Alpha Exploration Ltd. · TSXV:ALEX
Alpha Exploration — Investor Presentation (September 2026)
31 slides from Alpha Exploration's investor presentation, Sep 21, 2026
Slide 1: Gold & Copper Discovery: Arabian Nubian Shield
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Q3 2026 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 Gold Prospect: Aburna: • World class Au, Au + Cu
Slide 4: Alpha: Capital Structure
Alpha: Capital Structure Exceptional, long-term insider, institutional and industry support TSX-V: ALEX | Current institutional investors include: Share Structure as of June 04, 2026 Shares Outstanding 107,760,731 Share price C $ 0.60 MCAP C$ C $ 64m Alpha Discovery ASTOR Management & adviser owners
Slide 5: Board & Executives
Board & Executives >35 years’ experience in the minerals industry including 25 years in Pan-African geology exploring for gold & copper in Namibia, Zambia and DRC. Experience ranging from target generation, grass roots exploration to feasibility studies and business development for base and John Wil
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 KOSOLDA KERKASHA Asheshi Large Gold System Target Extensive area of alluvial and Au, Cu, Zn Exploration Project in-situ artisanal mining 514 km2 activity with significant Au-in- soil anomalism ABURNA GOLD PROJECT Extensive Shallow Gold Sy
Slide 11: Aburna Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Aburna Gold Prospect
Slide 12: Aburna Gold Project: Greater Aburna Corridor Setting
Aburna Gold Project: Greater Aburna Corridor Setting • Alpha discovery resulting from KERKASHA systematic exploration which initially defined a 7km x 2km greater Aburna Dasharna Corridor of gold in soil anomalies along SW-NE trend. Northeast ABURNA Gold Discovery • Recently augmented by shallow RAB
Slide 13: Aburna Gold Project: Hill 52, Central & Northeast Prospects
Aburna Gold Project: Hill 52, Central & Northeast Prospects Central/Hill 52 Prospects • Drilling results includes: • 18m @ 15.33 g/t Au (ABD012) and • 49m @ 2.75 g/t Au (ABD013)and • 23m @ 6.74 g/t Au (ABD001) Northeast Prospect • Drilling results includes: • 9m @ 10 g/t Au (ABR092) and • 16m @ 14.0
Slide 14: Aburna Gold Prospect: High Grade Intersections
Aburna Gold Prospect: High Grade Intersections Drill core example from Intercept: Drill core example from Intercept: ABD012: 18m @ 15.33 g/t Gold ABD013: 49m @ 2.75 g/t Gold Preliminary metallurgical studies confirm up to 91.9% gold recovery from conventional crush, grind, cyanide leach bottle roll
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 -120m -160m • News release 4th February, 2026 • Illustration of depth potential >120m depth • ABRD189: 10.00 metres grading 3.12 g/t gold from 150m vertical depth Including: 4.00 metres grading 4.08 g/t gold & including: 3.00 metres 16 grading 4.82 g/
Slide 17: Aburna Gold Prospect: Upside Potential Continued
Aburna Gold Prospect: Upside Potential Continued Hill 52 & Central Prospects • Structural geology Long Section (Perspective View) Look Northwest interpretation of orientated core improving understanding of gold grade trends • Understanding of F2 fold trend enhancing prediction of Approximate surface
Slide 18: Aburna Gold Prospect: New Obok Prospect
Aburna Gold Prospect: Upside Potential Continued: New Obok Prospect Recent core drilling of ABD029: 12 m Grading 2.09 g/t Gold within 31 m Grading 1.12 g/t Gold at Obok Prospect Dasharna • News release 21st September, 2026 • Results from 2,144 m of drilling to date • EER Target: ABR202: 6.00 m gradi
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 – Alpha Discovery
Anagulu Porphyry Copper - Gold Prospect – Alpha Discovery AND001: ANDR049: • New porphyry copper-gold discovery. 108m @ 1.25 g/t Au (134 GM) 120m @ 0.47 g/t Au (56 GM) KERKASHA & 0.60 % Cu & 0.30 % Cu Regionally significant – the third Porphyry system to be discovered on the Nubian Shield AND005: af
Slide 21: Anagulu Porphyry Copper-Gold Prospect – Discovery Zone
Anagulu Porphyry Copper - Gold Prospect – Discovery Zone • Large intervals of gold-copper mineralization (>0.8 g/t AuEq.) occur over a significant trend • Discovery zone mineralization & targets remain open along strike & extend from surface to >340m in depth • AND001: ‘discovery hole’ 108 m @ 1.24
Slide 22: Anagulu Porphyry Copper-Gold Prospect – 4 x 2km Footprint
Anagulu Porphyry Copper - Gold Prospect – 4 x 2km Footprint • Significant multiple shallow Copper & Gold width/grade intercepts currently extending over some 2.2km along trend within overall 4 by 2km exploration footprint • Drill intercept examples: AND001: 110m @ 0.57% Cu & 1.24 g/t Au AND005: 109m
Slide 23: Anagulu Porphyry Copper-Gold Prospect – Discovery Zone
Anagulu Porphyry Copper - Gold Prospect – Discovery Zone Cross Section SS-45) Sillitoe, Jan 2026 • 2026 drilling & exploration results • Discovery Zone high grade Cu & Au quartz porphyry unit extended at least 180m to northeast • New compelling Camel Zone target discovered by shallow RAB drilling 23
Slide 24: Anagulu Porphyry Copper-Gold Prospect – New Camel Zone Discovery
Anagulu Porphyry Copper - Gold Prospect – New Camel Zone Discovery Cross Section SS-40 • Camel Zone discovered as second target of scale confirmed by first RC testing in 2026 • ANR051: 25m @ 0.20% copper & 0.07 g/t gold including: 16m @ 0.26% copper & 0.09 g/t gold (Copper mineralization in quartz-p
Slide 25: Anagulu Porphyry Copper-Gold Prospect – Discovery & Camel Zones
Anagulu Porphyry Copper - Gold Prospect – Discovery & Camel Zones • 2026 Exploration Results to date: Copper – Gold Porphyry advanced Discovery Zone • Camel Zone Target of Scale Discovered & Confirmed 0.40km • Original Discovery Zone Expanded 25
Slide 26: Other High Priority Targets
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Other High Priority Targets
Slide 27: Other Prospects: Tolegimja Copper-Zinc-Gold VMS Project
Other Prospects: Tolegimja Copper-Zinc-Gold, VMS, Project • New discovery, 3km long copper-zinc- 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 @ 0.3
Slide 28: Other Prospects: Kosolda Gold Project
Other Prospects: Kosolda Gold Project Alluvial gold mining • Attractive large scale gold system setting; KERKASHA granite intrusive complex abutting a major shear zone comprising volcano- sedimentary units. Adale • Extensive artisanal activity in both KOSOLDA Extensive Gold Target alluvium and small
Slide 29: 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 Multi commodity Au, Cu, Zn Sold 2011: 28Mt @ 1.78 g/t Au, 38.9 g/t Ag, 1.6% Cu, 3.15% Zn 1 Multiple large & high-grade gold + porphyry • John Clarke (Former President / CEO
Slide 30: Work Plan, Earn, Grow, Catalysts to Increased Value
Work Plan, Earn, Grow, Catalysts to Increased Value • Aburna Gold: Drilling at Greater Aburna Corridor to increase tangible upside • Aburna Gold: Drilling to expand existing prospect footprints and progress towards a Maiden Resource Estimate • Anagulu Copper/Gold: Follow up drilling of Camel Target
Slide 31: 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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