Alaska Silver Grants 375,000 Options at a C$0.71 Strike

Alaska Silver Corp. (TSXV: WAM) said it issued 375,000 stock options to certain non-executive directors under its director compensation policy, each exercisable at C$0.71 per share for a five-year term.

Alaska Silver Corp. (TSXV: WAM) has issued an aggregate of 375,000 stock options to certain non-executive directors, granted under the company's standing director compensation policy. Each option carries an exercise price of C$0.71 per share and a term of five years. The junior explorer also trades as WAMFF on the OTC and OTCQX markets and as MK71 on the Frankfurt Stock Exchange.

It is a small grant by absolute size, and that is rather the point. For a pre-revenue exploration company, options are the cheapest currency available for paying the people who sit on the board — no cash leaves the treasury, and the directors are paid only if the shares work.

What a C$0.71 strike price tells you

A stock option gives the holder the right, not the obligation, to buy a share at a fixed price. It is worth something only if the market price climbs above that fixed price. Here the fixed price is C$0.71.

Against that, the most recent quote available for the company's US-listed line is 0.50 per share, down 0.66% from its prior close of 0.51, as of the last trade on Tuesday, 2 September 2026, with the market closed at the time of writing. That OTC quote and the Canadian-dollar strike are not directly comparable without a currency conversion, and the market data supplied does not specify the currency of the OTCQX print. What can be said plainly is that the strike is not a bargain handed to the board at a discount to where the shares have been changing hands. Directors have to generate a move before the paper is worth anything at all.

The five-year term matters as much as the price. Exploration timelines are long: drilling seasons in western Alaska are short, resource updates take quarters to produce, and permitting takes years. A one- or two-year option would be close to meaningless against that clock. Five years is roughly the window in which a discovery-stage company either converts inferred ounces into something a larger miner wants, or does not.

If every option were exercised at the stated price, the company would receive C$266,250 — an illustrative figure derived from the grant size and strike, not a reported cash inflow, and one that only arrives if the shares clear C$0.71. The announcement was carried by INN Precious Metals.

The asset the incentive is pinned to

Alaska Silver's single focus is the Illinois Creek Project in western Alaska, a 100%-owned, contiguous land package of 80,895 acres — 126.4 square miles, or 32,337 hectares. That is a large holding for a company of this size, and it is held outright rather than through a joint venture, which means no partner takes a cut of a discovery and no partner shares the cost of finding one.

The property is anchored by two zones of resource-level mineralization sitting about 8 km apart, with what the company describes as high-potential exploration ground in between. That gap is the speculative heart of the story: if mineralization proves continuous or repeats along the corridor, the scale of the district changes.

At the eastern end is Waterpump Creek, which hosts an Inferred Mineral Resource of 75 million ounces of silver equivalent at a grade of 279 g/t silver, 11.28% zinc and 9.87% lead. The zone remains open to the north and south, meaning drilling has not yet found its edges. Those base metal grades are notable — double-digit zinc and near double-digit lead are the kind of numbers that make a polymetallic deposit economic on more than the silver alone.

At the western end sits the historical past-producing Illinois Creek deposit. A brownfield site with production history carries advantages a greenfield discovery does not: existing disturbance, known geology, and a record of what was mined and why it stopped.

Reading insider grants at a junior explorer

Investors in small exploration names watch option grants for two reasons, and they pull in opposite directions.

• Alignment. Options set above the recent market price only pay if shareholders are paid first. That is the constructive reading, and it is the one supported by the terms disclosed here.
• Dilution. Every option that is eventually exercised creates a new share. For juniors that finance repeatedly through equity, the share count is the thing to track over time.
• Policy versus discretion. This grant was made under a pre-existing director compensation policy rather than as an ad hoc award, which is generally the cleaner governance structure.

Non-executive directors, unlike management, are not running the drill program day to day. Paying them in long-dated equity rather than cash is standard practice across the Canadian junior mining sector, where preserving treasury for the field season is the first discipline of survival.

What determines whether the options are ever worth anything

Nothing about this announcement changes the geology or the balance sheet. It is a compensation mechanic. The variables that decide whether C$0.71 is ever cleared are the same ones that governed the stock before the grant: the silver price, the zinc and lead price, the results of drilling into the open extensions at Waterpump Creek, and whether the 8 km of untested ground between the two zones yields anything.

For context on the broader tape, US equity benchmarks closed higher in the most recent session, with the S&P 500 tracker at $765.16, up 0.44%, the Nasdaq 100 tracker at $709.24, up 0.23%, and the Dow tracker at $530.62, up 0.54%. Junior explorers rarely take their direction from those indexes; they take it from metal prices and the drill bit.

The near-term watch items are straightforward: any assay releases from the Illinois Creek land package, any update converting inferred material to a higher confidence category, and any financing that would add to the share count alongside the options now outstanding.

Key facts

• Options granted: 375,000 to certain non-executive directors
• Exercise price and term: C$0.71 per share, five years
• WAMFF last price: 0.50, -0.66%, as of 2 Sep 2026 20:00 GMT close
• Waterpump Creek resource: 75 Moz AgEq inferred at 279 g/t Ag, 11.28% Zn, 9.87% Pb

Frequently asked questions

How many options did Alaska Silver grant and to whom?

Alaska Silver Corp. issued an aggregate of 375,000 stock options to certain non-executive directors of the company. The grant was made in accordance with the company's existing director compensation policy rather than as a discretionary one-off award. Each option is exercisable at C$0.71 per share and carries a term of five years from grant.

What does an exercise price of C$0.71 mean in practice?

An exercise price, or strike, is the fixed price at which the option holder may buy a share. The option only has value if the market price rises above C$0.71. Below that level it expires worthless. The holder is under no obligation to exercise, so the strike effectively sets the hurdle directors must clear before the award pays anything.

Where does Alaska Silver trade?

The company has four listings. Its primary line is on the TSX Venture Exchange under the symbol WAM. It also trades in the United States on the OTC and OTCQX markets as WAMFF, and in Germany on the Frankfurt Stock Exchange as MK71. The most recent WAMFF quote was 0.50, down 0.66% on the day.

What is the Illinois Creek Project?

Illinois Creek is Alaska Silver's 100%-owned exploration property in western Alaska, a contiguous package of 80,895 acres, equal to 126.4 square miles or 32,337 hectares. It contains two zones of resource-level mineralization roughly 8 km apart: the Waterpump Creek silver-zinc-lead zone at the eastern end and the historical past-producing Illinois Creek deposit at the western end.

What is an inferred mineral resource?

An inferred resource is the lowest confidence category of mineral resource under standard reporting codes. Tonnage and grade are estimated from limited sampling and geological interpretation, so the figures carry meaningful uncertainty and cannot be assumed to convert to reserves. Waterpump Creek's inferred resource is 75 million ounces of silver equivalent at 279 g/t silver, 11.28% zinc and 9.87% lead.

Why do junior miners pay directors in options rather than cash?

Exploration companies generate no revenue and must preserve cash for drilling and permitting. Paying non-executive directors in long-dated options costs the treasury nothing upfront and ties their compensation to share price performance. The trade-off is dilution: if the options are exercised, new shares are created, increasing the total share count outstanding.

Sources

• Alaska Silver Announces Grant of Options — INN Precious Metals

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