Mr. Michael Hopley reports

ALPHA EXPLORATION: ROBUST QUARTER OF FIELD WORK FOCUSED ON DISTRICT SIZED ABURNA GOLD PROSPECT

Alpha Exploration Ltd. has provided an update on its continuing aggressive exploration program over the 100-per-cent-owned, 771-square-kilometre Kerkasha project, located in southern Eritrea. Exploration has focused on the company's district-scale, orogenic Aburna gold prospect and the Tolegimja copper-zinc-gold VMS (volcanogenic massive sulphide) prospect.

The Aburna gold prospect is a significant gold discovery made by Alpha with mineralization systematically defined at surface over a 7.2-kilometre-by-two-kilometre area and where recent drilling includes 16 metres of 14.07 grams per tonne gold and 23 metres of 6.74 grams per tonne gold.

Exploration program highlights during the period include the following.

Aburna gold prospect:

• 5,565 metres of drilling, including 4,756 metres by reverse circulation (28 holes) and 809 metres by diamond drilling (five holes); assays are pending with results expected in September; over 10,000 metres of drilling have now been completed by Alpha's team in 2023;
• 3,678 metres of trench and channel sampling testing extensions to the 7.2-kilometre-long gold-in-soil anomaly; assays are pending and expected in September; ground magnetic geophysical survey and separate gradient array induced polarization (GAIP) survey covering 2.1 kilometres by 5.3 kilometres along the main Aburna trend; interpretation is continuing, with results expected in September;
• Completion of high-resolution topographic and drill hole collar survey;
• Commencement of environmental baseline study;
• Commencement of preliminary metallurgical test work.

Tolegimja copper-zinc-gold VMS prospect:

• Completion of 1,324-metre trenching program through the main gossan target; assays and data are expected in October.

Michael Hopley, Alpha's president and chief executive officer, commented: "I am pleased to report on another very intense period of exploration for the company. The Alpha team have been busy over the past three months advancing our knowledge of the large Aburna gold prospect via [greater than] 5,000 metres of drilling as well as undertaking a major trench sampling program and two large ground geophysical surveys.

"We believe that Aburna has the potential to become a major gold project as demonstrated by consistent high-grade results from drilling, including 16 metres of 14.07 grams per tonne gold and 23 metres of 6.74 grams per tonne gold, and a very large gold-in-soil anomaly which is over seven kilometres long and two kilometres wide. Results from these current work programs are expected shortly and we believe this will lead to a very significant increase in our understanding of the project and create compelling targets for the next stage of drilling at Aburna.

"We are also pleased to report on the completion of a 1,324-metre trenching program at the Tolegimja copper-zinc-gold VMS prospect, where recent drilling by the company has established a significant zinc-rich zone with grades including 26 metres of 1.67 per cent zinc. We look forward to updating shareholders with further results in due course."

Work completed during period

Aburna gold prospect:

1. Drilling:
   • A total of 4,756 metres of reverse circulation drilling were completed during the quarter. Drilling has targeted stepouts from known high-grade mineralization.
   • A total of 809 metres of diamond drilling were undertaken and has focused on expanding Alpha's structural understanding of Aburna and characterizing high-grade mineralization.
2. Trench and channel sampling:
   • A total of 3,678 metres of trench and channel sampling were completed during the quarter. Sampling focused on the southwest and northeast margins of the existing greater-than-100-part-per-billion gold-in-soil anomaly;
3. Ground magnetic and GAIP (gradient array induced polarization) surveys:
   • An 11.13-square-kilometre ground magnetic survey and separate 9.66-square-kilometre GAIP survey have been completed over the main mineralization trend at Aburna. The surveys were undertaken to define drill targets to both extend high-grade mineralization intersected previously across Aburna and to establish continuity between the various primary targets defined to date, including Hill 52, Central area, Celebration Hill and Northeast area. The company's exploration team is currently interpreting data from both programs, which will help target future drilling at Aburna.
4. High-resolution topographic survey:
   • A differential GPS (Global Positioning System) survey of all drill hole collars was performed to establish highly accurate collar elevations and help develop a high-resolution topography map of Aburna.
5. Other studies initiated:
   • The company has commenced an environmental baseline study on the project. Work to date includes the installation of a microweather station to collect atmospheric data.
   • Initial metallurgical studies have been initiated from Aburna RC (reverse circulation) drill hole samples to determine the nature of gold mineralization observed across the project. To date, four 15-kilogram composite samples have been collected for analysis by Maelgwyn (South Africa) and 10 one-kilogram composite samples were collected for analysis by ALS Perth.

Tolegimja copper-zinc-gold VMS prospect:

• A 1,324-metre trenching program was completed at Tolegimja covering a strike length of greater than 500 metres. Assay results are currently pending and expected in October.

About Alpha Exploration Ltd.

Alpha is an exploration company that is rapidly advancing a number of important gold and base metal discoveries across its 100-per-cent-owned, large (771 square kilometres) Kerkasha project in Eritrea.

The Aburna gold prospect is an exciting new gold discovery where recent drilling has established a high-grade discovery with grades, including 16 metres of 14.07 grams per tonne gold and 23 metres of 6.74 grams per tonne gold. The Anagulu gold-copper prospect includes recent drilling intersections of 108 metres of 1.24 grams per tonne gold and 0.60 per cent copper and 49 metres of 2.42 grams per tonne gold and 1.10 per cent copper within a major porphyry unit mapped over at least 1.5 kilometres. The company has also advanced the Tolegimja VMS copper-zinc-gold prospect and over 15 other gold prospects since listing in 2021.

The company is managed by a group of highly experienced and successful professionals with many years of record establishing, building and successfully exiting a number of world-class gold and base metal discoveries in Eritrea and across the wider Arabian Nubian Shield.

Qualified person

Michael Hopley, a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects, has reviewed and approved the technical information contained in this press release.

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