Mr. Andrew Chubb reports

AWALE COMPLETES NEARLY 5,000M DRILL PROGRAM WITH ASSAYS PENDING

Awale Resources Ltd. has provided an exploration update on the Odienne project JV in Ivory Coast. With Newmont funding a $3-million (U.S.) budget for 2023, the company has undertaken an aggressive exploration campaign in the first half of the year at Odienne, that has culminated in 4,859 metres of drilling completed. The company awaits a strong flow of results from this reverse circulation (RC) and diamond drilling (DD) which was completed on July 17, 2023.

This drilling followed up on the Sceptre East and Charger discoveries, as well as scout drilling three new targets at Lando, Sceptre Main and BBM.

"Awale has gained significant momentum at Odienne over the first half of 2023, and we look forward to converting this into market traction as the drill results are soon to come. We are excited about the visuals from the follow-up drilling at Sceptre East and Charger and the maiden holes drilled at the Lando, Sceptre Main and BBM targets.

"We eagerly await assay results from this phase of drilling, which will include the holes drilled at Charger which have been reported to contain visible gold. Alongside the follow-up drilling at Sceptre East and Charger we expect new breakthroughs from scout drilling at the three new targets drilled, where significant alteration and sulfide mineralization has been intercepted," said Andrew Chubb, Awale Resources chief executive officer.

A summary of completed exploration in the second half of 2023 is as follows:

• Two phases of drilling totalling 4,859 metres in 33 holes over five zones at the Odienne East permit.
  • New discovery at Sceptre East and high grade gold intercepted at Charger in a discovery drilling phase for these targets (see company news release dated March 29, 2023).
  • Assays pending for phase 2 and 3 including:
    • Follow-up drilling at the Scepter East and Charger targets;
    • Scout drilling at three new targets -- Lando, Sceptre Main and BBM.
  • Results flow expected from early August.
• Airborne geophysics -- permit wide 100 m line spaced detailed magnetic and radiometric survey (see company news release dated July 13, 2021):
• Ground geophysics:
  • IP -- eight square kilometres of Gradient array and Pole Dipole surveys at Sceptre Main, Sceptre East and Lando;
  • Gravity -- permit wide 400 m by 400 m grid (90 per cent complete).

Background on the Odienne JV targets

Charger

Results pending on 1,715.5 m of drilling in 11 reverse circulation (RC) and diamond drill (DD) holes. Drilling was planned as follow-up to previously reported OERC-89 and OERC-132. Two of the follow-up holes (OEDD-44 and OEDD-45) have intercepted visible gold (see company news release dated June 21, 2023) in step-back drilling to previously reported holes OERC-89 and OERC-132 where drilling targeted intrusive-hosted sulphide mineralization underlying previously untested gossans and new artisanal workings. Significant intercepts from the previously reported drilling included the following (see company news releases dated March 29, 2023, and July 22, 2021).

Sceptre East

Results pending for follow-up drilling of 11 RC and DD holes for 1,597.5 m on a previously reported discovery where initial scout drilling focused on an approximately one-kilometre-long section of a multikilometre combined ground geophysical (induced polarization) and soil Cu-Au geochemical anomaly (see company news release dated March 29, 2023). Over 500 m by 300 m of open mineralization was recognized during the discovery drilling phase identified at Sceptre East, with all drill holes ending in mineralization (see results previously reported herein). This phase of drilling included stepout and step-back holes from the discovery drilling and has again intercepted copper and molybdenum veining similar to the discovery drilling.

Sceptre Main

Results pending for five Scout DD holes completed for 653.5 m. The holes were planned to understand and tenor of high-grade polymetallic mineralization with grades of up to 26.7 grams per tonne Au and 11.0 g/t Au in rock chip sampling of artisanal working two shear zones that have been mapped over 1.6 km of strike. Drilling has intercepted disseminated and quartz vein hosted sulphide mineralization.

Lando

Results pending for two maiden drill holes completed for 249 m, targeting a significant NNW (north-northwest) trending four km long by 1.5 km wide gold and copper soil geochemical footprint with point highs of 921 parts per billion Au and 0.2 per cent Cu, which aligned with co-incident induced polarization anomalies (see company news releases dated Aug. 23, 2022, and Nov. 28, 2022). Initial holes targeted surface rock chip sampling and artisanal gold workings consisting of quartz breccias with iron oxide fill (rock chip samples up to 4.8 g/t Au). Host rocks are basalts exshibiting high strain and altered to chlorite, silica, epidote with disseminated sulphide and stringer veining up to 3.0 g/t Au. Drilling has intercepted significant sulphide mineralization with pyrite, chalcopyrite and molybdenite, the quartz breccias seen in surface artisanal workings were not intercepted.

(Rock chip sampling is selective and not necessarily representative of the overall grade of mineralization for these prospects.)

BBM

Results pending for four scout DD holes totalling 644 m on three broad (400 m) spaced sections targeted potential Au-Cu mineralization on a four km long Cu/Au/Mo geochemical footprint (see company news release dated Oct. 25 2022). Silica alteration and sulphide mineralization was observed in all holes within in a significant shear zone at an intrusive/sedimentary contact. Sulphides observed include pyrite, pyrrhotite, chalcopyrite and molybdenite.

Next steps

As the full wet season is now on us, the team will remain active in logging and interpretation of the recently completed drill program ready for the interpretation and planning of next phase subsequent to the inflow of assay results from the recently completed program. A 400 m mesh gravity survey is now 90 per cent complete and is expected to be finished the end of 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 East, Sceptre Main, Lando, BBM and the previously reported visible gold at Charger (see company news release dated June 21, 2023).

The Awale-Newmont 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 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.).

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.

Quality control and assurance

Analytical work for drill 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 their 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 ICP/MS with an aqua regia digest. Blanks, duplicates and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

Mineralized interval calculations

Significant intervals reported in this news release are calculated down hole length weighted intercepts. For the Sceptre target broad mineralized intervals are calculated using a 0.05 per cent Cu lower cut grade with 10 metres of internal included waste, higher grade intervals are calculated using a combination of 0.1 per cent Cu and 0.15 g/t Au with 10 m and five m of internal waste respectively. For the Charger target initial intervals are calculated at a 0.2 g/t interval including three m of internal waste. Included intervals are at a five g/t Au cut-off with no waste. True widths are unknown as all reported intervals are from RC drilling with a limited number of holes for each prospect.

Qualified person

The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew 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.

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