Slide 1: Gold & Copper Discovery – Arabian Nubian Shield
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Q3 2024 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 August 20, 2024 Shares Outstanding 90,660,318 Share price C$0.90 MCAP C$ C$8
Slide 5: Board
Board Michael Hopley Dr John Clarke Chris Van der President & CEO Independent Westhuyzen Non - Executive Director Director >40 years’ of international experience. Executive & >40 years’ experience. Former president & CEO of COO of Hemera Capital Management LLP. 11 Board positions with Gold Fields Mi
Slide 6: Management & advisors
Management & advisors Scott McKeag Alasdair Smith Tewelde Haile Advanced Projects Co-founder & Technical Exploration Manager Manager Advisor >30 years' experience with Mineral Exploration >30 years’ experience as a Geologist in N America, >30 years’ experience as a geologist in Australia companies &
Slide 7: The Last Frontier: Arabian-Nubian Shield
The Last 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 new exploration frontier with Tier 1 deposits & large, low cost mines EGYPT Bulgah Sukhaybarat Au • Highly prospective: multipl
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 • Large land package (771 km²) • Located in highly prospective Nakfa Terrain rock
Slide 10: 771km2 Kerkasha License: discoveries, projects
771km2 Kerkasha License: 3 discoveries (Alpha), 20 projects Kosolda Gold Prospect - Large Artisanal Workings - Au in soil - 4x 5 km area Tolegimja Cu-Zn-Au Prospect VMS - 6 x1 km area - 2 km IP anomaly Best drill intercepts: • 26 m @ 1.67% Zn & 0.38% Cu • 7 m @ 2.01% Zn & 0.44% Cu Aburna Gold Prospe
Slide 11: Aburna Orogenic Gold Prospect
GOLD & COPPER DISCOVERY ARABIAN NUBIAN SHIELD Aburna Orogenic Gold Prospect
Slide 12: Aburna Gold Prospect: Overview
Aburna Gold Prospect: Overview • 6 targets defined to date over 7.2km strike Dasharna • Systematic exploration leads to discovery. Prior to drilling: Northeast Area • 7.2km x 2km gold in soil anomaly • Trenching & channel sampling includes: 50m@ 3.81 g/t Au (Ch. 16), Central 25m @ 3.71 g/t Au (Ch. 1
Slide 13: Aburna: Hill 52 / Central
Aburna: Hill 52/ Central Mineralization defined over 1km strike with high grade zone including 18m @ 15.33 g/t Au ABR034 • Hill 52: ABR031 ABR064 ABR104 30 m @ 1.23 g/t Au • ABR100 20 m @ 2.82 g/t Au 18 m @ 2.27 g/t Au 34 m @ 1.50 g/t Au 18 m @ 1.17 g/t Au ABR106 Wide, shallow mineralisation ABR099
Slide 14: Aburna: Hill 52 / Central: High Grade Feeder Zone
Aburna: Hill 52 / Central: High Grade Feeder Zone Q1 ‘24 drilling: Drillholes ABD012 & ABD013: consistent, high grade gold down the drill core 14
Slide 15: Aburna: Hill 52 / Central - multiple mineralized shears
Aburna: Hill 52 / Central - multiple mineralized shears 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 Au ABR007 mineralized lenses Mineralisation ABR051 Envelopes •
Slide 16: Aburna: Priority drill targets: Hill 52 / Central
Aburna: Priority drill targets: Hill 52 / Central Holes planned to test through mineralisation to deep magnetic target Target sits directly below existing successful drilling ABR064 ntral Ce 34 m @ 1.5 g/t Au from 38 m ABR031 18m @ 2.2 g/t Au from 130 m ABR034 30m @ 1.23 g/t Au from 101m ABR015 7m @
Slide 17: Aburna: Priority drill targets: Northeast Area
Aburna: Priority drill targets: Northeast Area 1.2km priority mineralised zone defined from drilling, geophysics and trenching • Recent drilling includes ABR092, (9m @ 10 g/t Au) and ABR078 (9m @ 5.99 g/t Au) ABTRCH063 8 m @ 1.79 g/t Au • SW margin of high grade zone defined by ABTRCH065 17 m @ 1.03
Slide 18: Aburna: Priority 2024 drill targets
Aburna: Priority 2024 drill targets 4 Dasharna 4 5 5 Fully define & extend Northeast target Identify new high grade shoots Northeast Area 1 High grade zone: Hill 52 2 ‘Gap Zone’ linking Hill 52 + Central Central (1km strike) 3 Major magnetic target 3 2 Hill 52 1 Celebration Hill 6 Saddle Workings 6
Slide 19: Aburna: Sukari (Centamin) analogue - scale comparison
Aburna: Sukari (Centamin) analogue - scale comparison Outline of entire Centamin’s Sukari resource (11.1 Moz @ 1.08 g/t Au) fits within 1 of 6 targets defined at Aburna Dasharna Sukari Gold Mine, Egypt Northeast Area Central Hill 52 Celebration Hill Saddle Workings 0 km 1 km 2 km 19
Slide 20: 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 21: Anagulu Gold Copper Prospect: Overview
Anagulu Gold Copper Prospect: Overview Regionally significant, new copper – gold porphyry discovery • AND001: ‘discovery hole’ 49m @ 2.33 g/t Au & 1.05% Cu from 80m Kerkasha Kosold Project • High grade gold including ANR016: 7m @ 12.39 g/t Au from 151m a AND005 Tolegimja 109 m @ 0.79 g/t Au & 0.35%
Slide 22: 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 23: 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 + alteration mapped & sampled • 50km from Bisha VMS Cu-Zn-Au mine • Up to 8.33 g/t Au from preliminary rock chip s
Slide 24: 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 25: Other Prospects: Kosolda Gold Prospect
Other Prospects: Kosolda Gold Prospect Infill Soil Results Kerkasha Project Tolegimja < 5 ppb Au • Major 3km x 300m zone of artisanal 5 – 25 ppb Au gold workings 25 – 100 ppb Au Aburna • 4 targets defined to date over 4km x 100 – 250 ppb Au Anagulu > 250 ppb Au 5km area from rock chips, channel Koso
Slide 26: Next steps
Next steps • Targeting minimum 20,000m drilling at Aburna in 2024: fully define key mineralized lenses over minimum 2km strike • Define drill targets at Anagulu & Tolegimja with drilling planned for H2, ‘24 • Opportunities under review: additional licence in Eritrea + expand focus into Saudi Arabia
Slide 27: 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 28: 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 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
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Slide 31: Aburna: Priority drilling: 2024 Up to 3km target
Aburna: Priority drilling: 2024 Up to 3km target Northeast Area >1km target Central Gap Zone Hill 52 >1.5km target
Slide 32: Aburna: Systematic Exploration: channel + trench = drill
Aburna: Systematic Exploration: channel + trench = drill Initial drilling in 2021 & 2022 confirms multiple high grade shear targets Highest channel, trench & traverse interepts at Aburna Sub prospect Type Interval Au g/t Northeast Channel 12 25 3.71 Northeast Channel 45 9 4.01 Northeast Trench 3 10
Slide 33: 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 34: 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