Alpha Drills 7 m Grading 7.09 g/t Gold within 19 m Grading 3.18 g/t Gold at Northeast Prospect, Aburna Gold Project

Alpha Exploration Ltd. (ALEX) has released the second batch of 2026 drilling results from its Aburna project, encompassing 2,350.20 meters of core and reverse circulation (RC) drilling. The program included 1,487.20 meters of core and 345 meters of RC at the Northeast prospect, alongside 518 meters of RC targeting the Far Southwest and IP areas.

Key intercepts reported include ABD031, which returned 19.00 meters at 3.18 g/t Au from 162.00–181.00 meters, including 7.00 meters at 7.09 g/t from 174.00–181.00 meters, plus a separate 4.00 meters at 3.60 g/t from 193.00–197.00 meters. ABD033 yielded 12.00 meters at 1.53 g/t from 32.00–44.00 meters, including 8.00 meters at 2.22 g/t (33.00–41.00 meters), which includes 4.00 meters at 4.12 g/t, along with 8.00 meters at 0.31 g/t, 3.00 meters at 2.05 g/t, and 2.00 meters at 1.08 g/t. ABD034 returned 13.00 meters at 1.53 g/t from 247.00–260.00 meters, including 6.00 meters at 3.01 g/t (247.00–253.00 meters), plus 2.00 meters at 0.98 g/t and 2.00 meters at 2.13 g/t.

Other notable results include ABD032, with 2.00 meters at 8.88 g/t from 130.00–132.00 meters and 9.00 meters at 0.76 g/t from 207.00–216.00 meters. ABD039 returned 21.00 meters at 0.49 g/t from 193.00–214.00 meters, including 6.00 meters at 1.11 g/t. ABD037 returned 9.00 meters at 0.91 g/t from 225.00–234.00 meters. ABD030 returned 15.00 meters at 0.55 g/t from 110.00–125.00 meters, including 5.00 meters at 0.99 g/t. ABD035 returned 7.00 meters at 0.33 g/t from 156.00–163.00 meters.

At the Far Southwest and IP targets, ABR192 returned 6.00 meters at 0.56 g/t from 22.00–28.00 meters, including 2.00 meters at 0.73 g/t. ABR194 returned 7.00 meters at 0.45 g/t (3.00–10.00 meters), 7.00 meters at 0.78 g/t (23.00–30.00 meters) including 4.00 meters at 0.95 g/t, and 21.00 meters at 0.44 g/t (41.00–62.00 meters) including 3.00 meters at 0.84 g/t. ABR213 (Far Southwest) returned 21.00 meters at 0.37 g/t from 71.00–92.00 meters, including 8.00 meters at 0.64 g/t (71.00–79.00 meters), which includes 4.00 meters at 0.81 g/t.

No significant intervals were reported for ABD036, ABD038, ABR193, ABR214, ABR215 (FSW), ABR209, and ABR210 (IP). Results for ABD041 are pending.

Intercepts were calculated using a cut-off of 0.20 g/t Au with a maximum internal dilution of 6 meters (10 meters for ABD039 and ABR194). True widths are estimated at 70–90% of drilled intersections. Qualified Person John Wilton, CGeol FGS (also CEO), has reviewed the data. Sampling was processed by Intertek in Tarkwa, Ghana, with preparation by NABRO in Asmara.

Alpha Exploration Ltd. (ALEX) is a pre-revenue exploration company, meaning this announcement contains no revenue figures or guidance. Prior-period context shows a Q1-2026 net loss of US$222,068 and cash holdings of US$253,733 as of 31 March 2026. The company reported a US$126,327 working-capital deficit and an exploration burn of roughly US$0.46M in the quarter, a figure not disclosed in today’s release.

As a grassroots-to-mid explorer with no resource estimate on either asset, Alpha’s drill results are evaluated based on whether they alter the perceived scale, grade, or odds of the mineral system relative to existing equity assumptions.

Historical benchmarks for the property include:

• Prior Aburna release (21 Sept 2026): Best hole ABD029 returned 31 m @ 1.12 g/t = 34.7 g·m at the Obok prospect, including 12 m @ 2.09 g/t core.
• Prior Aburna release (4 Feb 2026): Best hole returned 10 m @ 3.12 g/t = 31.2 g·m, plus 5 m @ 3.60 g/t = 18 g·m.
• Property best-ever (discovery-era): 18 m @ 15.33 g/t = 276 g·m; 16 m @ 14.07 g/t = 225 g·m.

The Northeast prospect lacks a clear prior core-hole benchmark in the provided history. Today’s ABD031 intercept of 60.4 g·m is arguably the best core intercept reported at Northeast, though this cannot be verified from the materials supplied.

The stock reached a 52-week high of C$0.70 on 24 April 2026, a date band encompassing the Sillitoe appointment (21 April), the drilling-restart announcement (21 April), and a C$0.60 financing priced on 20 April, closing on 30 April with a second tranche on 4 June. The share price has since round-tripped to C$0.35, the 52-week low, representing a 50% decline from the peak and a 42% drop below the financing price. Two immediately preceding drill releases produced no positive price response: the stock closed at C$0.46 on 18 Sept (pre-Obok release) and C$0.45 on 21 Sept, then slid to C$0.44, C$0.43, C$0.41, C$0.40, C$0.40, C$0.38, and C$0.35. The 17 August Anagulu release similarly saw the price fade from C$0.55 to C$0.47 within two days.

The market is currently pricing Eritrea jurisdiction risk, dilution, and a pre-resource story with no resource. This removes the downside penalty that would otherwise apply if today’s 60 g·m hole were evaluated against a stock priced on 276 g·m holes. Today’s best intercept of 60.4 g·m is inferior to the property’s history of 276 g·m, 225 g·m, and 155 g·m, with companion intercepts ranging from 2–20 g·m.

The announcement does change the geological footprint by growing the Northeast area westward with new shallow zones (ABD033, ABR192, ABR194), extending Northeast mineralization to approximately 195 m vertical (ABD034), and placing a gold intercept approximately 1.7 km along the Aburna corridor at FSW. These are incremental scale additions to an already-described 7 km × 2 km corridor but do not change the overall system scale.

With no resource, metallurgy, PEA, or mining study, an incremental step-out batch at one of five prospects cannot move the net present value by a material amount. Against a market capitalization of approximately C$33–38M, this result is worth a few percent, not 15%+.

Alpha Exploration Ltd. (TSXV: ALEX) is a pre-revenue exploration company holding a 100% owned 514 km² Kerkasha Project in Eritrea. The licence encompasses three assets: the Aburna Gold Prospect, the Anagulu Copper-Gold Porphyry, and the Tolegimja VMS prospect.

The Aburna Gold Prospect features orogenic, shear-hosted gold along a 7 km × 2 km corridor of gold-in-soil anomalism. Prospects identified to date include Hill 52, Central, Northeast, and Obok, which was newly elevated in September 2026, alongside satellite targets SW, EER, FSW, Colonial, Perpendicular, and IP. Management states that only approximately 20% of the corridor has been tested by significant drilling, with 90% of intersected mineralization lying above 120 m depth. Historic best intercepts include:

• 18 m @ 15.33 g/t
• 16 m @ 14.07 g/t
• 9 m @ 10.00 g/t
• 23 m @ 6.74 g/t
• 49 m @ 2.75 g/t

The Anagulu Copper-Gold Porphyry is located approximately 7 km south of Aburna, with a drill-confirmed porphyry unit along 2 km of trend and a 4 km × 2 km exploration target footprint. Reported intercepts include 108 m @ 1.24 g/t Au and 0.60% Cu (including 49 m @ 2.42 g/t Au and 1.10% Cu) and 109 m @ 0.79 g/t Au and 0.35% Cu. The Camel target was confirmed as a quartz-eye porphyry unit over 1.25 km in the August 17, 2026 release, with RAB copper values ranging from 1,067 to 3,274 ppm.

The Tolegimja VMS prospect is a base-metal target currently advanced to the data-compilation stage, with reconnaissance drilling planned for 2026.

In corporate news, John Wilton was appointed full-time CEO in October 2025, succeeding interim CEO Tim Livesey, who remains a director. Michael Hopley serves as Chairman, and Dr. Richard Sillitoe joined as technical and strategic advisor in April 2026.

Regarding the balance sheet, prior-period context not disclosed in today's release shows a Q1-2026 net loss of US$222,068 and Q1-2026 cash of US$253,733. Total current assets stood at US$369,930 against total current liabilities of US$496,257, resulting in a working-capital deficit of US$126,327. Total liabilities were US$496,257 against total equity of US$17,650,245, with capitalised exploration intangibles of US$17,123,018. The company holds no debt, and the book value per share was US$0.19. Exploration capex was US$462,658 in Q1-2026. The going-concern flag is recorded as false, and an April–June 2026 financing of C$7.52M gross (12,534,699 units at C$0.60, each with half a warrant at C$0.90 for 18 months) is stated in the MD&A as extending the runway.

At C$0.35 and US$0.19 book value per share (roughly C$0.26), the equity trades at approximately 1.4–1.8× book, where the book is essentially the capitalised exploration spend.