Alaska Energy Metals Closes Financings

VANCOUVER, May 30, 2023 - Alaska Energy Metals Corp. (TSX-V: AEMC, OTCQB: MLRKF) ("Alaska Energy Metals" or the "Company") announces that it has closed the non-brokered private placements announced on May 12, 2023, raising total gross proceeds of $2,609,180 by the sale of an increased total of 9,318,500 common shares of the Company (each, a "Share"). Gross proceeds of $2,091,180 were issued under the listed issuer financing exemption by the sale of 7,468,500 Shares, and gross proceeds of $518,000 were issued under other prospectus exemptions (the "Non-LIFE Offering") by the sale of 1,850,000 Shares.

Commissions totaling $61,404 were paid to finders, together with 407,110 Shares (the "Finder's Shares") and 626,410 Share purchase warrants (each, a "Finder's Warrant"). Each Finder's Warrant entitles the holder to purchase one Share at a price of $0.28 for a period of 12 months from the date of issue. A due diligence fee of $30,000 was also paid.

The Shares issued under the Non-LIFE Offering, the Finder's Shares, the Finder's Warrants, and the Shares issuable upon exercise of the Finder's Warrants are subject to a hold period expiring October 1, 2023.

About Alaska Energy Metals
Alaska Energy Metals Corp. is focused on delineating and developing a large polymetallic exploration target containing nickel, copper, cobalt, chrome, iron, platinum, and palladium. Located in development-friendly central Alaska near existing transportation and power infrastructure, the project is well-situated to become a significant, domestic source of critical and strategic energy-related metals.

ON BEHALF OF THE BOARD
"Gregory Beischer"
Gregory Beischer, President & CEO

FOR FURTHER INFORMATION, PLEASE CONTACT:
Gregory A. Beischer, President & CEO
Toll-Free: 877-217-8978 | Local: 604-638-3164

This news release does not constitute an offer for sale, or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of the Company. The securities of the Company have not been, and will not be, registered under the 1933 Act or under any state securities laws and may not be offered or sold in the United States or to a U.S. Person absent registration under the 1933 Act and applicable state securities laws or an applicable exemption therefrom.