#1Exciting New Gold-Copper Discovery in Eritrea A ALPHA EXPLORATION September 2020 Alpha Exploration Limited Asheshi Colonial (Italian) Underground Gold Mine#2Disclaimer Notice - Qualified Qualified Persons Statement Confidentiality - ALPHA EXPLORATION 2 Disclaimer Notice This presentation of Alpha Exploration Limited ("AEL") 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 jurisdiction in which such offer, solicitation or sale would be unlawful. The information contained herein is subject to change without notice and is based on publicly available information, internally developed data and other sources. Where any opinion or belief is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of present opinion or belief only. This presentation does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in securities of AEL and should not be considered as a recommendation by AEL that any person make an investment in AEL. AEL disclaims and excludes all liability (to the extent permitted by law), for losses, claims, damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information in this presentation, its accuracy, completeness or by reason of reliance by any person on any of it. This presentation should not be construed as legal, financial, accounting or tax advice to any individual, as each individual's circumstances are different. Readers should consult with their own professional advisors regarding their particular circumstances. The distribution of this presentation may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Qualified Person Unless stated otherwise herein, all scientific and technical data contained in this presentation has been reviewed, approved and verified by Michael Hopley, a Director of AEL and a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects. Forward-Looking Information Certain statements in this presentation constitute "forward looking information" within the meaning of applicable securities laws. These statements relate to future events, business prospects, opportunities or the future financial or operating performance of AEL and its projects. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but no always, using words or phrases such as "plan", "estimate", "expect", "potential", "target", "outlook", "prospective", "indicate", "could", "may", "will", variations of such words or phrases and similar expressions) are not statements of historical fact and may be forward looking information. Forward looking information in this presentation includes, but is not limited to, statements with respect to financing targets, mineral resource estimates, planned work programmes, drilling plans, financing success, sequencing of planned engineering studies, permitting success, plans for listing of AEL on the TSX Venture Exchange ("TSXV") and relationships with stakeholders and governmental entities. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AEL to be materially different from any future results, performance or achievements expressed or implied by the forward looking information. Such risks include, among others, the risk that AEL will not be successful in achieving financing targets; risks relating to the estimation of mineral resources; risks relating to the listing of AEL's shares on the TSXV; risks of unexpected cost increases; risks of labour shortages; risks relating to construction and development activities; risks relating to future prices of mineral resources; accidents, labor disputes and other risks of the mining industry including continued community and government support of AEL's projects. AEL believes that the expectations reflected in such forward looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. These statements speak only as of the date of this presentation. AEL does not intend, and does not assume any obligation, to update any forward-looking information except as required by law. Confidentiality This presentation is confidential and has been prepared solely for informational purposes. It is being provided to you in your capacity as a potential investor and may not be reproduced, in whole or in part, in any form or forwarded or further distributed to any other person. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorized. By accepting and reviewing this document, you acknowledge and agree (i) to maintain the confidentiality of this document and the information contained herein, (ii) to protect such information in the same manner you protect your own confidential information, which shall be at least a reasonable standard of care and (iii) to not utilize any of the information contained herein except to assist with your evaluation of AEL.#3Images of Eritrea Catholic Cathedral Asmara City Eritrea TAGLIERC Asmara Art Deco City building Asmara City Eritrea Eritrea Islamic Mosque Asmara City ALPHA EXPLORATION Saint Francis Asmara City Eritrea Eritrea Asmara to Massawa Railway - Eritrea Berna Seiler, Eritrea 12/2014, www.FarRail.com Port Massawa - Eritrea Dhalak Hotel - Port Massawa - Eritrea Saint Marys Orthodox Church Asmara City Eritrea Senafe archaeological site - Eritrea Debre Bizen Monastery - Eritrea Rashaida Woman Eritrea FRANCE KO Талл Massawa Eritrea Dirfo - Edge of escarpment - Asmara Red Sea - Eritrea#4Key Highlights 4 Large License (1,028km²) in Eritrea with excellent location in the highly prospective Arabian-Nubian Shield, known for hosting: Orogenic Au deposits (e.g. Sukari & Zara Gold Mines & Orca Gold Mining Project) ➤ Volcanogenic massive sulphide (VMS) Cu-Pb-Zn-Au deposits (e.g. Bisha and Hassai Mines & Asmara Mining Project) Shear-hosted Au-Cu-Ag deposits (e.g. Anagulu) Porphyry Cu-Au deposits (e.g. Jebel O'hier deposit) Experienced management & technical personnel. Programme execution innovative, effective, cost efficient. ANAGULU GOLD-COPPER DISCOVERY - virgin discovery by Alpha Geologists - made within 2 months of commencing exploration. • 49m @2.42 g/t Au & 1.10% Cu & 6.83g/t Ag ( 80 - 129m in DD Hole AND001) Anagulu discovery hole - (Au+Cu) Au Equivalent 7m @ 12.39 g/t Au & 0.05% Cu & 0.51g/t Ag 93m @ 0.48 g/t Au & 0.27% Cu & 1.27g/t Ag 52m @ 0.72 g/t Au & 0.46% Cu & 2.14g/t Ag 7m @ 3.44 g/t Au & 0.25% Cu & 1.37g/t Ag of 3.37g/t - Assay details in table to the right (151 - 158m in RC Hole ANR016) ( 3- 96m in RC Hole ANR017) ( 48 - 100m in RC Hole ANR029) ( 94-101m in RC Hole ANR024) IP-Resistivity survey at Anagulu identifies 3.5km chargeability anomaly below current drilling that is untested with drilling to date KOSOLDA GOLD PROSPECT - large Artisanal in-situ and alluvial gold workings over 3 km. Strong gold assays returned from rock chip & channel sampling... mineralisation open in both directions. Kerkasha hosts 4 Colonial Gold Mines & 7 areas of Artisanal Gold Workings. Alpha covered the entire property with soil sampling in the first 8 months of operations and discovered 8 new prospects 4 Prospects drilled to date with more Prospects to test in 2020. ALPHA EXPLORATION From To Au Cu Ag Chalcopyrite Pyrite Hole (m) (m) (ppm) (%) (ppm) (%) (%) 80 81 1.92 0.70% 2.62 4 0 81 82 2.91 1.23% 4.88 5 0 82 83 0.91 0.78% 3.99 4 2 83 84 1.68 0.79% 4.43 4 2 84 85 1.63 0.62% 3.20 6 2 85 86 4.29 0.99% 4.87 7 0 86 87 1.60 1.11% 6.11 7 2 87 88 1.19 0.84% 3.42 9 2 88 89 1.69 0.84% 3.78 6 0 89 90 1.69 0.98% 4.17 7 0 90 91 2.41 0.65% 2.97 6 0 91 92 3.73 1.12% 5.88 8 0 92 93 2.59 1.48% 6.31 8 8 93 94 2.15 1.15% 14.70 8 0 94 95 1.69 0.74% 10.70 8 2 95 96 3.30 0.79% 10.85 8 <1 96 97 4.02 1.22% 10.60 8 0 97 98 3.96 98 99 3.09 99 100 1.52 1.12% 4.77 8 0 1.07% 5.94 8 2 0.66% 2.53 8 0 100 101 2.59 0.79% 5.33 6 0 101 102 1.59 0.60% 2.76 6 <1 AND001 102 103 2.04 103 104 2.63 104 105 6.13 105 106 0.49 106 107 0.53 107 108 0.79 0.76% 3.04 6 0 1.79% 6.35 12 0 5.68% 23.60 15 0 0.62% 3.22 10 0 2.54% 10.25 15 0 1.24% 4.80 4 0 108 109 0.54 0.89% 3.66 6 0 109 110 0.63 0.59% 2.59 6 0 110 111 1.04 1.06% 4.67 6 0 111 112 1.76 1.58% 6.24 6 0 112 113 2.43 0.94% 4.47 7 0 113 114 3.38 1.06% 5.37 6 0 114 115 2.07 1.03% 7.01 6 0 115 116 4.51 116 117 4.63 117 118 3.80. 118 119 2.17 119 120 2.04 120 121 1.26 121 122 1.60 1.08% 8.41 6 0 0.95% 5.45 8 0 0.79% 10.55 6 0 0.58% 8.54 6 0 0.86% 7.58 6 0 0.75% 3.94 7 0 0.52% 2.49 8 0 122 123 3.32 0.98% 18.70 8 0 123 124 5.04 124 125 125 126 1.39% 12.00 8 0 5.60 1.72% 27.10 8 0 3.59 1.89% 8.32 8 0 126 127 2.06 1.06% 6.83 4 0 127 128 1.27 0.49% 2.29 4 0 128 129 1.11 0.66% 2.62 3 2#5AuEq. Best Drill Intercept at Anagulu (AuEq x m) in Africa Context ALPHA EXPLORATION 100 10 0.1 1 0.01 1 AuEq(g/t) = Cn(g/t) x 72=1 Cn ($/g) Au($/g) Calculated in June 2020 Tshukudu Kasombo (Fe Ltd) Prieska (Sandfire) (Orion) Makoko (Ivanhoe) Kabolela (Bankers Cobalt) Kilembe (Jervois) Eureka (Xtract) Kamoa-Kakula Ivanhoe • Democratic Republic of Congo Boumadine (Maya Gold) ⚫ Morocco Anagulu (Alpha) ⚫ Botswana ⚫South Africa Zambia ⚫ Uganda → Namibia • Cote d'Ivore ⚫Angola ◆ Eritrea ⚫ Mauritania Fold & Thrust (Nzuri) Hagenhof (Tanga) T3 Dablo (Pegasus) Zamsort (Arc Minerals) (MOD) Akjoujt South (Ore Corp) 10 Interval 100 Kunene (Namibia Critical) Africa drilling results: porphyry and non-porphyry projects, all project stages (exploration, resource definition, mining), only Cu and Au results are used in the conversion to a Au Equivalent of 3.37 x 49m (AuEq x metres). All results are from January 2018 - May 2020 Special Report powered by opaxe.com 5 See Disclaimer & Compliance Warning on slide 35 for this compilation by Alpha from the Opaxe Report#6Experienced Management & Consultants High quality management, exploration and technical personnel ALPHA EXPLORATION Michael Hopley - BSc (Geology), London University (1970), Member of American Institute of Professional Geologists - President & CEO. More than 30 years of international experience. Now with Azarga Metals. Has held Executive & Board positions with companies such as Gold Fields Mining, Bema Gold Corp. Arizona Star, & Tournigan Energy. Between 2004 & 2016 Michael was President and CEO of Sunridge Gold Corp (TSX listed) that owned the Asmara Project (Eritrea). During this time, Sunridge raised and spent over $80 million exploring and discovering many deposits including the 80 million tonne Emba Derho copper-zinc-gold VMS deposit. Sunridge completed a bankable feasibility study on four of the deposits in 2014 and sold the project to a large Chinese company in 2016. Alasdair Smith - BSc (Geology), Victoria University, New Zealand (1982), Member AusIMM - Technical Director • More than 30 years experience as a Geologist in Australia & Africa. Instrumental in discoveries & developments that went on to producing mines on both continents. Discoveries: Australia (Jundee NW & Main Zone Au deposits, Enterprise ISCG deposit) Guinea (Boukaria Au deposit) Eritrea (Zara Au deposit) Developments: Australia (Banderol, Highway, Butcherbird, Kingfisher, Mystery, Culculli Au deposits & Jundee Au Mine) Guinea (Siguiri Au Mine) - Tanzania (Buzwagi Au-Cu Mine & Nyamulilima Hill &, Nyanzaga Au deposits) Eritrea (Zara Au Mine, Debarwa & Adi Nefas VMS deposits & Gupo Au deposit) Tewelde Haile - BSc Honors (Geology), Addis Ababa University (1985), MSc, Indian Institute of Technology - Kharagpur (1987-1988) Exploration Manager More than 30 years work experience with Mineral Exploration companies and with the Geological Surveys of Ethiopia and Eritrea. Tewelde's MSc was on the geology of Kolar Gold Field (India) with special emphasis on fluid inclusion studies in gold sulphide-quartz lodes and Nandydroog massive sulphides. Tewelde has worked in the Adola gold belt in Ethiopia and the Koka gold field in Eritrea (Zara gold mine) and has also been involved as a Lecturer at Asmara University. Michael Gazley - Ph.D. Victoria University of Wellington, New Zealand (2011), Member AusIMM - Consultant Geochemist • Currently examining ways to utilise machine learning and data analytics to enhance interpretation of soil sample datasets with Projects in Eritrea, New Zealand, Mozambique, Zambia and Australia. Previously, a Senior Research Scientist at CSIRO Mineral Resources. Prior to joining CSIRO in 2013, Michael spent ~5 years working for Barrick Australia as an underground Geologist at Plutonic Gold Mine. During this time, he developed portable X-ray fluorescence (pXRF) best practice and utilised pXRF to gain geological insights into mineral deposits. While at CSIRO he conducted research projects on a wide range of deposits in the Philippines, New Zealand, Australia, Chile, and the USA. Lisa Orr - BSc (Hons) (Geology), Monash University, Australia (1981), MSc (Geology) Victoria University, New Zealand (1985), Member AusIMM, MGSNZ • • . Consultant Data Manager & Analyst More than 30 years experience in Australia, New Zealand, Zimbabwe, Solomon Islands, Philippines and Indonesia. Worked on Oil, base metal and gold projects in a variety of settings and has been a key team member in a number of discoveries. Lisa's MSc involved work on a Jurassic accretionary prism in New Zealand. The study focused on the nature of structural deformation and the development of tectonic mélanges. Geochemical analysis was used to determine the origin of various lithologies. Lisa has been in the forefront of developments in the industry for many years and in the early 1990's helped pioneer modern data management techniques as well as the use of prospectivity analysis and the levelling and imaging of geochemical data. Scott McKeag - BSc (Earth Science), California Polytechnic University-Pomona (1982), MSc (Geology), University of Otago, New Zealand (1987) - Consulting Geologist More than 30 years' experience as a geologist in North America, the Middle East, Africa and Oceana . • • Instrumental in discoveries and developments that resulted in producing mines, including; the Morningstar Gold Mine (IRGD) in California, Simberi Oxide Gold (hot spring epithermal) in PNG, Macrae's (orogenic) in Otago, New Zealand and Jebel Ohier (porphyry) in the Red Sea State, Sudan Designed the exploration drill program that led to the discovery of Jebel Ohier (2013-2017), the first recognized Neoproterozoic porphyry copper deposit in the Arabian Nubian Shield, currently at 285 million tonnes at 0.44% Copper.#7Experienced Management & Consultants High quality management, exploration and technical personnel ALPHA EXPLORATION Alpha has a policy of engaging high quality Consultant groups to assist with the development of the Kerkasha Project and act as auditors of the Project. Their contribution has been important to the early drill strikes that have been achieved at Anagulu and technical development of Eritrean staff. Dr Tucker Barrie & Dr Michael Gazley - Kerkasha Gazley Geoscience Ltd CTBA Geoconsultants Centre: Cole Rounds (Gravity Technician - Atlas 7 Geophysics) with his crew - Kerkasha Rene Sterk (Principal Consultant - RSC Consultants) - Kerkasha rsc MINING & MINERAL EXPLORATION Géophysique TMC srk exploration ORR & ASSOCIATES SPECIALISTS IN THE PROVISION OF DIGITAL GEOTECHNICAL DATA DR MATTHEW CRACKNELL SOUTHERN GEOSCIENCE CONSULTANTS DR SHAWN HOOD ATLAS GEOPHYSICS DR GUILLAUME DUCLAUX James Gilbertson - Managing Director SRK Exploration (UK) - Kerkasha Dr Ghislain Tourigny COLONNADE DRILLING SERVICES Dr Ghislain Tourigny Alpha Office Asmara - Eritrea#8Alpha Corporate Structure & Timeline (Aug 2020 - Dec 2020) ALPHA EXPLORATION 8 Alpha Issued and Outstanding Shares: 60.5 million (No warrants or options) Alpha has spent ~C$5.2MM on Kerkasha Project from January 2018 - July 2020 Previous License holder (AngloGold Ashanti-Thani JV) spent ~C$4.6MM Alasdair Smith (Technical Director) issued 5% non diluting shares through to completion of a Bankable Feasibility Alpha signed a 'Letter of Intent' (20 July 2020) with a Capital Pool Company in Canada to list on the Toronto Market (TSXV) - Q4 2020. Definitive agreement and public announcement regarding the CPC is expected - early September 2020 ► Alpha listing - October 2020 C$4-8MM capital raising - October 2020 Application for a second License in Eritrea - October 2020#9Arabian-Nubian Shield (ANS) 6 Iraq Sukari Au Mine Centamin PLC Israel Jordan Canadian & Australian Shields >100 years of aggressive exploration, many Mines discovered. The Arabian-Nubian Shield Larger than Australian Shield, few mines discovered due to minimal exploration. The Arabian-Nubian Shield A new exploration frontier. CENTAMIN Orca Gold Orca Au Deposit Orca Gold Inc شركة كبر اماني علي الصبي المحدودة QSO MENENGO LTD Jebel O'hier Cu-Au Deposit QMSD Mining Co Ltd Canadian Shield Hassai VMS Mine Ariab Mining Co 0 km 1000 海中国上海外经 0 km 1000 CHINA SPECO GROUP Chalice Egypt ALPHA IXPLORATION Kuwait MA'ADEN ÜL Bulghah Au Mine Ma'aden Saudi Arabian Mining Co MA'ADEN معادن Mahd Ad'Dahab Au Mine Ma'aden Saudi Arabian Mining Co Saudi Arabia BARRICK Jabal Sayid Cu Mine Barrick Gold Corp Red sea Zara Au Mine SFECO Group Sudan Eritrea ZiJin NEVSUN Bisha VMS Mine Arabian-Nubian Shield Zijin Mining Group Ethiopia A Significant deposits NEWMONT SUNPEAK Australian Shield ALPHA Arabian Nubian Shield Kerkasha License Precambrian shield 0 km 1000 Alpha Exploration Newmont Mining & SunPeak Metals Corp Exploration Properties Tertiary Djibouti Arabian- Nubian Shield With Significant Modern Deposits MA'ADEN معادن Al Amar Au Mine Ma'aden Saudi Arabian Mining Co بة الفنان الكراء التعدد ــاك Yemen AMAK Al Masane Cu-Zn Mine AMAK Mining Co Somalia SRBG SUNRIDGE Asmara VMS Deposit Sichuan Road & Bridge Group DANAKALI Colluli Potash Deposit Danakali Ltd#10Kerkasha Exploration License - Regional Setting ALPHA EXPLORATION A large Exploration License Area (1,028km²) with an excellent Location in the Arabian-Nubian Shield Previously held by Thani-Ashanti JV (A Joint Venture between AngloGold-Ashanti and Thani Investments) who generated high Quality Airborne datasets. All Thani-Ashanti data acquired by Alpha Exploration (Thani-Ashanti spent total of ~US$3.5 million over 3 years). Alpha acquired the Kerkasha License as a new License on the 10 January 2018. Red Sea Hills Further ground around Kerkasha acquired by Alpha in 2018 and more under application. SUDAN Legend Alpha VMS/Au/Cu Prospect + Artisinal 父 Italian Mine Asheshi Mine Barka shear zone Augaro Adobha belt Streams Tenement Boundary BAR CA TER ANE Elevation (m.a.s.l.) Balak Artisinal + Kosolda Artisinal - High: 1383 Gulul Artisinal + Tolegimja - Low: 815 + Ebinate Artisinal 10 Fankop Mine +Shakat Artisinal +Afetela + Dase Aburna Mine Abbi Mine Anagulu +Kona +Tekinaba Yacob Dewar Tolefafa + Dekemhare Artisinal +Binbina ish&Northwest Bish Harena Koka O Mogoraib N Akordat Hambok Augaro Terakimti Mayshehagne ETHIOPIA Asmara-Nakfa belt 0 Phanerozoic cover Nubian Shield Transpression zone Fault/shear zone Sense of shear Orogenic gold Gold-bearing VMS 100 km Red Sea Emba Derho 2 NAKFA TERRANE Ad Nefas Gupo Asmara Massawa 0 Debarwa Adi Goshu ERITREA Lihamat Igub Adwa Adi Angoda Medadib Mekele 0 5 10 km Kerkasha License and location - Eritrea Extent of Nubian Shield showing NNE structural trends. Gold and VMS deposits shown localised along structures (Modified after Johnson et al - 2017)#11Anagulu - A New Gold-Copper Discovery by Alpha 11 'Ore grade' rock chip geochemistry for gold and copper (extending for ~2kms) supported by anomalous gold and copper in soil geochemistry over the same ~2kms strike, with a width of nearly 1km. The copper mineralisation is open to the NE and the SW. Malachite (Copper Oxide) Alteration ALPHA EXPLORATION SIGNIFICANT SOIL ANOMALY FOR CU (Red Polygon) AND AU (Black Dotted Polygon) Continuous zone of Cu mineralisation (>81ppm) Continuous zone of Au mineralisation (>250ppb) 216 126 94 136 D Anagulu 1618 150 502 917 9 02 2kms Prospects Au (ppm) 0.000 -0.004 0.005 -0.025 0.026-0.100 0.101-0.250 0.251-2.060 100 12 Cu (ppm) 8-10 11-20 " 21-40 41-80 81-12634#12Anagulu - A New Gold-Copper Discovery by Alpha ALPHA EXPLORATION 1,844,500 m 12 Anagulu is a shear-hosted Gold-Copper- Silver system (e.g. Eloise Deposit, Australia). Mineralisation is hosted in felsic intrusives within metasedimentary & volcanic rocks. Initial petrography indicates the metallurgy will be simple. 'Ore grade' rock chip geochemistry and highly anomalous Cu & Au soil geochemistry over ~2km. 30 RC holes & 2 Diamond holes. Ore grade gold-copper intercepted in drilling. 3.5km long chargeability conductor and coincident resistivity anomalies at depth beneath current drilling. Gravity anomaly at depth immediately NW of best drill results. Structural & lithological map complete. 3D Geological model complete. Petrography study complete. 20m x 20m portable XRF analysis of soils over main Prospect complete. 145.080 MN 644,500 m 644.000 m 340,500 ME Rock chips Au ppm > 1.0 ° 0.5 to 1.0 • 0.1 to 0.5 ° 0.004 to 0.1 • <0.004 341.000 E 341.500 ME 3:42.000 ME N Au 1.68 ppm Au 1.92 ppm Au 1.39 ppm Au 2.33 ppm Au 1.48 ppm Au 1.06 ppm- Au 2.96 ppm Au 1.2 ppm ५ -Au 2.57 ppm Au 2.85 ppm Au 4.38 ppm Au 3.08 ppm Au 1.59 ppm Au 1.68 ppm $41,000- 0.5km 541500m -Fault ---Fault inferred Diorite / Intermediate Intrusive Monzonite / Felsic Intrusive Felsic Fine-grained sediment Mafic Volcaniclastic Granite Unassigned Significant rock chip assay values for Au from ALS Laboratory (Ireland) - Anagulu Au 1.54 ppm Au 1.79 ppm++0 340500 m#13Anagulu - A New Gold-Copper Discovery by Alpha ALPHA EXPLORATION 341,000 E 541.500 E 542500 + N 20m x 20m portable XRF analysis of soils over main Prospect complete. Geochronology of select samples underway to determine the age of the Anagulu mineralising system and large granite intrusives nearby. 20m x 20m portable XRF analysis of soils planned for areas northwest and southeast of the Prospect. Further IP-Resistivity survey planned for the south and southeast of the Prospect. Maiden Indicated Resource drill programme planned to commence once the 'Wet Season' is over in mid- late September. Drill testing of anomalous chargeability resistivity-gravity anomalies planned once the Wet Season is over in mid-late September. Initiate metallurgical test-work and environmental baseline studies if the resource drilling indicates an economic deposit. 1.645.000 m 1.544.500 644.000 m 345500 Rock chips Cu % > 1.0 0.5 to 1.0 • 0.1 to 0.5 0.05 to 0.1 + < 0.05 + Cu 1.30% Cu 1.60% Cu 6.00% Cu 3.60% Cu 3.57% Cu 4.38% 13 Cu 2.44% Cu 2.35% Cu 2.91% Cu 1.39% Cu 1.76% Cu 1.22% Cu 1.32% Cu 9.45% Cu 1.54% -Cu 1.28% Cu 1.41% C2.22% Cu 1.58% Cu 1.64% 1.16% 1.644.500 Cu 3.92% Cu 3.83% Cu 2.97% Cu 1.28% Cu 1.75% Cu 4.30% 340500m 0.5km + 341500 m Fault ---Fault inferred Diorite / Intermediate Intrusive Monzonite / Felsic Intrusive Felsic Fine-grained sediment Mafic Volcaniclastic Granite Unassigned Significant rock chip assay values for Cu from ALS Laboratory (Ireland) - Anagulu#14Anagulu - Drill Programmes 2m @ 2.69 g/t Au & 0.01 % Cu (93 - 95m in Hole ANR008) 30 RC holes for 3,919m. 2 Diamond holes for 344m. Ore grade Cu & Au intercepted in drilling. Monzonite identified as 'prime host' for Cu-Au-Ag due to 'brittle fracture' with diorite & felsic sediments also hosts. Could be two (2) 'pulses' of mineralisation Cu-Au-Ag and then Au? Where is Pb-Zn? - could be further along shear system & deposited when fluids cooler? PHASE 3 RC drilling - Anagulu 4m @ 1.10 g/t Au & 0.45 % Cu (11 - 15m in Hole ANR011) +1645200 7m @ 12.39 g/t Au & 0.05% Cu & 0.51g/t Ag (151 - 158m in RC Hole ANR016) 52m @ 0.72 g/t Au & 0.46% Cu & 2.14g/t Ag (48 - 100m in RC Hole ANR029) 49m @2.42 g/t Au & 1.10% Cu & 6.83g/t Ag (80-129m in DD Hole AND001) 93m @ 0.48 g/t Au & 0.27% Cu & 1.27g/t Ag (3 96m in RC Hole ANR017) 34m @ 0.32 g/t Au & 0.20% Cu & 0.87g/t Ag (94 128m in Hole ANR015) 1m @ 13.05 g/t Au & 0.01 % Cu (0 - 1m in Hole ANR027) +164420 7m @ 3.44 g/t Au & 0.25% Cu & 1.37g/t Ag (94 101m in RC Hole ANR024) +164400 3m @ 0.55 g/t Au & 0.92 % Cu (85-88m in Hole ANR002) 18m @ 0.16% Cu (18-36m in Hole ANR019) 14 1643600 1.78km ALPHA EXPLORATION Location of significant drill intercepts at Anagulu with geology on satellite image Lithology Mafic Volcaniclastic Felsic Fine-grained sediment Monzonite / Felsic Intrusive Diorite / Intermediate Intrusive#15Anagulu - 15 Drill Programmes - Assay Results Hole ID From (m) To (m) Interval (m) Au (ppm) Cu (%) Hole ID From (m) To (m)| Interval (m) Interval Au (ppm) Cu (%) Hole_ID From (m) To (m) Au (ppm) Cu (%) (m) 16 17 1 0.25 0.07% ANR009 222 22 25 3 0.38 61 62 1 0.28 0.10% 11 12 1 0.24 65 69 4 0.46 0.54% 67 69 2 0.54 71 79 AND001 80 132 132 140 152 154 157 159 190 191 ∞ ∞ 227. 8 0.24 0.23% ANR010 70 73 52 2.33 1.05% 79 81 8 0.57 0.23% 97 99 0.33 0.12% 11 15 0.36 0.10% ANR011 17 18 1 0.52 0.06% 46 47 23 24 1 0.21 0.13% 70 71 ANR012 31 32 1 0.24 0.15% 73 76 41 42 1 0.20 0.18% 78 79 32241113H 0.06% 0.02% 0.36% 0.43 0.58% 1.09 0.02% 0.35 0.06% ANR018 47 13 ANR019 18 1.10 0.45% ANRO20 0.45 0.02% 0.32 0.11% 0.21 0.23% ANR021 0.21 0.43% ANR013 AND002 44 45 1 0.93 0.09% 117 118 1 57 58 1 0.21 0.20% 102 103 1 ANR014 66 67 1 0.20 0.12% 122 123 1 127 128 1 0.38 0.04% 0 1 1 ANR001 33 36 3 0.62 0.47% 44 45 5 6 1 0.22 0.30% 47 49 ANR002 51 52 1 0.46 0.12% 69 71 122 85 88 3 0.55 0.92% 81 82 5 6 1 0.25 0.03% 84 87 ANR003 ANR015 24 25 1 0.48 0.04% 90 91 11 16 5 0.24 0.15% 95 107 ANR004 68 69 1 0.32 0.02% 108 110 ANR005 58 59 1 0.26 0.05% 112 115 137223 0.21 0.01% 0.21 0.10% 0.27 0.28% 0.27 0.27% 0.25 0.00% 0.24 0.00% 0.50 0.27% 0.66 0.05% 0.22 0.20% 0.32 0.03% 0.25 0.00% ANR022 ANR023 ANR024 227222160296622726655 23 3 0.92 0.11% 24 25 1 0.33 0.07% 48 1 0.32 0.13% 16 3 0.11% 36 18 0.16% 23 1 2.91 0.06% 70 1 0.39 0.10% 86 87 1 0.36 0.18% 1 1 0.21 0.07% 4 2 0.21 0.08% 12 62 63 64 321 1.23 0.16% 0.91 0.12% 0.48 0.02% 80 1 1.30 0.04% 30 1 1.34 0.25% 9 2 0.36 0.28% 11 1 0.21 0.17% 63 65 2 0.29 0.11% 67 1 0.24 0.10% 97 2 11.79 0.63% 34 35 1 0.24 0.62% ANR025 38 39 1 0.23 0.40% 0.59 0.23% 159 160 1 0.64 0.14% 0.29 0.23% 93 94 1 0.23 0.06% 0.30 0.16% ANR026 96 97 1 0.53 0.16% ANR006 19 20 1 0.29 0.11% 116 117 1 0.21 0.00% 98 100 2 0.30 0.03% 25 26 1 0.20 0.06% 130 132 2 0.38 0.09% 0 1 1 13.05 0.01% ANR007 57 58 1 0.36 0.07% 24 25 1 0.22 0.15% ANR027 58 59 1 0.21 0.33% ANR016 36 37 1 0.30 0.01% 151 158 7 12.39 0.04% 167 168 1 0.24 0.15% 52 55 3 0.53 0.25% 20 23 3 0.23 ANR008 83 84 1 0.28 0.02% 26 89 63 0.65 ANR017 93 95 2 2.69 0.01% 102 104 2 0.22% 0.31% 0.24 0.15% 44 45 1 1.01 0.07% ANR028 83 84 1 0.55 0.15% 111 112 1 0.20 0.35% 112 113 1 0.28 0.11% ANR029 52 92 40 0.90 0.50% 62 66 4 0.38% ANR030 97 98 1 0.14% ALPHA EXPLORATION#16Anagulu - Geological Modelling 16 ALPHA EXPLORATION The map below shows clustered in-situ portable XRF data (20m x 20m soils) after principal components analysis. A geological map was developed where lithologies were allocated based on cluster affiliation for units mapped by Structural Consultant (RSC). N ANAGULU GEOLOGY interpreted from 20m x 20m soil analysis by portable XRF 250 500 m ANROD ANR013 ANR008 ANRO10 CANR009 ANRO128 ANR014 ANR930 ANR025 NR016 ANRO29 ANRO? AN 2017 AND00 ANDOL AND ANR026 ANR027 ANR005 ANRO18 ANR004 ANR001 ANRU02 ANR028 ANR003 ANR023 ANR019 ANR022 N Clustered in-situ pXRF Felsic instrusive Fine-grained felsic 1 Fine-grained felsic 2 Fine-grained felsic 3 Granitoid Mafic volcaniclastic Diorite Not allocated#17Anagulu - Representative Cross Section & Core (AND001) Chalcopyrite & silica rich core hosting Au & Cu from Diamond Hole 1 (AND001) - Anagulu ALPHA EXPLORATION NW -950 m REPRESENTATIVE CROSS-SECTION FROM STRUCTURAL MAPPING OF THE ANAGULU 'MAIN ZONE' Anagulu Shear Zone SE 900-m -850 m Mafic Volcaniclastic -800 m Felsic Fine-grained sediment -750 m A 17 Monzonite / Felsic Intrusive Diorite / Intermediate Intrusive Intermediate Intrusive AND001 49m @2.42 g/t Au & 1.10% Cu & 6.83g/t Ag from 80m 2m @ 0.33g/t Au & 0.12% Cu from 152m 2m @ 0.36g/t Au & 0.10% Cu from 157m 0 200m#18Anagulu - Chargeability Survey Interpretation 18 Chargeability-Resistivity survey carried out in February 2020 after discovery of Anagulu. Very promising results - yet to be drill tested. Chargeability shows anomalism in best area from drilling (yellow polygon). True vertical depth of current drilling is little more than 100m. This is also intersection of 3.5km and 1.5km long zones of chargeability that intensifies with depth. The chargeability increase with depth indicates potential for increase of mineralisation at depth as, mineralisation is associated with disseminated sulphides. 3.5km chargeability high is open to the SW at 260m - 400m depth. There is also an open chargeability high in SE of survey area. Location of Anagulu drill holes on 100m depth chargeability Anagulu 3D IP Grid WGS84 Zone 37N CHARGEABILITY 100M BELOW SURFACE N Location of Anagulu drill holes on 310m depth chargeability Anagulu 3D IP Grid WGS84 Zone 37N CHARGEABILITY 310M BELOW SURFACE - YET TO BE DRILL TESTED 0 0.5 1 km 0 0.5 1 km N ALPHA EXPLORATION#19Anagulu - Chargeability Survey Interpretation ALPHA EXPLORATION It is important to note that the drill traces of our current drilling do not reach the core of the chargeability anomaly at depth. It is also important to note that the most significant drill intercepts from the 30 RC holes and 2 Diamond holes to date are in holes AND001 and ANR015, 16, 17 and 29 and.....these holes are closest to the chargeability anomaly at depth 49m @2.42 g/t Au & 1.10% Cu & 6.83g/t Ag ( 80 - 129m in DD Hole AND001) Section C I 1~275m 93m @ 0.48 g/t Au & 0.27% Cu & 1.27g/t Ag ( 3 - 96m in RC Hole ANR017) 52m @ 0.72 g/t Au & 0.46% Cu & 2.14g/t Ag ( 48 - 100m in RC Hole ANR029 ) 34m @ 0.32 g/t Au & 0.20% Cu & 0.87g/t Ag (94 - 128m in RC Hole ANR015) 7m @ 12.39 g/t Au & 0.05% Cu & 0.51g/t Ag ( 151 158m in RC Hole ANR016) ~1160m ANR029 ANR016 ANR017 ANR020 ANR025 ANR015 AND001 ANR014 AND002 ANR021 ~1650m Section A ZONE AT DEPTH YET TO BE DRILL TESTED 19 3D view of drill hole traces on chargeability response looking southwest - Anagulu#20Kosolda Orogenic Gold Prospect - Artisanal Gold Workings ALPHA EXPLORATION In-situ Workings Kosolda Main (~800m) - north end N Alluvial Workings (~2kms long) immediately south of Kosolda Main In-situ Artisanal Workings ~2km long zone of alluvial Workings immediately south of Kosolda Main in-situ Workings 20 20 Kosolda North Geology Areas of Artisanal pits Surficial cover Granite Meta diorite Metasediments, Slate, Phyllite Felsic tuff Mafics Fault Rock chips - Kosolda West Au (ppm) Quartz Vein 0.000 0.004 Felsic dyke 0.005 0.100 Mafic dyke Trend Streams о 0.101-0.500 0.501-1.000 >1.000 Kosolda East Kosolda Main 0 0.5 kom Rock chip sampling identifying 4 Target Areas within the Kosolda (Kosolda West, Main, East & North)#21Kosolda Work Programmes Significant selective rock chip & blading rock chip results for Au (March 2018- May 2019): DIAMOND DRILL HOLES AND BLADING SECTIONS (with assays) ON GEOLOGY - KOSOLDA MAIN KSD001 DIOR MAFF • >100g/t Au • 8.92g/t Au • 4.04g/t Au • 81.40g/t Au • 7.31g/t Au • 3.23g/t Au • 39.80g/t Au 7.16g/t Au • 2.69g/t Au • 14.35g/t Au • 11.85g/t Au • 6.08g/t Au 6.06g/t Au • 2.62g/t Au • 2.56g/t Au MAFF • 10.65g/t Au • • 9.21g/t Au 8.93g/t Au • 5.61g/t Au 5.59g/t Au 4.47g/t Au • 2.56g/t Au • 2.36g/t Au ⚫ 2.32g/t Au 21 21 Channel sampling (Oct-Nov 2019) & rock chip sampling (Dec 2019-Jan 2020) at Kosolda West & North complete. Selective rock chip, blading and 100m x 100m soil sampling in 2018 & 2019 identified 4 areas for follow up exploration (Kosolda West, Main, East & North). Structural (Kosolda Main) & lithological mapping at Kosolda Prospect complete. 9 hole Diamond drill program at Kosolda Main (May-June 2019). LeapFrog model for Kosolda Main compiled. Petrography & geochronology studies complete. IP-Resistivity survey at Kosolda West, Main & East complete by early April 2020. MAFF GRAN GRAN Kosolda Blading Rockchip Sampling GABB KSD002 1m @ 1.84 g/t Au (46-47m KSD002) KSD003 1m @ 3.71 g/t Au (48-49m KSD004) KSD004 KSD005 MAPF MA KD006 3m @ 4.97 g/t Au (22-25m KSD006) 1m @ 3.09 g/t Au (28-29m KSD006) KSD007 GRAN GRAN ART PI ELV KSD009 KSD008 200M MAFF APLT ELV ARPENT Drill traces Blading Samples Au_ppm Geology Metasediment, Slate, Phyllite Artisinal Pit Marble Fault Drilled Holes 0.000 0.004 0.005-0.100 0.101-0.500 Alluvial cover Chert Elluvium Proposed Holes 0.501-1.000 Aplite Granite >1.000 Meta diorite Felsic tuff (Pyroclastic) Lapilli Mafic tuff (Pyroclastic) Mafi flow, metabasalt, metasediment intercallation Andesite ===== Quartz Vein Mafic Dike -Trend Meta gabbro Quarz vein Streams ELV#22Kosolda - Soil Sampling & 3D IP-Resistivity Survey ALPHA EXPLORATION 100m x 100m soil sampling assay results for Au Shows Kosolda West is most significant anomalous Area. Could this be the 'in-situ' source to extensive alluvial gold deposit in valley? The IP-Resistivity survey returned good quality data. 22 Southern Geoscience Consultants generated 8 chargeable targets, 3 are highly chargeable and definite anomalies. The other 5 features are weakly chargeable. Drilling is recommended on five of the features. Channel sampling of Kosolda West carried out in Oct-Nov 2019. Best Channel results for Au are 21.1 g/t, 4.92 g/t and 3.09 g/t Au Follow-up rock chip sampling of Kosolda West carried out in Dec 2019- Jan 2020. Best Au results returned were over 500m on the northeastern section of Kosolda West. Best rock chip results for Au were 6.20 g/t, 6.19 g/t 3.81 g/t and 3.61 g/t Au N A it a Kosolda 3D IP-Resistivity survey area (purple polygon) on geology and anomalous soil geochemistry for Au Kosolda North 3D IP-Resistivity Survey Area Geology Artisinal Pit Alluvial cover Elluvium Aplite Granite Meta diorite Meta gabbro Metasediment, Slate, Phyllite Marble Chert Felsic tuff (Pyroclastic) Lapilli Mafic tuff (Pyroclastic) Mafi flow, metabasalt, metasediment intercallation Andesite Quarz vein Fault Quartz Vein Mafic Dike Trend Streams MAR Kosolda East Kosolda Main Kosolda West Infill Soil Au (ppm) 0.000 -0.004 0.005 -0.025 0.026 -0.100 0.101-0.250 0.251 - 2.060 1 km#23Asheshi Orogenic Gold Prospect Work Programmes Selective rock chip, grab, blading and 100m x 100m soil sampling (2018 & 2019), identified 2 areas for follow up drill testing (Asheshi Colonial Mine & the Albibi Shear). Significant rock chip, grab and blading results for Au: ASR007 ASD003 1m @ 7.14 g/t Au (74-75m ASD003) 2m @ 5.51 g/t Au (121-123m ASD003) 2m @ 2.08 g/t Au (66-68m ASR003) ASRO03 • 13.4 g/t Au • 4.71 g/t Au ⚫ 2.48 g/t Au • 8.85 g/t Au • 3.75 g/t Au • 2.41 g/t Au • 6.78 g/t Au • 3.11 g/t Au • 2.15 g/t Au • 6.13 g/t Au • 3.07 g/t Au ⚫ 2.01 g/t Au 1m @ 2.72 g/t Au (29-30m ASR008) • 5.86 g/t Au ⚫ 3.06 g/t Au ⚫ 2.01 g/t Au • 5.62 g/t Au ⚫ 2.96 g/t Au ⚫ 1.85 g/t Au • 5.02 g/t Au • 2.92 g/t Au • 1.64 g/t Au • 4.73 g/t Au • 2.86 g/t Au • 1.61 g/t Au ASD004 Asheshi Colonial Mine ASRO05 ASRO04 ASR006 Asheshi Blading Rockchip Sampling 2m @ 1.22 g/t Au (64-66m ASR006) Drilled Holes Diamond RC Proposed Holes AU 0.000 -0.004 10 0.005 -0.100 ASR008 ° 0.101-0.500 0.501 1.000 >1.000 Asheshi Albibi Qv Asheshi Albibi_shear Stream Geology Alluvium Elluvium Chert 23 Structural & lithological mapping complete. Nine (9) hole RC drill programme (855m) June 2019. Four (4) hole DD drill programme (576.7m) May-June 2019. LeapFrog model compiled. Petrography & geochronology study complete. IP-Resistivity survey under consideration. ASD002 ASD001 Albibi Shear Zone ASR001 3m @ 2.08 g/t Au (58-61m ASD001) ASRO02 ASR009 500m Felsic flow Gabbro Granite Maffic flow Mafic dyke Prospect Boundary RC & Diamond drill holes and Blading sections on geology - Asheshi#24Kona Cu-Zn-Au Prospect - Work Programmes ALPHA EXPLORATION Malachite rich gossan occurrences with 'ore grade' rock chips for Cu (for ~1.5kms) at Kona West. Anomalous Cu in 100m x 100m soils over 1,500m x 300m (open to NE & SW) at Kona West. 10 hole RC drill program at Kona West (798m) Significant rock chip and channel sample results for Kona: 9.32% Cu & 0.11g/t Au 8.88% Cu & 0.34g/t Au 7.79% Cu & 0.21g/t Au 4.93% Cu & 0.07g/t Au 4.67% Cu & 0.27g/t Au Best drill intercepts from RC drilling at Kona West: 2m @ 0.30% Cu (48 - 50m KNR006) • 3m @ 0.16% Cu (12 - 15m KNR009) 1m @ 0.41% Cu ( 4 - 5m KNR002) 2m @ 0.14% Cu ( 5 - 7m KNR009) 1m @ 0.25% Cu (26 - 27m KNR005) • Malachite alteration on SW gossan (Kona West) Sesegna N • . 4.45% Cu & 0.11g/t Au . 4.04% Cu & 0.11g/t Au 4.00% Cu & 0.02g/t Au • 4.00% Cu & 0.07g/t Au 16.20g/t Au & 0.20% Cu 9.39g/t Au & 0.02% Cu • 6.54g/t Au & 1.03% Cu 1.63g/t Au & 0.54% Cu 1.49g/t Au & 0.55% Cu KONA WEST 0.78% Zn & 0.09% Cu 0.24% Zn & 0.46% Cu 0.21% Zn & 0.54% Cu Legend Geocode MAFF ALV MAFT Structural mapping at Kona ELV MAFD West complete. CHER Kftale EXHL Lithological mapping complete Kona West & East FELF GOS GRAN GRDI FELT ARTPIT ARGL MARB PYRX MRBL Gravity surveys complete at Kona GABB QPDK West & East 24 Tugulita Kona KONA EAST 2 km Ugumu Kona Rockchip Sampling ▲ Villages Au (ppm) 0.000 -0.004 0.005-0.100 。 0.101-0.500 0.501-1000 >1.000 Cu (ppm) 0-50 • 51-100 101-250 251-500 Anomalous rock chips (Au, Cu, Pb, Zn) on 1:5000 geological map at Kona East & West Prospects 501-93197 Zn (ppm) 0-1000 1001-43884 Pb (ppm) 0-750 751-7265 Propects#25Tolegimja Cu-Zn-Au Prospect Work Programmes ALPHA EXPLORATION Gossan & exhalate outcrops in the NE linked with anomalous Cu-Zn in soils over 2kms to a malachite rich mafic-felsic contact in the SW. Geological mapping: 1:5,000 scale geological map completed (total area = 11.46km²) Infill soil sampling (100m x 100m): • Total of 302 infill soil samples defined an anomalous area for copper over 2.5kms; open along strike (~225°) to the southwest. ⚫ There is a distinctly anomalous Zn zone (over 700m) in the northeast section of the anomalous Cu mineralisation. Rock chip sampling: A total of 131 rock chip samples were collected from Tolegimja Prospect in May 2018 and April 2019. Best Rock Chip Results at Tolegimja:. • 8.33 g/t Au -0.15% Cu with 0.15% Zn • 1.49 g/t Au -0.11% Cu with 0.06% Zn • 0.70 g/t Au -0.04% Cu with 0.28% Zn • 0.62 g/t Au 0.08% Cu with 0.25% Zn Gravity survey: ●Ground gravity survey completed at Tolegimja Prospect (May 2019). Au (ppm) 0.000 -0.004 0.005 -0.025 0.026-0.100 0.101-0.250 0.251-2.060 Cu (ppm) 8-10 11 20 B 21-40 41-80 81-12634 Zn (ppm) N 18-500 501-2476 Tolegimja B Zone of Zn mineralisation from soil sampling Continuous zone of Cu mineralisation from soil sampling-open to the SW & NW 500 m Significant Assays for soil samples (Au, Cu, Zn) with Zn over ~700m and Cu mineralisation over 2.5kms open to the SW & NW - Tolegimja 25 25#26- Alpha Exploration Timeline (January 2018 – July 2020) ALPHA EXPLORATION Anagulu Kerkasha License acquired (973km²) Field operations commence Regional (500m x 500m) soil sampling covering License complete (3,458 samples) RC Drilling Kona (10 holes) for (798m) Rock chip sampling at main Prospects complete (3,460 samples) 2018 Anagulu & 7 other new Prospects discovered Additional License Area acquired (55km²) Structural mapping at Anagulu & Kosolda complete 26 Diamond Drilling Kosolda (9 holes) for (883.6m) Discovery RC drill hole (ANR017) at Anagulu intersects 93m @ 0.48 g/t Au & 0.27% Cu & 1.27g/t Ag from 3m 2019 IP-Resistivity surveys at Anagulu & Kosolda completed 2020 RC Drilling Anagulu (12 holes) for (1,298m) Infill soil sampling at main Prospects complete (5,884 samples) RC Drilling Anagulu (3 holes) for (385m) Asheshi Diamond Drilling (4 holes for (577m) & RC drilling (9 holes for 855m) Further drilling at Anagulu builds on discovery. Hole AND001 intersects 49m @ 2.42 g/t Au & 1.10% Cu & 6.83g/t Ag from 80m#27Next Steps in Exploration ALPHA EXPLORATION ANAGULU: • Drill test (6,000m of RC and Diamond drilling) the coincident chargeability-resistivity-gravity anomalies beneath current drill strikes. • Extend the 20m x 20m soil analysis (portable XRF) survey and then review all geological, geochemical and geophysical data. • Extend the IP-Resistivity survey to the south and southeast • Carry out preliminary metallurgical test-work & environmental baseline studies if the drill programmes return positive results. KOSOLDA: • Carry out 20m x 20m soil analysis (portable XRF) survey and then review all geological, geochemical and geophysical data. • Develop a LeapFrog 3D model of all geological, geophysical and geochemical datasets over Kosolda West, Main and East. • Drill test with RC and/or Diamond drilling the Au anomalous areas from soil and rock chip sampling at Kosolda West Prospect. ASHESHI: • Carry out an IP/Resistivity survey over the Asheshi Colonial Mine and Albibi Shear Areas. • Develop a LeapFrog 3D model of all geological, geophysical & geochemical datasets over the Asheshi Colonial Mine and Albibi Shear. • Drill test with RC and/or Diamond drilling any new zones of potential mineralisation generated from the 3D modelling. REGIONAL EXPLORATION: • Follow up on new Target Areas identified from Dr Michael Gazley's evaluation of regional soil datasets. EXPANSION WITHIN THE ARABIAN-NUBIAN SHIELD: • Acquire a second License in Eritrea. • Consider ground acquisition in Sudan and Ethiopia. The total spent by Alpha to end of July 2020 is ~US$4MM. To support exploration for the remainder of 2020 and through 2021, Alpha is planning to raise: • US$3MM for exploration at Kerkasha, including a resource definition programme at Anagulu. • US$1MM for the acquisition and year 1 exploration of a second license in Eritrea and evaluation for another license in an Arabian- Nubian Shield country. 27 27#2888 28 APPENDICES ALPHA EXPLORATION#29TOE 4400E Line 4200E Line 4000E Line 3800E Anagulu - Chargeability-Resistivity Survey Interpretation Line 3600E Line 3400E Line 3200E ne 3000E 00E AT01 ALPHA ANRIOS EXPLORATION N Section 410 AT03 Section 3300E Section 2800ELine 2800E AT02 Line 2600E Line 2400E Section 2100Line 2200E Line 2000E Section 1700E Line 1800E Line 160 The survey was carried out by TMC Geophysics (Canada) and interpreted by Southern Geoscience Consultants (Perth Australia), who confirmed the good quality of data. The survey was successful in identifying anomalous chargeability and resistivity features down to depths of >250m. The focus is on the five anomalous chargeable features AT01 to AT05, as chargeability is the key indicator of disseminated sulphides. Drilling recommendations from Southern Geoscience are shown for all of the features (green lines on diagram) to see what their source is. AT01 is an extensive 3km long shallow, chargeable zone extending to depth. AT02 is a 2km long shallow chargeable zone extending to depth and parallel to ATO1. AT03 is the 800m long chargeable and resistive zone which is shallow and does not extend to depth. LEGEND Chargeability Target ID AT02 Probable Fault Recommended Drill Target Drill Holes Chargeability Zone - 110m Depth Chargeability Zone-260m Depth Resistivity Zone - 100m Depth Resistivity Zone - 225m Depth DE 2000E Line 1800E Line 1600E Line 1400E Line 1200E ine 1000E QOE 800E 5000N 500m 4500N 4000N AT05 Section 1100E 29 29 AT04 Line#30Regional Sampling & Analysis with Centre Log Ratio & Z Score N Kosolda Asheshi km Tolefafa West Au (CLR) -12.83--12.20 -12.20 -11.67 -11.67 -11.28 -11.28 -10.86 " -10.86--10.36 • -10.36 -9.77 • -9.77--9.01 -9.01 --8.04 -8.04 -6.76 6.76 -4.40 Map of CLR Au for the entire license area - Targets as labelled The regional soil sampling of Kerkasha (3,458 samples to cover Kerkasha on a 500m x 500m spacing) has delivered a 25 element geochemical dataset to complement the airborne geophysical and remote sensing datasets. Centre Log Ratio (CLR) Assessing data using CLR transform data allows for new insights as CLR values account for variation in other elements in the sample, rather than just considering a single component in a compositionally-closed space. Z Score Normalisation Two z-score normalisations have been implemented where normalisation of the regolith type is completed first, followed by normalisation for 'Machine Learnt' rock type. On this basis the different background concentrations of the different regolith types and different rock types are taken into account and resulting values are all comparable, irrespective of element, regolith type or rock type. A Anagulu 30 50 2.5 5 km Aburna Mine Abbi Mine Anugulu Balak Artisinal Gulul Artisinal Ebinte Artisinal Shakat Artisina Afetela she hi ine Tekinal Rosella Artisin Jolegimja Jolefafa Dekemhare Artisinál Tolefafa West Binbin Z-score: regolith/rock type -7.32 -2.11 -2.11--0.77 -0.77 -0.18 -0.18 -0.36 0.36-1.17 1.17 2.47 2.47-4.63 4.63-8.17 8.17 17.73 17.73-57.97 Map of double z-score Au + Cu values >2.47 - Targets as labelled#31Regional Sampling & 'Machine Learning' Alpha has retained services of specialised Consultants to apply 'Machine Learning' algorithms to generate (1) new bedrock and surface composition maps, (2) Machine-assisted mapping of Kosolda & Asheshi type granitoids on the Kerkasha and surrounding areas and (3) a 'Probabilistic Map' of potential orogenic gold and VMS Targets. N Daaa Wburne Mine Abul Mine Gulu Arcisinal Babk Artshal Flinte Autisinal Asheshi Mile Fankop Shakat Mine Kōna Artiziral Tekinala Anagulu Dekanateve Arthinal Kosalda Artishal voleginija Kerkasha Regional Soil Sampling Program Prospects Cu Prospects Au 0.85 0.77 0.69 0.62 0.46 Tenement Boundary 038 031 023 Preferred Max-Ent thematic map for orogenic gold mineralisation Δ Mina Funky Shate Milne Auth Afatala Balak Artisinal الماسة Artisinal Ebinte Dekemave Articinal Achashi zkinaka Enbina Kosoida Artistul Telefaf 192 4.85 Kerkasha Regional Soil Sampling Program Prospects Cu Prospects Au 0.46 Tenement Boundary 0.38 1.31 31 Preferred Max-Ent thematic map for VMS mineralisation C. Trial III Radiometrics; all PCs DTM, Magnetics, and D. Trial IV DTM and Magnetics; all PCs 5 0 10 km gyl late tectonic granitold svx-bimodal felsic-mafic volcaniclastics and minor volcanics mmc chlorite-sericite schist, chlorite schist phyllite, and quartz-chlorite micaschist -Felsic metavolcanics and volcaniclastics mf-felsic schist vaf-folaic volcanics, volcaniclastics and felsic schist g-granitoid 1 gim-granitoid 2 gp-granitoid 3 gd-granodiorite gf-granitoid-foliated gfm-granitoid-mafic gneiss gn- gneiss via-intermediate metavolcanics and andesite val-intermediate meta- volcaniclastics and minor volcanics 0 svi intermediate volcaniclastics- epiclastics, and fine-grained chiaritic schist slate svm mafio-intermediate volcaniclastics to epiclastics: also chloritic shalestate vm-metabasalt vmil-metabasaltic andesite and meta-andeste ivg-metagabbro svf-melagreywacke and felsic volcanics s-metasediments sp-polymictic conglomerate Machine Assisted bedrock maps for Kerkasha 10 km ALPHA EXPLORATION#32Eritrea Mining Act & Alpha Agreement with ENAMCO ALPHA EXPLORATION The Eritrean Mining Act is based on the West Australian Mining Act and has been upheld in a fair and consistent manner by the Government, resulting in more Mine development in Eritrea than any other country in the region over the past 20 years. Exploration license (EL): 3 year term, 2 renewals for 1 year each. 25% relinquishment of original license area with each renewal. The Licensing Authority may allow further renewal periods where the licensee documents the necessity for additional advanced exploration activity or provides information on other circumstances which justify an extension for the duration of the license. 50km2 maximum size. • License fee (US)$100, annual rental (US)$13.30/km². Mining license: . Maximum of 20 years or life of deposit (whichever is shorter), renewable for 10 years. 10km² maximum size. • License fee is (US)$400, annual rental is (US)$40/km². Royalties: 5% for precious metals and 3.5% for other metallic minerals. Taxes: • Corporate income tax 38%. . · 20% flat tax on expatriate employee earnings. 0.5% on all imports of machinery equipment, vehicles and parts. No dividend tax. • Straight line depreciation over 4 years with no salvage. • The right to carry forward operational losses and deduct them from gross incomes is guaranteed. Government (ENAMCO) Participation: • 10% free carry and has the option of an equity participation not exceeding 30%. 32 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 the 9th January 2018, Alpha signed a 'Memorandum of Understanding' with the Eritrean National Mining Corporation (ENAMCO) on ENAMCO's terms for involvement with Alpha in the Kerkasha Exploration License. ENAMCO has right to 10% free-carried interest in any mining Project that is developed on Kerkasha. ENAMCO also has right to: • • Purchase a further 30% 'Participating Interest' in Kerkasha at any time from commencement of exploration, up to 3 months after completion of a Bankable Feasibility Study (BFS). To purchase their Participating Interest, ENAMCO will pay the equivalent percentage cost of exploration, up to point of acquiring their Participating Interest. • Thereafter, ENAMCO will contribute the same Participating Interest percentage of all costs going forward.#33Positive Political 'Tail-winds' 33 A Peace Accord between Ethiopia & Eritrea signed. UN sanctions against Eritrea lifted. Western sanctions over Eritrea are lifted. This heralds a positive new beginning for investment and development in Eritrea. Transformational Political Changes and timelines: • A Peace Accord between Ethiopia & Eritrea signed on 9 July, 2018. • UN sanctions against Eritrea lifted on 14 November, 2018. • On the 20 February 2019, the leaders of Ethiopia and Eritrea sign cooperation agreements to boost economic relations. • On the 4 March 2019, the leaders of Eritrea, Ethiopia and Kenya meet for a tripartite summit of leaders of government in Asmara, Eritrea. On the 11 October 2019, Ethiopia's Prime Minister Abiy Ahmed awarded Nobel Peace Prize for his work in creating peace between Ethiopia and Eritrea. Eritrea's President Isaias Afwerki (left) and Ethiopia's Prime Minister Abiy Ahmed (right) Eritrea's President Isaias Afwerki (right) and Ethiopia's Prime Minister Abiy Ahmed (left) sign 'Peace Accord Ethiopia's Prime Minister Abiy Ahmed awarded the Nobel Peace Prize ERITREA Kenya's Uhuru Kenyatta, Eritrea's Isaias Afwerki and Ethiopia's Abiy Ahmed in Asmara for tripartite summit Reuters#34Appendices ABOUT ALPHA EXPLORATION LIMITED Alpha Exploration Ltd is a privately registered Exploration Company out of the British Virgin Isles focused on the discovery of world class economic gold & base metals deposits in the highly prospective Arabian-Nubian shield that runs on either side of the Red Sea. Registered Office Alpha Exploration Limited 3rd Floor, Omar Hodge Building Wickams Cay 1 P.O. Box 362 Road Town Tortola, British Virgin Islands Eritrea Office Alpha Exploration Eritrea Limited Level 6, Room 602 S.A. Building Warsay Street Zip Code 189 P.O. Box 1114, Asmara, Eritrea Tel: +291 1 111202 Contact Details Alasdair Smith Managing Director & CEO [email protected] +291 1 111 202 +291 748 2683 +44 738 446 6881 Landline (Eritrea): Mobile (Eritrea): Mobile (UK) 34 Alpha Web Address www.alpha-exploration.com ALPHA EXPLORATION#3535 55 Disclaimer & Compliance Warning - slide 5 compilation from Opaxe Report Disclaimer and Compliance Warning: opaxe The information in this report does not qualify as a Public Report as defined by clause 6 of the JORC Code (2012). It is not prepared for the purpose of informing investors or potential investors or their advisors, and is not published for or on behalf of any of the companies mentioned in this report. Opaxe has no equity or other interest in any of the companies mentioned in this bulletin. A full list with links to all individual Public Announcements for each company mentioned in this report is provided through opaxe.com. Opaxe takes no responsibility for the compliance of those Public Reports, and it is up to each individual company to make sure that drilling intercepts are reported in a material and transparent manner in compliance with the relevant reporting codes for the respective jurisdiction. For ASX-listed companies, the relevant JORC Code (2012) clauses are 4, 18, 19, and 50. Investors or potential investors using the information in this report are recommended to download the full reports either directly from the company's website or through the links in weekly lists provided by opaxe. Drill intercept grades have been converted into AuEq and CuEq using the following metal prices (on 26/05/2020) (USD): $1,735.25/oz Au, $17.12/oz Ag, $5,314.00/t Cu, $1,637.85/t Pb, $2,016.85/t Zn, $8.53/lb Mo, $806.00/oz Pt, $1,991.00/oz Pd, $12,260.00/t Ni, $15,403/t Sn, $33.30/lb U308, $90.65/t Fe, $29,500.00/t Co, $9,120.00/t Li20, $6.20/lb V sourced from: https://www.quandl.com/collections/markets/commodities, https://www.uxc.com, https://markets.businessinsider.com/commodities or https://www.metalbulletin.com/lithium-prices-update. The formula used to convert drill intercept grades to gold equivalence using stated metal price is as follows: Z AuEq(g/t) = Σ Cn (g/t) x Cn($/g) Au($/g) n=1 Where z is the number of listed components (e.g. Au, Ag, Pb, Cu, Zn, Li₂O, Sn, Co etc) and C, is the nth component in that list. Gold and Copper has been chosen as the metal equivalent for all conversions as these were considered as primary commodities by Alpha Exploration.#36Statutory Rights of Action ALPHA EXPLORATION Statutory Rights of Action Securities legislation in certain of the provinces of Canada provides purchasers with certain statutory rights of action for damages or rescission, in addition to any other rights they may have at law, where an offering memorandum or any amendment thereto contains an untrue statement of a material fact or omits to state a material fact that is required to be stated or is necessary to make any statement contained therein not misleading in light of the circumstances in which it was made (a "Misrepresentation"). These rights, or notice with respect thereto, must be exercised or delivered, as the case may be, by purchasers within the time limits prescribed and are subject to the defences and limitations contained under the applicable securities legislation. The following summaries are subject to the express provisions of the securities legislation applicable in each of the provinces and territories of Canada and the regulations, rules and policy statements thereunder. Investors should refer to the securities legislation applicable in their province or territory along with the regulations, rules and policy statements thereunder for the complete text of these provisions or should consult with their legal advisor. The statutory rights of action described herein are in addition to and without derogation from any other right or remedy at law to the purchasers of securities of the AEL. Such provisions may contain limitations and statutory defences on which AEL may rely. Ontario Section 130.1 of the Securities Act (Ontario) provides that every investor of securities who purchases a security offered by an offering memorandum shall have a statutory right of action for damages or rescission against the issuer and any selling security holder on whose behalf the distribution is made in the event that the offering memorandum contains a Misrepresentation. An investor who purchases securities offered by the offering memorandum during the period of distribution has, without regard to whether the investor relied upon the Misrepresentation, a right of action for damages or, alternatively, while still the owner of the securities, for rescission against the issuer and a selling security holder on whose behalf the distribution is made provided that: a) b) c) d) if the investor exercises its right of rescission, it shall cease to have a right of action for damages as against the issuer or any selling security holder; the issuer or any selling security holder will not be liable if they prove that the investor purchased the securities with knowledge of the Misrepresentation; in an action for damages, the issuer will not be liable for all or any portion of damages that it or any selling security holder proves do not represent the depreciation in value of the securities as a result of the Misrepresentation relied upon; and in no case shall the amount recoverable exceed the price at which the securities were offered. Section 138 of the Securities Act (Ontario) provides that no action shall be commenced to enforce these rights more than: a) in the case of an action for rescission, 180 days after the date of the transaction that gave rise to the cause of action; or b) in the case of any action, other than an action for rescission, the earlier of: i. 180 days after the date that the investor first had knowledge of the facts giving rise to the cause of action; or ii. three years after the date of the transaction that gave rise to the cause of action. This Presentation is also being delivered to Ontario investors in reliance on the exemption from the prospectus requirements contained under section 2.3 of NI 45-106 (the "accredited investor exemption"). The rights referred to in section 130.1 of the Securities Act (Ontario) do not apply in respect of an offering memorandum delivered to a prospective investor in connection with a distribution made in reliance on the accredited investor exemption if the prospective investor is: a) a Canadian financial institution or a Schedule III bank (each as defined in National Instrument 45-106) b) the Business Development Bank of Canada incorporated under the Business Development Bank of Canada Act (Canada); or c) a subsidiary of any person referred to in paragraphs (a) and (b), if the person owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of that subsidiary. Manitoba In the event that an offering memorandum, together with any amendment thereto delivered to purchasers of securities resident in Manitoba, contains a Misrepresentation and it is a Misrepresentation at the time of purchase, the purchaser shall be deemed to have relied upon the Misrepresentation and shall have, in addition to any other rights it may have at law, (a) a right of action for damages against (i) the issuer, (ii) every director of the issuer at the date of the offering memorandum (collectively, the "Directors") and (iii) every person or corporation who signed the offering memorandum (collectively, the "Signatories"), or (b) a right of rescission against the issuer. If a Misrepresentation is contained in a record incorporated by reference in, or is deemed to be incorporated into the offering memorandum, the Misrepresentation is deemed to be contained in the offering memorandum. A purchaser of securities may elect to exercise a right of rescission against the issuer, in which case the purchaser will have no right of action for damages against the issuer, Directors or Signatories. All persons or companies referred to above that are found to be liable or accept liability are jointly and severally liable. A person or company who is found liable to pay a sum in damages may recover a contribution, in whole or in part, from a person who is jointly and severally liable to make the same payment in the same cause of action unless, in all the circumstances of the case, the court is satisfied that it would not be just and equitable. 36#37Statutory Rights of Action (continued) ALPHA EXPLORATION Directors or Signatories will not be liable: a) b) c) d) if they prove the offering memorandum was sent or delivered to the purchaser without their knowledge or consent and, on becoming aware of its delivery, promptly gave general reasonable notice that it was delivered without their knowledge and consent; if they prove that after becoming aware of a Misrepresentation in the offering memorandum they withdrew their consent to the offering memorandum and gave reasonable general notice to the issuer of their withdrawal and the reasons therefore; if, with respect to any part of the offering memorandum purporting to be made on the authority of an expert or to be a copy of, or an extract from, a report, opinion or statement of an expert ("Expert Opinion"), if such person proves they did not have any reasonable grounds to believe and did not believe that there was a Misrepresentation or that the relevant part of the offering memorandum did not fairly represent the Expert Opinion or was not a fair copy of, or an extract from, such Expert Opinion; or with respect to any part of the offering memorandum not purporting to be made on an expert's authority, or not purporting to be a copy of, or an extract from an Expert Opinion, unless the Director or Signatory: (i) did not conduct an investigation sufficient to provide reasonable grounds for a believe that there had been no Misrepresentation; or (ii) believed that there had been a Misrepresentation. No person or company is liable in an action for rescission or damages if that person or company proves that the purchaser had knowledge of Misrepresentation. In an action for damages, the issuer, the Directors and Signatories will not be liable for all or any part of the damages that they prove do not represent the depreciation in value of the securities as a result of the Misrepresentation relied upon. The amount recoverable under the right of action shall not exceed the price at which the securities were offered for sale. A purchaser of securities to whom the offering memorandum was not delivered prior to such purchase in circumstances where such offering memorandum was required to be delivered, has a right of rescission or a right of action for damages against the issuer or any dealer who failed to deliver the offering memorandum within the prescribed time. A purchaser to whom the offering memorandum is required to be sent may rescind the contract to purchase the securities by sending a written notice of rescission to the issuer not later than midnight on the second day, excluding Saturdays, Sundays and holidays, after the purchaser signs the agreement to purchase the securities. Unless otherwise provided under applicable securities legislation, no action shall be commenced to enforce a right of action unless the right is exercised: a) b) in the case of an action for rescission, not later than 180 days from the day of the transaction that gave rise to the cause of action; or in the case of an action, other than an action for rescission, the earlier of: (i) 180 days from the day the purchaser first had knowledge of the facts giving rise to the cause of action; and (ii) two years from the day of the transaction that gave rise to the cause of action. The rights of action for damages or rescission discussed above are in addition to, and without derogation from, any other right or remedy which investors may have at law. Saskatchewan Section 138 of The Securities Act, 1988 (Saskatchewan), as amended (the "Saskatchewan Act") provides that where an offering memorandum or any amendment to it is sent or delivered to an investor and it contains a misrepresentation (as defined in the Saskatchewan Act), an investor who purchases a Share covered by the offering memorandum or any amendment to it is deemed to have relied upon that Misrepresentation, if it was a Misrepresentation at the time of purchase, and has a right of action for rescission against the issuer or has a right of action for damages against: a) b) c) d) e) the issuer or selling security holder on whose behalf the distribution is made; every promoter and director of the issuer, or selling security holder, at the time the offering memorandum or any amendment to it was sent or delivered; every person or company whose consent has been filed respecting the offering, but only with respect to reports, opinions or statements that have been made by them; every person who or company that, in addition to the persons or companies mentioned in (a) to (c) above, signed the offering memorandum or the amendment to the offering memorandum; and every person who or company that sells securities on behalf of the issuer under the offering memorandum or amendment to the offering memorandum. Such rights of rescission and damages are subject to certain limitations including the following: a) b) c) d) e) if the investor elects to exercise its right of rescission against the issuer it shall have no right of action for damages against that party; in an action for damages, a defendant will not be liable for all or any portion of the damages that he, she or it proves do not represent the depreciation in value of the securities resulting from the Misrepresentation relied on; no person or company, other than the issuer, will be liable for any part of the offering memorandum or any amendment to it not purporting to be made on the authority of an expert and not purporting to be a copy of, or an extract from, a report, opinion or statement of an expert, unless the person or company failed to conduct a reasonable investigation sufficient to provide reasonable grounds for a belief that there had been no Misrepresentation or believed that there had been a Misrepresentation; in no case shall the amount recoverable exceed the price at which the securities were offered; and no person or company is liable in an action for rescission or damages if that person or company proves that the investor purchased the securities with knowledge of the Misrepresentation. 37#38Statutory Rights of Action (continued) In addition, no person or company, other than the issuer, will be liable if the person or company proves that: ALPHA EXPLORATION a) b) the offering memorandum or any amendment to it was sent or delivered without the person's or company's knowledge or consent and that, on becoming aware of it being sent or delivered, that person or company gave reasonable general notice that it was so sent or delivered; or with respect to any part of the offering memorandum or any amendment to it purporting to be made on the authority of an expert, or purporting to be a copy of, or an extract from, a report, an opinion or a statement of an expert, that person or company had no reasonable grounds to believe and did not believe that there had been a Misrepresentation, the part of the offering memorandum or any amendment to it did not fairly represent the report, opinion or statement of the expert, or was not a fair copy of, or an extract from, the report, opinion or statement of the expert. Not all defences upon which purchasers may rely are described herein. Please refer to the full text of the Saskatchewan Act for a complete listing. Similar rights of action for damages and rescission are provided in section 138.1 of the Saskatchewan Act in respect of a Misrepresentation in advertising and sales literature disseminated in connection with an offering of securities. Section 138.2 of the Saskatchewan Act also provides that where an individual makes a verbal statement to a prospective investor that contains a Misrepresentation relating to the securities purchased and the verbal statement is made either before or contemporaneously with the purchase of the securities, the investor is deemed to have relied on the Misrepresentation, if it was a Misrepresentation at the time of purchase, and has a right of action for damages against the individual who made the verbal statement. Section 141(1) of the Saskatchewan Act provides an investor with the right to void the purchase agreement and to recover all money and other consideration paid by the investor for the securities if the securities are sold in contravention of the Saskatchewan Act, the regulations to the Saskatchewan Act or a decision of the Financial and Consumer Affairs Authority of Saskatchewan. Section 141(2) of the Saskatchewan Act also provides a right of action for rescission or damages to an investor of securities to whom an offering memorandum or any amendment to it was not sent or delivered prior to or at the same time as the investor enters into an agreement to purchase the securities, as required by Section 80.1 of the Saskatchewan Act. The rights of action for damages or rescission under the Saskatchewan Act are in addition to and do not derogate from any other right which an investor may have at law. Section 147 of the Saskatchewan Act provides that no action shall be commenced to enforce any of the foregoing rights more than: a) in the case of an action for rescission, 180 days after the date of the transaction that gave rise to the cause of action; or b) in the case of any other action, other than an action for rescission, the earlier of: one year after the plaintiff first had knowledge of the facts giving rise to the cause of action; or I. II. six years after the date of the transaction that gave rise to the cause of action. The Saskatchewan Act also provides an investor who has received an amended offering memorandum delivered in accordance with subsection 80.1(3) of the Saskatchewan Act has a right to withdraw from the agreement to purchase the securities by delivering a notice to the person who or company that is selling the securities, indicating the investor's intention not to be bound by the purchase agreement, provided such notice is delivered by the investor within two business days of receiving the amended offering memorandum. New Brunswick Section 150 of the Securities Act (New Brunswick) provides that where an offering memorandum contains a Misrepresentation, a purchaser who purchases securities shall be deemed to have relied on the Misrepresentation if it was a Misrepresentation at the time of purchase and: a) the purchaser has a right of action for damages against 1. the issuer, b) II. the selling security holder on whose behalf the distribution was made; III. every person who was a director of the issuer at the date of the offering memorandum; IV. every person who signed the offering memorandum, or if the purchaser purchased the securities from a person referred to in subparagraph (a)(i) or (ii) above, the purchaser may elect to exercise a right of rescission against the person referred to in that subparagraph, in which case the purchaser shall have no right of action for damages against the person. This statutory right of action is available to New Brunswick purchasers whether or not such purchaser relied on the Misrepresentation. However, there are various defences available to the issuer and the selling security holder(s). One such defence is that no person will be liable for a Misrepresentation if such person proves that the purchaser purchased the securities with knowledge of the Misrepresentation. Moreover, in an action for damages, the amount recoverable will not exceed the price at which the securities were offered under the offering memorandum and any defendant will not be liable for all or any part of the damages that the defendant proves do not represent the depreciation in value of the security as a result of the Misrepresentation. If the purchaser intends to rely on the rights described in (a) or (b) above, such purchaser must do so within strict time limitations. The purchaser must commence an action for rescission within 180 days after the date of the transaction that gave rise to the cause of action. The purchaser must commence its action for damages within the earlier of: a) b) one year after the purchaser first had knowledge of the facts giving rise to the cause of action; or six years after the date of the transaction that gave rise to the cause of action. 38 38#39Statutory Rights of Action (continued) ALPHA EXPLORATION Newfoundland and Labrador The right of action for damages or rescission described herein is conferred by Section 130.1 of the Securities Act (Newfoundland and Labrador) (the "Newfoundland Act"). The Newfoundland Act provides, in relevant part, that where an offering memorandum contains a Misrepresentation, as defined in the Newfoundland Act, a purchaser who purchases securities offered by the offering memorandum has, without regard to whether the purchaser relied upon the Misrepresentation, a statutory right of action: a) for damages against: I. the issuer, II. every director of the issuer at the date of the offering memorandum, and III. every person or company who signed the offering memorandum; and b) for rescission against the issuer. The Newfoundland Act provides a number of limitations and defences in respect of such rights. Where a Misrepresentation is contained in an offering memorandum, a person or company shall not be liable for damages or rescission: a) b) c) where the person or company proves that the purchaser purchased the securities with knowledge of the Misrepresentation; in the case of an action for damages, the defendant is not liable for all or any part of the damages that the defendant proves do not represent the depreciation in value of the security as a result of the Misrepresentation; and in no case will the amount recoverable in any action exceed the price at which the securities were offered under the offering memorandum. In addition, no person or company, other than the issuer, is liable: a) b) c) where the person or company proves that the offering memorandum was sent to the purchaser without the person's or company's knowledge or consent and that, on becoming aware of its being sent, the person or company promptly gave reasonable notice to the issuer that it was sent without the knowledge and consent of the person or company; if the person or company proves that the person or company, on becoming aware of the Misrepresentation in the offering memorandum, withdrew the person's or company's consent to the offering memorandum and gave reasonable notice to the issuer of the withdrawal and the reason for it; if, with respect to any part of the offering memorandum purporting to be made on the authority of an expert or purporting to be a copy of, or an extract from, a report, opinion or statement of an expert, the person or company proves that the person or company did not have any reasonable grounds to believe and did not believe that: d) I. there had been a Misrepresentation; or II. the relevant part of the offering memorandum: A. did not fairly represent the report, opinion or statement of the expert; or B. was not a fair copy of, or an extract from, the report, opinion or statement of the expert; or with respect to any part of the offering memorandum not purporting to be made on the authority of an expert and not purporting to be a copy of, or an extract from, a report, opinion or statement of an expert, unless the person or company: I. II. did not conduct an investigation sufficient to provide reasonable grounds for a belief that there had been no misrepresentation; or believed there had been a misrepresentation. a) Section 138 of the Newfoundland Act provides that no action shall be commenced to enforce these rights more than: in the case of an action for rescission, 180 days after the date of the transaction that gave rise to the cause of action; or b) in the case of an action for damages, the earlier of: 180 days after the date that the purchaser first had knowledge of the facts giving rise to the cause of action; or I. II. three years after the date of the transaction that gave rise to the cause of action. Nova Scotia The right of action for damages or rescission described herein is conferred by section 138 of the Securities Act (Nova Scotia). Section 138 of the Securities Act (Nova Scotia) provides, in relevant part, that in the event that an offering memorandum, together with any amendment thereto, or any advertising or sales literature (as defined in the Securities Act (Nova Scotia)) contains a Misrepresentation, the purchaser will be deemed to have relied upon such Misrepresentation if it was a Misrepresentation at the time of purchase and has, subject to certain limitations and defences, a statutory right of action for damages against the seller (which includes the issuer) and, subject to certain additional defences, every director of the seller at the date of the offering memorandum and every person who signed the offering memorandum or, alternatively, while still the owner of the securities purchased by the purchaser, may elect instead to exercise a statutory right of rescission against the seller, in which case the purchaser shall have no right of action for damages against the seller, directors of the seller or persons who have signed the offering memorandum, provided that, among other limitations: 39#40Statutory Rights of Action (continued) a) ALPHA EXPLORATION no action shall be commenced to enforce the right of action for rescission or damages by a purchaser resident in Nova Scotia later than 120 days after the date on which the initial payment was made for the securities; b) c) d) no person will be liable if it proves that the purchaser purchased the securities with knowledge of the Misrepresentation; in the case of an action for damages, no person will be liable for all or any portion of the damages that it proves do not represent the depreciation in value of the securities as a result of the Misrepresentation; and in no case will the amount recoverable in any action exceed the price at which the securities were offered to the purchaser. In addition, a person or company, other than the issuer, will not be liable if that person or company proves that: a) b) c) the offering memorandum or amendment to the offering memorandum was sent or delivered to the purchaser without the person's or company's knowledge or consent and that, on becoming aware of its delivery, the person or company gave reasonable general notice that it was delivered without the person's or company's knowledge or consent; after delivery of the offering memorandum or amendment to the offering memorandum and before the purchase of the securities by the purchaser, on becoming aware of any Misrepresentation in the offering memorandum or amendment to the offering memorandum the person or company withdrew the person's or company's consent to the offering memorandum or amendment to the offering memorandum, and gave reasonable general notice of the withdrawal and the reason for it; or with respect to any part of the offering memorandum or amendment to the offering memorandum purporting (i) to be made on the authority of an expert, or (ii) to be a copy of, or an extract from, a report, an opinion or a statement of an expert, the person or company had no reasonable grounds to believe and did not believe that (A) there had been a Misrepresentation, or (B) the relevant part of the offering memorandum or amendment to offering memorandum did not fairly represent the report, opinion or statement of the expert, or was not a fair copy of, or an extract from, the report, opinion or statement of the expert. Further, no person or company, other than the issuer, will be liable with respect to any part of the offering memorandum or amendment to the offering memorandum not purporting (a) to be made on the authority of an expert, or (b) to be a copy of, or an extract from, a report, opinion or statement of an expert, unless the person or company: (i) failed to conduct a reasonable investigation to provide reasonable grounds for a belief that there had been no Misrepresentation, or (ii) believed that there had been a Misrepresentation. If a Misrepresentation is contained in a record incorporated by reference into, or deemed incorporated by reference into, the offering memorandum or amendment to the offering memorandum, the Misrepresentation is deemed to be contained in the offering memorandum or an amendment to the offering memorandum. Prince Edward Island A "misrepresentation" for purposes of the Securities Act (Prince Edward Island) also includes an omission to state a material fact that is required to be stated by the Securities Act (Prince Edward Island). If an offering memorandum, together with any amendment to the offering memorandum, delivered to a purchaser resident in Prince Edward Island contains a misrepresentation and it was a misrepresentation at the time of purchase, the purchaser will be deemed to have relied upon the misrepresentation and will have a right of action against the issuer and, subject to certain additional defences, every director of the issuer at the date of the offering memorandum for damages or, alternatively, while still the owner of the purchased securities, for rescission against the issuer, provided that: a) no action shall be commenced to enforce the foregoing rights: I. II. in the case of an action for rescission, more than 180 days after the date of the transaction that gave rise to the cause of action; or in the case of any action, other than an action for rescission, the earlier of: A. 180 days after the date the purchaser first had knowledge of the facts giving rise to the cause of the action, or B. three years after the date of the transaction that gave rise to the cause of the action; b) c) d) 40 40 no person or company will be liable if the person or company proves that the purchaser purchased the securities with knowledge of the misrepresentation; no person or company (other than the issuer) will be liable if it proves that: I. the offering memorandum was delivered to the purchaser without the person's or company's knowledge or consent and that, on becoming aware of its delivery, the person or company gave reasonable general notice that it was delivered without the person's or company's knowledge or consent, II. after the delivery of the offering memorandum and before the purchase of the securities by the investor, on becoming aware of any misrepresentation in the offering memorandum, the person or company withdrew the person's or company's consent to the offering memorandum and gave reasonable general notice of the withdrawal and the reason for it, or III. with respect to any part of the offering memorandum purporting to be made on the authority of an expert or to be a copy of, or an extract from, a report, an opinion or a statement of an expert, the person or company had no reasonable grounds to believe and did not believe that there had been a misrepresentation, or the relevant part of the offering memorandum did not fairly represent the report, opinion or statement of the expert, or was not a fair copy of, or an extract from, the report, opinion or statement of the expert; no person or company will be liable with respect to any part of the offering memorandum not purporting to be made on the authority of an expert or to be a copy of, or an extract from, a report, an opinion or a statement of an expert unless the person or company: I. II. failed to conduct a reasonable investigation to provide reasonable grounds for a belief that there had been no misrepresentation or believed that there had been a misrepresentation;#41Statutory Rights of Action (continued) ALPHA EXPLORATION d) e) in an action for damages, the defendant will not be liable for all or any portion of the damages that it proves do not represent the depreciation in value of the securities as a result of the misrepresentation relied upon; and in no case shall the amount recoverable exceed the price at which the securities were sold to the purchaser. Yukon, Northwest Territories and Nunavut In Yukon, the Securities Act (Yukon), in Nunavut, the Securities Act (Nunavut) and in the Northwest Territories, the Securities Act (Northwest Territories) provide a statutory right of action for damages or rescission to purchasers resident in Yukon, Nunavut and Northwest Territories respectively, in circumstances where this presentation or an amendment hereto contains a Misrepresentation, which rights are similar, but not identical, to the rights available to Ontario purchasers. Rights for Purchasers in British Columbia, Alberta and Québec The securities legislation of British Columbia and Québec do not provide or require an issuer to provide to purchasers resident in these jurisdictions any rights of action in circumstances where an offering memorandum contains a misrepresentation. The securities legislation of Alberta does not provide or require an issuer to provide to purchasers resident in that jurisdiction any rights of action in circumstances where an offering memorandum contains a misrepresentation and the "accredited investor" exemption is relied upon. 41 11