Mr. Andrew Chubb reports

AWALE ANNOUNCES C$10 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OF UNITS

Awale Resources Ltd. has entered into an agreement with Canaccord Genuity Corp. on behalf of a syndicate of underwriters, pursuant to which the underwriters have agreed to purchase, on a bought-deal private placement basis, 16.13 million units of the corporation at a price of 62 cents per unit for gross proceeds of $10,000,600.

Each unit will consist of one common share of the corporation and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one common share of the corporation for 24 months from the closing of the offering at a price of 80 cents.

The corporation shall grant the underwriters an option to purchase up to an additional 2,419,500 units at the offering price for additional gross proceeds of up to $1,500,090, exercisable at any time up to 48 hours prior to the closing of the offering.

The net proceeds received from the offering will be used to advance the corporation's projects in Ivory Coast, as well as for working capital and general corporate purposes.

It is anticipated that closing of the offering will occur on or about May 8, 2024, or such other date or dates as the corporation and the underwriters may agree. The offering is subject to the satisfaction of certain conditions, including receipt of all applicable regulatory approvals, including the approval of the TSX Venture Exchange. The securities to be issued under the offering will have a hold period of four months and one day from the applicable closing date in accordance with applicable securities laws.

A current shareholder of the corporation has a right to conduct a simultaneous offering at the offering price for identical securities as the units. A maximum of 2,967,920 participation unit rights may be issued to this shareholder for proceeds of approximately $1,840,110.

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 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 (the Odienne project JV), where four significant gold and gold-copper-silver-molybdenum discoveries have been made.

The Odienne project JV is located within Awale's greater Odienne copper-gold project, which consists of 2,462 square kilometres of tenure in the northwest of Ivory Coast. The Newmont JV consists of 400 square kilometres of granted tenure and 400 square kilometres under application, or approximately one-third* of Awale's total holding in the district. The company announced 26 grams per tonne (g/t) gold over 57 metres (m), including 45.7 g/t gold over 32 m, from 165 m downhole at the Charger prospect and the discoveries have significant scope for growth and resource development. The project has multiple pipeline prospects that have similar geochemical fingerprints to iron oxide copper gold (IOCG) and intrusive related mineral systems that offers significant potential for district-scale discoveries.

We seek Safe Harbor.