Alpha Exploration closes $1.26M tranche of financing

Mr. John Wilton reports ALPHA EXPLORATION CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT FINANCING AND EXTENSION OF PRIVATE PLACEMENT FINANCING Alpha Exploration Ltd. has closed the second tranche of the non-brokered private placement financing of units that it previously announced on April 20, 2026, and April 30, 2026, at a price of 60 cents per unit, for aggregate gross proceeds of $1,269,419. Together with the first tranche of the private placement closed April 30, 2026, the corporation issued a total number of 12,534,699 units for aggregate gross proceeds of $7,520,820 under the private placement to date. Additionally, the corporation is pleased to announce that the TSX Venture Exchange has agreed to extend the closing of additional tranches of the private placement to July 2, 2026. It is anticipated that one or more subsequent tranches of the private placement will close in due course. Each unit consists of one ordinary share of the corporation and one-half of one share purchase warrant. Each warrant will entitle the holder to acquire one additional share at an exercise price of 90 cents per warrant share for a period of 18 months immediately from the date of issuance. The net proceeds of the private placement will be used to finance continuing exploration work on the Kerkasha project in Eritrea, operating and administrative expenses, working capital, and general corporate purposes. The private placement is subject to the final approval of the TSX-V. The shares, warrants and warrant shares issued in connection with the second tranche of the private placement will be subject to a statutory hold period of four months plus one day from June 4, 2026, in accordance with applicable securities legislation. In connection with the closing of the second tranche of the private placement, the corporation paid aggregate cash finders' fees of $13,105.20 to Hobart Capital Markets LLP. About Alpha Exploration Ltd. Alpha is an exploration company that is rapidly advancing several important gold and base metal discoveries across its 100-per-cent-owned, large (514-square-kilometre) Kerkasha project in Eritrea. The Aburna gold prospect is an exciting new gold discovery covering a very large 7.2-kilometre-by-two-kilometre footprint where recent drilling has established a high-grade discovery, with grades including 18 metres at 15.33 grams per tonne gold, 49 metres at 2.75 grams per tonne gold, 16 metres at 14.07 grams per tonne gold, nine metres at 10 grams per tonne gold and 23 metres at 6.74 grams per tonne gold. The Anagulu gold-copper prospect includes recent drilling intersections of 108 metres at 1.24 grams per tonne gold and 0.60 per cent copper and 49 metres at 2.42 grams per tonne gold and 1.10 per cent copper within a porphyry unit and with an exploration target footprint of approximately four kilometres by two kilometres. The corporation is also exploring the Tolegimja volcanogenic massive sulphide copper-zinc-gold prospect and over 17 other gold and base metal prospects since listing in 2021. Alpha is managed by a team of highly experienced and successful mining professionals with long records of establishing, building and successfully exiting several world-class gold and base metal discoveries in Eritrea, across the wider Arabian Nubian Shield and in other regions of Africa. We seek Safe Harbor.