Calgary, Alberta--(Newsfile Corp. - July 15, 2026) - Alpha Exploration Ltd. (TSXV: ALEX) ("Alpha" or the "Company") is pleased to announce it 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 funded 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 some 7 by 2 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% owned, 514 km² Kerkasha Project located in Eritrea. Alpha is also exploring the large target footprint Anagulu Copper-Gold Porphyry Project some 7 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 funded exploration drilling has commenced at the Northeast Prospect and will continue during Q3 & 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% of the metres on expansion of the existing prospect footprints, both along trend and to modest depths, and 40% testing compelling newly identified targets within the 7-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: 9 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% and 90% of the drilled intersections. For further information and references see the notes of Figure 1.

John Wilton, CEO 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% 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% 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 C$ 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 some 90 percent of the drilling delivering mineralized gold intercepts shallower than 120 metres. In addition, to date, only approximately 20 percent 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. Figure 1 illustrates the location of the target areas for expansion of the three existing prospects, along with the seven newly identified targets. Some 60 percent of the planned new phase of drilling will be focused on expanding the existing prospects, with the remaining 40 percent testing the newly identified gold targets.

Figure 1: Aburna Gold Project Hill 52, Central and NE Prospect Expansion Target Areas, New Aburna Corridor Gold Targets, and Selected Previously Reported Drill Intercepts.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8361/305239_1fc294ee3459682c_002full.jpg

Figure 1 notes: Previously reported results in Alpha Exploration news releases; Alpha Announces Second Batch of 2025 Drill Results, Including 10 metres grading 3.12 g/t gold, from the Aburna Gold Project, February 04, 2026, Alpha Exploration Announces CEO Appointment, and Expanded Gold Prospect Targets with RAB Drilling Results, October 21, 2025, Alpha Exploration Announces New Gold Discovery at Aburna with Drill Intercepts 15m of 5.85 g/t Gold & 10m of 5.24 g/t Gold, May 3, 2022, Alpha Exploration Announces More Drilling Results from Aburna with Intercept of 22m of 4.50 g/t Gold, May 25, 2022, Alpha Exploration Reports Aburna Gold Latest Drill & Channel Sampling Results 13m @ 4.24 g/t Au, 11m @ 3.99 g/t Au, 6m @ 4.97 g/t Au, May 24, 2024, Alpha Exploration Reports Drill Results from Aburna Gold Prospect: Includes 9m @ 10 g/t Gold, November 14, 2023, Alpha Exploration Announces More Positive Drilling Results from Aburna, January 30, 2024, Alpha Exploration Announces New Drill Results from the Aburna Gold District Including 29 metres Averaging 2.89 g/t Gold at Hill 52 Prospect, and 8 Metres Averaging 3.77 g/t Gold at the Northeast Prospect, November, 2024.

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: 9 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. Figure 1 indicates the three main areas where drilling will be completed to target these three prospects.

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. Figure 1 shows these targets in relation to the previously drilled Northeast, Hill 52 and Central prospects.

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 characterised 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 (see Figure 1). 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 1,300,000 options ("Options") to purchase ordinary shares in the capital of the Company to certain officers, directors and consultants under the Company's stock option plan (the "Stock Option Plan"). All of the Options vested on the date of grant, are exercisable at a price of C$0.48 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"). The Cancelled Options had an exercise prices of C$0.64 and C$0.90 per ordinary share and were scheduled to expire on December 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 ongoing exploration at the Kerkasha Project has been reviewed, verified, and approved by John Wilton CGeol FGS, CEO & Director of Alpha and a "qualified person" for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

ABOUT ALPHA

Alpha (TSXV: ALEX) is an exploration company that is rapidly advancing a number of important gold and base metal discoveries it has made across the 100% owned, 514 km2 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 18m @ 15.33 g/t Au, 16 m @ 14.07 g/t Au, 9 m @ 10 g/t Au and 23 m @ 6.74 g/t Au.

The Anagulu Gold-Copper prospect with recent drilling intersections of 108 m @ 1.24 g/t Au and 0.60% Cu including 49 m @ 2.42 g/t Au and 1.10% Cu, and 109 m @ 0.79 g/t Au and 0.35 % Cu within a porphyry unit drilled over 2kms along trend, and with an overall and expanding exploration target footprint of some 4 by 2kms.

The Company is managed by a group of highly experienced and successful mining and exploration professionals with long track 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.

Cautionary Notes

This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward Looking Statements

Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to future dataset interpretations, sampling, plans for its projects (including the Anagulu prospect), surveys related to Alpha's assets, and the Company's drilling program. Often, but not always, forward-looking statements or information can be identified by the use of words such as "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. With respect to forward-looking statements and information contained herein, Alpha has made numerous assumptions including among other things, assumptions about general business and economic conditions and the price of gold and other minerals. The foregoing list of assumptions is not exhaustive.

Although management of Alpha believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks relating to Alpha's financing efforts; risks associated with the business of Alpha given its limited operating history; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks relating to inaccurate geological and engineering assumptions (including with respect to the tonnage, grade and recoverability of reserves and resources); risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); risks relating to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to exploration activities; those factors discussed under the heading "Risk Factors" in the Final Prospectus; and other risk factors as detailed from time to time. Alpha does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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Source: Alpha Exploration Ltd.