Projects
The Nikolai Project
Located in Interior Alaska, the Nikolai project is a sulphide nickel and battery metal project which hosts a NI 43-101 compliant Mineral Resource Estimate, with an Indicated Resource of 5.6 billion pounds of nickel and an Inferred Resource of 9.4 billion pounds of nickel. It also has exploration potential for the discovery of high-grade Ni-Cu-PGE massive sulphide mineralization
Mineral Resource Estimate
- The effective date of the update Mineral Resource Estimate is March 7, 2025
- NiEq = nickel equivalent, MT = million tonnes, Mlb = Million pounds, KtOz = thousand troy ounces.
- Totals may vary due to rounding.
- CIM definitions are followed for classification of Mineral Resource.
- Metal pricing used to calculate NiEq and NiEq + (Cr, Fe) is based on observation of monthly metal pricing for the past 24 months up to end-December 2024 with Ni at US$19,558.71/tonne (US$8.90/lb) (World Bank), Cu at US$8,798.58/tonne (US$3.99/lb) (World Bank), Co US$31,434.18 /tonne (US$14.30/lb) (Y Charts), Pt at US$962.77/toz (World Bank), Pd at US$1,189.80/toz (Trading Economics), Au at US$2,150.48/toz (World Bank), Cr at US$4,017.33/tonne (US$1.80/lb) (Fastmarkets, Argus), and Fe at US$114.86/tonne (US$0.052/lb) (World Bank). Totals may not represent the sum of the parts due to rounding.
- Nickel equivalent grade formula is as follows: *NiEq = (Ni%) + (Cu% * 0.45) + (Co% * 1.61) + (Pt% * 1,582.61) + (Pd% * 1,955.80) + (Au% * 3,534.97)
- Nickel equivalent + Cr and Fe grade formula is as follows: NiEq = (Ni%) + (Cu% * 0.45) + (Co% * 1.61) + (Pt% * 1,582.61) + (Pd% * 1,955.80) + (Au% * 3,534.97) + (Cr% * 0.21) + (Fe% * 0.00587)
- Coefficients used to calculate the value of other metals to Ni equivalent and are calculated as follows: Coefficient = Metal Price/Ni Price.
- Recovered NiEq grade by domain formula is as follows:
- In EZ1: Rec. NiEq = (0.6 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au% * 3,534.97)
- In UEZ2 and CEZ2: Rec. NiEq = (0.65 * Ni%) + (0.7 * Cu% * 0.45) + (0.55 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au% * 3,534.97)
- In LEZ2: Rec. NiEq = (0.55 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au% * 3,534.97)
- In EZ3: Rec. NiEq = (0.35 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au% * 3,534.97)
- Recovered NiEq + Cr and Fe grade by domain formula is as follows:
- In EZ1: Rec. NiEq = (0.6 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au% * 3,534.97) + (0.25 * Cr% * 0.21) + (0.25 * Fe% * 0.00587)
- In UEZ2 and CEZ2: Rec. NiEq = (0.65 * Ni%) + (0.7 * Cu% * 0.45) + (0.55 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au% * 3,534.97) + (0.25 * Cr% * 0.21) + (0.25 * Fe% * 0.00587)
- In LEZ2: Rec. NiEQ = (0.55 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au% * 3,534.97) + (0.25 * Cr% * 0.21) + (0.25 * Fe% * 0.00587)
- In EZ3: Rec. NiEQ = (0.35 * Ni%) + (0.5 * Cu% * 0.45) + (0.5 * Co% * 1.61) + (0.5 * Pt% * 1,582.61) + (0.5 * Pd% * 1,955.80) + (0.5 * Au% * 3,534.97) + (0.25 * Cr% * 0.21) + (0.25 * Fe% * 0.00587)
- Base case Rec. NiEq cutoff grade is 0.064% calculated from a Ni price of US$19,558.71/tonne (US$8.90/lb), surface mining cost of US$2.50 per tonne with a run-of-mine between 45-60k tonnes/day, processing costs with an estimated US$10.00 per tonne, and variable metal recoveries where: EZ1 Ni recovery is 60% and Au, Cu, Co, Pd, and Pt is 50%; UEZ2 and CEZ2 Ni recovery is 65%, Cu is 70%, Co is 55%, and Au, Pd, Pt is 50%; LEZ2 Ni recovery is 55% and Au, Cu, Co, Pd, and Pt is 50%; EZ3 Ni recovery is 35% and Au, Cu, Co, Pd, and Pt is 50%
- Mineral Resources are reported from within an economic pit shell whose extent has been estimated using a Ni price of US$19,558.71/tonne (US$8.90/lb), surface mining cost of US$2.50 per tonne, from a recovered Ni equivalent grade calculated from Ni, Cu, Co, Pt, Pd, and Au, and a 45-degree constant slope angle.
- The Mineral Resource estimate has been prepared by Erik Lagenfeld of Stantec Consulting Services Inc. in conformity with CIM “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines and are reported in accordance with the Canadian Securities Administrators NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that any mineral resource will be converted into mineral reserve.
Resource Overview
Nikolai's Location
The Nikolai project is located 80 kilometers (50 miles) south of the town of Delta Junction, on the southern flank of the Alaska Range. The claims are proximal to paved highways and a network of gravel roads and trails afford ready access to the Canwell claim block.
The City of Fairbanks lies approximately 200 kilometers (125 miles) to the northwest. The city of Delta Junction has many services and amenities that support the Alaska mining community. The main Alaska power line and railway lie 100 kilometers (62 miles) to the west along the Denali Highway.
Project Highlights
Experienced Alaskan Management Team
A Domestic Source of Nickel for an Electric Energy Expansion
Drilling has confirmed a large accumulation of Nickel
Near – term catalysts: Metallurgical Studies and Preliminary Economic Analysis
Strong Financial Backing
Favorable Jurisdiction and Infrastructure
We Appreciate our Local Vendors
The Trophy Lodge
Delta Fuel Industries LLC
Delta Building Supply
Maclaren River Lodge
Piton Exploration
Pathfinder Aviation
Arctic Fire and Safety
Techline
HORST
Exxel Builders Inc
Greenstone Station
AK Fuel Distributors
Northland Wood – Fairbanks
Alaska Industrial Hardware
Airport Equipment Rentals
TNT Enterprises
Lynden Transport
We Appreciate our Local Vendors
The Trophy Lodge
Delta Fuel Industries LLC
Delta Building Supply
Maclaren River Lodge
Piton Exploration
Pathfinder Aviation
Arctic Fire and Safety
Techline
HORST
Exxel Builders Inc
Greenstone Station
AK Fuel Distributors
Northland Wood – Fairbanks
Alaska Industrial Hardware
Airport Equipment Rentals
TNT Enterprises
Lynden Transport
In-Depth Presentation
Nikolai Project Presentation
Sulphide nickel and battery metal project hosting an Indicated Resource of 5.6 billion pounds of nickel and an Inferred Resource of 9.4 billion pounds of nickel.
The Nikolai project holds promising potential as a large, reliable, domestic source of nickel for the ongoing energy transition. Recently completed (2023) and historical drilling results have confirmed the presence of a substantial Mineral Resource Estimate containing nickel, copper, cobalt, chromium, platinum, palladium, gold and iron. Seven of these metals are on the US Department of Defense Critical and Strategic Materials list.
Based on drilling results, mineralization is open in all directions and requires additional drilling to increase the confidence and to expand the Mineral Resource Estimate along strike and at depth.
Located in a tier-1, pro-resource jurisdiction
Alaska is a state built on resource development with a thorough and fair permitting process.
Additionally, the federal government is supportive of transitioning to electrical energy and recognizes the need for secure, domestic supplies of critical and strategic metals like nickel and cobalt.
Independent analysis shows Alaska’s competitive taxation rates and high evaluations in mining jurisdiction assessments.
Led By A Team of Alaskans That Understands Responsible Resource Development
Led by Greg Beischer, a geologist and mining engineering technologist with over 30 years of experience, our company benefits from his expertise in magmatic nickel deposit exploration. Previously, as the head of Millrock Resources, Mr. Beischer successfully raised over US$50 million for exploration projects, often through partnerships with major mining companies.
Key staff from Millrock have joined Alaska Energy Metals Corporation, forming a skilled team of exploration geologists and support staff who excel in executing mineral exploration projects in Alaska.
Focused On A Metal Required For The Future
Nickel, primarily used in stainless steel, plays a crucial role as a cathode in rechargeable batteries, including those used in cell phones, power tools, and electric vehicles.
With the rapid global adoption of electric vehicles, the demand for nickel is growing swiftly.
To ensure a stable supply, America seeks domestic sources, and Alaska Energy Metal’s project holds the potential to meet a significant portion of the country’s metal needs for the energy transition.
The Eureka Deposit
Updated NI 43-101 compliant Mineral Resource Estimate, effective 7 March 2025, contains:
- Indicated mineral resources of 5.61 billion pounds (2.54 million tonnes) of nickel, 1.77 billion pounds (0.8 million tonnes) of copper, and 0.44 million pounds (0.20 million tonnes) of cobalt, plus a total of 5.52 million ounces of platinum, plus palladium and gold in a constrained model totaling 1,190 million tonnes, at an average grade of 0.30% total NiEq, using a 0.065% NiEq recovered cut-off grade.
- Inferred mineral resources of 9.38 billion pounds (4.25 million tonnes) of nickel, 2.43 billion pounds (1.1 million tonnes) of copper, and 0.76 billion pounds (0.34 millon tonnes) of cobalt, plus a total of 7.79 million ounces of platinum, plus palladium and gold in a constrained model totaling 2,087 million tonnes, at an average grade of 0.28% total NiEq, using a 0.065% NiEq recovered cut-off grade.
A higher-grade core, present over the southeastern half of the deposit, has been clearly confirmed and identified and shown to be more than 2.5 kilometers in length. The higher-grade zone comes to surface and can therefore be mined in the early years to production to achieve rapid payback.
The Canwell Property
Exceptionally high-grade Ni-Cu-PGE surface showings, with limited, shallow drilling on prospects. 2023 reconnaissance sampling confirmed the historical surface sample results at several high-grade Ni-Cu-PGE prospects. Coincident anomalies of magnetic susceptibility, Time-domain Electromagnetic (TEM) and Controlled source audio-frequency magnetotelluric (CSAMT) occur at four of the prospects: Canwell, Odie, Glacier Lake and Emerick. Drilling in 2024 led to the discovery of thick low-grade nickel mineraliation. Further drilling to test for high grade targets is warranted.
Project Target
The Nikolai project hosts Ni-Cu-Co-Cr-PGE mineralization.
Several deposit types are possible:
- Disseminated Ni-Cu-Co-Cr-PGE mineralization in serpentinized ultramafic rocks (analogy = Crawford deposit, Canada)
- Massive sulfide Ni-Cu-PGE mineralization (analogy = Norilsk Mine, Russia)
- Remobilized high-grade Ni-Cu-PGE mineralization
- Volcanogenic Massive Sulfide (VMS – Besshi style) Cu (Zn-Pb) Au, Ag (analogy = Windy Craggy deposit, Canada)
Land Status
Two separate, adjacent claims blocks encompass the Nikolai project.
The Eureka claim block consists of 106 State of Alaska mining claims (6,863 hectares) and is 100% owned by Alaska Energy Metals.
The Canwell claim block consists of 59 State of Alaska mining claims (3,820 hectares), with an option to purchase 100% interest in the claims from the underlying owner.
In total, the project covers 106.83 km2 (10,683 hectares).
Geology and Mineralization
The project is located within the underexplored Wrangellia Terrane of Alaska. A characteristic component of this terrane is the Nikolai Greenstone, an extensive sequence of low-grade metamorphosed Late Triassic flood basalt rocks. Mafic and ultramafic intrusions, the source for the Nikolai Greenstone, along with Permian and Cretaceous felsic plutons, intruded Permian volcanic and volcaniclastic rocks. Wrangellia holds high potential for the discovery of economic magmatic sulfide deposits containing nickel, copper, cobalt, platinum, palladium, iridium, rhodium, osmium, ruthenium, gold, silver, lead, and zinc. Past producing mines and known deposits within the Wrangellia include Kennecott Copper Mines, Windy Craggy, Wellgreen-Nickel Shaw, and White River.
After an initial discovery by Inco Ltd., in 1997, drilling by Pure Nickel Inc. and ITOCHU Corporation, between 2008 and 2013, resulted in the discovery of a >15km mineralized corridor (Eureka Zone) of disseminated Ni-Cu-PGE mineralization associated with serpentinized mafic and ultramafic rocks. Other exploration targets include massive sulfide Ni-Cu-PGE mineralization associated with mafic dikes cross-cutting the ultramafic sequence and remobilized high-grade Ni-Cu-PGE mineralization associated with Cretaceous intrusions. Additionally, Cu-Pb-Zn-Au-Ag mineralization has been discovered in volcaniclastic rocks that may be associated with volcanic massive sulfide mineralization.
Upcoming Exploration Program
With the completion of the 2024 exploration program, AEMC was successful in delineating a NI 43-101 compliant Mineral Resource Estimate, effective 7 March 2025, which hosts an Indicated Resource of 5.6 billion pounds of nickel and an Inferred Resource of 9.4 billion pounds of nickel. A higher-grade core, present over the southeastern half of the deposit, has been clearly confirmed and identified. Metallurgical studies to determine metal recovery rates are in progress. An “options study” will also be initiated. This will lead to a Preliminary Economic Assessment later in 2025.
