Mr. Andrew Chubb reports

AWALE COMMENCES NEW DIAMOND DRILL PROGRAM AT THE ODIENNE COPPER-GOLD PROJECT, SECURES ADDITIONAL JV FUNDING WITH NEWMONT

Awale Resources Ltd. has commenced a 4,000-metre diamond drilling program at the Odienne joint venture project with Newmont. This is a continuation of the Awale's strategy of exploring and developing high-grade gold and copper-gold deposits in the fertile Odienne region of Ivory Coast.

Additional financing from Newmont

Awale Resources has secured an additional $750,000 (U.S.) in joint venture financing from Newmont Corp., elevating the 2023 exploration budget to $3.75-million (U.S.). This increase in budget reflects Newmont's confidence in the potential of the Odienne project and Awale's successful exploration approach. This new financing is in addition to the recently closed Private placement with Newmont into Awale.

New diamond drill program under way

The drill program, which will continue throughout the holiday period, will explore and develop Awale's Odienne project in West Africa. Awale views Odienne as highly prospective for large-scale iron oxide copper gold (IOCG) and intrusive-related mineral systems. Awale's exploration approach has already led to significant regional discoveries, including the Empire, Charger and Sceptre East discoveries, highlighting the potential for district-scale developments.

Final drill results from Odienne's summer program expected in January

Awale looks forward to publishing final drill results from the last drill program subsequent to passing through the companies' quality control and reanalysis protocols and will be ready for release in January. These results will include initial scout holes at the BBM and Lando prospects as well as additional holes at the Charger target.

Andrew Chubb, chief executive officer of Awale Resources, stated: "This marks a pivotal moment in our exploration efforts. The increased investment and ongoing support from Newmont underscore our project's potential and our team's capability to deliver significant results."

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.

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 IOCG and intrusive-related mineral systems. The 400 square km 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.

Qualified person

The technical and scientific information 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.

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