Alpha Drills 12 m Grading 2.09 g/t Gold within 31 m Grading 1.12 g/t Gold at New Aburna Corridor Obok Prospect

Alpha Exploration Ltd. (ALEX) has released the first batch of 2026 drilling results from its Aburna Gold Project in Eritrea, covering the Kerkasha licence. The company drilled 2,144.50 m across 17 holes, comprising 1,732 m of reverse circulation (RC) and 412.50 m of core, testing four of seven new targets.

The headline hole, ABD029 at the Obok prospect, returned 31.00 m @ 1.12 g/t Au from 75–106 m. This interval includes 16.00 m @ 1.72 g/t Au (90–106 m) and 12.00 m @ 2.09 g/t Au (90–102 m). The hole also intersected a shallow zone of 2.00 m @ 2.20 g/t at 23–25 m.

At the EER target, located north of Hill 52, results included: - ABR202: 6.00 m @ 2.81 g/t - ABR208: 13.00 m @ 0.79 g/t (including 6.00 m @ 1.18 g/t and 2.00 m @ 1.45 g/t) - ABR204: 7.00 m @ 0.32 g/t (plus 2.00 m @ 3.90 g/t) - ABR205: 1.00 m @ 5.86 g/t - ABR207: 7.00 m @ 0.38 g/t, 7.00 m @ 0.31 g/t, and 3.00 m @ 0.67 g/t

Intercepts at the SW target were as follows: - ABR197: 6.00 m @ 0.53 g/t - ABR198: 4.00 m @ 0.92 g/t - ABR196: 2.00 m @ 0.78 g/t - ABR199: 2.00 m @ 0.24 g/t, 3.00 m @ 0.28 g/t, and 1.00 m @ 0.37 g/t - ABR200: 3.00 m @ 1.10 g/t, 2.00 m @ 1.81 g/t, 1.00 m @ 1.45 g/t, 1.00 m @ 0.45 g/t, and 1.00 m @ 1.15 g/t

At the Colonial target, hole ABD027 returned 5.00 m @ 0.87 g/t, including 2.00 m @ 1.87 g/t.

Five of the 17 holes—ABR195, ABR201, ABR203, ABR206, and ABD028—returned no significant intercepts, as disclosed in Table 2. Alpha Exploration frames ABD029 as advancing the former Obok exploration target to key prospect status. The Obok prospect is situated approximately 1.2 km ESE of the Central prospect within a 7 x 2 km corridor that has only about 20% drill testing.

Alpha Exploration Ltd. (ALEX) is a pre-resource explorer with a market capitalization of approximately C$50 million, assuming roughly 107.8 million shares outstanding following the April-June 2026 financings at C$0.46 per share. The company’s recent drill results represent exploration activity rather than earnings, meaning traditional financial teardowns are not applicable. Prior-period financial context, not disclosed in today’s release, showed a Q1 2026 net loss of $222k and cash holdings of $253,733 against a $126,327 working-capital deficit. This deficit has since been alleviated by approximately C$7.5 million raised through two tranches: C$6.25 million on April 30 and C$1.27 million on June 4.

The primary development in this release is the advancement of the Obok target from exploration target to prospect status, driven by the best hole in the batch. This hole intersected a genuine soil anomaly measuring approximately 600 m x 250 m, comparable in footprint to the Hill 52, Central, and Northeast anomalies. This represents a modest scale addition to the property’s corridor. However, the grade of 1.12 g/t is low for an orogenic system and well below the property's own flagship grades. Additionally, the EER/SW step-outs are thin and low-grade, and five of the 17 holes returned blank results. The batch does not change the resource grade, tonnage, or economics of anything, as there is currently no defined resource.

Market expectations for Alpha Exploration have not embedded a discovery premium. The stock traded near C$0.64 a year ago, spiked to C$0.70 in April 2026 following the appointment of Sillitoe and associated financing, and has since round-tripped to C$0.46, near its 52-week low of approximately C$0.43. While an unpriced positive is genuinely positive, the substance of this release—a single "good"-band hole at modest grade—does not constitute the material step-change typically associated with significant upside events. Hole ABD029 is better than anything previously shown at Obok specifically, but not property-wide. The result is considered a modest, incremental constructive release that firms a base rather than moving the equity significantly.

Alpha Exploration Ltd. (TSXV: ALEX) is a pre-revenue gold and copper explorer that holds 100% ownership of the 514 km² Kerkasha Project in Eritrea. The company’s license area contains three primary discoveries: the Aburna Gold system, the Anagulu Cu-Au porphyry, and the Tolegimja VMS deposit.

The Aburna Gold project encompasses Hill 52, Central, Northeast, and the newly identified Obok prospect, situated within a 7 x 2 km corridor that is approximately 20% drill-tested. The Anagulu Cu-Au porphyry lies 7 km to the south, covering a footprint of approximately 4 x 2 km. Historic drilling at Anagulu returned 108 m @ 1.24 g/t Au and 0.60% Cu, and the company has identified a new Camel zone. Early data compilation is currently underway for the Tolegimja VMS deposit.

Dr. Richard Sillitoe joined as an advisor in April 2026. John Wilton has served as CEO on a full-time basis since October 2025, and Michael Hopley serves as Chairman.

Financial data from prior periods shows that for fiscal year 2025, the company reported a net loss of $76,676, operating cash flow of −$628,374, and capital expenditures of −$1,608,422. For the first quarter of 2026, the net loss was $222,068, with cash on hand of $253,733 and a working-capital deficit of $126,327. Between April and June 2026, the company raised approximately C$7.5 million through the issuance of 12,534,699 units at C$0.60 each, with each unit including half of a C$0.90 warrant.

At the end of Q1-2026, the share count stood at 95,226,032. Following the placement of 12,534,699 units, the total share count is approximately 107.8 million. The company also has approximately 6.27 million C$0.90 warrants and 1.3 million options at C$0.48 outstanding.