Mr. Michael Hopley reports

ALPHA EXPLORATION ANNOUNCES $6.0 MILLION PRIVATE PLACEMENT OFFERING OF ORDINARY SHARES

Alpha Exploration Ltd. has entered into an agreement pursuant to which Cormark Securities Inc. and Canaccord Genuity Corp. have agreed to act as co-lead agents and bookrunners, on behalf of a syndicate of agents, in connection with a brokered private placement of 6.67 million ordinary shares of the company on a best efforts agency basis at a price of 90 cents per share for aggregate gross proceeds to the company of $6.0-million. In addition, the agents have been granted an option exercisable, in whole or in part, up to the closing date, to sell up to an additional 1,000,500 shares at the offering price for additional proceeds of $900,450.

The net proceeds from the offering will be used for exploration and development activities at the company's projects in Eritrea, working capital, and general corporate purposes.

The offering is expected to close on or about July 30, 2024, or such other date as the company and Cormark may agree, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the conditional approval of the TSX Venture Exchange.

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106, Prospectus Exemptions, the shares will be offered for sale in each of the provinces of Canada (other than the province of Quebec), pursuant to the listed issuer financing exemption under Part 5A of NI 45-106, and in such other jurisdictions as may be agreed between the company and the agents, provided that no prospectus, registration statement or similar document is required to be filed in such jurisdictions. The ordinary shares will not be subject to resale restrictions pursuant to applicable Canadian securities laws.

There is an offering document related to the offering and the use by the company of the listed issuer financing exemption that can be accessed under the company's profile on SEDAR+. Prospective investors should read this offering document before making an investment decision.

We seek Safe Harbor.