Mr. Andrew Chubb reports

AWALE HITS MULTIPLE SHALLOW HIGH-GRADE INTERCEPTS, INCLUDING 2.4 G/T AUEQ OVER 75 METERS AT THE ODIENNE PROJECT

Awale Resources Ltd. has released significant assay results at the Odienne project. The BBM zone is a grassroots discovery announced in Awale's Jan. 11, 2024, news release. These latest holes followed up on this promising new discovery, and the company expects to restart drilling in April. These multiple, shallow, broad, high-grade intercepts demonstrate the BBM zone's excellent continuity and scale potential.

All holes were mineralized and intercepted target geology. Mineralization remains open in all directions.

Andrew Chubb, chief executive officer of Awale Resources, commented today:

"We are delighted with these assays from the follow-up program at the BBM target. The mineralization is robust and we have now confirmed plunging high-grade mineralization over 500 metres of strike, which remains open in all directions. The consistently high-grade gold mineralization encountered in multiple drill holes underscores the prospectivity of our exploration area, and highlights the substantial value it holds for our company and stakeholders."

The gold and copper mineralization and alteration are controlled by a shear zone that follows an intrusive/sedimentary contact. Drilling now covers two kilometres of strike along this shear zone, which sits within a high-tenor and open eight km long geochemical gold-in-termitaria trend. This drilling has been completed on eight sections with a minimum spacing of 150 m between sections, and up to 500 m stepouts to the southeast and northwest. All holes have intercepted mineralization. All assay results from 14 holes for 2,537 m drilled at BBM have been returned.

With an established robust geologic framework, the company can progress with a targeted drilling program to scope size potential, geological and grade continuity of the mineralization as well as test for new parallel shoots along the eight km of open strike.

A full table of significant intercepts for the program is given in the table entitled "List of significant values for all drill holes at BBM."

The Awale-Newmont joint venture -- Odienne project JV

The Odienne project JV covers one permit and one application within the greater Odienne gold-copper project, the greater project consists of a further four applications and one option agreement, in the northwest of Ivory Coast, and is subject to an earn-in agreement with Newmont Ventures (see the company's 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 northwestern 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 assurance/quality control (QA/QC)

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 BBM target, initial mineralized intervals are calculated at a 0.2 gram per tonne trigger and include internal waste for of delineation mineralized zones. Included intervals are at 0.5 g/t, one g/t and five g/t trigger values with three metres of internal waste only. The table entitled "List of significant values for all drill holes at BBM" contains a list of all BBM holes -- including OEDD-70 and OEDD-75, which contain mineralized intervals at less than the 0.2 g/t Au trigger value. True widths are estimated to be 70 per cent of the downhole widths.

Gold equivalent (AuEq) calculations

Au equivalent is calculated using the following parameters in United States dollars: Au at 1,910/ounce (oz) (troy), copper (Cu) at 3.80/pound (lb), molybdenum (Mo) at 40,000/tonne and silver (Ag) 23.40/oz (troy) -- prices are 12-month average for 2023 closing price -- and the formula AuEq equals Au (g/t) plus ((Cu (parts per million (ppm)) times 0.00014) plus (Mo (ppm) times 0.00065) plus (Ag (g/t) times 0.01225)) assuming 100-per-cent recovery rates.

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 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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