Mr. Robin Birchall reports

AWALE RESOURCES ANNOUNCES MANAGEMENT CEASE TRADE ORDER

Awale Resources Ltd. has been issued a management cease trade order by the B.C. Securities Commission. The MCTO was issued following a request by Awale as it became aware that the company may not meet the deadline of May 1, 2023, to file its audited annual financial statements and management's discussion and analysis for the financial years ended Dec. 31, 2022, and 2021, and the chief executive officer and chief financial officer certificates, all as required by National Instrument 51-102 (Continuous Disclosure Obligations) and National Instrument 52-109 (Certification of Disclosure in Issuers' Annual and Interim Filings).

The MCTO prohibits trading by the chief executive officer, chief financial officer and possibly certain company insiders, including officers and directors, until such time as the company files the annual filings. The company faced recent unforeseen circumstances, which included the recently announced changes in financing terms and to management on April 25, which led to the inability to submit all files to the auditor on time.

The company is providing this default announcement in accordance with National Policy 12-203 (Management Cease Trade Orders). The company is actively working with its auditor to complete the annual filings as soon as possible, and expects to file them on or before May 5, 2023. The financings most recently announced April 25, 2023, are expected to close after the annual filings have been made and the MCTO has been lifted.

The company's management is fully committed to working with the BCSC to address its concerns and regain compliance with regulatory requirements.

"While we regret the inconvenience and disruption caused by this order, we are fully committed to working with the BCSC to address its concerns and to complete our financial statements and related disclosure documents as soon as possible," said Robin Birchall, company chairman. "We remain focused on closing our impending financing subsequent to the filing of these financial statements."

The company confirms that it intends to satisfy the provisions of the alternative information guidelines contained in NP 12-203 for so long as it remains in default as a result of the late filing of the annual filings. During the period of default, the company will issue biweekly default status reports in the form of further press releases, which will also be filed on SEDAR. The company confirms that it is not subject to any insolvency proceedings at this time and that there is no other material information concerning its affairs that have not been generally disclosed.

About Awale Resources Ltd.

Awale is a diligent and systematic mineral exploration company focused on the discovery of large high-grade gold and copper-gold deposits. The company currently undertakes exploration activities in the underexplored parts of Ivory Coast. Awale's exploration success to date has culminated in a fully financed earn-in joint venture with Newmont covering the Odienne project in the northwest of Ivory Coast, where three significant gold and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries have significant scope for growth with future discovery and resource development drilling. The project has multiple pipeline prospects that follow the same geochemical fingerprint as iron oxide copper/gold and intrusive-related targets. The 400 square kilometres of granted tenure and 400 square kilometres under application remain underexplored, and offer significant upside potential. The Newmont JV forms a solid foundation for the company to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.

We seek Safe Harbor.