Mr. Michael Hopley reports

ALPHA EXPLORATION LTD. ANNOUNCES EXTENSION OF PRIVATE PLACEMENT FINANCING

Further to Alpha Exploration Ltd.'s press releases dated Nov. 15, 2023, Dec. 8, 2023, and Jan. 2, 2024, the TSX Venture Exchange has agreed to extend the closing of the second tranche of its previously announced non-brokered private placement of units in the capital of the corporation of up to $5-million at a purchase price of 70 cents per unit until Feb. 29, 2024. The first tranche of the offering closed after market close on Dec. 7, 2023, for total aggregate gross proceeds of $4,180,001, as previously announced by the corporation.

The principal use of the proceeds of the offering will be for financing continuing exploration work on the Kerkasha project in Eritrea, operating and administrative expenses, working capital and general corporate purposes.

Certain insiders of the corporation (as such term is defined under the policies of the TSX-V) may participate in the offering. The participation of insiders in the offering would constitute a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The corporation intends on relying upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the offering, insofar as it involves the related parties, will not exceed $2.5-million.

Further details relating to the closing of the second tranche of the offering will be provided in due course.

We seek Safe Harbor.