in net loss.

Use of Estimates and Assumptions

The preparation of these condensed financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates and assumptions include the carrying value and recoverability of mineral properties, valuation of asset retirement obligation, valuation of derivative warrant liabilities, valuation of stock-based compensation and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.

3.EQUIPMENT


	March 31, 2026	December 31, 2025
	($)	($)	Life
Cost:
Equipment	2,118,332	2,118,332	5 years
Vehicles	180,859	180,859	10 years
	2,299,191	2,299,191
Accumulated Amortization:
Equipment	(1,227,398)	(1,121,477)
Vehicles	(65,237)	(60,716)
	(1,292,635)	(1,182,193)
Total	1,006,556	1,116,998

For the period ended March 31, 2026 depreciation of equipment and vehicles of $110,351 is included in exploration expenses (2025 — $110,355).

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

4.MINERAL PROPERTIES


	Round Top	Honker	Illinois Creek	Others	Total
	($)	($)	($)	($)	($)
Total Costs:
Balance at December 31, 2024	552,179	116,263	5,409,207	12,721	6,090,370
Additions (recovery)	86,600	19,800	89,705	13,330	209,435
ARO change in estimates	(7)	(92)	(3,796)	—	(3,895)
Balance at December 31, 2025	638,772	135,971	5,495,116	26,051	6,295,910
Additions	—	—	12,786	—	12,786
ARO change in estimates	(6)	(82)	(3,374)	—	(3,462)
Balance at March 31, 2026	638,766	135,889	5,504,528	26,051	6,305,234

Round Top Property, Alaska

The Round Top Property consists of 88 state mineral claims, owned 100% by ASUSA, located in the Mount McKinley and Nulato mining districts of Alaska.

Honker Property Alaska

The Honker Property consists of 24 state mineral claims, owned 100% by ASUSA, located in the Mount McKinley mining district of Alaska.

Illinois Creek Mine Project, Alaska

ASUSA acquired a 100% interest in the Illinois Creek Mine Project in fiscal 2021 through the issuance of 120 ASUSA common shares (valued at $540,000) and $3,698,000 payable by the issuance of a promissory note (note 8). As part of the acquisition in fiscal 2021, the Company also terminated a joint venture agreement on the project dating back to fiscal 2018 and reclassified share consideration under the operating agreement of which consisted of 346 common shares (valued at $692,000).

The Illinois Creek Mine Project is comprised of various state mineral claims located in Alaska.

Other Exploration Target Projects, Alaska

Paw Print Property

The Paw Print Property consists of 18 state mineral claims, owned 100% by ASUSA, located in the Mount McKinley and Nulato mining districts of Alaska.

Khotol Property

The Khotol Property consists of 16 state mineral claims, owned 100% by ASUSA, located in the Mount McKinley and Nulato mining districts of Alaska.

The Company staked the claims of both Paw Print and Khotol properties for a total of $6,368 and $6,353 in 2022 and 2023 respectively.

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

5.ACCOUNTS PAYABLE AND ACCRUED LIABILITIES


		March 31, 2026			December 31, 2025
Accounts payable		$	218,354		$	289,177
Other payable			6,215			25,286
		$	224,569		$	314,463

6.RELATED PARTY TRANSACTIONS

Due to/from Related Parties

As at March 31, 2026, $1,154,009 (December 31, 2025 — $1,342,972) was due to related parties for management fees and exploration expenses. Promissory notes (Note 8) in the amount of $1,464,417 (December 31, 2025 — $1,634,592) are owed to related parties.

During the period ended March 31, 2026, $175,000 in promissory notes issued in 2025 with $17,500 interest was repaid to related parties while principal repayments of $30,000 were made on the promissory note issued for the Illinois Creek Agreement.

During the period ended March 31, 2025, $175,000 in promissory notes with 393,400 warrants were issued to related parties (Note 8) while principal repayments of $30,000 were made on the promissory notes issued for the Illinois Creek Agreement.

Amounts owing to related parties for management fees and exploration expenses are non-interest bearing and have no specific terms of repayment. Amounts owing to related parties for promissory notes are interest bearing and have repayment terms, refer Note 8.

7.ASSET RETIRMENT OBLIGATIONS

The following table presents the reconciliation of the beginning and ending obligations associated with the retirement of the properties:


	Total
Balance, December 31, 2024	$	225,959
Accretion expense		8,373
Change in estimates		(3,895)
Balance, December 31, 2025		230,437
Accretion expense		2,137
Change in estimates		(3,462)
Balance, March 31, 2026	$	229,112

As at March 31, 2026, the total undiscounted amount of estimated cash flows required to settle the Company’s asset retirement obligations was $240,572 (December 31, 2025 — $240,572) over the next 4 years at an annual inflation rate of 2.7% (2025 — 2.6%) and discounted using an average discount rate of 3.98% (2025 — 3.98%).

During the periods ended March 31, 2026 and 2025, the Company did not incur any reclamation expenditures.

Estimated future reclamation costs are based on the extent of work required and the associated costs are dependent on the requirements of relevant authorities and the Company’s environmental policies. In view of uncertainties concerning asset retirement obligations, the ultimate costs could be materially different from the amounts estimated.

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

8.PROMISSORY NOTE


		March 31, 2026			December 31, 2025
Promissory Notes – 2021		$	1,464,417		1,484,593
Promissory Notes – 2025			—		812,015
Total			1,464,417		2,296,608
Less: Current Portion			(120,000)		(120,000)
		$	1,344,417		2,176,608

On March 31, 2021, and in accordance with the share purchase agreement entered upon the dissolution of the Illinois Creek Joint Venture LLC, ASUSA issued a promissory note of $3,698,000. The promissory note accrued interest at 2.0% per annum.

On September 30, 2023, the promissory note was amended by both parties as follows:

(i)

The Company will commence monthly principal repayments of $25,000 at the later of March 31, 2024 or at the closing of the Company’s next financings;

(ii)

The Company will make additional principal reduction payments equal to 6% of all future equity financings;

(iii)

A principal reduction payment of $750,000 will be due on May 1, 2025;

(iv)

A principal reduction payment of the remaining balance and all accrued interest will be due on December 1, 2025.

On December 31, 2024, the promissory note was once again amended by both parties as follows:

(i)

The Company will commence monthly principal repayments of $10,000 until the closing of the next financing, at which time the monthly principal payments will increase to $25,000;

(ii)

The Company will make additional principal reduction payments equal to 6% of all equity financings, plus accrued interest on the outstanding principal balance, due and payable upon closing of each round;

(iii)

A principal reduction payment of $750,000 will be due on June 1, 2026;

(iv)

A principal reduction payment of the remaining balance and all accrued interest will be due on December 1, 2026.

On November 1, 2025, the promissory note was once again amended by both parties as follows:

(i)

The Company will commence monthly principal repayments of $10,000;

(ii)

The Company will make additional principal reduction payments equal to 6% of all equity financings;

(iii)

The remaining balance and all accrued interest will be due on July 1, 2027;

As at March 31, 2026, the balance of the promissory note was $1,464,417 (December 31, 2025 — $1,484,593) with $340,431 (December 31, 2025 — $330,606) being accrued interest. During the period ended March 31, 2026, principal repayments of $30,000 were made.

On March 12, 2025, the Company completed unsecured loan transactions with certain lenders (the “Lenders”), pursuant to which the Company has issued debt units for total consideration of $1,200,000. Each debt unit included one promissory note in the principal amount of $1,000 and 2,248 subordinate voting share purchase warrants. The promissory notes will mature after 36 months and bear interest at rate of 10% per annum. A total of 2,697,600 subordinate voting share purchase warrants (the “Warrants”) were issued as part of the debt units. Each Warrant entitles the holder to purchase one subordinate voting share of the Company at an exercise price of CAD$0.64 for a period of 36 months from the date of issuance.

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

8.PROMISSORY NOTES (continued)

The net proceeds were allocated between the debt and equity components using the relative fair value method. Based on the fair values determined on the issuance date the Company allocated $645,510 of the proceeds to the promissory notes and $534,473 to the Warrants, net of share issuance costs of $20,017.

The Warrants were valued at $747,488 using the Black-Scholes Option Pricing Model with the following assumptions: annualized volatility of 93.14%, risk-free interest rate of 2.52%, expected life of 3 years and a dividend rate of Nil. The balance of the proceeds was allocated to the promissory notes. The Company also incurred issuance costs of $20,017 related to this transaction.

The promissory notes carry an effective interest rate of 29.75% and had a net book value of $812,015 at December 31, 2025. On March 23, 2026, the Company repaid the promissory note of $1,200,000 with $120,000 interest and recognized a loss of $452,492 on settlement of the promissory note.

9.SHARE CAPITAL

Authorized Capital

The Company is authorized to issue an unlimited number of subordinate voting shares without par value.

Subordinate Voting and Proportionate Stock

Pursuant to the reverse take-over (“RTO”) transaction in 2021, each ASUSA common share held by a U.S. resident shareholder was exchanged for either (i) a “Merger Unit”, comprised of 1,000 Alaska Silver subordinate voting shares (“Subordinate Voting Shares”) and 90 Proportionate Shares (“Proportionate Shares”); or (ii) 100 Proportionate Shares; and each ASUSA common share held by a non-U.S. resident shareholder was exchanged for 10,000 Subordinate Voting Shares. The Proportionate Shares are, in effect, Subordinate Voting Shares compressed at the ratio of 100:1 which have voting and economic rights on an as-converted basis. The Proportionate Shares are convertible to Subordinate Voting Shares at the request of the shareholder and with the consent of the Company. On March 9, 2026 the Company converted all of its Proportionate Shares to Subordinate Voting Shares. On May 6, 2026, the Board of Directors of the Company, approved an amendment (the “Amendment”) to the Company’s Articles of the Company to eliminate its dual-class share structure by (i) eliminating its proportionate voting share class and (ii) reidentifying its subordinate voting share class as the class of “Common Shares,”no par value, of which the Company shall be authorized to issue an unlimited number of Common Shares. The Company filed a Notice of Alteration with the Province of British Columbia Registrar of Companies to amend its Notice of Articles, and the Amendment became effective on May 7, 2026.

Basic and diluted weighted average number of shares outstanding


		March 31, 2026		March 31, 2025
Subordinate voting shares		88,522,863		42,189,920
Proportionate voting shares		—		22,480,100
Weighted averages shares outstanding – basic		88,522,863		64,670,020
Dilutive securities
Stock options		1,145,554		—
Warrants		2,800,403		—
Restricted share units		401,142		—
Weighted averages shares outstanding – diluted		92,869,962		64,670,020

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

9.SHARE CAPITAL (continued)

Stock Options

The Company has a stock option plan under which the Board of Directors may grant options to acquire subordinate voting shares of the Company to qualified directors, officers, employees, and other service providers. The stock option vests according to the provisions of the individual option agreements approved by the directors’ resolutions and have a maximum of 10 years until expiry. The plan allows for the issuance up to 10% of the number of issued and outstanding subordinate voting shares and proportionate shares of the Company at any time on a non-diluted basis.

The changes in stock options are summarized as follows:


		Weighted Average			Number of Shares
		Exercise Price			Issued or
		(CAD)			Issuable on Exercise
Balance at December 31, 2024		$	1.26		5,627,500
Granted		$	0.72		480,000
Exercised		$	0.57		(1,032,000)
Forfeited		$	2.28		(310,000)
Balance at December 31, 2025		$	1.30		4,765,500
Exercised		$	0.63		(349,000)
Balance at March 31, 2026		$	1.36		4,416,500

Stock-based compensation related to stock options was allocated as follows:

- $20,950 (2025 — $35,961) was allocated to management fees;

- $211 (2025 — $9,312) was allocated to exploration expenses;

- $3,836 (2025 — $10,353) was allocated to consulting fees.

Stock options outstanding and exercisable on March 31, 2026, are summarized as follows:


		Outstanding				Exercisable
						Number of
		Number of				Subordinate
		Subordinate Voting		Weighted Average		Voting Shares		Weighted Average
		Shares Issuable on		Remaining Life		Issuable on		Remaining Life
Exercise Price (CAD)		Exercise		(Years)		Exercise		(Years)
$0.63		390,000		0.21		390,000		0.21
$0.85		355,000		0.62		355,000		0.62
$0.96		25,000		0.83		25,000		0.83
$1.65		275,000		1.13		275,000		1.13
$2.75		175,000		1.61		175,000		1.61
$3.16		1,000,000		1.81		1,000,000		1.81
$0.49		716,500		2.92		716,500		2.92
$0.85		450,000		3.21		300,000		3.21
$0.45		550,000		3.75		550,000		3.75
$0.64		80,000		4.01		60,000		4.01
$0.73		400,000		4.23		133,333		4.23
		4,416,500		2.34		3,979,833		2.34

As at March 31, 2026, the market price of the Company’s subordinate voting share was CAD$0.89 per share. The intrinsic value of the stock options was $537,011 (CAD$748,500).

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

9.SHARE CAPITAL (continued)

Warrants

The following table summarizes information about warrants outstanding as at March 31, 2026:


						Exercise			Number of Warrants
		Date Issued		Expiry Date		Price (CAD)			Outstanding
Private placement warrants		May 4, 2023		May 4, 2026		$	3.15	*	1,491,024
Private placement warrants		September 1, 2023		September 1, 2026		$	3.15	*	378,191
Agents warrants		September 1, 2023		September 1, 2026		$	3.15		1,170
Private placement warrants		September 14, 2023		September 14, 2026		$	3.15	*	33,086
Private placement warrants		April 26, 2024		April 26, 2027		$	0.90	*	8,448,468
Agents warrants		April 26, 2024		April 26, 2027		$	0.65		385,284
Private placement warrants		May 8, 2024		May 8, 2027		$	0.90	*	3,398,712
Finders warrants		May 8, 2024		May 8, 2027		$	0.90		92,923
Private placement warrants		May 14, 2024		May 14, 2027		$	0.90	*	200,000
Promissory note warrants		March 21, 2025		March 21, 2028		$	0.64	*	2,641,400
Private placement warrants		October 3, 2025		October 3, 2028		US$	0.97		21,229,000
Agents warrants		October 3, 2025		March 31, 2027		US$	0.97		849,160
						**$	1.24		39,148,418

*	reclassified as a derivative warrant liability, refer to Note 10

**	The weighted average life was 1.87 years

As at March 31, 2026, the market price of the Company’s subordinate voting share was CAD$0.89 per share. The intrinsic value of the warrants was $540,080 (CAD$752,818).

The Company’s Private placement warrants, Finder warrants and Promissory note warrants are warrants that when exercised by the holder, the Company will issue one subordinate voting share for each warrant exercise. For the Broker warrants, the holder receives one subordinate voting share and one Private placement warrant for each Broker warrant exercise.

Restricted Share Units

On December 18, 2025, the Company issued 68,334 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $53,405 of which $13,353 was recorded as share-based payment during the period ended March 31, 2026.

On June 26, 2025, the Company issued 46,950 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $26,498 of which $6,428 was recorded as share-based payment during the period ended March 31, 2026.

On March 31, 2025, the Company issued 60,414 RSUs to three directors with a vesting date being one year from the grant date. Each RSU entitles the holder to be issued one Subordinate Voting Share of the Company on vesting. These RSUs are valued at the date of grant at $28,156 of which $7,275 was recorded as share-based payment during the period ended March 31, 2026.

Share-based payments for the RSUs was allocated as follows:

- $27,056 (2025 — $15,382) from RSUs was allocated to management fees;

- $nil (2025 — $9,234) from RSUs was allocated to exploration expenses;

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

9.SHARE CAPITAL (continued)

Restricted Share Units (continued)

The following table summarizes information about RSUs outstanding as at March 31, 2026:


		Date Issued		Vesting Date		No. of RSUs
Outstanding at December 31, 2024						278,126
Grant		March 31, 2025		March 31, 2026		60,414
Grant		June 26, 2025		June 26, 2026		46,950
Exercised		March 1, 2024				(27,682)
Grant		December 18, 2025		December 19, 2026		68,334
Forfeited		December 27, 2024				(25,000)
Outstanding at December 31, 2025 and March 31, 2026						401,142

10.DERIVATIVE WARRANT LIABILITIES

Prior to October 1, 2025, the Company had outstanding share purchase warrants that were exercisable for Subordinate Voting shares of the Company at a fixed exercise price denominated in CAD dollars. While the Company’s functional currency was CAD, the warrants were classified as equity instruments as the warrants were indexed to the Company’s own stock and met the criteria for equity classification.

Upon the change in functional currency from CAD to USD, the exercise price of the warrants, which is denominated in CAD, is no longer considered indexed solely to the Company’s own stock. Accordingly, the warrants no longer qualify for equity classification.

Effective October 1, 2025, the Company reclassified the warrants from additional paid-in capital to a derivative warrant liability and measured the warrants at fair value on the date of reclassification. The fair value of the warrants was determined to be $3,910,580 using the Black-Scholes pricing model with the following weighted-average assumptions:


Risk-free interest rate	2.47	%
Expected stock price volatility	77.6	%
Expected warrant life in years	1.6 years
Dividend rate	Nil

Subsequent to October 1, 2025, the warrants are measured at fair value at each reporting date, with changes in fair value recognized in profit or loss. On March 31, 2026, the fair value of the warrants was determined to be $3,247,132 (December 31, 2025 - $6,357,552) using the Black-Scholes pricing model with the following weighted-average assumptions:


Risk-free interest rate	2.79	%
Expected stock price volatility	75.7	%
Expected warrant life in years	1.1 years
Dividend rate	Nil

Table of Contents

ALASKA SILVER CORP.

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

(Expressed in United States Dollars)

10.DERIVATIVE WARRANT LIABILITIES (continued)

The following table summarizes information about the derivative warrant liability as at March 31, 2026:


	Number of
Description	Warrants		$
Balance at December 31, 2024	—		—
Reclassification of warrants to a derivative liability	16,902,905		3,910,580
Exercise of warrants	(216,140)		(41,959)
Revaluation of warrants	—		2,488,901
Balance at December 31, 2025	16,686,765		6,357,522
Exercise of warrants	(95,884)		(38,115)
Revaluation of warrants	—		(3,072,275)
Balance at March 31, 2026	16,590,881		3,247,132

11.SEGMENTED INFORMATION

A reporting segment is defined as a component of the Company that:

(i)

Engages in business activities from which it may earn revenues and incur expenses;

(ii)

Operating results are reviewed regularly by the entity’s chief operating decision maker (“CODM”); and

(iii)

Discrete financial information is available.

The CODM is the CEO of the Company. The Company has determined that it operates its business in one geographical segment located in Alaska, United States, where the majority of its equipment and all of its mineral properties are located.

The CODM is responsible for evaluating performance, allocating resources, and making strategic decisions. The primary measure used to assess the Company’s profitability is consolidated net loss, which is used to compare budgeted versus actual results and informs operating cash flow decisions. The financial position, results of operations, and cash flows of the Company’s single reportable segment align with the consolidated financial statements presented herein. The measure of segment assets is reported on the consolidated balance sheet as total assets.

The CODM primarily evaluates the Company’s performance based on consolidated net loss and reviews significant expenses, when applicable, on a consolidated basis, consistent with the presentation in the consolidated statements of operations. While the CODM’s primary focus is on overall consolidated results, supplemental information on exploration costs is also reviewed.

12.SUBSEQUENT EVENTS

On May 13, 2026, the Company issued an aggregate of 1,045,609 RSUs to directors and officers and 960,000 stock options to certain directors, officers, employees and consultants of the Company, of which 500,000 stock options were granted to directors and officers of the Company. Each RSU entitles the holder to be issued one subordinate voting share of the Company on vesting. All of the RSUs will vest one year from the grant date. Each stock options is exercisable at C$0.805 for a period of five years.

Table of Contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

In this quarterly report on Form 10-Q, unless the context otherwise requires, the terms “we”, “us”, “our”, or the “Company” refer to Alaska Silver Corp. and its subsidiaries.

The following discussion and analysis should be read in conjunction with our unaudited condensed consolidated financial statements for the three months ended March 31, 2026, and the related notes thereto, which have been prepared in accordance with generally accepted accounting principles in the United States, or “U.S. GAAP”). This discussion and analysis contains forward-looking statements and forward-looking information that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these forward-looking statements and information as a result of many factors.

Forward-Looking Statements

This Management’s Discussion and Analysis contains forward- looking statements. We may, in some cases, use words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements in this MD&A include, but are not limited to, statements about:

●

our strategies and objectives, both generally and in respect of our specific mineral properties;

●

exploration plans and costs associated with the Illinois Creek Project (the “Illinois Creek Project”);

●

our use of proceeds from this offering; the timing of decisions regarding the strategy and costs of exploration programs with respect to, and the issuance of the necessary permits and authorizations required for, our exploration programs;

●

the timing and cost of our planned exploration programs, and the timing of the receipt of results therefrom;

●

our future cash requirements;

●

our retention of all available funds and any future earnings;

●

general business and economic conditions;

●

tour ability to meet our financial obligations as they come due, including payments required to maintain our mineral property interests;

●

the timing and pricing of proposed financings, if applicable;

●

the anticipated use of the proceeds from any financings completed us;

●

the potential for the expansion of the known mineralized zones; and

●

the potential for the amenability of mineralization to respond to proven technologies and methods for recovery of ore.

Although we believe that such statements are reasonable, we can give no assurance that such expectations will prove to be correct. Inherent in forward-looking statements are risks and uncertainties beyond our ability to predict or control, including, but not limited to:

●

We do not insure against all of the risks we face in our operations.

●

Our operations rely on adequate infrastructure and without reliable infrastructure, our capital and operating costs may be affected.

●

The occurrence of a significant event which disrupts the production of mineral resources at our properties and the subsequent sale thereof for an extended period, could have a material negative impact on our business, financial condition and results of operations.

●

Our ability to acquire properties and develop mineral reserves in the future will depend on our ability to develop our present properties and our ability to select and acquire suitable producing properties or prospects for mineral exploration, of which there is a limited supply.

●

We may experience an inability to attract or retain qualified personnel.

●

Our mineral resources are only estimates and no assurance can be given that the anticipated tonnages and grades will be achieved, or that the indicated level of recovery will be realized.

●

The other risk factors detailed herein under the section entitled “Risk Factors.”

Although we have attempted to identify important factors that could cause actual results to differ materially from those described in forward-looking statements, there may be other factors that could cause results not to be as anticipated, estimated or intended. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary

Table of Contents

materially from those anticipated, believed, estimated or expected. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Except as required by law, we disclaim any obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

General

The following discussion should be read in conjunction with our financial statements. In addition to historical information, this discussion contains forward- looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. We are not undertaking any obligation to update any forward-looking statements or other statements we may make in the following discussion or elsewhere in this document even though these statements may be affected by events or circumstances occurring after the forward- looking statements or other statements were made. Therefore, no reader of this document should rely on these statements being current as of any time other than the date of this MD&A.

Our Business

We were incorporated in the province of British Columbia on April 8, 2020 under the name 1246779 B.C. LTD. In November 2021, 1246779 B.C. LTD completed a business combination with Alaska Silver USA Corp (“ASUSA” and formerly “Western Alaska Copper and Gold Company”) and, on November 4, 2021 changed the name to Western Alaska Minerals Corp (“WACG”). On January 20, 2026, WACG changed the name to Alaska Silver USA Corp. On April 25, 2025, we changed our name to Alaska Silver Corp. We are a Canadian public company whose subordinate voting shares are listed for trading on the TSX Venture Exchange (“TSXV”) under the symbol “WAM”. On October 2, 2025 our subordinate voting shares began trading on the OTCQX Exchange under the symbol “WAMFF”). Our principal executive office is located at 1500-1111 West Hastings St, Vancouver, British Columbia, V6E 2J3 Canada.

We have no operating revenue and support our operations through the sale of our equity. The value of any of our mineral properties is dependent upon the existence or potential existence of economically recoverable mineral reserves.

All financial information in this MD&A of Financial Condition and Results of Operations, for current and past years, was accounted for under US GAAP.

Since 2010, we, operating through ASUSA and Alaska Silver, have been exploring and advancing interests in the Illinois Creek mining district that includes gold, silver, copper, gallium, and zinc exploration targets in western Alaska east of the Yukon River.

We have adopted the mining disclosure standards of Subpart 1300 of Regulation S-K, or “S-K 1300”). We are subject to and required to disclose mineral resources and mineral reserves in accordance with S-K 1300. While the S-K 1300 rules are similar to National Instrument 43-101 rules in Canada, they are not identical and therefore two reports have been produced for the Illinois Creek Project. The disclosure in this quarterly report on Form 10-Q is related to the Illinois Creek Project is based on the S-K 1300 technical report summary entitled “S-K 1300 Technical Report Summary, Illinois Creek Project, Western Alaska, USA”, with an effective date of January 31, 2025 and a signature date of April 30, 2025.

Illinois Creek Project, Alaska: Claim Consolidation

On October 17, 2018, ASUSA and one of its shareholders, Joe Piekenbrock, entered into the Operating Agreement of Illinois Creek Joint Venture LLC (the “JV Operating Agreement”), which formed the Illinois Creek Joint Venture LLC. Pursuant to the JV Operating Agreement, ASUSA issued 346 ASUSA common shares valued at $692,000 to Mr. Piekenbrock. On March 31, 2021, the members of the Illinois Creek Joint Venture LLC, agreed to terminate and dissolve the Illinois Creek Joint Venture LLC, and dissolve it, as directed by the Action of Unanimous Written Consent of the members of the Illinois Creek Joint Venture LLC, effective as of March 31, 2021. On March 31, 2021, ASUSA and Mr. Piekenbrock entered into a Stock Purchase Agreement, whereby ASUSA acquired 100% of the issued and outstanding common shares of an Alaska private company, Piek Incorporated, in exchange for 120 ASUSA common shares (valued at $540,000) and $3,698,000 payable by the issuance of a promissory note to Mr. Piekenbrock. Piek is the sole owner of 40 state mineral claims, known as the Illinois Creek Project, located in the Mount McKinley mining district of Alaska. Seventy (70) other Piek claims totaling approximately 11,135 acres were converted to a State of Alaska Uplands Mine Lease in July, 2024. An additional 86 claims were staked by ASUSA in 2021, after the acquisition of Piek, and 115 new claims were staked by ASUSA in 2022. An additional 46 claims were staked by ASUSA in 2025.

Table of Contents

The total land package is 32,737 hectares (80,717 acres) and includes: 287 Illinois Creek Claims, 19 Khotol Claims, 18 Paw Print Claims, 24 Honker Claims, 88 Round Top Claims, and 11,135 acres converted to Uplands Mining Lease.

Illinois Creek/Waterpump Creek Property, Alaska

Our most advanced stage asset is the Illinois Creek oxide gold-silver project, a past-producing run of mine (ROM) heap leach mine that operated between 1997 and 2002. The Illinois Creek in-situ resource was updated in January 2026. The Indicated Mineral Resource Estimate is 9.0 Mt at 0.92 g/t gold and 29.72 g/t silver containing 260,000 ounces of gold and 8.3 million ounces of silver. The Inferred Mineral Resource Estimate is 10.9 Mt at 0.84 g/t gold and 30.1 g/t silver containing 290,000 ounces of gold and 10.4 million ounces of silver. The indicated and inferred mineral resources at Illinois Creek are based on an open-pit shell assuming metals prices of US $3,500/oz gold and US $45/oz silver. The mineralization within the Illinois Creek deposit is oxide material which is amenable to heap leach extraction and processing. The oxide mineralization remains open along strike and at depth.

The Illinois Creek project includes a modern, fully operational camp and 4,400-foot airstrip.

Our Waterpump Creek property is located within the Illinois Creek project. An exceptional high-grade silver-lead-zinc re-discovery was made in 2021, when we drill tested historically recognized sulfide carbonate replacement deposit (“CRD”) mineralization at depth. Drill hole WPC21-09 cut 10.5-meters (9.1 meters true thickness) of 522 g/t silver, 22.5% zinc and 14.4% lead of massive intergrown sphalerite and argentiferous galena down-dip of the historical drilling. This exceptional high-grade interval turned the focus on targeting the overall CRD potential on the property. An initial resource estimate was released on February 22, 2024. The (2.4Mt) initial resource reveals an inferred 980 g/t AgEq for 74.9Moz AgEq hosting high-grade silver & zinc.

Numerous other exploration prospects and targets exist within the Illinois Creek – Waterpump Creek CRD system, such as Warm Springs and the newly discovered Silver Sage zone. The district is underpinned by mineral resource estimates at both the Illinois Creek deposit and the Waterpump Creek deposit, but there are still many exploration opportunities and targets in the surrounding area.

Honker Property, Alaska

The Honker Property is a gold-silver (Au-Ag) low sulfidation vein system discovered in 1981 located approximately six miles north of the Illinois Creek Mine. It consists of 24 state mineral claims, owned 100% by ASUSA, located in the Mount McKinley recording district of Alaska. The Honker vein strikes up to 1,000m in length and varies from 1 to 7 meters in width. Numerous grab, channel, and bulk samples returned assays >34 g/t Au from the historic trenching and surface sampling. Numerous historic and more recent (2021) drill programs intercepted the Honker vein. Some highlights include: HK21-06 intercepted a 7.6-meter vein with numerous 1+ meter splays grading from 3 to 5 g/t Au. HK-4 intercepted 1.6 meters of 8.68 g/t Au including 0.2 meters of 38.39 g/t Au. Honker could provide high-grade feed to a combined processing operation at Illinois Creek.

Round Top Property, Alaska

The Round Top property, located 15.5 miles NE of the Illinois Creek project, is a large copper-molybdenum-silver (Cu-Mo-Ag) porphyry system that includes both high grade copper surface discoveries and drill intercepts to a depth of 800 meters. Cu-Mo-Ag mineralization is associated with Cretaceous (+/- 72 Ma) age intrusive rocks. The property consists of 88 state mineral claims, owned 100% by ASUSA, located in the Mount McKinley and Nulato recording districts of Alaska.

The TG and TG North prospects lie just to the northwest of the Round Top porphyry and are Ag-Pb-Zn CRD targets demonstrated by a 5km by 2 km Ag-Pb-Zn soil anomaly in the permissive carbonate host rocks proximal to a known intrusive source.

Khotol and Paw Print, Alaska

Khotol and Paw Print are the early exploration stage properties we staked in 2022. There are 19 claims for Khotol with 3 additional claims staked in 2024 and 18 claims for Paw Print. Khotol is located directly northwest of the Illinois Creek Property. Paw Print is located approximately 25 miles northeast of the Illinois Creek mine.

The Khotol Claim Block contains three main prospects: Khotol Ridge gossan, Colorado Creek gossan, and Sunny Day gossan. The Khotol Ridge prospect is the most prospective gossan on these claims and is a Ag-Pb-Zn gossan hosted in metasedimentary rocks similar to Illinois Creek. The Sunny Day gossan mineralization is weakly anomalous in Cu, Pb, Ag, and As and consists of scattered limonitic

Table of Contents

quartzite breccia and minor massive vuggy gossan float in a dry east-west trending gully coincident with a pronounced linear feature (Brewer and Millholland, 1982). The Colorado Creek gossan is a weakly anomalous Ag-Pb-Zn-Cu gossan consisting of quartz breccias and vuggy oxidized gossanous float.

The Paw Print prospect consists of silt and soil anomalies associated with iron seeps along a northeast trending ~4km long linear feature. The seeps and iron-stained streams drain the inferred contact between the graphitic schistose quartzite and the younger unmetamorphosed mafic volcanics and intrusive (JMI Greenstone) (Flanigan, 1994). There seems to be a correlation of the mineralized seeps with the contact between the mafic volcanics and the schistose quartzites (Flanigan, 1994).

Other Corporate Matters

Subordinate Voting and Proportionate Voting Shares

In connection with a reverse takeover transaction in 2021, we created a dual share structure with subordinate voting shares and proportionate voting shares. The subordinate voting shares are listed for trading on the TSXV. The proportionate voting shares are, in effect, subordinate voting shares compressed at the ratio of 100:1 which have voting and economic rights on an as-converted basis. Each proportionate voting share is convertible into 100 subordinate voting shares. The proportionate voting shares are convertible to subordinate voting shares at the request of the shareholder. On March 9, 2026 we converted all of our proportionate voting shares to subordinate voting shares. On May 11, 2026 we eliminated the class of proportionate voting shares as an authorized class of shares and renamed the subordinate voting shares to “common shares.”

On May 13, 2026 we appointed Mr Aaron Shutt to the board of directors effective immediately. Also on May 13, 2026 we issued an aggregate of 1,045,609 RSUs to directors and officers and 960,000 stock options to certain directors, officers, employees and consultants of the Company, of which 500,000 stock options were granted to directors and officers of the Company. Each RSU entitles the holder to be issued one subordinate voting share of the Company on vesting. All of the RSUs will vest one year from the grant date. Each stock options is exercisable at C$0.805 for a period of five years.

Operations

During the quarter ended March 31, 2026, our main focus was planning for the 2026 drilling season with planning and coordinating for site activities and human resources at our Waterpump Creek project and newly discovered Silver Sage zone, located within the Illinois Creek Project. We are planning for camp to open June 1^st, 2026, and to start drilling shortly after that. We are also planning for two trenching programs. One within the Illinois Creek broader area and the other at the TG North prospect.

Competition in the mineral exploration industry is intense. We compete with other mining companies, many of which have greater financial resources and technical facilities for the acquisition and development of mineral concessions, claims, leases and other interests, as well as for the recruitment and retention of qualified employees and consultants. The mining business is subject to mineral price and investment climate cycles. The marketability of minerals is also affected by worldwide economic and demand cycles. In recent years, the significant demand for minerals in some countries has driven increased commodity process. It is difficult to assess if the current commodity prices are long-term trends, and there is uncertainty as to the recovery, or otherwise, of the world economy. If the global conditions weaken and commodity prices decline as a consequence, a continuing period of lower prices could significantly affect the economic potential of each of the Illinois Creek Project and the Other Properties. See “Risk Factors - Our business is strongly affected by the world market price of gold and silver and there can be no assurance we will be able to develop our properties.”

Mining is an extractive industry that impacts the environment. Our goal is to regularly evaluate ways to minimize such impact. We expect to meet or exceed environmental standards at each of the Properties (including the Illinois Creek Project) and to continue this approach through effective engagement with affected stakeholders, including local communities, government and regulatory agencies and indigenous groups.

We are currently active only in Alaska, which has established environmental standards and regulations that we strive to exceed. Our environmental performance is overseen at the board level and environmental performance is our responsibility. We recognize environmental management as a corporate priority and place a strong emphasis on preserving the environment for future generations, while also providing for safe, responsible and profitable operations by developing natural resources for the benefit of our employees, shareholders and communities.

Table of Contents

The are no significant elements of the income or loss from continuing operations that do not arise from or are not necessarily representative of the ongoing business.

There have not been any unusual or infrequent events or transactions or significant economic changes that materially affected the amount of income or loss from continuing operations.

RESULTS OF OPERATIONS

Comparison of the Three Months Ended March 31, 2026 and 2025


		Three Months		Three Months
		Ended March 31,		Ended March 31,
		2026		2025
Summary of components of Consolidated Statements of Operations and Comprehensive Loss		$		$
Operating expenses		(1,330,742)		(841,240)
Other items		2,565,259		(14,612)
Net income (loss)		1,234,517		(855,852)
Unrealized foreign exchange on translation of foreign operations		—		(13,150)
Comprehensive income (loss)		1,234,517		(869,002)

The net income for the three months ended March 31, 2026 was $1,234,517 compared to a loss of $869,002 for the three months ended March 31, 2025. The transition from a loss in 2025 to income in 2026 was due to the gain on the revaluation of the derivative warrant liability in 2026. This was partially offset by increases in exploration and consulting expenses in 2026.

SUMMARY OF QUARTERLY RESULTS

The following is a summary of the Company’s most recent 8 quarterly results:


		Mar 31,			Dec 31,			Sep 30,			June 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
		2026			2025			2025			2025			2025			2024			2024			2024
Expenses		$	1,330,742		$	1,585,444		$	2,496,510		$	1,221,013		$	841,240		$	1,502,302		$	2,844,014		$	1,867,218
Net income (loss) for the period			1,234,517			(4,087,822)			(2,586,127)			(1,331,998)			(855,852)			(1,474,930)			(2,858,448)			(1,873,047)
Pre-RTO: Weighted Average number of subordinate voting shares outstanding			N/A			N/A			N/A			N/A			N/A			N/A			N/A			N/A
Post-RTO: Weighted Average number of subordinate voting shares outstanding			88,522,863			64,763,198			42,618,524			42,287,602			42,189,920			41,989,920			41,981,678			37,326,420
Weighted Average number of proportional shares outstanding			—			224,801			224,801			224,801			224,801			224,801			224,801			224,801
Earnings (loss) per share			0.01			(0.02)			(0.02)			(0.02)			(0.01)			(0.02)			(0.05)			(0.03)
Exploration and evaluation assets – additions		$	12,786		$	189,442		$	19,918		$	75		$	—		$	7,532		$	167,492		$	—

Transaction with Related Parties

The Company’s related parties include its subsidiaries, key management personnel, and companies related by way of directors or shareholders in common. Transactions with related parties for goods and services are made on normal commercial terms.

During the three months ended March 31, 2026, the Company incurred salaries and management fees related to directors and key management of $228,736 (2025 - $208,342).

During the three months ended March 31, 2026, the Company incurred share-based compensation related to directors and key management of $49,842 (2025 - $58,460).

Table of Contents

LIQUITY AND CAPITAL RESOURCES

Liquidity risk is the risk that we will encounter difficulty in satisfying financial obligations as they become due. We manage our liquidity risk by forecasting cash flows from operations and anticipated investing and financing activities. Our objective in managing liquidity risk is to maintain sufficient readily available reserves to meet our liquidity requirements.

Sources of Liquidity

We do not have operating revenue to finance our existing obligations and therefore must continue to rely on external financing to generate capital to maintain our capacity to meet working capital requirements. We have relied on debt and equity raises to finance our operating activities since incorporation. We intend to continue to rely on debt and the issuance shares to finance our operations. However, there is a risk that additional financing will not be available on a timely basis or on terms acceptable to us. We do not have any material sources of unused sources of liquid assets. All liquid assets are available for use to finance our operations.

The following table presents our cash, cash equivalents and restricted cash and working capital.


		March 31, 2026			December 31, 2025
Cash, cash equivalents and restricted cash		$	6,433,387		$	9,054,203
Total current assets		$	6,810,524		$	9,311,718
Less: total current liabilities		$	4,745,710		$	8,134,987
Working capital		$	2,064,814		$	1,176,731

Debt Transactions

On March 21, 2025, we completed an unsecured loan transaction with certain lenders (the “Lenders”), pursuant to which we issued promissory notes in the aggregate principal amount of $1,200,000 (the “Loan”). The Loan will mature after 36 months and bear interest at rate of 10% per annum. The Loan will be payable after 12 months. In addition, we also issued to the Lenders an aggregate of 2,697,600 bonus warrants. Each bonus warrant entitles the holder to purchase one subordinate voting share at an exercise price of C$0.64 for a period of 36 months from the date of issuance. Of the $1,200,000, $175,000 was loaned to us by certain of our executive officers and directors, who also received an aggregate of 393,400 warrants. On March 23, 2026, we repaid the promissory note of $1,200,000 with $120,000 interest and recognized a loss of $452,492 on settlement of the promissory note.

Equity Transactions

On October 3, 2025, we completed a brokered initial public offering in the United States through a registration statement on Form S-1, of an aggregate of 21,229,000 Units for gross proceeds of approximately US$13.8 million, and paid cash commission of US$1,034,914 and issued 849,160 underwriters’ warrants.

Cash flows for the three months ended March 31, 2026

The following table presents a summary of our cash flows for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended,
(in thousands)	March 31, 2026		March 31, 2025
Net cash (used in) provided by:
Operating activities	$	(1,673,826)	$	(488,601)
Investing activities		(12,786)		—
Financing activities		(934,204)		1,149,983
Effect of exchange rates on cash and cash equivalents		—		(13,150)
Increase (decrease) in cash and cash equivalents	$	(2,620,816)	$	648,232

Working Capital

As of March 31, 2026, we had working capital of $2,064,814 (December 31, 2025 – working capital of $1,176,731).

Table of Contents

Cash

As of March 31, 2026, we had cash of $6,433,387 (December 31, 2025 – $9,054,203).

Cash Used in Operating Activities

Cash used in operating activities during the three months ended March 31, 2026, was $1,673,826 (2025 - $488,601). Cash was mostly spent on management fees, marketing fees, professional fees and consulting fees.

Cash Used in Investing Activities

During the three months ended March 31, 2026, we spent $12,786 (2025 - $nil) on mineral properties acquisition and $nil (2025 - $nil) on equipment purchases for the camp.

Cash (Used in) generated by Financing Activities

During the three months ended March 31, 2026, we spent $934,204 (2025 – received $1,149,983) in net financing activities. The cash used in financing activities was to repay the Loan with accrued interest of $1,320,000 in 2026.

Capital Resources

We have relied mostly on equity financings since inception to meet our capital resource needs. On two occasions, we issued debt in circumstances where equity financing was not available and/or would have been too dilutive. We intend to continue to meet our capital resources needs through equity financings as and when needed.

We do not have any material commitments to make capital expenditures.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Critical Accounting Policies and Estimates

The management’s discussion and analysis of the business, financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the consolidated financial statements and expenses incurred during the reporting periods. The estimates are based on historical experience and on various other factors that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We believe that the accounting policies discussed below are critical to understanding our historical and future performance, as these policies relate to the more significant areas involving management’s judgments and estimates.

Research and Development Activities

We do not incur significant R&D costs. Our major operating costs are costs associated with our exploration activities.

Table of Contents

Share Information

The following table summarizes the fully diluted number of subordinate voting shares outstanding as of March 31, 2026:


		Fully diluted		Fully diluted
		subordinate voting		subordinate voting
		shares as at Mar 31,		shares as at May 14,
		2026		2026
Subordinate voting shares		88,749,150		88,749,150
Options		4,416,500		5,376,500
Restricted share units		401,142		1,446,751
Warrants		39,148,418		39,148,418
Fully Diluted Subordinate voting shares		132,715,210		134,720,819

Going Concern

The recoverability of amounts shown as mineral exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves, our ability to obtain financing to develop the properties and the ultimate realization of profits through future production or sale of the mineral property interests. Realized values may be substantially different than carrying values as recorded in these financial statements.

Our consolidated financial statements have been prepared on a going concern basis, which assumes that we will be able to continue our operation as a going concern for the foreseeable future and will be able to realize our assets and discharge our liabilities in the normal course of business. At March 31, 2026, we had not achieved profitable operations and had an accumulated deficit of $48,130,769.

We have no source of revenue, income or cash flow. We are wholly dependent upon raising monies through the sale of our subordinate voting shares to finance our business operations. There can be no assurances that this capital will be available in amounts or on terms acceptable to us, or at all.

Income Taxes

In assessing the probability of realizing income tax assets, management makes estimates related to expectation of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.

Table of Contents

Use of Estimates and Assumptions

The preparation of these consolidated financial statements in conformity with US GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including valuing equity securities in share-based payment arrangements, estimating the fair value of financial instruments recorded as a warrant liability, useful lives of depreciable assets and definite lived intangible assets, and whether impairment charges may apply, and the determination of whether an asset constitutes a business a business combination or asset acquisition. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to forecasted amounts and future events. Actual results could differ materially from these estimates under different assumptions or conditions.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

Item 4. Controls and Procedures Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures as of March 31, 2026 (the “Evaluation Date”). The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information we are required to disclose in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of the Evaluation Date.

Changes in Internal Control Over Financial Reporting.

As of the Evaluation Date, there were no changes in our internal control over financial reporting that occurred during the quarter ended March 31, 2026 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not aware of any material pending or threatened litigation or of any proceedings known to be contemplated by governmental authorities that are, or would be, likely to have a material adverse effect upon us or our operations, taken as a whole.

Item 1A. Risk Factors

Please carefully consider the information set forth in this Quarterly Report on Form 10-Q and the risk factors discussed in Part I, “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 (the “Annual Report”). The risks described in our Annual Report, as well as other risks and uncertainties, could materially and adversely affect our business, results of operations, and financial condition, which in turn could materially and adversely affect the trading price of shares of our common stock. The occurrence of any of the risks discussed in such filings, or other events that we do not currently anticipate or that we currently deem immaterial, could harm our business, prospects, financial condition and results of operations.

There have been no material updates or changes to the risk factors previously disclosed in our Annual Report; provided, however, additional risks not currently known or currently material to us may also harm our business.

Item 2. Unregistered Sales of Equity Securities

We have issued 349,000 subordinate voting shares on the exercise of stock options and 256,564 subordinate voting shares on the exercise of warrants in the three months ended March 31, 2026.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

(a) None.

(b) None.

(c) During the quarter ended March 31, 2026, none of our directors or officers adopted, modified, or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Table of Contents

Item 6. Exhibits

Exhibit No.		Description
3.1		Amendment to the Articles of the Company (filed as Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on May 7, 2026, and incorporated herein by reference)
31.1*		Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2*		Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2*		Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS⁽¹⁾		XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH⁽¹⁾		XBRL Taxonomy Extension Schema Document
101.CAL⁽¹⁾		XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF⁽¹⁾		XBRL Taxonomy Extension Definition Linkbase Document
101.LAB⁽¹⁾		XBRL Taxonomy Extension Label Linkbase Document
101.PRE⁽¹⁾		XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

*	Filed herewith.

**	Furnished herewith and not “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

(1)The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Alaska Silver Corp.

Date: May 14, 2026	By:	/s/ Christopher “Kit” Marrs
		Christopher “Kit” Marrs
		Chief Executive Officer and Director (Principal Executive Officer)

Date: May 14, 2026		/s/ Darren Morgans
		Darren Morgans
		Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Alaska Silver Corp. 10-Q