Alpha Exploration Ltd. Announces Extension of Private Placement Financing

NEWS RELEASE

ALPHA EXPLORATION LTD. ANNOUNCES EXTENSION OF PRIVATE PLACEMENT

FINANCING

Calgary, Alberta, April 1, 2024 – Alpha Exploration Ltd. (the “Corporation” or “Alpha”) (TSXV: ALEX)

further to the Company’s press releases dated November 15, 2023, December 8, 2023, January 2, 2024, February

7, 2024, and March 1, 2024, Alpha is pleased to announce that the TSX Venture Exchange (the “ Exchange”)

has agreed to extend the closing of the second tranche of its previously announced non-brokered private

placement of units in the capital of the Corporation (“Units”) of up to $5,000,000.00 at a purchase price of $0.70

per Unit (the “Offering Price”), (the “Offering”) until April 12, 2024. The first tranche of the Offering closed

after market close on December 7, 2023, for total aggregate gross proceeds of $4,180,001.00 as previously

announced by the Corporation. The principal use of the proceeds of the Offering will be for funding ongoing

exploration work on the Kerkasha Project in Eritrea, operating and administrative expenses, working capital and

general corporate purposes.

Certain Insiders of the Corporation (as such term is defined under the policies of the TSXV) may participate in

the Offering. The participation of Insiders in the Offering would constitute a “related party transaction” within

the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions

(“MI 61-101”). The Corporation intends on relying upon exemptions from the formal valuation and minority

approval requirements of MI 61-101 based on a determination that the fair market value of the Offering, insofar

as it involves the related parties, will not exceed $2,500,000.

Further details relating to the closing of the second tranche of the Offering will be provided in due course.

For more information concerning the Corporation, please refer to the Corporation’s profile on the SEDAR

website at www.sedar.com or at the Corporation’s website at https://alpha-exploration.com/.

Forward-Looking Information

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: the terms and conditions of the Offering; the closing date for the Offering; and anticipated use of net

proceeds from the Offering, including any advancement of exploration work on the Kerkasha Project. 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; 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.

For more information, please contact:

Alpha Exploration Ltd.

Michael Hopley

President and Chief Executive Officer

Alpha Exploration Ltd.

Email: [email protected]

Tel: +44 207129 1148

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies

of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this

release.

Not for distribution to U.S. Newswire Services or for dissemination in the United States. Any failure to comply

with this restriction may constitute a violation of U.S. Securities Laws.

THE SECURITIES OFFERED HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES

ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES

ABSENT REGISTRATION OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS.

THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION

OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE

IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.