Alpha Announces New Drilling Results from Ongoing 2025 Exploration Program at the Aburna Gold Project

The November 5, 2025 news release provides an update on the ongoing 2025 exploration program at the Aburna Gold Project in Eritrea. The company has received results from 14 Reverse Circulation (RC) drill holes, totaling 2,105 meters.

Key highlights include: - Hill 52 Area: Drillhole ABR179 intersected 21 meters at 1.20 g/t gold from a shallow depth of 21 meters. This included a higher-grade zone of 5 meters at 3.32 g/t gold. - Central Prospect: Drillhole ABR178 intersected 8 meters at 1.19 g/t gold, extending the mineralized zone by approximately 60 meters to the southeast in that section. - Other Prospects: Results from the Saddle and Northeast prospects were generally narrow and lower grade.

CEO John Wilton stated the results "further confirm the highly prospective scale and tenor" of the Aburna system and highlighted the shallow nature of the mineralization. He also noted that approximately 80% of the Aburna gold trend remains untested by drilling.

This news is a routine exploration update that, while positive in confirming continued mineralization, is unlikely to have a material impact on the company's valuation or share price.

• Context of Historical Results: The grades reported (e.g., 21m @ 1.2 g/t Au) are significantly lower than standout historical intercepts, such as 29m @ 2.89 g/t Au (Nov 2024), 18m @ 15.33 g/t Au, and 16m @ 14.07 g/t Au. The market is likely looking for a return to these higher-grade results to become more constructive on the story. The latest results confirm the presence of a large, mineralized system, but the "tenor" or grade is modest.

• Alignment with Projections: The drilling is part of the 2025 program announced on May 27, 2025, which included a minimum of 8,000 meters of DD/RC drilling at Aburna. This release accounts for 2,105 meters, indicating the program is proceeding as planned, with more results to come.

• Market Sentiment & Financing: The company struggled with financing earlier in 2025. It announced a $6 million private placement at $0.70 in March but was only able to close on ~$3.2 million by July. The share price has since fallen to $0.50, putting those investors underwater. The modest grades in this release do not provide a strong justification for a re-rating back towards the financing price. The stock's decline following the October 21 release of RAB drilling results, despite some high-grade narrow hits, indicates the market is looking for more substantive, resource-style intercepts.

• Management Changes: The company has a new permanent CEO, John Wilton, who was appointed on October 21, 2025. These results represent the first drill assays released under his tenure. While he frames them positively, they are a continuation of the previous exploration strategy and do not yet reflect a new direction or discovery.

Overall, the news confirms the geologic model and incrementally expands the mineralized footprint. This is positive but not a catalyst. It keeps the story moving forward but does little to de-risk the project's key challenges: establishing economic grades and operating in a high-risk jurisdiction.

Alpha Exploration Ltd. is a Canadian-based junior mineral exploration company focused on its Kerkasha Project in Eritrea. The project is located on the Arabian-Nubian Shield, a prospective geological setting.

The company's flagship asset is the Aburna Gold Project within the larger Kerkasha concession. Aburna is a large-scale (7km by 2km) orogenic gold system where the company is exploring for shallow, bulk-tonnage gold mineralization. The project also hosts other prospects, including the Anagulu copper-gold porphyry and the Tolegimja VMS target.