Alaska Silver Corp.

What they do

The company holds claims in the Illinois Creek mining district east of the Yukon River, including the past-producing Illinois Creek oxide gold-silver heap leach mine (operated 1997-2002), the Round Top and Honker properties, and exploration targets at Paw Print and Khotol. Its most advanced asset is the Illinois Creek oxide gold-silver resource; the Waterpump Creek CRD discovery within that project returned high-grade silver-lead-zinc intercepts. Exploration activities are carried out in Alaska through wholly-owned subsidiaries Alaska Silver USA Corp. and Piek Incorporated.

Revenue drivers

• Mineral exploration (pre-revenue) — The company reports no operating revenue and funds operations through the sale of equity; the value of its properties depends on the existence or potential existence of economically recoverable mineral reserves.
• Illinois Creek oxide gold-silver project — Most advanced asset, a past-producing ROM heap leach mine; January 2026 estimate shows 9.0 Mt Indicated at 0.92 g/t gold and 29.72 g/t silver (260,000 oz gold, 8.3 Moz silver) and 10.9 Mt Inferred at 0.84 g/t gold and 30.1 g/t silver (290,000 oz gold, 10.4 Moz silver).
• Waterpump Creek CRD — High-grade silver-lead-zinc sulfide discovery within the Illinois Creek project; drill hole WPC21-09 cut 10.5 meters (9.1 m true thickness) of 522 g/t silver, 22.5% zinc and 14.4% lead.

Recent performance

The company reported no operating revenue. Net losses were $7.3 million for 2024 and $8.9 million for 2025, with diluted EPS of negative $0.12 and negative $0.13, respectively. Operating cash flow was negative $5.8 million in 2024 and negative $4.6 million in 2025. As of June 30, 2026, total assets were $12.1 million, total liabilities $5.5 million, shareholder equity $6.5 million, and cash and equivalents $4.1 million. The 10-K risk factors state there is substantial doubt as to the company's ability to continue as a going concern.

Strategy

The company's stated focus is exploring and advancing the Illinois Creek mining district, including the oxide gold-silver resource at Illinois Creek and the deeper Waterpump Creek CRD mineralization. It funds operations through equity sales and has expanded its land package over time, including 46 claims staked in 2025; the total package is 32,737 hectares (80,717 acres) across Illinois Creek, Khotol, Paw Print, Honker, and Round Top claims plus an 11,135-acre Uplands Mining Lease. The January 2026 resource update at Illinois Creek used an open-pit shell assuming $3,500/oz gold and $45/oz silver, and the company describes the oxide mineralization as amenable to heap leach extraction and open along strike and at depth.

Risks

• Going concern — The company has incurred significant losses, has limited cash on hand, and its 10-K risk factors state there is substantial doubt about its ability to continue as a going concern.
• Piek Promissory Note default — The $3,698,000 Piek Promissory Note has been amended nine times; failure to make required payments or expenditures, without a further amendment, could put the company in default and allow acceleration of repayment.
• No operating revenue — The company supports operations through the sale of equity, so its ability to fund exploration depends on continued access to capital markets.
• Resource estimate uncertainty — The 10-K risk factors state mineral resources are only estimates and no assurance can be given that anticipated tonnages and grades will be achieved or that indicated recovery levels will be realized.

Outlook

Management's discussion is focused on exploration plans and costs for the Illinois Creek Project, timing and cost of planned exploration programs, and receipt of results therefrom. The company also cites future cash requirements and the potential for expansion of known mineralized zones. The 10-K notes the company is not undertaking any obligation to update forward-looking statements.