Alpha Exploration Ltd. · TSXV:ALEX
Alpha Exploration — Investor Presentation (April 2025)
32 slides from Alpha Exploration's investor presentation, Apr 1, 2025
Slide 1: Gold & Copper Discovery – Arabian Nubian Shield
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Q2 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 April 01, 2025 Shares Outstanding 90,660,318 Share price C$0.70 MCAP C$ C$63
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 >30 years’ experience as a Geologist in N America, Middle East, Africa & Oceana including Barrick (Saudi Arabia) Jabel Sayid. Scott McKeag Designed the exploration drill program that led to the discovery of Jebel Ohier porphyry Cu-Au deposit in Sudan. Mr McKeag has a BSc in Ear
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 exploration frontier with Tier 1 deposits and Bulgah Mahd Ad Dhahab Au large, low-cost mines 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 20 projects KERKASHA Asheshi KOSOLDA Orogenic Au Au, Cn, Zn Exploration Project Large area of alluvial and in-situ 514 km2 artisanal mining activity with DA significant Au-in-soil anomalism OL S KO JA M TOLEGIMJA GI TOLE VMS Zn-Cu-Au Bimodal mafic ty
Slide 11: Aburna Orogenic Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Aburna Orogenic Gold Prospect
Slide 12: Aburna Au Prospect
Aburna Au Prospect KERKASHA t th eas r No ABURNA Significant Orogenic Gold Discovery ral Cent tion H bra NE ZO e AR ill Cel HE S NA UR AB CENTRAL Orogenic Au Area hosts multiple > 100 GM intercepts and is interpreted to form part of a larger mineralised system from Celebration Hill up to Northeast a
Slide 13: Aburna Au Prospect: 3 km mineralised corridor
Aburna Au Prospect: 3 km mineralised corridor Mineralized corridor, 100m x 100m soils program, identifying a 3 km strike associated with the Aburna Shear KERKASHA ABR044: Central 13 m @ 4.20 g/t Au (55 GM) • Mineralisation open along strike ABR092: 9 m @ 10.00 g/t Au (90 GM) & confirmed for >500m al
Slide 14: Aburna: Multiple mineralized lenses within axial crest shear zone
Aburna Au Prospect: Multiple mineralized lenses within potential axial crest shear zone in the western part of Central Vertical + stacked continuity of high grade mineralisation demonstrated 15 m @ 5.85 g/t Au ABD001 & ABR005 ABR018 ABR039 • Drilling has identified multiple, stacked 19 m @ 5.19 g/t
Slide 15: Aburna Au Prospect: Prolific Structural Target (Gradient array IP)
Aburna Au Prospect: Prolific Structural Target (Gradient array IP) The target hosts a coincident resistivity anomaly + strong chargeability high along a 1 km strike length of the Aburna Fault zone Correspond to similarly trending topographic highs, evidencing a possible zone of silicification / quar
Slide 16: Anagulu Porphyry Copper Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Anagulu Porphyry Copper Gold Prospect Co founder & technical adviser Alasdair Smith with Anagulu discovery outcrop with extensive malachite mineralisation
Slide 17: Anagulu Cu-Au Prospect
Anagulu Cu-Au Prospect Regionally significant, new copper – gold porphyry discovery • AND001: ‘discovery hole’ 108 m @ 1.24 g/t Au & 0.60% Cu AND001: KERKASHA from 60m including 49m @ 2.33 g/t Au & 1.05 % Cu 108 m @ 1.25 g/t Au (134 GM) & 0.60 % Cu • High grade gold including ANR016: 7 m @ 12.39 g/t
Slide 18: 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 19: Tolegimja Copper-Zinc-Gold Prospect: Overview
Tolegimja Copper-Zinc-Gold Prospect: Overview New, 3km long copper-zinc-gold VMS discovery within interpreted VMS cluster • Bi modal mafic type VMS: extensive gossan + exhalate horizons + KERKASHA alteration mapped & sampled • 50km from Bisha VMS Cu-Zn-Au mine • Up to 8.33 g/t Au from preliminary ro
Slide 20: Tolegimja Cu-Zn-Au VMS Prospect: 6km target
Tolegimja Cu-Zn-Au VMS Prospect: 6km target • Interpreted large, folded VMS target supported by 3km soil Zn + Cu anomaly on western limb • Handheld XRF analysis has confirmed Zn, Cu anomaly reflected on 3km eastern limb generating 6km target • Accelerated programme (Q4 ‘24): - 1,000m shallow RC dril
Slide 21: Other Prospects: Kosolda Au Prospect
Other Prospects: Kosolda Au Prospect KERKASHA • Major 3km x 300m zone of artisanal gold workings • 4 targets defined to date over 4km x ike Sub-parallel drainages with kilometres 5km area from rock chips, channel str of continuous alluvial gold mining activity indicating further upside and soil samp
Slide 22: 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 23: Investment Highlights – Why Invest?
Investment Highlights – Why Invest? Led by a team that discovered and/or developed: Multi commodity Au, Cu, Zn Multiple orogenic gold + porphyry gold- Bisha * VMS Cu-Zn-Au Mine, Eritrea 1 Sold 2011: 28Mt @ 1.78 g/t Au, 38.9 g/t Ag, 1.6% Cu, 3.15% Zn copper + VMS prospects defined • John Clarke (Form
Slide 24: Next steps
Next steps • Drilling at Aburna to confirm & extend model and progress toward a Maiden Ore Resource Estimate • Define drill targets at Anagulu & Tolegimja with drilling proposed for H2, ‘25 • Opportunities under review: additional targets within the Kerkasha licence, potential additional licence in
Slide 25: 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 26: Appendices
EXPLORATION Appendices
Slide 27: 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 28
Slide 28: Aburna Gold Prospect: Detailed Geology
Aburna Gold Prospect: Detailed Geology KERKASHA • 6 targets defined to date over 7.2km strike Dasharna • Systematic exploration leads to discovery. Prior to drilling: Northeast Area ABURNA Orogenic Gold Discovery • 7.2km x 2km gold in soil anomaly • Trenching & channel sampling includes: 50m@ 3.81 g
Slide 29: Aburna: Central Prospect
Aburna: Central Prospect Mineralization at Aburna’s Central prospect is defined over 1km strike with discontinuous high grade lenses within a broad lower grade structural zone. Open in both strike directions and down dip/plunge. KERKASHA ABR034 Central ABR031 ABR064 ABR104 30 m @ 1.23 g/t Au • Miner
Slide 30: Aburna: Systematic Exploration: soils, rockchip, trench = drilling
Aburna: Systematic Exploration: soils, rockchip, trench = drilling Initial drilling in 2021 & 2022 confirmed wide shear zone with local high grade shoots/lenses, within halo of lower grade mineralisation Highest channel, trench & traverse interepts at Aburna Sub prospect Type Interval Au g/t Northea
Slide 31: Drill hole intercept/Gold Equivalent (AuEq)/Metal Factor methodology
Drill hole intercept/Gold Equivalent (AuEq)/Metal Factor methodology The following methodology and calculations were used to determine the drill hole intercepts and the AuEq & CuEq calculations illustrated within this presentation (slide 13): • *Intercept calculations for RC holes ANR015-030 and DD
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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