Mr. Andrew Chubb reports

AWALE ANNOUNCES NEW GOLD DISCOVERY ON THE ODIENNE PROJECT

Awale Resources Ltd. has made a new gold-copper discovery at the BBM target within the Odienne project in Ivory Coast. BBM is a significant new greenfield discovery for the Company and has excellent scope for rapid expansion. In addition to the new discovery, further significant results with visible gold have been returned for the Charger Target and new mineralization from the first two scout holes at the Lando Target, which lies 10km NW of the new BBM discovery and is associated with the same mineralized corridor (Figures 1 and 2).

BBM Discovery Highlights

Hole OEDD-59: 44m at 1.1 g/t Au and 0.2% Cu

Including 32m @ 1.5 g/t Au, 0.3 % Cu and 1.1 g/t Ag (2.12 g/t Au Equivalent) from 68m

Including 3m @ 5.2 g/t Au, 0.3% Cu and 1.5 g/t Ag from 77m

Hole OEDD-61: 51.9m @ 0.5 g/t Au, 0.27% Cu and 1.5 g/t Ag (0.9 g/t Au Equivalent) from 25m

Hole OEDD-62 (50m step back from OEDD-59): 18.25m at 1.8 g/t Au, 0.3% Cu and 1.4 g/t Ag (2.4 g/t Au Equivalent) from 156m

Including 2m at 5.8 g/t Au, 0.5% Cu and 2.3 g/t Ag.

Four holes for 644m were drilled at BBM on three sections covering a 910m strike of one of the higher tenor Au/Cu geochemical anomalies within an open 8km long geochemical +20ppb gold in termitaria trend. All holes intercepted mineralization (Figures 3 and 4). The broad gold and copper mineralization and alteration are controlled by a shear zone that is proximal to an intrusive/sedimentary contact that can be followed along strike for rapid expansion in future drilling.

Charger Highlights

Hole OEDD-53 (50m step back from previously reported OEDD-45): 32m @ 1.5g/t Au and 1.5 g/t Ag from 215m downhole

Including 3m @ 5.2g/t Au from 77m

Hole OEDD-52: 4m at 1.1g/t Au from 39m and 4m at 1.1 g/t Au from 72m

The final six holes for 940m at Charger (Figures 5 and 6) were drilled to follow up on previously reported mineralization and to identify and validate a remodeled structural framework for gold mineralization at this target. This new model opens volume potential at Charger. Hole OEDD-53 confirmed the down dip continuity of breccia mineralization, while the mineralization reported for OEDD-52 is significant as it proves the presence of NE trending mineralization independent of the previously targeted NW orientations. This NE trend as a significant fluid pathway opens the scope for more high-grade mineralization at Charger. Newly planned drilling now underway will test this revised framework.

Andrew Chubb, CEO of Awale Resources commented today:

"The BBM discovery is a significant milestone for Awale - BBM is a blind greenfield discovery with no previous exploration and has been developed by Awale from start to finish, and is a credit to the team and the exploration methods we have developed for the project. We see huge potential to rapidly advance this target with its 8km of current strike potential. Now that we have clearly delineated this major domain boundary, we can potentially find new targets between BBM and Lando while we continue to develop these targets. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target. Further to this, the final holes drilled at Charger have opened a new mineralized orientation now being targeted in the current drill program, launched just before Christmas.

These results cap off a year of significant milestone achievements for Awale where we have now made 3 significant discoveries on the Odienne project in 2023 - bringing us to 4 discoveries in total, a massive achievement for the Awale team. Beyond this, we have also made important changes at the board and management level and brought a significant recapitalization of the company through Orecap taking a 15% stake and Newmont recent increasing theirs to 15.45% , all setting the company on a strong path for growth in 2024."

Geological Background

Lando - Shallow mineralization intercepted in the first two scout holes at Lando is highly encouraging. Lando is 10km NW of BBM, and near surface Cu-Au-Ag mineralization of a similar style was intercepted along the same structural corridor (Figure 2). Table 2 below shows the significant intercepts from these two drill holes. Further drilling is planned at Lando as the initial program here was cut short by the 2023 wet season.The two maiden drill holes were completed for 249m, targeting a significant NNW trending 4km long by 1.5km wide gold and copper soil geochemical footprint with point highs of 921ppb Au and 0.2% Cu, which aligned with coincident Induced Polarization anomalies (see Company news releases dated August 23 2022 and November 28 2022). These 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 exhibiting high strain and altered to chlorite, silica, epidote with disseminated sulphide and stringer veining up to 3.0 g/t Au*. Drilling intercepted significant sulphide mineralization with pyrite, chalcopyrite and molybdenite, the quartz breccias seen in surface artisanal workings were not intercepted (Figure 5). Significant Cu +/- Au mineralization was intercepted.

BBM - The BBM target is on a secondary structure parallel to a major domain boundary or 'belt basin margin' (Figure 2). Silica alteration and sulphide mineralization were observed in all holes within a significant shear zone at an intrusive/sedimentary contact. The shear occurs at a contact between intrusive and sedimentary rocks, with granodiorite in the hanging wall and siltstones and mudstones in the footwall, strain intensity increases significantly as the drill holes progressed toward this targeted contact. Sulphides observed include pyrite, pyrrhotite, chalcopyrite and molybdenite. Pyrrhotite development appears to be dominantly manifest in the hanging wall and footwall of the main mineralized zones. Further to this infill and extension, geochemistry was completed at BBM and extended the >22ppb Au in termitaria footprint to 8km. Hematite alteration of K feldspar has also been observed in potassic alteration zones, consistent with other mineralization at Odienne. The strong silica alteration appears to overprint this phase in these initial holes. True widths of mineralization are at least 30m in hole OEDD-59. Future drilling is designed to delineate the higher-grade shoots that are expected to occur within this structurally controlled mineralization.

Charger Target

Results have been returned for all 11 drill holes at Charger for 1715.5m of drilling. Drilling was planned as follow-up to previously reported drill holes, OERC-89 and OERC-132. Previous announcements discussed two particular follow-up holes (see Company news release dated 21 August 2023) OEDD-44 and OEDD-45, which intercepted visible gold and hole OEDD-45 returned 65m of downhole mineralization, which included 12m at 4.9 g/t Au, 12m at 1.3 g/t Au and 21m at 1.3 g/t Au. Hole OEDD-53 reported in this release has intercepted visible gold and 32m at 1.5 g/t gold, the same breccias as OEDD-45, confirming down dip continuity of this mineralization. The previous drilling has targeted intrusive-hosted sulphide mineralization underlying gossans and new artisanal workings - this mineralization has now been confirmed in two lodes. Importantly this phase of drilling began to target a new potentially mineralized orientation oblique to the WNW trends. OEDD-52 targeted one of the larger interpreted structures with this orientation and intercepted a mineralized sheared diorite at the contact with overlying volcanics - this hole has returned 4m at 1.1 g/t Au and is particularly significant showing that this NE orientation is mineralized. This new orientation and the potential of confluence between the NE and WNW trends are being tested in the current drilling (see Company news release dated 27 December 2023). A full table of significant intercepts is included below.

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 Cote d'Ivoire, and is subject to an earn-in agreement with Newmont Ventures Limited ("Newmont"); see company news release dated May 31 2022 through which Newmont retains the option to earn-in to a minimum of 65% interest, from Awale, in the Odienne Project JV in return for USD 15 million of exploration expenditures. Newmont is funding the exploration program and Awale is managing the Odienne Project JV in the initial three-year phase.

About Awale Resources

Awale is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Cote d'Ivoire. Awale's exploration success to date has culminated in a fully funded earn-in Joint Venture with Newmont covering one permit and one application (the "Odienne Project JV") within the greater Odienne Copper-Gold Project in the Northwest of Cote d'Ivoire, 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 with similar geochemical fingerprints to Iron Oxide Copper Gold ("IOCG") and intrusive related mineral systems. The 400km2 of granted tenure and 400km2 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 provides 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, 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, Cote d'Ivoire, for preparation. Samples are logged in the tracking system, weighed, dried, and pulverized to greater than 85%, 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 analysed 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 downhole length weighted intercepts. For Charger and BBM target initial intervals are calculated at a 0.3 g/t trigger and include 3m of internal waste but carry 0.5 g/t in included intervals. Included intervals are at 0.5, 1g/t and 5g/t trigger values.

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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