Alpha Exploration Ltd. · TSXV:ALEX
Alpha Exploration — Investor Presentation (September 2025)
32 slides from Alpha Exploration's investor presentation, September 2025
Slide 1: Gold & Copper Discovery: Arabian Nubian Shield
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Q3 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 January 06, 2025 Shares Outstanding 90,660,318 Share price C$0.80 MCAP C$ C$
Slide 5: Board
Board >35 years’ of global exploration, project development and mining experience in gold and base metals, with a particular focus on Africa, Tim Livesey Europe and Asia. Led and managed significant projects for Anglo-American PLC and Barrick Gold Corporation (Kabanga Nickel, Reko Diq) Interim CEO &
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 Mahd Ad Dhahab Au Sukhaybarat large, low-cost mines
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) SEA Zara Orogeni c Au
Slide 10: Kerkasha Licence: Key Prospects and Multiple Further Targets
Kerkasha Licence: 4 Key Prospects and Multiple Further Targets KERKASHA Asheshi KOSOLDA Orogeni c Au Au, Cn, Zn Exploration Project Large area of alluvial and in-situ 514 km2 DA artisanal mining activity with OL significant Au-in-soil anomalism S KO JA M TOLEGIMJA GI TOLE VMS Zn-Cu-Au Bimodal mafic
Slide 11: Aburna Orogenic Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Aburna Orogenic Gold Prospect
Slide 12: Aburna Gold Prospect: A significant open pit target
Aburna Gold Prospect: A significant open pit target • New discovery by Alpha resulting from KERKASHA systematic exploration which defined a 7.2km x 2km gold in soil anomaly. Dasharna • Complex structural setting; two principal Northeast ABURNA fault orientations (N-S and NE-SW) plus a Orogenic Gold
Slide 13: Aburna Gold Prospect: Principal Targets
Aburna Gold Prospect: Principal Targets Central/Hill 52 ABR044: KERKASHA 13 m @ 4.20 g/t Au (55 GM) • Drilling confirms gold in soil results. Drill ABR092: tested for 900m and up to 120m depth. 9 m @ 10.00 g/t Au (90 GM) • Gold in soil anomaly extends 600m to ABR037: southwest - Untested 16 m @ 14.1
Slide 14: Aburna Gold Prospect: Multiple Mineralized Zones
Aburna Gold Prospect: Multiple Mineralized Zones • Multiple mineralized zones identified at Hill 52 / Central (coloured wireframes Central on image). Hill 52 • Numerous bounding fault structures identified (grey planar wireframes on image). • Contains very high grade zones which may be feeders (see
Slide 15: Aburna Gold Prospect: High Grade Intersections
Aburna Gold Prospect: High Grade Intersections 15
Slide 16: Aburna Gold Prospect: Upside Potential
Aburna Gold Prospect: Upside Potential 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. This potentially exploits a dilational jog with
Slide 17: Aburna Gold Prospect: Upside Potential Untested Targets
Aburna Gold Prospect: Upside Potential Untested Targets The 7.2 km zone of known mineralization at Aburna is marked by untested artisanal workings and colonial era mine workings at eith er end. Several exploration targets with limited or no drilling to date – these will be drill tested during 2025.
Slide 18: Aburna Gold Prospect: 2025 Exploration Activities
Aburna Gold Prospect: 2025 Exploration Activities Aburna Gold Prospect: RAB Drilling results • A Rotary Air Blast (RAB) program commenced Q1 to June 2025 and 12 Initial RC Drill Collars 2025, 775 holes drilled to June 2025. These shallow holes sample the hard rock/soil interface in areas of thick so
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 • New porphyry copper-gold discovery. KERKASHA AND001: Regionally significant – the third Porphyry 108 m @ 1.25 g/t Au (134 GM) & 0.60 % Cu system to be discovered on the Nubian AND005: Shield after Jebel Ohier (Sudan) and Daero 109 m @ 0.79 g/t Au (86 GM) & 0
Slide 21: Anagulu Northeast: Major mineralization intersected
Anagulu Northeast: Major mineralization intersected Large intervals of gold-copper mineralization (> 0.8 g/t AuEq.) occur over a strike of ~ 400 m Mineralization remains open along strike and to depth Hinge Hinge AND006 Section 38 AND003 AND005 Section 40 Section 42 ANR017 ANR033 ANR029 900 m ANR015
Slide 22: Anagulu Porphyry Copper - Gold Prospect
Anagulu Porphyry Copper - Gold Prospect • 12,472 m drilled to end 2024. Significant mineralization returned over the 400 m core area, including thick intervals of gold-copper mineralization. Mineralization open to depth. • Stockwork and cupola type mineralization identified in the core area. Stockwo
Slide 23: Other High Priority Targets
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Other High Priority Targets
Slide 24: Other Prospects: Kosolda Gold Prospect
Other Prospects: Kosolda Gold Prospect • Attractive orogenic setting; granite KERKASHA intrusive complex abutting a major shear zone comprising volcanosedimentary Sub-parallel drainages with units. kilometres of continuous alluvial gold mining activity indicating further upside potential of • Extens
Slide 25: Other Prospects: Kosolda Gold Prospect
Other Prospects: Kosolda Gold Prospect • Numerous additional targets defined, all KERKASHA untested by drilling and warrant further work. • Targets based on geochemistry - Adale, Adale Western Granite Contact, KT05, KT01. KOSOLDA Extensive Orogenic Gold Target • Targets based on geophysics – KT05 (r
Slide 26: Tolegimja Copper-Zinc-Gold Prospect
Tolegimja Copper-Zinc-Gold Prospect • New discovery, 3km long copper-zinc- gold VMS discovery. Outcropping gossans and exhalite horizons, interpreted as a bimodal mafic type Volcanogenic Massive Sulphide (VMS) system. • Gravity and ground IP surveys completed by Alpha in 2019 and 2021. • 3km zinc an
Slide 27: Tolegimja Copper-Zinc-Gold Prospect
Tolegimja Copper-Zinc-Gold Prospect • Tolegimja is interpreted as a large, folded VMS target. Potentially with a 6km strike length over both limbs. • RAB drilling being considered for late 2025 to confirm zinc and copper anomalism on eastern limb. • ±1,000 m of DD included in the 2025 drilling progr
Slide 28: 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 ration Fundi Maiden Au plo Resource ▪ Orogenic Au prospect ng Ex ▪ Major distric
Slide 29: Contact
Contact Registered Office Eritrea Office Contact Details Alpha Exploration Limited Alpha Exploration Eritrea Limited Matthew Grainger 3rd Floor, Omar Hodge Building Level 6, Room 602 VP Business Development Wickams Cay 1 S.A. Building P.O. Box 362 Warsay Street +44 7890 758 202 (UK) Road Town Zip Co
Slide 30: Appendices
EXPLORATION Appendices
Slide 31: Project Gallery
Project Gallery Kerkasha Licence Signing of Exploration License Agreement with Eritrean Mines Ministry Core logging - Aburna Trenching programme at Kerkasha Field exploration team - Aburna Trenching – Kerkasha Licence Anagulu – geology draped over 3D topography 31
Slide 32: Eritrea Mining Act & Alpha Agreement with ENAMCO
Eritrea Mining Act & Alpha Agreement with ENAMCO The agreement between Alpha Exploration and the Eritrean National Mining Corporation (ENAMCO) protects and clarifies Alpha’s interests for all parties… in the case of a discovery. Agreement between Alpha Exploration Eritrea Limited and ENAMCO: ➤ On th
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