Mr. Andrew Chubb reports

AWALE'S AIRBORNE MAGNETICS DETAILS COPPER AND GOLD TARGETS ON THE ODIENNE PROJECT

Awale Resources Ltd. has completed a detailed airborne magnetic and radiometric survey over Odienne East. The results from this survey highlight the potential of current drill targets as well as the upside potential of the Odienne project.

The survey has identified and enhanced the potential of the current drill targets within the project area, reveals their open-ended potential, and highlights the economic potential of the Odienne project. The data collected will serve as a valuable tool in assisting the company's future drill and exploration targeting through identifying and prioritizing mineralized zones.

"These findings confirm the structural framework of Odienne and give us confidence in the potential of our current targets. With this valuable data, we are excited to advance our ongoing drilling and exploration programs, and continue to unlock the full potential of our Odienne project. We look forward to bringing further results to market from the ongoing diamond drilling at the Charger and Sceptre East targets, as well as updates on the progress of drilling at the Sceptre Main and Lando targets," said Andrew Chubb, chief executive officer of Awale.

The permit-wide helicopter-borne magnetic and radiometric survey was conducted at a 100-metre line spacing at low altitude by NRG using state-of-the-art magnetic gradient and radiometric technology, providing detailed insights into the geological composition of the project area and the underlying lithological, intrusive and structural framework.

Next steps

As the full wet season approaches, the team remains very active in closing out the planned 2,500-metre drill program, with holes to be completed at Lando and Sceptre Main. A 400-metre mesh gravity survey is now 70 per cent complete and is expected to be finished in mid-July. Strong news flow is expected to commence in the next weeks as results are returned from the laboratory for the earlier holes drilled at Sceptre Main and the previously reported visible gold at Charger (see the company's news release dated June 21, 2023). 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.

Charles Beaudry appointed non-executive director

Awale is also pleased to inform shareholders of the appointment of Mr. beaudry as non-executive director. Mr. Beaudry is currently vice-president of exploration and director of QC Copper and Gold, and is a PGeo with over 30 years of experience in project generation, business development, exploration chemistry and hands-on project management. Mr. Beaudry previously held the position of general manager of new business opportunities with Iamgold Corp. from 2008 until 2009, after having spent nearly 17 years in various capacities for Noranda-Falconbridge-Xstrata, including as country manager of Brazil from 1996 to 2001 and manager of the Frieda River project from 2005 to 2006. He holds a bachelor of science in geology from the University of Ottawa and a master of geology from McGill University.

The Awale-Newmont joint venture (JV) -- 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 the company's news release dated May 31, 2022), through which Newmont retains the option to earn into 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.).

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 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 and gold (IOCG), 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 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.

Qualified person

The technical and scientific information contained in this news release has been reviewed and approved for release by Mr. Chubb, who is the company's qualified person as defined by National Instrument 43-101. Mr. Chubb 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.

We seek Safe Harbor.