Mr. Andrew Chubb reports

AWALE REPORTS HIGH GRADE GOLD AT CHARGER TARGET, ODIENNE PROJECT

Awale Resources Ltd. has provided the following assay results for follow-up drilling completed at the Charger and Sceptre East targets at its Odienne project in Ivory Coast. Seventeen holes remain to be reported for the Charger, Lando, Sceptre Main and BBM targets. Strong news flow is expected to continue throughout August and September from these remaining targets as results are returned from the laboratory.

This phase of drilling has included the first diamond drill holes in the new discovery zones at Sceptre East and Charger, drilling has intercepted significant mineralization at both targets. Hole OEDD-45 at Charger has returned another greater than 100-gram-metre intercept within a 65-metre downhole width of mineralization that included 12 metres (m) at 4.9 grams per tonne (g/t) gold (Au).

The Sceptre target has been extended to a greater than 700 m strike. It remains open in all directions, with drilling confirming mineralization across strike up to 400 m. Drill hole OEDD-43 has ended in mineralization with 358.5 m at 0.34 per cent copper equivalent extending depth of mineralization to more than 275 vertical metres, highlighting the scale of the Sceptre East target.

"Drilling results from Charger and Sceptre East continue to deliver great results. We are happy to see another 100-gram-metre interval within 65-metre downhole width of mineralization at Charger, which included 12 m at 4.9 g/t Au. We await results from a further six holes at Charger and see it as a significant high-grade target that can advance toward resource development drilling in the coming year. Additionally, we eagerly await results over the ensuing months for the new Lando, Sceptre Main and BBM targets.

"At Scepter East, its sheer scale and potential is coming to light. Turning the rig 90 degrees and drilling west to east in the final hole for the program returned a high chalcopyrite/molybdenite vein density, with the hole ending in mineralization at 365 m. These early holes provide a better understanding of the system's controls on copper and gold mineralization. We are still learning about the geometry of Sceptre East but these first holes are the critical steps in developing our model," said Andrew Chubb, Awale Resources chief executive officer.

Charger target

OEDD-45: Step-back hole from previously reported OERC-132 (32 metres at three grams per tonne gold), mineralization remains open and has been extended to a vertical depth of over 100 m.

OEDD-45 contains three high-grade intervals within a 65-metre-wide zone of mineralization which included:

• 12 m at 4.9 g/t gold from 89 m downhole;
• 13 m at 1.3 g/t gold from 114 m downhole;
• 21 m at 1.3 g/t gold from 133 m downhole.

OEDD-44 has returned up to 4.35 m at 2.1 g/t gold and was targeted at a parallel southern lode and intercepted fingers of the same brecciated polymetallic mineralization observed in OEDD-45 and OERC-132.

Sceptre target

Mineralization remains open in all directions at the Sceptre East target with stepout holes from the previously reported IOCG-style Cu/Au/Ag/Mo (copper/gold/silver/molybdenum) mineralization in OERC-128 to OERC-130, extending the mineralized footprint at this target.

Step west hole OEDD-134 has confirmed mineralization 500 m west of the discovery section while holes OERC-138 and OERC-139 have intercepted mineralization 200 m east of the discovery section and OERD-43, a 365-metre hole, has ended in mineralization confirming the Sceptre East mineralized system is open at depth.

The scale and potential of Scepter East target is evident from this drilling. The final and deepest hole to date (OEDD-43, 358.5 m at 0.34 per cent copper equivalent) was drilled west to east and returned a high chalcopyrite/molybdenite vein density with the hole ending in mineralization at 365 m. These early diamond holes have enabled a better understanding of the system's internal geometry with both northwest and north-south controls on mineralization. It is important to understand the scale of the Sceptre East system and the fact that the company is still learning about the geometry and controls on mineralization, these first diamond holes diamond holes are the initial steps in developing this understanding.

Background on the Charger and Sceptre targets

Charger

Results have been returned for five of 11 drill holes at Charger or 775 m of 1715.5 m of drilling. Drilling was planned as follow-up to previously reported drill holes OERC-89 and OERC-132. Two of the follow-up holes (OEDD-44 and OEDD-45) intercepted visible gold and hole OEDD-45 returned 65 m of downhole mineralization which included 12 m at 4.9 g/t Au, 12 m at 1.3 g/t Au and 21 m at 1.3 g/t Au. OEDD-44 has intercepted visible gold, as well as similar brecciated polymetallic mineralization seen in OEDD-45 and OERC-132, the brecciation was observed as smaller fingers within a 27 m downhole zone of mineralization. Brecciation broadens with depth on the northern lode and a the same is interpreted for this southern lode, opening both these lodes for future deeper drill campaigns. Both OEDD-45 and OEDD 44 were step-back holes which targeted intrusive-hosted sulphide mineralization underlying previously untested gossans and new artisanal workings. Significant intercepts for all five holes are tabulated in an attached table. Significant intercepts for all five holes are tabulated in an attached table.

Sceptre East

Results returned on follow-up drilling of nine RC (reverse circulation) and three DD holes for 1,730 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. Over 700 m by 300 m of broad, open mineralization has now been recognized in the discovery drilling phase at Sceptre East, with seven of the 11 drill holes ending in mineralization (see full table of results from the current phase of drilling reported in an attached table). This phase of drilling included stepout and step-back holes from the discovery drilling and has intercepted chalcopyrite and molybdenite veining and alteration similar to the discovery drill holes. The first two diamond holes demonstrated their south to north orientation was suboptimal for a series of close to north-south-oriented shears and chalcopyrite molybdenite-bearing vein sets. The final deep drill hole (OEDD-43) was drilled in a west-to-east orientation. OEDD-43 intercepted a higher density of the vein sets, with the hole ending in mineralization with 358.5 m at 0.34 per cent Cu equivalent from 6.5 m downhole. OEDD-43 is the deepest hole to date, leaving the company with open mineralization to a vertical depth of 275 m.

It is evident that the west-northwest-oriented sheared contact between the porphyritic granodiorite and volcanics to the south, as well as the north-northwest to north-northeast shears, have controls on mineralization and these orientations will dictate future drilling.

The Awale-Newmont JV (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. 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 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 have similar geochemical fingerprints to iron oxide copper gold and intrusive related mineral systems. The 400 square km of granted tenure and 400 square km under application remains underexplored and offers 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 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 ICP/MS 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 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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