Mr. Andrew Chubb reports

AWALE RESOURCES INTERCEPTS VISIBLE GOLD, EXTENDING MINERALIZATION AT THE CHARGER TARGET, ODIENNE COPPER-GOLD PROJECT, COTE D'IVOIRE.

The first two drill holes completed at the Charger target as part of Awale Resources Ltd.'s continuing Odienne drill program have successfully intersected visible gold (VG) in extensions to previously reported intervals of high-grade gold-copper mineralization.

The two stepback drill holes (OEDD-44 and OEDD-45) targeted mineralization underlying the intercept of 32 metres at three grams per tonne Au/96 grams per metre reported in reverse circulation drill hole OERC-132 (see company news release dated March 29, 2023), and are interpreted to define a down-dip extension to the OERC-132 mineralization and a potential new parallel mineralized structure.

Observing VG in these holes is very encouraging and confirms both the depth potential and high-grade fluid flow of the Charger mineralized system; discovery of a potential new parallel mineralized structure opens a significant upside opportunity for the Charger target with multiple parallel lodes. Multiple points of VG were logged over a 10-metre interval in OEDD-45 between 90 and 100 m down hole confirming mineralization beneath drill hole OERC-132. Further, the VG encountered in OEDD-44 confirms gold mineralization in a second structure located approximately 80 m behind and parallel to the discovery structure at Charger. These holes are part of a continuing 2,500 m drill program at Odienne.

Andrew Chubb, chief executive officer of the company, commented:

"It's great to see the first diamond core from the Charger target, seeing visible gold 40 m down dip from a 96-gram-metre gold intercept in hole OERC-132 is a fantastic result. When we combine this result and the discovery of a new parallel mineralized structure with the same characteristics, the resource potential of Charger target is significantly increased. These new developments have the project team truly excited about this prospect.

"The upside interpretation of Charger has been to identify parallel lodes, and this model is starting to bear fruit. We look forward to seeing the full multielement and gold results from these holes while drilling continues at the Lando and Sceptre Main targets at the Odienne copper-gold project.

"We are now drilling the first holes at Lando, with the targets at Sceptre Main to follow. Both targets are compelling. Lando is a four-kilometre-long-by-2.5-km-wide copper-gold geochemistry footprint that neatly aligns with IP geophysics. Further to this, rock chip samples* from the prospect have returned grades of up to 4.8 g/t Au. Sceptre Main has delivered rock chip samples up to 26.6 g/t Au and 0.1 per cent Cu from artisanal activity over polymetallic veining. We are very enthusiastic about the potential of these targets to deliver new discoveries for the company."

Resignation of non-executive director

Awale regrets to inform you of the resignation of Eric Roth as non-executive director, who has been an integral part of the company's board since the inception of the company. Mr. Roth has assisted the company through his technical insight and strategic guidance which has helped shape the company into the new phase it is entering. Awale would like to express its sincere appreciation for his dedicated service and extends its best wishes for his future endeavours.

Background on Charger

A new geologic model led to drilling two optimally oriented holes at Charger with hole OERC-132 returning a 96-gram-metre gold intercept. This phase of drilling was targeting an induced polarization chargeability anomaly and mapped gossan with artisanal workings. The drill holes successfully intersected polymetallic sulphide mineralization within an intrusive host, and the new model has opened the Charger target to contain multiple parallel lodes with an interlinking structural framework within a hybrid intrusive/structural mineralized system. The stepback diamond drilling reported in this release targeted down-dip mineralization from OERC-132 with hole OEDD-45 and OEDD-44 targeting an interpreted second lode to the south of the initial discovery. Both holes have successfully achieved the discovery of a new parallel lode and the down-dip continuity of OERC-132. Mineralization in both holes is hosted within altered and brecciated diorite with a chlorite-clinopyroxene plus sulphide matrix (pyrite-pyrrhotite-chalcopyrite). Iron oxide alteration is present peripheral to mineralization.

The Awale-Newmont joint venture -- Odienne project JV

The Odienne project JV covers one permit and one application within the greater Odienne copper-gold project in the northwest of Ivory Coast, and is subject to an earn-in agreement with Newmont Ventures Ltd. (see company news release dated May 31, 2022) through which Newmont retains the option to earn in to a minimum of 65-per-cent interest, from Awale, in the Odienne project JV in return for $15-million (U.S.) of exploration expenditures. Newmont is financing the exploration program and Awale is managing the Odienne project JV in the initial three-year phase. The budget for 2023 allocated by Newmont for the Odienne project JV is $3-million (U.S.).

Next steps

As the full wet season approaches, the team is very active in closing out the planned 2,500 m drill program with holes to be completed at Lando and Sceptre Main. If the drill budget and weather allow there is a plan to drill stepout holes at Charger and re-enter drill hole OEDD-44. IP surveys have been completed over Sceptre main and the airborne magnetic/radiometric survey results have been returned and are now being interpreted. A 400 m mesh gravity survey is 50 per cent complete and is expected to be finished in mid-July. Once the wet season has set in, strong news flow is expected from the planned and completed geophysics and drilling. The technical team will integrate this completed work into drilling and sampling programs anticipated to commence as soon as the wet season abates at the end of Q3 2022.

*Rock chip sampling is selective and not necessarily representative of the overall grade of mineralization for this prospect.

Quality assurance/quality control

Analytical work for drill and rock chip samples is being carried out at the independent Intertek Laboratories in Ghana and Australia Ltd., an ISO 17025 (2017) certified laboratory. Samples are stored at the company's field camps and put into sealed bags until collected by Intertek from the company's secure Odienne office and transported by Intertek to its preparation laboratory in Yamoussoukro, Ivory Coast, for preparation. Samples are logged in the tracking system, weighed, dried and pulverized to greater than 85 per cent, passing a 75-micron screen. Two pulps are prepared from each sample with one stream to Intertek Ghana for fire assay and a second to Australia where the sample is analyzed by 52-element inductively coupled plasma mass spectrometry with an aqua regia digest. Blanks, duplicates and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

Qualified person

The technical and scientific information contained in this news release has been reviewed and approved for release by Mr. Chubb, the company's qualified person as defined by National Instrument 43-101. Mr. Chubb is the company's chief executive officer and holds an economic geology degree, is a member of the Australian Institute of Geoscientists (AIG) and is a member of the Society of Economic Geologists (SEG). Mr. Chubb has over 18 years of experience in international mineral exploration and mining project evaluation.

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 one permit and one application within the greater Odienne copper-gold 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 (IOCG) and intrusive-related targets. The 400 square kilometres of granted tenure and 400 square km under application remain underexplored and offer significant upside potential. The Odienne project 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.