Mr. Andrew Chubb reports

AWALE ANNOUNCES VOTING RESULTS FROM ANNUAL GENERAL & SPECIAL MEETING OF SHAREHOLDERS AND GRANT OF OPTIONS AND SHARE UNITS

Awale Resources Ltd. has released the results of voting at its annual general and special meeting of shareholders, which was held on Sept. 17, 2024, in Toronto, Ont. Full details of all the voting results for the 2024 meeting are available on SEDAR+. The total number of shares represented by shareholders present in person and by proxy at the meeting was 29,825,288, representing 34.36 per cent of the company's outstanding shares.

All matters presented for approval at the meeting were duly authorized and approved, as follows: (i) setting the number of directors at five; (ii) election of the following five director nominees proposed by management: Karl Akueson, Charles Beaudry, Andrew Chubb, Anthony Moreau and Stephen Stewart; (iii) reappointment of Davidson & Company LLP as the auditor of the company and authorization of the directors to fix its remuneration; (iv) approval, by an ordinary resolution of disinterested shareholders, of certain amendments to the company's restricted share unit (RSU) plan, as more particularly described in the company's information circular dated Aug. 20, 2024; (v) approval, by an ordinary resolution of disinterested shareholders, of the company's 10-per-cent rolling stock option plan, as more particularly described in the company's information circular dated Aug. 20, 2024.

Stock options and share units

In addition, the company has granted an aggregate 4,055,000 incentive stock options and restricted share units (RSUs) to directors, officers, employees and consultants. The options are exercisable at a price of 45 cents per share (based on the closing price on Sept. 18, 2024) for a period of three years, expiring Sept. 18, 2027. The RSUs have various vesting/issuance schedules. An aggregate 2.72 million incentives have been granted to insiders.

Following the award of options and RSUs, the company will have an aggregate of 7,551,667 incentives issued, representing approximately 8.7 per cent of the issued and outstanding share capital.

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 regions of Ivory Coast. Awale's exploration success to date has culminated in a fully financed earn-in joint venture with Newmont Ventures Ltd., covering one permit and one application, within the greater Odienne copper-gold project in northwestern Ivory Coast, where three gold, gold-copper and gold-copper-silver-molybdenum discoveries have been made. The Sceptre East and Charger discoveries offer significant potential for growth with future discovery and resource development drilling. The Odienne project JV has multiple pipeline prospects with similar geochemical signatures 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 present substantial upside potential. The Odienne project JV forms a solid foundation for the company to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries. The greater Odienne copper-gold project includes an additional four applications and an option agreement.

The Odienne project JV

The Odienne project JV covers one permit and one application within the greater Odienne gold-copper project and is subject to an earn-in agreement with Newmont (see May 31, 2022, news release). Through this agreement, Newmont retains the option to earn a minimum 65-per-cent interest from Awale in the Odienne project JV in exchange for $15-million (U.S.) in exploration expenditures. Newmont is financing the exploration program while Awale manages the Odienne project JV during the initial three-year phase.