exciting new gold-copper discoveries in eritrea

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Alpha Exploration LimitedMarch 2021 (Version 4)

ALPHA-EXPLORATION.COM

Exciting New Gold-Copper Discoveries in Eritrea

Phase 2 Diamond drill programme at Anagulu Gold-Copper Prospect

Disclaimer Notice - Qualified Persons Statement - Confidentiality

Disclaimer NoticeThis 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 tobuy, 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 tochange 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 theinformation 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 AELthat 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 ofwhatever 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 ofit. This presentation should not be construed as legal, financial, accounting or tax advice to any individual, as each individual’s circumstances are different. Readers shouldconsult with their own professional advisors regarding their particular circumstances. The distribution of this presentation may be restricted by law in certain jurisdictions andpersons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure tocomply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

Qualified PersonUnless stated otherwise herein, all scientific and technical data contained in this presentation has been reviewed, approved and verified by Michael Hopley, a Director of AELand a qualified person for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Forward-Looking InformationCertain 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 topredictions, 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 notstatements of historical fact and may be forward looking information. Forward looking information in this presentation includes, but is not limited to, statements with respect tofinancing targets, mineral resource estimates, planned work programmes, drilling plans, financing success, sequencing of planned engineering studies, permitting success, plansfor 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 bematerially different from any future results, performance or achievements expressed or implied by the forward looking information. Such risks include, among others, the riskthat 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 ofunexpected cost increases; risks of labour shortages; risks relating to construction and development activities; risks relating to future prices of mineral resources; accidents, labordisputes and other risks of the mining industry including continued community and government support of AEL’s projects. AEL believes that the expectations reflected in suchforward 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 beunduly 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-lookinginformation except as required by law.

ConfidentialityThis 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 bereproduced, 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 orin part is unauthorized. By accepting and reviewing this document, you acknowledge and agree (i) to maintain the confidentiality of this document and the informationcontained 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.

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Images of Eritrea

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Art Deco buildingAsmara CityEritrea

Catholic CathedralAsmara City Eritrea

Islamic Mosque

Asmara CityEritrea

Port Massawa - Eritrea

AsmaraCityEritrea

Dhalak Hotel - Port Massawa - Eritrea Asmara to Massawa Railway - Eritrea

Saint FrancisAsmara CityEritrea

Saint Marys Orthodox Church Asmara City - Eritrea

Senafe archaeological siteEritrea

Debre Bizen Monastery Eritrea

RashaidaWomanEritrea

Dirfo – Edge of escarpment - AsmaraRed Sea Eritrea

MassawaEritrea

Western Lowlands Eritrea

Alpha Key Highlights

STATEMENT● Alpha Exploration Ltd is an Exploration Company focused on the discovery of world class economic gold and base metals deposits in the highly

prospective Arabian-Nubian shield.● Highly prospective & underexplored Arabian-Nubian Shield, known for hosting orogenic gold, VMS & porphyry Cu-Au deposits

LARGE (1,028km²) 100% OWNED KERKASHA LICENSE, ERITREA● 18 prospects identified including 4 historic Gold Mines and 7 Artisanal gold mining areas (Workings).

HIGHLY EXPERIENCED MANAGEMENT & TECHNICAL PERSONNEL● Management have over 30 years of successful exploration and mine development experience in Eritrea.

ANAGULU PROSPECT - MAJOR GOLD-COPPER PORPHYRY-STYLE DISCOVERY● Gold & copper soil & rock chip anomalies at surface over 2kms long.● Coincident chargeability and resistivity geophysical anomalies up to 3.5kms long.● Phase 1 Drilling (Dec 2018 - Feb 2020):

− AND001: 52m @ 2.33 g/t Au & 1.05% Cu & 6.53g/t Ag ( Au Equivalent of 3.39g/t*) Discovery Hole January 2020. Other drill holes:− ANRO17: 93m @ 0.48 g/t Au & 0.27% Cu & 1.27g/t Ag − AND029: 52m @ 0.72 g/t Au & 0.46% Cu & 2.14g/t Ag − ANR016: 7m @ 12.39 g/t Au & 0.05% Cu− ANR015: 34m @ 0.32 g/t Au & 0.20 % Cu & 0.87g/t Ag

● Phase 2 Drilling (2020-21):− November to January 2021 - 7 diamond holes (3,340m) completed – assays returned in March 2021.

DRILLING AT 4 MORE PROSPECTS THIS YEAR:● Kosolda West– large Artisanal gold Workings● Aburna Au-Cu Prospect● Kona Cu-Au-Zn-Pb Prospect● Tolegimja Cu-Zn-Au Prospect.

ALPHA PLANS TO BE PUBLICALLY LISTED IN Q2 2021

* See Au equivalent formula, metal prices used, disclaimer & compliance warning in appendices

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Alpha Corporate Structure, Financing & Listing

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Capital Structure

• Alpha Shares Issued & Outstanding 66,346,940

• Alpha Warrants Outstanding 2,795,611

• Management & Directors * 15.5%

Alpha Financing January 2021 @ 90 cents Raised $5mm

*Escrowed over 3-year period

*Warrants expiry 31/12/2022 , Exercise Price at $1.35

Note all $ values are in Canadian dollars

Alpha Listing

• Alpha plans to be publically listed in Q2 2021

Silica flooded diorite with quartz veins, followed by adularia veins, followed by epidote veins from drilling at Anagulu Prospect

Chalcopyrite from the breccia intersection in AND005 from drilling at Anagulu Prospect

Alpha Exploration Board of Directors & Management

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Michael Hopley - President & CEOBSc (Geology), London University, Member of American Institute of Professional Geologists:• More than 40 years of international experience, 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) • Sunridge discovered the 80 million tonne Emba Derho copper-zinc-gold VMS deposit, completed a bankable feasibility study on four deposits & sold the project to a large Chinese

company in 2016.

Alasdair Smith – Technical DirectorBSc (Geology), Victoria University, New Zealand (1982), Member AusIMM:• More than 30 years’ experience as a Geologist in Australia and Africa. Previously, a Director for Sahar Minerals Limited (Bermuda)• 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).

Chris Van der Westhuyzen – CFO & DirectorBachelors of Commerce degree in Economics and Marketing from Canterbury University, New Zealand:• COO of Hemera Capital Management LLP. Prior to joining Hemera, Chris spent 11 years with Morgan Stanley and Goldman Sachs working across a broad range of product lines

including equities, fixed income and structured finance operations.

Tewelde Haile - Exploration ManagerBSc Honors (Geology), Addis Ababa University (1985), MSc, Indian Institute of Technology – Kharagpur (1987-1988):• More than 30 years work experience with Mineral Exploration companies and with the Geological Surveys of Ethiopia and Eritrea.• MSc 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 been a lecturer at Asmara University.

Scott McKeag – Project Manager (Anagulu)BSc (Earth Science), California Polytechnic University-Pomona (1982), MSc (Geology), University of Otago, New Zealand (1987):• More than 30 years’ experience as a Geologist in North America, the Middle East, Africa & 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 285 million tonnes at 0.44% Copper.

Michael Gazley - Consultant GeochemistPh.D. Victoria University of Wellington, New Zealand (2011), Member AusIMM:• 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 - Consultant Data Manager & AnalystBSc (Hons) (Geology), Monash University, Australia (1981), MSc (Geology) Victoria University, New Zealand (1985), Member AusIMM, MGSNZ:• More than 30 years experience in Australia, New Zealand, Zimbabwe, Solomon Islands, Philippines and Indonesia. Worked on oil, base metal and gold projects and has been a key

team member in many discoveries.• Lisa has been in the forefront of developments in the industry pioneering modern data management techniques as well as the use of prospectivity analysis and the levelling and

imaging of geochemical data.

Arabian-Nubian Shield (ANS) with Tier 1 deposits

Canadian & Australian Shields >100 years of aggressive exploration, many mines discovered.

The Arabian-Nubian Shield Larger than Australian Shield, few mines discovered dueto minimal exploration.

The Arabian-Nubian Shield A new exploration frontier.

7 Arabian- Nubian Shield With Significant Modern Deposits & Tier 1 deposits. Tier 1 deposits (yellow stars) are “Company making” mines. They are large, long life and low cost.

Newmont Mining &SunPeak Metals Corp

Exploration Properties

Bulghah Au MineMa’aden Saudi

Arabian Mining Co

Mahd Ad’Dahab Au Mine

Ma’aden Saudi Arabian Mining Co

Jabal Sayid Cu Mine

Barrick Gold Corp

Asmara VMS Deposit

Sichuan Road & Bridge Group

Colluli Potash Deposit

Danakali Ltd

Al Amar Au MineMa’aden Saudi

Arabian Mining Co

Al Masane Cu-Zn Mine

AMAK Mining Co

Sukari Au MineCentamin PLC

Orca Au DepositOrca Gold Inc

Jebel O'hier Cu-Au Deposit

QMSD Mining Co Ltd

Hassai VMS MineAriab Mining Co

Bisha VMS MineZijin Mining Group

Zara Au MineSFECO Group

Kerkasha LicenseAlpha

Exploration

Sudan

Advancing Prospects at Kerkasha through Exploration

Current status ProgrammesAnagulu (Au, Cu, Ag) (1, 2, 3, 4, 5, 6, 7, 8, 9)

Kosolda Artisanal Mine (Au) (1, 2, 3, 4, 5, 6, 7, 8, 9)

Asheshi Colonial Mine (Au) (1, 2, 3, 4, 5, __7, 8, 9)

Kona (Cu, Au, Zn, Pb) (1, 2, 3, 4, 5, 6, 7, ___)

Tolegimja (Cu, Zn, Au) (1, 2, 3, 4, _________)

Aburna Colonial Mine (Au, Cu) (1, 2, 3, 4, _________)

Dekemhare Artisanal Mine (Au) (1, 2, 3, 4, _________)

Binbina (Cu) (1, 2, 3, 4, _________)

Tekinaba Artisanal Mine (Au) (1, 2, 3, 4, _________)

Tolefafa (Cu, Pb, Au) (1, 2, 3, 4, _________)

Abbi Colonial Mine (Au) (1, 2, 3, 4__________)

Dase (Au, Cu) (1, 2, 3, ___________)

Gulul Artisanal Mine (Au) (1, 2, 3, ___________)

Afetela (Cu, Zn) (1, 2, 3, ___________)

Fankop Colonial Mine (Au) (1, 2, 3, ___________)

Ebinte Artisanal Mine (Au) (1, 2, 3, ___________)

Balak Artisanal Mine (Au) (1, 2, 3, ___________)

Shakat Artisanal Mine (Au) (1, 2, 3, ___________)

Exploration Programmes1. Geological reconnaissance by Geologists.

2. Rock chip sampling (selective, channel, blading).

3. 100m x 100m soil sampling.

4. Geological mapping.

5. Structural mapping.

6. Ground geophysics (Chargeability-Resistivity-Gravity).

7. Drilling (RC – Diamond).

8. Petrographic studies.

9. Geochronology studies.

MineFankop

KosoldaArtisanal

ArtisanalTekinaba

Dase

Afetela

Binbina

Tolegimja

Tolefafa

Kona

Geological map of Kerkasha (1:40,000 scale) with Colonial Mines, Artisanal Mines & Prospects

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Anagulu

Anagulu – A New Gold-Copper Discovery by Alpha

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Significant rock chip geochemistry for gold and copper (extending for ~2kms) supported by anomalous gold and copper in soil geochemistry over the same ~2kms strike. The copper mineralisation is open to the NE and the SW.

Gold (>0.05ppm blue) & Copper (>100ppm red) contours on 100m x 100m soil sampling grid - Anagulu

Oxidised Copper staining in felsic intrusive outcrop located in the northeast of Anagulu

Prospect

Photo of Oxidised copper outcrop

Anagulu – Rock Chip Samples - Gold

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Best zone of drill results (yellow polygon) with significant rock chip assay values for Au from ALS Laboratory (Ireland)

Anagulu is a shear-hosted Gold-Copper-Silver system. Mineralisation is primarily hosted in a monzonite at the sheared contact (up to 200m wide) between mafic volcanic and felsic metasedimentary rocks.

This mineralisation could be related to a Cu-Au porphyry system at depth

Very significant coincident rock chip & soil geochemistry identified for Au & Cu over ~2km that is spatially related to the monzonite.

Phase 1 Drilling (Dec 2018 - Feb 2020):

o 30 RC holes & 2 Diamond holes

Phase 2 Drilling (Nov 2020 - Jan 2021):

o 7 Diamond holes.

Anagulu – Rock Chip Samples – Copper

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Best zone of drill results (yellow polygon) with significant rock chip assay values for Cu from ALS Laboratory (Ireland)

Chargeability-Resistivity survey carried out after phase 1 drill programme:

o Identified 3.5km & 2km long sub-parallel Chargeability anomalies with Resistivity anomalies at depth

o 2km Chargeability anomaly coincident with current significant drill intercepts and 2km surface soil & rock chip anomalies.

Initial petrography study complete and indicates the metallurgy will be simple.

Geochronology of select samples underway to determine the age of the Anagulu mineralising event and large granite intrusives nearby.

3D (Leap Frog) structural, lithological and mineralisation model complete.

Anagulu – Phase 1 Drilling (to 15 November 2020)

30 RC holes for 3,919m assays returned.

2 Diamond holes for 344m assays returned.

Very significant Cu & Auintercepted in drilling.

Monzonite identified as ‘prime host’ for Cu-Au-Ag due to ‘brittle fracture’ with diorite & felsic sediments also hosts but, deforming in a ductile manner.

Could be two (2) ‘pulses’ of mineralisation:- Cu-Au-Ag and then- Au

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PHASE 3 RC drilling - Anagulu

Location of significant drill intercepts at Anagulu with geology on satellite image

Anagulu – Phase 1 Drilling - Assay Results (15 November 2020)

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ANAGULU GOLD-COPPER DISCOVERY - virgin discovery by Alpha Geologists – made in April 2018, within 2 months of commencing exploration at Kerkasha at the beginning of March 2018.

• 52m @ 2.33 g/t Au & 1.05% Cu & 6.53g/t Ag ( 80 - 132m in DD Hole AND001 )

• 93m @ 0.48 g/t Au & 0.27% Cu & 1.27g/t Ag ( 3 - 96m in RC Hole ANR017 )




= Au Equivalent of 3.39g/t* See Au equivalent formula, metal

prices used, disclaimer & compliance warning in Appendices

HoleFrom (m)

To (m)Au

(ppm)Cu (%)

Ag (ppm)

Chalco pyrite %

Pyrite %

80 81 1.92 0.70% 2.62 4 081 82 2.91 1.23% 4.88 5 082 83 0.91 0.78% 3.99 4 283 84 1.68 0.79% 4.43 4 284 85 1.63 0.62% 3.20 6 285 86 4.29 0.99% 4.87 7 086 87 1.60 1.11% 6.11 7 287 88 1.19 0.84% 3.42 9 288 89 1.69 0.84% 3.78 6 089 90 1.69 0.98% 4.17 7 090 91 2.41 0.65% 2.97 6 091 92 3.73 1.12% 5.88 8 092 93 2.59 1.48% 6.31 8 893 94 2.15 1.15% 14.70 8 094 95 1.69 0.74% 10.70 8 295 96 3.30 0.79% 10.85 8 <196 97 4.02 1.22% 10.60 8 097 98 3.96 1.12% 4.77 8 098 99 3.09 1.07% 5.94 8 299 100 1.52 0.66% 2.53 8 0100 101 2.59 0.79% 5.33 6 0101 102 1.59 0.60% 2.76 6 <1102 103 2.04 0.76% 3.04 6 0103 104 2.63 1.79% 6.35 12 0104 105 6.13 5.68% 23.60 15 0105 106 0.49 0.62% 3.22 10 0106 107 0.53 2.54% 10.25 15 0107 108 0.79 1.24% 4.80 4 0108 109 0.54 0.89% 3.66 6 0109 110 0.63 0.59% 2.59 6 0110 111 1.04 1.06% 4.67 6 0111 112 1.76 1.58% 6.24 6 0112 113 2.43 0.94% 4.47 7 0113 114 3.38 1.06% 5.37 6 0114 115 2.07 1.03% 7.01 6 0115 116 4.51 1.08% 8.41 6 0116 117 4.63 0.95% 5.45 8 0117 118 3.80 0.79% 10.55 6 0118 119 2.17 0.58% 8.54 6 0119 120 2.04 0.86% 7.58 6 0120 121 1.26 0.75% 3.94 7 0121 122 1.60 0.52% 2.49 8 0122 123 3.32 0.98% 18.70 8 0123 124 5.04 1.39% 12.00 8 0124 125 5.60 1.72% 27.10 8 0125 126 3.59 1.89% 8.32 8 0126 127 2.06 1.06% 6.83 4 0127 128 1.27 0.49% 2.29 4 0128 129 1.11 0.66% 2.62 3 2129 130 0.78 0.36% 1.53 3 3130 131 0.43 0.32% 1.40 3 3131 132 1.11 0.48% 1.87 2 <1

AND001

Chalcopyrite & silica rich core hosting Au & Cu from Diamond Hole 1 (AND001) - Anagulu

REPRESENTATIVE CROSS-SECTION FROM STRUCTURAL MAPPING OF THE ANAGULU ‘MAIN ZONE’

Anagulu – Chargeability Survey Interpretation

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The Au-Cu mineralisation at Anagulu is within disseminated sulphides (chalcopyrite) in a silica matrix.

A Chargeability-Resistivity survey was carried out by TMC Geophysics (Canada) & interpreted by Southern Geoscience Consultants (Australia), to test the sulphide-silica relationship to depth.

The survey was successful in identifying coincident Chargeability (red in diagram) and Resistivity anomalies down to the depth extent of the survey (~250m).

The Alpha focus is on the 2 anomalous chargeable features AT01 & AT02, as Chargeability is the key indicator of disseminated sulphides. Resistivity is also useful in identifying silica rich zones associated with the sulphides.

AT01 is an extensive >3km long chargeable zone extending to depth.

AT02 is a 2km long chargeable zone extending to depth and parallel to AT01.

The AT02 Chargeability anomaly is coincident with our Au-Cu soil and rock chip anomalies at surface (black & white polygons in diagram) and our best intercepts in drilling to date (yellow ellipsoid in diagram).

There is an increase in intensity and a convergence at depth of the AT01 & AT02 NE trending Chargeability anomalies. This indicates potential for increase of mineralisation at depth.

100m x 100m soil anomalies (Au-Cu) on Chargeability with drilling

AT-01 Chargeability Anomaly

AT-02 Chargeability Anomaly

NE Anagulu –Phase 1 (Shallow) & Phase 2 (Deep) Drilling

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PHASE 1 Drilling (ALS Assay Results)AND001: 52m @ 2.33 g/t Au & 1.05% Cu & 6.53g/t Ag (80-132m)

- Au Equivalent of 3.39g/t*- Discovery Hole January 2020.

ANRO17: 93m @ 0.48 g/t Au & 0.27% Cu & 1.27g/t Ag (3-96m)

AND029: 52m @ 0.72 g/t Au & 0.46% Cu & 2.14g/t Ag (48-100m)

ANR016: 7m @ 12.39 g/t Au & 0.05% Cu (151-158m)

ANR015: 34m @ 0.32 g/t Au & 0.20 % Cu & 0.87g/t Ag (94-128m)

Anagulu – Phase 1 & 2 Drilling & Geology

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Section 38 (80m on strike to the NE of section 36) current geological interpretation with ANR017 & follow up holes AND006 & AND007 –

Preliminary XRF assays for Cu received - final assays awaited

Section 36 (160m SW of section 40 that has AND001) current geological interpretation with ANR024 & follow up hole AND009 – Preliminary XRF

assays for Cu received - final assays awaited

Anagulu – Phase 1 & 2 Drilling & Interpretation of Geology

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Section 40 (80m on strike to the NE of section 38) current geological interpretation with AND001 & follow up holes AND003, AND004 & AND005 – Preliminary XRF

assays for Cu received – final assays received

Section 42 (80m on strike to the NE of section 40) current geological interpretation with ANR020 & follow up hole

AND008 – Preliminary XRF assays for Cu received – final assays awaited

Kosolda Orogenic Gold Prospect – Artisanal Gold Workings

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In-situ Workings Kosolda Main, north end (~800m strike)

~2km long x ~300m wide zone of alluvial Artisanal Workings immediately south of Kosolda

West, Main & East Prospects Rock chip sampling identifying 4 Target Areas at Kosolda (Kosolda West, Main, East & North)

Kosolda East

Kosolda North

Kosolda Main

Kosolda West

GeologyAreas of Artisanal pits

Surficial cover

Granite

Meta diorite

Metasediments, Slate, Phyllite

Felsic tuff

Mafics

Fault

Quartz Vein

Felsic dyke

Mafic dyke

Trend

Streams

Rock chips –Au (ppm)

0.000 – 0.0040.005 – 0.1000.101 – 0.5000.501 – 1.000>1.000

Alluvial Workings (~2kms long) immediately

south of Kosolda MainIn-situ Artisanal

Workings

Significant selective rock chip & blading rock chip results for Au (March 2018- May 2019):● >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 6.08g/t Au 2.62g/t Au● 11.85g/t Au 6.06g/t Au 2.56g/t Au● 10.65g/t Au 5.61g/t Au 2.56g/t Au● 9.21g/t Au 5.59g/t Au 2.36g/t Au● 8.93g/t Au 4.47g/t Au 2.32g/t Au

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 completed (May-June 2019).

LeapFrog model for Kosolda Main compiled.

Petrography & geochronology studies complete.

Chargeability-Resistivity survey at Kosolda West, Main & East completed in early April 2020.

Kosolda Main Work

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Kosolda – Soil Sampling & 3D Chargeability-Resistivity Survey

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 to the south?

The Chargeability-Resistivity survey returned good quality data.

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 by Southern Geoscience.

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 are 6.20 g/t, 6.19 g/t 3.81 g/t and 3.61 g/t Au.

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Kosolda 3D Chargeability-Resistivity survey area (purple polygon) on geology and anomalous soil geochemistry for Au

1 km

3D Chargeability & Resistivity Survey Area

Aburna Au-Cu Prospect Work Programmes

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Mapping at 1:5,000 scale has been completed for the Anagulu-Abbi-Aburna trend.

100m x 100m soil samplingin Oct-Nov 2020, Assays for soils in southern area already received, assays for soils in northern area will be returned in early March 2021.

Rock chip assays for Au on geology - Aburna

Soil sample assays for Au on geology – Aburna South

Rock chip sampling of Aburna was carried out in October-November 2020. Best Au results returned were located over an ~6km NE trend in the northern half of the Prospect that is also identified as prospective from Probabilistic modelling.

Best rock chip results for Au at Aburna

Prospect Sample Au (ppm) Comments

Aburna 600021 37.10 Rock chip from quartz vein from the western maficAburna 119930 34.90 Limonitised, hematised box work bearing quartz vein within the shear zoneAburna 119931 23.10 Limonitised, hematised box work bearing quartz vein within the mafic rockAburna 119927 10.05 Limonitised, hematised box work bearing quartz vein within the shear zoneAburna 119993 8.88 Milky Quartz veinAburna 119998 6.80 Malachite bearing quartz veinAburna 600120 5.95 Rock chip from schistose rhyodaciteAburna 119903 3.57 Hematised, limonitised sericitised quartz vein within artisanal pit

Aburna 119973 2.96 Limonitised, hematised, sericitised with box-work quartz vein associated with mafic rock an the Artisanal pit

Aburna 600090 2.40 Rock chip from malachite bearing rockAburna 600089 1.84 Rock chip from malachite bearing rockAburna 119994 1.58 Milky quartz veinAburna 119938 1.57 Malachite bearing white crystalline quartz veinAburna 119937 1.11 Malachite bearing white crystalline quartz vein

Kona Cu-Au-Zn-Pb Prospect - Work Programmes

Malachite rich gossan occurrences with very anomalousrock chips for Cu (over ~1.5kms) at Kona West.

Anomalous Cu in 100m x 100m soil sampling 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● 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 ● 0.78% Zn & 0.09% Cu● 0.24% Zn & 0.46% Cu● 0.21% Zn & 0.54% Cu

Structural mapping at Kona West complete.

Lithological mapping complete Kona West & East

Gravity surveys complete at Kona West & East

22

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)

Anomalous rock chips (Au, Cu, Pb, Zn) on 1:5000

geological map at Kona East & West Prospects 2 km

Tolegimja Cu-Zn-Au Prospect Work Programmes

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 and northwest.

● There is a distinctly anomalous Zn rich 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).

23

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).

Significant Assays for soil samples (Au, Cu, Zn) with Cu mineralisation over 2.5kms open to the northwest & southwest and Zn over ~700m – Tolegimja

500 m

Confirmed & New Prospects from CLR Analysis & Probabilistic models

24

Preferred Max-Ent thematic map for Anagulu & Kona type Au & Cu Targets Map of CLR Au with values for the entire License Area and Prospects

Preferred Max-Ent thematic map for orogenic gold mineralisation

Alpha has retained services ofspecialised Consultants to apply‘Machine Learning’ algorithmsto generate (1) new bedrock andsurface composition maps, (2)Machine-assisted mapping ofKosolda & Asheshi typegranitoids on the Kerkasha andsurrounding areas and (3) a‘Probabilistic Map’ (Max-Ent) ofpotential orogenic gold andAnagulu & Kona type Au & CuTargets.

Centre Log Ratio (CLR)Assessing data using CLRtransform data allows for newinsights as CLR values accountfor variation in other elementsin the sample, rather than justconsidering a single componentin a compositionally-closedspace.

Aburna

New Prospect

Tolegimja

New Prospect

New Prospect

Tolefafa West

New Prospect

Aburna

Abbi

Anagulu

Dekemhare

Kona

Asheshi

Kosolda

Kona Northeast

5km

5km

Next Steps in Exploration

ANAGULU: ● Drill test the coincident rock chip-soil-chargeability-Resistivity anomalies to depth beneath and along strike of best drill intercepts to date.● If results from the current drilling are positive – move to develop a ‘Maiden Inferred Resource’ with additional drilling.

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.

ABURNA:● Complete the 100m x 100m soil sampling of northern Aburna● Drill test with RC and/or Diamond drilling the Au anomalous areas from soil and rock chip sampling at Aburna north Prospect

KONA:● Carry out an Chargeability-Resistivity survey over Kona West.● Develop a LeapFrog 3D model of all geological, geophysical & geochemical datasets over Kona West.● Drill test with RC and/or Diamond drilling any new zones of potential mineralisation at Kona West and East.

TOLEGIMJA:● Carry out a Chargeability-Resistivity survey over Tolegimja the Prospect Area.● Develop a LeapFrog 3D model of all geological, geophysical & geochemical datasets over Tolegimja.● Drill test with RC and/or Diamond drilling any new zones of potential mineralisation generated from the 3D modelling.

NEW PROSPECTS FROM PROBABILISTIC MODELLING AND CENTRE LOG RATIO (CLR) ANALYSIS:● Carry out geological prospecting, rock chip sampling, soil sampling and geological mapping.

REGIONAL EXPLORATION:● Follow up on new Target Areas identified from Dr Michael Gazley’s updated evaluation of regional and Prospect scale surface geochemical datasets.

EXPANSION WITHIN THE ARABIAN-NUBIAN SHIELD:● Acquire a second License in Eritrea.● Consider ground acquisition in Sudan.

25

APPENDICES

26

Alpha Exploration Timeline (January 2018 – December 2020)

27

2018 20202019

Kerkasha License

acquired (973km²)

Field operations commence

Anagulu & 7 other newProspects

discovered

Regional (500m x 500m) soil sampling

covering License complete

(3,458 samples)

Structural mapping at Anagulu &

Kosolda complete

Rock chip sampling at main Prospects

complete(3,460 samples)

Infill soil sampling at main Prospects

complete(5,884 samples)

Discovery RC drill hole (ANR017) at Anagulu

intersects93m @ 0.48 g/t Au & 0.27%

Cu & 1.27g/t Ag from 3m

Further drilling commences at Anagulu to build on discovery hole AND001 that intersected52m @ 2.33 g/t Au & 1.05% Cu

& 6.53g/t Ag from 80m

Chargeability-Resistivity surveys at Anagulu & Kosolda

completed

Additional License Area

acquired (55km²)

Anagulu

RC Drilling Kona

(10 holes) for (798m)

RC Drilling Anagulu

(12 holes) for (1,298m)

RC Drilling Anagulu

(3 holes) for (385m)

AsheshiDiamond Drilling

(4 holes for (577m) & RC drilling

(9 holes for 855m)

Diamond Drilling Kosolda

(9 holes)for (883.6m)

Anagulu 52m @ 2.33 g/t Au & 1.05% Cu (AuEq x m) in Africa Context

28

Anagulu(Alpha)

This a graphical representation of best drill intercept at Anagulu (52m @ 2.33 g/t Au & 1.05% Cu in AND001) as a Au Equivalent compared to: 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 AuEq x metres. All results are from January 2018 – May 2020. TheAnagulu intercept is a Au Equivalent of 3.39 x 52m

Calculated in June 2020Kamoa-Kakula

Ivanhoe

Boumadine(Maya Gold)

Kabolela(Bankers Cobalt)

Kilembe(Jervois)

Eureka(Xtract)

Makoko(Ivanhoe)

Prieska(Orion)

Tshukudu(Sandfire)

Fold & Thrust(Nzuri) Hagenhof

(Tanga)

Dablo(Pegasus)

Akjoujt South(Ore Corp)

Zamsort(Arc Minerals)

T3(MOD)

Kunene(Namibia Critical)

Kasombo(Fe Ltd)

O

• See Au equivalent formula, metal prices used, disclaimer & compliance warning in AppendicesSpecial Report powered byopaxe.com

Disclaimer & Compliance Warning - slide 27 compilation from Opaxe Report

29

Anagulu – Litho-geochemical geology map

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).

30

ANAGULU GEOLOGY interpreted from 20m x 20m soil analysis by portable XRF

Anagulu – Chargeability with Cu in 20x20m soils & Drilling

31 20m x 20m soil anomalies (Cu) on Chargeability at 260m vertical depth (white polygons) with zone of best drill results (yellow ellipsoid)

11

16

29

117

15 Drill Hole Collar

15

500m

Anagulu – Phase 1 Drilling - Assay Results (15 November 2020)

32

Hole ID

From (m)

To (m)

Interval (m)

Au (ppm)

Cu (%)

16 17 1 0.25 0.07%61 62 1 0.28 0.10%65 69 4 0.46 0.54%71 79 8 0.24 0.23%80 129 49 2.42 1.10%132 140 8 0.57 0.23%152 154 2 0.33 0.12%157 159 2 0.36 0.10%190 191 1 0.52 0.06%23 24 1 0.21 0.13%31 32 1 0.24 0.15%41 42 1 0.20 0.18%44 45 1 0.93 0.09%57 58 1 0.21 0.20%66 67 1 0.20 0.12%127 128 1 0.38 0.04%

ANR001 33 36 3 0.62 0.47%5 6 1 0.22 0.30%

51 52 1 0.46 0.12%85 88 3 0.55 0.92%5 6 1 0.25 0.03%

24 25 1 0.48 0.04%11 16 5 0.24 0.15%68 69 1 0.32 0.02%

ANR005 58 59 1 0.26 0.05%ANR006 19 20 1 0.29 0.11%

25 26 1 0.20 0.06%57 58 1 0.36 0.07%36 37 1 0.30 0.01%52 55 3 0.53 0.25%83 84 1 0.28 0.02%93 95 2 2.69 0.01%

ANR008

AND001

AND002

ANR002

ANR003

ANR004

ANR007

Hole ID

From (m)

To (m)

Interval (m)

Au (ppm)

Cu (%)

ANR009 22 25 3 0.38 0.06%11 12 1 0.24 0.02%67 69 2 0.54 0.36%70 73 3 0.43 0.58%79 81 2 1.09 0.02%97 99 2 0.35 0.06%11 15 4 1.10 0.45%17 18 1 0.45 0.02%46 47 1 0.32 0.11%70 71 1 0.21 0.23%73 76 3 0.21 0.43%78 79 1 0.21 0.01%117 118 1 0.21 0.10%102 103 1 0.27 0.28%122 123 1 0.27 0.27%

0 1 1 0.25 0.00%44 45 1 0.24 0.00%47 49 2 0.50 0.27%69 71 2 0.66 0.05%81 82 1 0.22 0.20%84 87 3 0.32 0.03%90 91 1 0.25 0.00%95 107 12 0.59 0.23%108 110 2 0.29 0.23%112 115 3 0.30 0.16%116 117 1 0.21 0.00%130 132 2 0.38 0.09%24 25 1 0.22 0.15%151 158 7 12.39 0.04%

3 96 93 0.48 0.27%102 104 2 0.24 0.15%112 113 1 0.28 0.11%

ANR017

ANR016

ANR010

ANR011

ANR012

ANR013

ANR014

ANR015

Hole ID

From (m)

To (m)

Interval (m)

Au (ppm)

Cu (%)

20 23 3 0.92 0.11%24 25 1 0.33 0.07%47 48 1 0.32 0.13%13 16 3 0.07 0.11%18 36 18 0.09 0.16%22 23 1 2.91 0.06%69 70 1 0.39 0.10%86 87 1 0.36 0.18%

ANR021 0 1 1 0.21 0.07%2 4 2 0.21 0.08%9 12 3 1.23 0.16%

60 62 2 0.91 0.12%63 64 1 0.48 0.02%79 80 1 1.30 0.04%

ANR023 29 30 1 1.34 0.25%7 9 2 0.36 0.28%

10 11 1 0.21 0.17%63 65 2 0.29 0.11%66 67 1 0.24 0.10%94 101 7 3.44 0.25%34 35 1 0.24 0.62%38 39 1 0.23 0.40%159 160 1 0.64 0.14%93 94 1 0.23 0.06%96 97 1 0.53 0.16%98 100 2 0.30 0.03%0 1 1 13.05 0.01%

58 59 1 0.21 0.33%167 168 1 0.24 0.15%44 45 1 1.01 0.07%83 84 1 0.55 0.15%111 112 1 0.20 0.35%

ANR029 48 100 52 0.72 0.46%62 66 4 0.29 0.38%97 98 1 0.2 0.14%

ANR018

ANR019

ANR020

ANR022

ANR024

ANR025

ANR026

ANR027

ANR028

ANR030

Anagulu – Chargeability Survey Interpretation

333D view of drill hole traces on Chargeability response looking southwest – Anagulu

The best zone of drilling does not reach the core of the chargeability anomalies at depth. Up to the 15 November 2020, the deepest holes only just over 100m true vertical depth. Only a small part of the Chargeability anomaly AT02 has been tested to just over 100m vertical depth with drilling. The larger AT01 Chargeability anomaly has not been tested to depth with drilling. 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 AT02 at depth (see diagram below)

52m @ 2.33 g/t Au & 1.05% Cu & 6.53g/t Ag ( 80 - 132m in DD Hole AND001 )

93m @ 0.48 g/t Au & 0.27% Cu & 1.27g/t Ag ( 3 - 96m in RC Hole ANR017 )




~275m

ZONE AT DEPTH - YET TO BE DRILL TESTED

Anagulu – Phase 1 & 2 Drilling & Geological Model

34Possible Porphyry genesis model (yet to be confirmed) for Cu-Au mineralisation at Anagulu – final assays awaited

Regional Sampling & Analysis with Centre Log Ratio & Z Score

The regional soil sampling of Kerkasha (3,458 samples to cover Kerkasha on a 500m x 500m spacing) has delivered a reliable 25 element geochemical dataset from portable XRF analysis 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 NormalisationTwo 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.

35

Map of CLR Au for the entire license area - Targets as labelled

Map of double z-score Au + Cu values >2.47 – Targets as labelled

Tolefafa West

Tolefafa West

Regional 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 Anagulu & Kona type Au & base metal Targets.

36 Machine Assisted bedrock maps for Kerkasha

Preferred Max-Ent thematic map for orogenic gold mineralisation

Preferred Max-Ent thematic map for Anagulu & Kona type Au & Base Metal Targets

Eritrea Mining Act & Alpha Agreement with ENAMCO

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%.

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 Alphain the Kerkasha Exploration License.

➤ ENAMCO has right to a 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.

37

Contact Details

38

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 OfficeAlpha Exploration Limited3rd Floor, Omar Hodge BuildingWickams Cay 1P.O. Box 362Road TownTortola,British Virgin Islands

Contact Details+44 207 129 1148 Landline (UK)+291 1 111202 Landline (Eritrea)

[email protected]

Eritrea OfficeAlpha Exploration Eritrea LimitedLevel 6, Room 602S.A. BuildingWarsay StreetZip Code 189P.O. Box 1114,Asmara, Eritrea

Tel: +291 1 111202

Alpha Web Addresshttps/:alpha-exploration.com

Alpha Occupational Health - Safety – Employment Policies

39

Alpha Exploration Limited Environmental Policy• Alpha Exploration Ltd is committed to responsible environmental impact assessment and environmental management practice, through the application of

international best practice and technology. Alpha will protect human health, minimize the impact of the Company’s activities on the environment and return operational sites to a condition compatible with a healthy environment. Specifically, Alpha is committed to:

− As a minimum, complying with all applicable environmental laws and regulations in force in the State of Eritrea;− Regularly assess the environmental impact of the Company’s activities through all stages from exploration to mine operations to mine closure, identify environmental issues of concern to

stakeholders and establish objectives and strategies for effective environmental management;− Ensure environmental management programs are adequately funded and environmental reclamation work is carried out progressively throughout the life of any operation in order to

minimize the accrued environmental liability at any one time and to achieve desirable cost efficiencies in environmental reclamation;− Communicate openly with all stakeholders on environmental matters concerning the region in which the Company is active;− Inform all employees and service and equipment providers of the Company’s policy and their responsibilities in relation to Alpha’s business;− Establish and maintaining management systems to ensure appropriate and timely implementation of the Company’s environmental policy.

Alpha Exploration Limited Occupational Health & Safety Policy• Alpha’s Occupational Health and Safety Policy, provides for all Alpha employees to be dedicated to ensuring the protection of the health and safety of all

employees, contractors and sub-contractors working at exploration sites and the Company’s associated operational facilities in the State of Eritrea. To ensure the health and safety of all personnel working in the State of Eritrea, Alpha will:

− Comply with all Eritrean statutory regulations as a minimum;− Ensure that contractors and their sub-contractors comply with statutory requirements as a minimum;− Provide competent standards of supervision on safety and health matters;− Provide employee training in safe working practices;− Instigate programs that communicate, motivate and lead in developing a suitable culture of safety awareness at all levels in the Company;− Provide safe plant and equipment.

Alpha Exploration Limited Employment Policy• Alpha Exploration is committed to preferentially employing staff who are born, raised and live within the districts in which the Company operates. Alpha will

employ staff from external districts only where it has been established that local residents have neither the skills nor experience to perform their designated tasks in a safe and profitable manner, or government policy deems this impracticable. All staff employed at exploration sites will be suitably qualified, have clean bills of health and have the necessary skills and motor co-ordination to ensure that they can work in a safe and productive manner. To ensure that the Employment Policy is fulfilled Alpha will:

− Employ expatriate staff only in key management roles or in areas where national staff are found to have insufficient skills or experience to ensure a safe and profitable operation;− Consult with the local community elders in relation to the employment of unskilled workers;− Advertise all positions or use data bases of reputable recruitment companies for skilled staff;− Place advertisements in local papers and publications when advertising for vacant skilled positions;− Initially screen and then conduct interviews on all potential employees who show skills and knowledge suitable for the positions advertised. Interviews will be carried out by the relevant

Department Head and the findings will be appropriately recorded and filed;− Inform all applicants in a respectful and timely manner, whether their applications have been successful or unsuccessful;− If Alpha moves to Pre-Feasibility and Feasibility programmes then, it will be necessary to have up to six (6) Consultants at any time overseeing and reporting on critical elements (studies) for

the mine development. If this occurs, Alpha will ensure that Eritrean Professionals are appointed to work alongside any Expatriate Consultants, to observe and learn all aspects of the work that is undertaken.

Statutory Rights of Action

Statutory Rights of ActionSecurities 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.

OntarioSection 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) 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; b) 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; c) 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 d) 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; orb) 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.

ManitobaIn 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.

40

Statutory Rights of Action (continued)

Directors or Signatories will not be liable:a) 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;b) 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;c) 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

d) 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) 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; orb) 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.

SaskatchewanSection 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) the issuer or selling security holder on whose behalf the distribution is made; b) 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; c) 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; d) 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 e) 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) 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; b) 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; c) 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;

d) in no case shall the amount recoverable exceed the price at which the securities were offered; and e) 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.

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In addition, no person or company, other than the issuer, will be liable if the person or company proves that: a) 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 b) 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; orb) in the case of any other action, other than an action for rescission, the earlier of:

I. one year after the plaintiff first had knowledge of the facts giving rise to the cause of action; or 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

I. the issuer, 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

b) 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) one year after the purchaser first had knowledge of the facts giving rise to the cause of action; or b) six years after the date of the transaction that gave rise to the cause of action.

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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) where the person or company proves that the purchaser purchased the securities with knowledge of the Misrepresentation; b) 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 c) 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) 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; b) 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; c) 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: 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

d) 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. did not conduct an investigation sufficient to provide reasonable grounds for a belief that there had been no misrepresentation; or II. believed there had been a misrepresentation.

Section 138 of the Newfoundland Act 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; orb) in the case of an action for damages, the earlier of:

I. 180 days after the date that the purchaser 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.

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:

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a) 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) no person will be liable if it proves that the purchaser purchased the securities with knowledge of the Misrepresentation; c) 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 d) 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) 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; b) 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

c) 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. 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; orII. 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) no person or company will be liable if the person or company proves that the purchaser purchased the securities with knowledge of the misrepresentation;c) 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;

d) 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. failed to conduct a reasonable investigation to provide reasonable grounds for a belief that there had been no misrepresentation orII. believed that there had been a misrepresentation;

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d) 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

e) in no case shall the amount recoverable exceed the price at which the securities were sold to the purchaser.

Yukon, Northwest Territories and NunavutIn 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 QuébecThe 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.

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