Mr. Michael Hopley reports

ALPHA EXPLORATION PROVIDES EXPLORATION UPDATE

Alpha Exploration Ltd. has provided an update on its exploration programs across its 100-per-cent-owned, 771-square-kilometre Kerkasha project located in Eritrea.

Highlights:

• Acceleration of exploration programs on three priority prospects across Kerkasha licence;
• 8,000-metre drill program more than half completed on Aburna gold prospect;
• Third drill rig en route to accelerate drill target definition at Aburna;
• Additional exploration drilling planned for Anagulu copper-gold prospect;
• Drill targeting under way at Tolegimja copper-zinc-gold VMS (volcanogenic massive sulphide) prospect.

Accelerated exploration under way

The current drill program at the Aburna gold prospect has reached approximately 5,000 m of the 8,000 m of reverse circulation (RC) and diamond drilling (DD) planned to test a number of high-priority targets and is expected to be completed within the next six weeks. This drilling includes extending a high-grade feeder zone discovered earlier this year where Alpha intersected 18 m at 15.33 grams per tonne (g/t) gold (Au) and 49.5 m at 2.75 g/t Au from drill holes ABD012 and ABD013, respectively. In addition, a rotary air blast (RAB) rig is being mobilized to site to commence drilling in August this year, with 10,000 m planned to accelerate discovery of further shallow, high-grade gold shoots within the main mineralized corridor defined to date. These planned work programs will enable Alpha to fast-track drill target definition at Aburna, which may include utilizing additional drills later in the year to fully define the primary mineralized lenses as part of a resource definition drilling program.

At the Anagulu gold-copper porphyry prospect and Tolegimja copper-zinc-gold VMS prospect, Alpha plans to drill up to 2,000 m and 1,000 m, respectively, over high-priority targets, as well as 10,000 metres of RAB drilling over both prospects in H2 2024.

Michael Hopley, Alpha's president and chief executive officer, commented that: "I am very pleased to report that Alpha is now in a position to aggressively advance our three priority exploration prospects on the Kerkasha licence. Our focus for Aburna throughout the rest of 2024 will be to fully define the three km long mineralized corridor that links the three current targets at Hill 52, Central and Northeast areas. Simultaneously, the arrival of an RAB rig on site in Q3 this year this year will enable us to rapidly and cost-effectively generate and evaluate other priority drill targets over the larger 7.2 km by two km footprint of the Aburna prospect, which is defined by anomalous surface gold geochemistry and trenching.

"Furthermore, I am very pleased that we will be advancing exploration, including significant drilling, on the Anagulu and Tolegimja prospects. We will keep shareholders updated on progress in what is expected to be a busy exploration period for the company."

Aburna -- drill targets

Recent interpretation by Alpha has established that the three main target areas at Aburna -- Hill 52, Central area and Northeast area -- likely comprise the same mineralized system creating an overall target up to three kilometres in length and separated by a major north-south regional fault that appears to have laterally offset mineralization. The current drill program will focus on fully defining this target, including drill testing the 300 m Gap zone between Hill 52 and Central area.

Separately, the company plans to commence drilling with an RAB rig from Q3 this year. The rapid drilling of many shallow (less than 50 m deep) drill holes by using a RAB rig will enable Alpha to rapidly and cost-effectively test a number of priority targets, as well as testing the potential for further high-grade shoots over the very large 7.2 km by two km Aburna footprint defined by anomalous surface gold geochemistry and trenching.

Recent drilling completed by Alpha at Aburna includes assays received from five RC holes with results detailed in the table entitled "Gold assay intercepts from recent drilling at Central area, Aburna." Significantly, drill hole ABR124 that includes 15 m at 2.25 g/t Au, was drilled from the eastern end of the Gap zone, where drilling is currently continuing. Many drill holes recently completed by the company are awaiting sample preparation at Nabro Laboratories Ltd. in Asmara. Alpha expects a delay of several weeks in receiving results from these holes due to upgrading of mechanical equipment at Nabro. With the anticipated acceleration in the company's exploration programs, Alpha is currently looking at options to transport an additional, self-contained preparation facility to Asmara from ALS in the coming weeks.

Anagulu copper-gold prospect

In April, 2024, Alpha engaged the services of Federico Cernuschi PhD, a world-renowned copper porphyry specialist, to undertake a detailed mapping program and data review of Anagulu. From this program, it was concluded that the main porphyry target at Anagulu probably exists directly along strike and southwest of existing drilling on the project by Alpha that includes 108 m at 1.24 g/t Au and 0.6 per cent Cu (copper).

Five high-priority drill targets have been recommended by Dr. Cernuschi and the planned drilling will test strike extensions of the quartz-eye diorite, which is the host of the copper-gold mineralization at Anagulu.

Tolegimja copper-zinc-gold prospect

Recent hand-held XRF (X-ray fluorescence) soil sampling at Tolegimja has established that an eastern limb of VMS mineralization likely exists and extends for up to three km, potentially mirroring the existing three km long western limb, and creating a folded VMS target up to six km in length. The eastern limb also coincides with a major EM (electromagnetic) anomaly identified from work previously undertaken by Thani-Ashanti. The company is currently undertaking further mapping and sampling at Tolegimja, including gossanous and exhalite targets typically associated with VMS deposits, with a view to commencing a 1,000 m scout drilling program later in 2024.

Rotary air blast drilling

RAB drilling is a rapid and cost-effective technique for sampling at shallower depths (typically down to 25 m or 50 m) below soil cover. RAB drilling uses a conventional single barrel technique, with compressed air (or a combination of air and foam) pumped down through a drill rod, to break up the ground. This form of drilling provides a mixture of crushed rock powder and chips (up to approximately two centimetres (cm)). The method should provide a rapid assessment of the ground at a shallow level where many mineral deposits are most likely to be detected.

Sampling, subsampling and analysis

Alpha engaged an independent consultancy, RSC Mining & Mineral Exploration (RSC), to develop a standard operating procedure (SOP) for both RC and DD drill sampling and sample preparation in June, 2021, and all samples in this release use this RSC SOP, which utilizes blank standards and industry standards which are inserted at the beginning and end of every sample stream (and every 20 samples within the sample stream) for all samples submitted to ALS Geochemistry, Loughrea, Ireland, for assay. Additionally, field replicates are taken at a frequency of about one in five (20 per cent) through mineralized areas.

Sample preparation was undertaken by Nabro Laboratories Ltd. in its independent laboratory in Asmara prior to shipping to ALS for analysis. Nabro sample preparation methods follow SOPs developed by RSC. One-metre samples from both RC and DD drilling were crushed (to more than 90 per cent passing two millimetres (mm)) and pulverized (to more than 85 per cent passing 75 micrometres). Two scoop samples were taken from the pulverizer bowl: approximately 130 grams for laboratory analysis and approximately 150 g for portable X-ray fluorescence (pXRF) analysis. The coarse and pulp rejects were stored at Alpha's warehouse in Asmara. The company inserted certified reference material from OREAS into the sample stream, while Nabro in Asmara inserted barren granodiorite material into the sample stream as a blank. ALS analyzed all drill samples for gold by method Au-AA26 (50 g charge fire assay, AAS (atomic absorption spectroscopy) finish). ALS is independent of the company and its quality management systems framework is accredited to ISO/IEC 17025:2005 or certified to ISO 9001:2015 standards.

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-kilometre) Kerkasha project in Eritrea.

The Aburna gold prospect is an exciting new gold discovery covering a very large 7.2 km by two km footprint where recent drilling has established a high-grade discovery, with grades including 18 m at 15.33 g/t Au, 49 m at 2.75 g/t Au, 16 m at 14.07 g/t Au, nine m at 10 g/t Au and 23 m at 6.74 g/t Au. The Anagulu gold-copper prospect includes recent drilling intersections of 108 m at 1.24 g/t Au and 0.60 per cent Cu, and 49 m at 2.42 g/t Au and 1.10 per cent Cu within a porphyry unit mapped over at a more than two km strike length. The company is also advancing exploration of the Tolegimja volcanogenic massive sulphide copper-zinc-gold prospect, and over 17 other gold and base metal prospects since listing in 2021.

The company is managed by a group of highly experienced and successful mining professionals with long records of 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

All scientific and technical information in this press release, including the results of the Aburna drill program and how these results relate to the continuing exploration at the Kerkasha project, has been reviewed, verified and approved by Mr. Hopley, president and chief executive officer of Alpha, and a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

We seek Safe Harbor.