Mr. Andrew Chubb reports

AWALE RESOURCES ANNOUNCES COMPLETION OF DRILLING AT THE ODIENNE PROJECT

Awale Resources Ltd. recently completed a 21-hole 3,932-metre (m) diamond drill program that commenced in late December, 2023. Initial assay results from drilling are expected in March; samples were batch sent to the laboratory during drilling and the BBM target will be reported first followed by Charger and Lando. The drilling at BBM, Charger and Lando has intercepted target alteration and mineralization, and results are eagerly anticipated.

Awale chief executive officer Andrew Chubb recently returned from a site visit to Ivory Coast and had the following comments:

"I was very happy to be on site to congratulate the team on another well-executed program at Odienne. We have intercepted significant widths of target geology at the BBM, Charger and Lando targets. I was great to see the reaction of the team when good geology and planning comes to fruition. We all eagerly await the first results from these three targets."

A video interview with Mr. Chubb on his impressions of the drilling at the BBM and Charger targets is available on-line.

The drill program included infill and extension holes (14 holes for 2,537 m) at the recently announced BBM discovery (see the company news release dated Jan. 11, 2023), where drilling has intercepted mineralization in multiple drill holes with similar alteration and sulphide mineralogy to the discovery holes. Highlights from the BBM discovery included the following.

BBM discovery highlights:

• Hole OEDD-59: 44 m at 1.1 grams per tonne (g/t) gold (Au) and 0.2 per cent Cu:
  • Including 32 m at 1.5 g/t Au, 0.3 per cent Cu and 1.1 g/t silver (Ag) (2.12 g/t gold equivalent (AuEq)) from 68 m;
  • Including three m at 5.2 g/t Au, 0.3 per cent Cu and 1.5 g/t Ag from 77 m;
• Hole OEDD-61: 51.9 m at 0.5 g/t Au, 0.27 per cent Cu and 1.5 g/t Ag (0.9 g/t AuEq) from 25 m;
• Hole OEDD-62 (50 m step back from OEDD-59): 18.25 m at 1.8 g/t Au, 0.3 per cent Cu and 1.4 g/t Ag (2.4 g/t AuEq) from 156 m:
  • Including two m at 5.8 g/t Au, 0.5 per cent Cu and 2.3 g/t Ag.

A further four holes for 699 m were drilled at Charger, testing a new model for northeast controls for the formation of the breccias hosting high grade mineralization at this target. The program has confirmed this theory and drill hole OEDD-83 has intercepted at least 65 downhole metres of the target breccia in an untested zone beneath the discovery hole (OERC-89) (see the company news release dated June 14, 2021). Highlights from the Jan. 11 news release for Charger included:

• Hole OEDD-53 (50 m step back from previously reported OEDD-45): 32 m at 1.5 g/t Au and 1.5 g/t Ag from 215 m downhole:
  • Including three m at 5.2 g/t Au from 77 m;
• Hole OEDD-52: four m at 1.1 g/t Au from 39 m and four m at 1.1 g/t Au from 72 m.

Finally, a further three scout holes were drilled at the Lando target for 697 m; these holes have also intercepted target geology on the western limb of the four-kilometre-long gold/copper/molybdenum geochemical anomaly at this target.

The Awale-Newmont joint venture (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 the company news release dated May 31, 2022), through which Newmont retains the option to earn into a minimum 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 discovering 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 with 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 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-certified (2017) 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 (inductively coupled plasma mass spectrometry) 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 the Charger and BBM targets, initial intervals are calculated at a 0.3 g/t trigger and include three m of internal waste but carry 0.5 g/t in included intervals. Included intervals are at 0.5, one g/t and five g/t trigger values.

Qualified person

The technical and scientific information contained 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 CEO, and he 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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