Mr. John Wilton reports

ALPHA COMMENCES DRILLING AT ABURNA GOLD PROJECT AND NEW TARGETS IDENTIFIED

Alpha Exploration Ltd. has started both core and reverse circulation drilling (RC) at its Aburna gold project. The company plans approximately 6,500 metres of drilling in this fully financed 2026 phase one exploration campaign. This drilling is designed to expand the footprint of the shallow gold mineralization discovered by the Alpha team at the Hill 52, Central and Northeast prospects, and test several high-priority targets within the Aburna corridor. The Aburna corridor is a tract of prospective terrain measuring about seven by two kilometres defined by numerous gold-in-soil anomalies, shallow rotary air blast (RAB) sampling results, compelling geological features interpreted to control the gold mineralization and artisanal workings.

The Aburna gold project is located within Alpha's 100-per-cent-owned, 514-square-kilometre Kerkasha project located in Eritrea. Alpha is also exploring the large target footprint Anagulu copper-gold porphyry project about seven kilometres south of Aburna, with these projects being two of three significant discoveries made by the Alpha team on the Kerkasha licence.

Highlights of Aburna gold project exploration drilling plan

• Fully financed exploration drilling has commenced at the Northeast prospect and will continue during Q3 and Q4 at the Hill 52 and Central expansion target areas.
• In addition, seven new priority gold targets identified from shallow RAB drilling results, gold-in-soil anomalies and updated geological interpretations will be drill tested.
• The initial 2026 Aburna drilling plans to deploy 60 per cent of the metres on expansion of the existing prospect footprints, both along trend and to modest depths, and 40 per cent testing compelling newly identified targets within the seven-kilometre-long Aburna corridor.
• Regular batches of drilling results will be reported as they become available over the coming months.

Highlights to date of Aburna gold project: Hill 52, Central and Northeast prospect drill intercepts

• ABD012: 18 metres grading 15.33 grams per tonne (g/t) gold;
• ABD001: 23 metres grading 6.74 g/t gold;
• ABRD142: 29 metres grading 2.89 g/t gold;
• ABRD105: 22 metres grading 1.70 g/t gold;
• ABR037: 16 metres grading 14.10 g/t gold;
• ABR092: nine metres grading 10.00 g/t gold;
• ABD013: 49 metres grading 2.75 g/t gold;
• ABR100: 20 metres grading 2.80 g/t gold;
• ABR064: 34 metres grading 1.50 g/t gold;
• ABR044: 13 metres grading 4.20 g/t gold.

Based upon current data and interpretation these previously reported intercepts have estimated true widths ranging between 70 per cent and 90 per cent of the drilled intersections.

John Wilton, chief executive officer of Alpha, stated: "We are very pleased to commence our fully funded 2026 Aburna gold project drilling program, following on from exploration activities at our Anagulu copper-gold porphyry project earlier this year. The Aburna drilling campaign has two main objectives: expanding the footprint of the gold mineralization intersected at the Hill 52, Central and Northeast prospects, and initial drill testing of seven newly identified and prioritized gold targets within the Aburna corridor. The Aburna gold mineralization discovered by the Alpha team has numerous zones of high-grade gold mineralization. The mainly shallow drilling to date has returned 90 per cent of the gold mineralization at depths of less than 120 metres below surface and these zones are largely open along trend. Therefore, valuable potential remains to expand the footprints of these prospects that will be tested during this phase of drilling.

"In addition, with only some 20 per cent of the Aburna corridor area having seen significant drilling, we are excited to explore these seven newly defined target zones. These new targets have been generated by compiling results from previously reported gold-in-soil and RAB sampling in areas of transported soils, along with an updated geological interpretation of the Aburna gold system. Results from this drilling campaign will be reported in batches as they become available in the coming months. With the recently completed financing of approximately $7.5-million, Alpha is in a strong position to deliver increasing stakeholder value given positive exploration drilling results to further demonstrate the scale and grade potential of the Aburna gold project."

Aburna gold project

The gold mineralization at the Aburna prospects crops out, with about 90 per cent of the drilling delivering mineralized gold intercepts shallower than 120 metres. In addition, to date, only approximately 20 per cent of the Aburna corridor, as defined by gold-in-soil anomalies, trenching, reconnaissance RAB drilling in areas of transported soil, permissive geology and structure, has been tested by significant drilling. About 60 per cent of the planned new phase of drilling will be focused on expanding the existing prospects, with the remaining 40 per cent testing the newly identified gold targets.

Northeast, Hill 52 and Central prospects

Alpha's discovery and drilling of these three prospects has delivered a number of zones of high-grade gold mineralization, as indicated by selected intercepts such as: ABD012: 18 metres grading 15.33 g/t gold, ABD001: 23 metres grading 6.74 g/t gold, ABD013: 49 metres grading 2.75 g/t gold, ABRD142: 29 metres grading 2.89 g/t gold, ABR100: 20 metres grading 2.80 g/t gold, ABRD105: 22 metres grading 1.70 g/t gold, ABR064: 34 metres grading 1.50 g/t gold, ABR037: 16 metres grading 14.10 g/t gold, ABR044: 13 metres grading 4.20 g/t gold and ABR092: nine metres grading 10.00 g/t gold.

The Alpha team is building a revised interpretation of the distribution and orientation of the high-grade zones within the Aburna project. The importance of oriented core measurements has been systematically emphasized. This next phase of drilling to expand the footprint of the gold mineralization along trend and to modest depths will also provide an improved framework of core drill holes to guide future exploration drilling and geological modelling.

New target zones

Alpha has compiled its exploration data sets and integrated them with the updated and improved geological interpretation of the Aburna gold system. This has resulted in the identification of seven new high-priority gold target zones within the larger-scale Aburna corridor.

The SW and EER targets relate primarily to areas of surface geochemistry or RAB anomalies that are thought to represent potential along-trend and up-dip expressions of the Hill 52 mineralization. The FSW target is a gold-in-soil anomaly along trend from the broader Hill 52 mineralized structure. Both these targets are to be initially tested by RC drilling.

The Obok target is characterized by an area of extensive artisanal gold workings, with observed outcrops of quartz vein material similar in texture and sulphide content to the three main Aburna prospects. This target also has a robust and extensive gold-in-soil anomaly similar in size and tenor to the Hill 52 prospect. Initial oriented core drilling is required at this target to determine vein and fabric geometry that will be compiled with outcrop mapping, along with the results from existing widely spaced RC drill holes. RAB drilling is also planned to test for possible extensions of the gold-in-soil anomaly into areas of mapped transported cover that potentially masks bedrock targets.

The Perpendicular and Colonial targets are defined by artisanal workings and follow-up surface sampling and mapping by Alpha. The IP target zone is focused on an induced polarization (IP) chargeability anomaly thought to be associated with zones of pyrite observed in sporadic outcrops. Such pyrite zones and associated sulphides have a spatial association with certain areas of gold mineralization at the main Aburna prospects.

The company also announces that, on July 15, 2026, its board of directors granted an aggregate of 1.3 million options to purchase ordinary shares in the capital of the company to certain officers, directors and consultants under the company's stock option plan. All of the options vested on the date of grant, are exercisable at a price of 48 cents per ordinary share and expire three years from the date of grant. The company further announces that, effective July 15, 2026, its board of directors approved the cancellation of an aggregate of 300,000 options previously issued to certain consultants of the company under the stock option plan. The cancelled options had an exercise prices of 64 cents and 90 cents per ordinary share and were scheduled to expire on Dec. 6, 2026. The cancelled options were voluntarily surrendered by the holders for no consideration.

Qualified person

All scientific and technical information in this press release, including the results of the Aburna drill program and how these results relate to the continuing exploration at the Kerkasha project has been reviewed, verified and approved by John Wilton, CGeol FGS, chief executive officer and director of Alpha, and a qualified person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Alpha Exploration Ltd.

Alpha is an exploration company that is rapidly advancing a number of important gold and base metal discoveries it has made across the 100-per-cent-owned, 514-square-kilometre Kerkasha project in Eritrea.

The Aburna gold prospect is an exciting new gold discovery where recent drilling has confirmed a high-grade mineralized system, with grades including 18 m at 15.33 g/t Au, 16 m at 14.07 g/t Au, nine m at 10 g/t Au and 23 m at 6.74 g/t Au.

The Anagulu gold-copper prospect with recent drilling intersections of 108 m at 1.24 g/t Au and 0.60 per cent Cu including 49 m at 2.42 g/t Au and 1.10 per cent Cu, and 109 m at 0.79 g/t Au and 0.35 per cent Cu within a porphyry unit drilled over two km along trend, and with an overall and expanding exploration target footprint of about four by two km.

The company is managed by a group of highly experienced and successful mining and exploration professionals with long records of establishing, building and returning value to stakeholders from a number of gold and base metal discoveries in Eritrea, across the wider Arabian Nubian Shield, and in other regions of Africa.

We seek Safe Harbor.