Alpha Exploration Ltd. · TSXV:ALEX
Alpha Exploration — Investor Presentation (November 2025)
29 slides from Alpha Exploration's investor presentation, Nov 19, 2025
Slide 1: Gold & Copper Discovery: Arabian Nubian Shield
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Q4 2025 TSX-V: ALEX | alpha-exploration.com
Slide 2: Forward Looking Statements
Forward Looking Statements Disclaimer Notice This presentation of Alpha Exploration Limited (“ALEX”) is for information only and shall not constitute an offer to buy, sell, issue or subscribe for, or the solicitation of an offer to buy, sell or issue, or subscribe for any securities in any jurisdict
Slide 3: Alpha: Investment Highlights
Alpha: Investment Highlights Unique team: proven track record of discovery + build + sell in Eritrea, the ANS and beyond Exciting, district scale copper, gold and VMS discoveries being rapidly advanced by team STRATEGY ASSETS CATALYSTS Target: Aburna Orogenic Gold Prospect: Aburna: • World class Au,
Slide 4: Alpha: Capital Structure
Alpha: Capital Structure Established: 2018, listed on TSX-V on November 1, 2021 Exceptional, long-term insider, institutional and industry support TSX-V: ALEX | Current institutional investors include: Share Structure as of November 14, 2025 Shares Outstanding 95,226,032 Share price C $ 0.57 MCAP C$
Slide 5: Board & Executives
Board & Executives Michael Hopley >40 years’ of international experience. Executive & Board positions with Gold Fields Mining, Bema Gold Corp, Arizona Star, & Tournigan Non-Executive Energy. From 2004-2016, President & CEO of Sunridge Gold Corp that discovered, developed and successfully sold the 80
Slide 6: Management & advisors
Management & advisors Scott McKeag >30 years’ experience as a Geologist in N America, Middle East, Africa & Oceana including Barrick (Saudi Arabia) Jabel Sayid. Advanced Projects Designed the exploration drill program that led to the discovery of Jebel Ohier porphyry Cu-Au deposit in Sudan. Mr McKea
Slide 7: The Next Frontier: Arabian-Nubian Shield
The Next Frontier: Arabian-Nubian Shield “The Cradle of Mining”- the site of some of man's earliest mining activities remains underexplored today • Arabian-Nubian Shield: a recent polymetallic Bulgah Au exploration frontier with Tier 1 deposits and large, low-cost mines Mahd Ad Dhahab Au Sukhaybarat
Slide 8: Why Eritrea? Bisha VMS / Nevsun Case Study
Why Eritrea? ….Bisha VMS / Nevsun Case Study More mines have come on stream in Eritrea in the last 20 years than any other country in the region Bisha discovery in 2002 ultimately leads to sale of Nevsun in 2018 for C$1.8bn Discovery to first gold pour: 9 years 2002 2006 2008 2011 2016 2018 PFS Cons
Slide 9: Kerkasha Licence: Location
Kerkasha Licence: Location Excellent infrastructure in an established and highly prospective mining jurisdiction Experienced personnel available from > 20 years of successful exploration, mine development and production RED • Alpha currently holds a large land package (514 km²) Zara SEA Orogenic Au
Slide 10: Kerkasha Licence: Alpha drilled discoveries and projects
Kerkasha Licence: 3 Alpha drilled discoveries and 17 projects KERKASHA Asheshi KOSOLDA Orogenic Au Au, Cn, Zn Exploration Project Large area of alluvial and in-situ 514 km2 artisanal mining activity with significant Au-in-soil anomalism TOLEGIMJA VMS Zn-Cu-Au Bimodal mafic type VMS target ABURNA wit
Slide 11: Aburna Orogenic Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Aburna Orogenic Gold Prospect
Slide 12: Aburna Gold Prospect
Aburna Gold Prospect • New discovery by Alpha resulting from KERKASHA systematic exploration which defined a 7.2km x 2km gold in soil anomaly. Dasharna • Numerous targets defined to date. Northeast ABURNA Orogenic Gold Discovery • Complex structural setting; two principal fault orientations (N-S and
Slide 13: Aburna Gold Prospect: Principal Targets
Aburna Gold Prospect: Principal Targets Central/Hill 52 KERKASHA ABR044: 13 m @ 4.20 g/t Au (55 GM) • Mainly shallow drilling to date delivers 90% of the gold above 120m depth. • Drilling results includes: 18m @ 15.33 ABR092: 9 m @ 10.00 g/t Au (90 GM) ABR037: g/t Au (ABD012) and 49m @ 2.75 g/t Au 1
Slide 14: Aburna Gold Prospect: High Grade Intersections
Aburna Gold Prospect: High Grade Intersections 14
Slide 15: Aburna Gold Prospect: Upside Increased Gold Target Footprint
Aburna Gold Prospect: Upside Increased Gold Target Footprint • News release 21st October, 2025 • 796 shallow RAB holes completed for 4,657 metres. • Returning gold-in-bedrock anomalies below areas of transported thin soil, and under areas of relatively thick (to 6m) soil cover. • The scale of these
Slide 16: Aburna Gold Prospect: Upside Potential Continued
Aburna Gold Prospect: Upside Potential Continued • News release 5th November, 2025 • 90% of drilling <120m depth • ABR179: 21m @ 1.20 g/t gold (21-42m) • Including: 18m @ 1.34 g/t gold 16 • Including: 5m @ 3.32 g/t gold
Slide 17: Aburna Gold Prospect: Upside Potential Continued
Aburna Gold Prospect: Upside Potential Continued Airborne and ground magnetics has confirmed the presence of a distinct magnetic anomaly beneath the Central target. This feature may represent an intrusive body and/or feeder structure for the gold mineralisation. Potentially exploiting a dilational j
Slide 18: Aburna Gold Prospect: Upside Potential Continued
Aburna Gold Prospect: Upside Potential Continued 7.2 km zone of known mineralization marked by artisanal workings and old mine workings at either end. Several exploration targets with limited or no drilling to date - will be drill tested during 2025/2026. Dasharna Northeast Extension & Dasharna SE L
Slide 19: Anagulu Porphyry Copper Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Anagulu Porphyry Copper Gold Prospect
Slide 20: Anagulu Porphyry Copper - Gold Prospect
Anagulu Porphyry Copper - Gold Prospect AND001: • New porphyry copper-gold discovery. 108m @ 1.25 g/t Au (134 GM) KERKASHA & 0.60 % Cu Regionally significant – the third Porphyry system to be discovered on the Nubian AND005: Shield after Jebel Ohier (Sudan) and Daero 109m @ 0.79 g/t Au (86 GM) & 0.3
Slide 21: Anagulu Porphyry Copper - Gold Prospect
Anagulu Porphyry Copper - Gold Prospect Large intervals of gold-copper mineralization (>0.8 g/t AuEq.) occur over a strike of ~ 400 m Mineralization & targets remain open along strike and to depth 22
Slide 22: Anagulu Porphyry Copper-Gold Prospect: Structure Controlling Fault
Anagulu Porphyry Copper-Gold Prospect • 12,472 m drilled to end 2024. Significant mineralization returned over the 400 m core area. Mineralization open to depth. • Large intervals of gold-copper mineralization (> 0.8 g/t AuEq.). Stockwork Target • Stockwork and cupola type mineralization identified
Slide 23: Other High Priority Targets
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Other High Priority Targets
Slide 24: Other Prospects: Kosolda Gold Project
Other Prospects: Kosolda Gold Project Alluvial gold mining • Attractive orogenic setting; granite KERKASHA intrusive complex abutting a major shear zone comprising volcanosedimentary units. Adale • Extensive artisanal activity in both KOSOLDA Extensive Orogenic Gold Target alluvium and small hardroc
Slide 25: Other Prospects: Tolegimja Copper-Zinc-Gold, VMS, Project
Other Prospects: Tolegimja Copper-Zinc-Gold, VMS, Project • New discovery, 3km long copper-zinc- gold VMS discovery. Outcropping gossans and exhalite horizons, interpreted bimodal mafic type VMS. • 50km from the Bisha VMS Cu-Zn-Au mine. • Alpha drilled 10 holes (2262m) in 2022. TLR:009 returned 26m
Slide 26: Alpha: Investment Highlights
Alpha: Investment Highlights Unique team: proven track record of discovery + build + sell in Eritrea, the ANS and beyond Exciting, district scale copper, gold and VMS discoveries being rapidly advanced by team 1) Aburna Maiden Au Resource Orogenic Au prospect Major district-scale gold discovery
Slide 27: Investment Highlights – Why Invest?
Investment Highlights – Why Invest? Guided & Led by a team that discovered and/or developed: Bisha 1 VMS Cu-Zn-Au Mine, Eritrea Sold 2011: 28Mt @ 1.78 g/t Au, 38.9 g/t Ag, 1.6% Cu, 3.15% Zn Multi commodity Au, Cu, Zn • John Clarke (Former President / CEO, Nevsun Resources) 1 Multiple orogenic gold +
Slide 28: Work Plan, Earn, Grow, Catalysts to Increased Value
Work Plan, Earn, Grow, Catalysts to Increased Value • Drilling at Aburna to confirm & extend geological model and progress towards a Maiden Resource Estimate 2026 • Aburna MRE Drilling, Abruna Expansion & Exploration Drilling • Anagulu & Other Exploration Drilling Aburna Gold: Increasing • Opportuni
Slide 29: Contact
Contact Registered Office Eritrea Office Contact Details Alpha Exploration Limited Alpha Exploration Eritrea Limited John Wilton 3rd Floor, Omar Hodge Building Level 6, Room 602 CEO Wickams Cay 1 S.A. Building info@alpha-exploration.com P.O. Box 362 Warsay Street Road Town Zip Code 189 Tortola, P.O.
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