Alaska Silver Corp (OTC: WAMFF) is a mineral exploration company focused on silver, gold, zinc, and lead properties in Alaska, USA. The company generates no operating revenue, funding operations entirely through equity financings. It holds 100% ownership of the Illinois Creek and Waterpump Creek carbonate replacement deposit (CRD) system, the Honker gold-silver vein property, the Round Top property, and the Paw Print property, all located in Alaska. The Illinois Creek deposit carries an inferred mineral resource of 2.38 million tonnes at 980 g/t silver-equivalent as of the 10-K filed March 31, 2026. The company completed a brokered US public offering in October 2025, raising gross proceeds of $13.799 million, and reported a net loss of $8,861,799 for the year ended December 31, 2025. Operating expenses were $6,144,207 for the year ended December 31, 2025. The company owns its exploration camp at Illinois Creek, including two mechanized drill rigs purchased in 2023 to 2024, and maintains a 45-person camp capacity.

Revenue model

No operating revenue. The company funds exploration activity through equity financings, including brokered public offerings and private placements. A Piek Promissory Note with a balance of $1,484,593 as of December 31, 2025 carries a provision requiring 6% of all equity financing proceeds to be paid to the note holder upon closing.

Products and services

Mineral exploration at four Alaska properties: (1) Illinois Creek and Waterpump Creek CRD silver-zinc-lead-gold system with an inferred resource of 2.38 million tonnes at 980 g/t AgEq containing 74.9 Moz AgEq; (2) Honker gold-silver low-sulfidation vein system with historic intercepts including 7.6 meters grading 3 to 5 g/t Au; (3) Round Top property located 15.5 miles northeast of Illinois Creek; (4) Paw Print property covering approximately 2,880 acres with 18 state mining claims. The company owns its own drilling equipment and camp infrastructure.

Customers and end markets

No customers or product sales. End market exposure is to silver, gold, zinc, and lead commodity prices. Mineral resource estimates use consensus 2025 metal prices of US$3,500/oz Au, US$45/oz Ag, US$1.30/lb Zn, and US$1.00/lb Pb.

Value-chain role

Early-stage mineral exploration. The company identifies, acquires, and drills mineral properties but has not reached development, construction, or production stage. All properties carry mineral resources without mineral reserves, meaning economic extraction has not been demonstrated.

Geographic exposure

100% Alaska, USA. Illinois Creek, Waterpump Creek, Honker, Round Top, and Paw Print properties are all located in Alaska. The company utilizes a State of Alaska-owned airstrip.

Source: SEC 10-K, filed 2026-03-31

Industry: Gold and Silver Ores