Mr. Andrew Chubb reports

AWALE ANNOUNCES UPDATE FOR SHAREHOLDER PARTICIPATION RIGHT

Further to the news release of April 17, 2024, Awale Resources Ltd. has released further details and an increase regarding the participation right of its current shareholder. The shareholder has the right to maintain its percentage holding postoffering. In order to account for the full underwritten offering (including the underwriter option), a maximum of approximately 3,989,323 units (as defined herein) at a price of 62 cents per unit may be issued to this shareholder for proceeds of approximately $2,473,380, which is an increase of 1,021,403 units from the April 17, 2024, news release. There is no assurance the shareholder will exercise the full participation right. The units are identical to those announced in the April 17, 2024, news release.

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 (JV) 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 km of granted tenure and 400 square km 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, 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.