Ms. Mary Vorvis reports

ALEXANDRIA ENTERS INTO OPTION AGREEMENT WITH QUINTO REAL CAPITAL CORPORATION

Alexandria Minerals Corp. has signed an option agreement with Quinto Real Capital Corp., giving Quinto the right to earn up to a 75-per-cent interest in Alexandria's Gwillim, Fancamp and Embry properties in the Chibougamau region of Quebec.

The highlights of the agreement are as follows:

• Upon signing the agreement, Quinto will issue to Alexandria one million Quinto treasury shares.
• On or before May 18, 2018, Quinto will issue to Alexandria an additional 500,000 treasury shares.
• In order to earn the first 65-per-cent interest, Quinto must expend $5-million on exploration activities over five years on the three properties.
• To earn a further 10-per-cent interest for a total of 75 per cent, Quinto must complete a prefeasibility study compliant with National Instrument 43-101, hosting a minimum of one million ounces of gold.
• Following Quinto's 75-per-cent earn-in, the relationship switches to a joint venture, where both parties contribute a pro rata share of operating costs.
• Alexandria retains a minimum 10-per-cent carried interest in the joint venture, notwithstanding the amount that Alexandria contributes to operating costs.
• Additionally, Alexandria will hold a 2-per-cent net smelter return royalty in the properties.

Eric Owens, president and chief executive officer, said: "We continue to get great value for our non-core property assets, while we maintain our focus on our Cadillac Break projects in Val d'Or. We know Quinto Real will move these projects forward in a timely and successful fashion."

Alexandria's focus for the last several years has been its flagship Cadillac Break property package in Val d'Or, Que., where the company has built substantial current resources on one of the largest gold properties along the Cadillac Break fault zone (see attached table). The three advanced projects (Orenada, Akasaba and Sleepy) host near-surface gold deposits, all with significant growth potential and in close proximity to five nearby, undercapacity gold mills.

The potential of this large property asset is reflected in Alexandria's discovery of the Akasaba West zone in 2012 and on which Agnico Eagle Mines has shown its intent to take to production. The results of that discovery have focused Alexandria's exploration efforts on the western portion of the property package, where the geology is consistent with large porphyry gold-copper deposits. Around the world, these deposits host substantial gold contents, averaging 7.4 million ounces of gold, and the largest of them can host up to 90 million ounces of gold.

In addition to its strong projects in Val d'Or, Alexandria also has significant properties in the Flin Flon/Snow Lake district of Manitoba, one of the world's leading volcanogenic massive sulphide (VMS) districts. The VMS deposits of this district are noted for their high gold contents, and the current resources at Alexandria's Hudvam and WIM projects are consistent with this, with gold grades ranging from 1.57 grams per tonne gold to 3.62 grams per tonne gold (see attached table).

         CURRENT RESOURCES ON ALEXANDRIA'S QUEBEC AND MANITOBA PROPERTIES
 
                                                                Grade                   
Deposit                 Cut-off      Tonnes        Au         Cu        Ag        Zn 
                                                 (g/t)        (%)     (g/t)       (%) 
Measured 
category  
                                                         
Orenada near                                                                
surface              0.5 g/t Au   4,329,383      1.36                             
Indicated category                                                          
Akasaba                                                                
underground         2.25 g/t Au     609,274      5.93                                
Akasaba near                                                        
surface              0.5 g/t Au   3,009,214      1.37                                
Orenada near                                                         
surface              0.5 g/t Au   6,027,277      1.01                                
Hudvam               1.35% CuEq     930,397      3.62       1.17     13.23      1.71 
WIM                   1.3% CuEq   3,898,000      1.57       1.71      6.68      0.27 

Inferred 
category 
                                                          
Akasaba                                                            
underground         2.25 g/t Au   1,475,622      5.58                                
Akasaba                                                       
near surface         0.5 g/t Au     219,882      1.93                                
Orenada                                                         
near surface         0.5 g/t Au   4,708,810      1.16                                
Sleepy               3.0 g/t Au   1,885,500      5.10                                
Hudvam               1.35% CuEq     612,021      2.89       0.77      6.55      1.26 
WIM                   1.3% CuEq     732,000      1.76       1.03      4.65      0.37 

                                                                       Contained metal
Deposit                 Cut-off         Tonnes         Gold        Copper      Silver        Zinc
                                                       (oz)          (lb)        (oz)        (lb)
Measured
category

Orenada near
surface              0.5 g/t Au      4,329,383      188,844

Indicated
category

Akasaba
underground         2.25 g/t Au        609,274      116,158
Akasaba near
surface              0.5 g/t Au      3,009,214      132,475
Orenada near
surface              0.5 g/t Au      6,027,277      196,097
Hudvam               1.35% CuEq        930,397      108,350    24,053,000     396,000  35,100,000
WIM                   1.3% CuEq      3,898,000      197,000   147,156,000     837,000  22,730,000
                                     ---------  -----------   -----------  ----------
Total
indicated                              750,080  171,209,000     1,233,000  57,830,000
                                     =========  ===========   ===========  ========== 
Inferred 
category

Akasaba
underground         2.25 g/t Au      1,475,622      264,886
Akasaba near
surface              0.5 g/t Au        219,882       13,653
Orenada near
surface              0.5 g/t Au      4,708,810      176,000
Sleepy               3.0 g/t Au      1,885,500      307,350
Hudvam               1.35% CuEq        612,021       56,800    10,449,000     129,000  16,961,000
WIM                   1.3% CuEq        732,000       41,000    16,616,000     109,000   5,941,000
                                     ---------   ----------    ----------  ---------- 
Total 
inferred                               859,689   27,065,000       238,000  22,902,000
                                     =========   ==========    ==========  ==========

Resources estimates: Orenada (Horvath, Geologica, 2009), Akasaba and Sleepy (Geopointcom, 
Geologica, 2013 and 2014, respectively), Hudvam and WIM (Golder and Associates, 2015).

Since 2007, the company has drilled 398 holes for 148,874 metres on its Cadillac Break properties, all leading up to just $16 per ounce of gold discovered, including 69 cents per ounce of gold discovered on the Akasaba West zone. The company intends to continue to add value to its projects through diligent and directed exploration.

We seek Safe Harbor.