Mr. Andrew Chubb reports

AWALE CLOSES PRIVATE PLACEMENT WITH NEWMONT

Awale Resources Ltd. has closed its previously announced non-brokered private placement (Dec. 1, 2023) with Newmont Ventures Ltd., a wholly owned subsidiary of Newmont Corp., to raise gross proceeds of $957,530.89. The proceeds from the private placement will be used to initiate greenfield exploration on the Odienne project permits, which lie outside the Newmont joint venture, and for general administrative costs of Awale.

The completed private placement by Awale consisted of two separate components:

• The sale of an aggregate of 2,908,714 units at 12 cents per unit for an aggregate purchase price of $349,045.68. Each unit consists of one common share of Awale and one-half of a common share purchase warrant, each warrant entitling the holder to acquire one common share at 20 cents per common share for a period of 36 months from closing; and

• The sale of an aggregate of 3,558,393 common shares at 17.1 cents per common share for an aggregate purchase price of $608,485.21.

All common shares and warrants issued pursuant to the completed private placement are subject to a hold period trading restriction that will expire on April 19, 2024.

As announced on Dec. 1, 2023, the completion of the private placement brings Newmont's shareholdings in Awale up from 5.75 per cent on an undiluted and partially diluted basis to 15.48 per cent on an undiluted basis and 17.40 per cent on a partially diluted basis.

An early warning report was filed by Newmont in accordance with applicable securities laws on Dec. 5, 2023, and is available under Awale's profile on the SEDAR+ website.

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. Awale 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 (IOCG) and intrusive related mineral systems. 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 Awale to continue exploring in a pro-mining jurisdiction that offers significant potential for district scale discoveries.

About Newmont Corp.

Newmont is the world's leading gold company and a producer of copper, zinc, lead and silver. Newmont's world-class portfolio of assets, prospects and talent is anchored in favourable mining jurisdictions in Africa, Australia, Latin America and the Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.

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