Mr. Andrew Chubb of Awale reports

NEWS RELEASE - EARLY WARNING REPORT REGARDING ORECAP INVEST CORP.

This news release is being disseminated as required by National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, in connection with the filing of the early warning report regarding the disposition of securities of Awale Resources Ltd. by Orecap Invest Corp. The common shares of Awale trade on the TSX Venture Exchange under the symbol ARIC.

On Oct. 9, 2024, Orecap disposed of a total of 943,500 common shares on the open market through the facilities of the TSX-V at the market price of 46.4 cents per common share for total aggregate cash consideration of $437,784.

Prior to the market sale, Orecap owned and exercised control over a total of 8,333,333 common shares, as well as 4,166,666 common share purchase warrants, exercisable into common shares, representing 9.60 per cent of the issued and outstanding common shares on a non-diluted basis, and 13.74 per cent of the issued and outstanding common shares on a partially diluted basis (which assumes the full exercise of the warrants held by Orecap, but no other convertible securities of Awale).

After giving effect to the market sale, Orecap owns and exercises control over a total of 7,389,833 common shares on a non-diluted basis and 11,556,499 on a partially diluted basis, representing 8.51 per cent and 12.70 per cent of the total issued and outstanding common shares, respectively.

Orecap holds and disposed of common shares for investment purposes. Orecap may engage with management and with the board of directors of Awale, shareholders of Awale, or other third parties regarding Awale, its strategy, business, capitalization, ownership, plans and prospects, and potential means to enhance shareholder value.

Orecap intends to review its investment in Awale on a continuing basis and may adjust its level of engagement with Awale and others, and/or take such actions with respect to its investment in Awale as it may determine to be appropriate based on a number of factors, including Awale's business, financial condition, strategic direction and prospects, the price levels of the common shares, and market and other conditions, as well as other investment opportunities available to Orecap. Orecap may, from time to time, increase or decrease its beneficial ownership, control, direction or economic exposure over Awale securities through market transactions, private agreements, treasury issuances, secondary offerings, exercise of options, convertible securities, derivatives, swaps or otherwise, or change its plans or intentions in the future with respect to any and/or all matters referred to above. A copy of the early warning report to be filed by Orecap will be available on SEDAR+ under Awale's profile.

For more information or to obtain copies of the early warning report, please contact Andrew Chubb, chief executive officer. Awale's head office is located at 8681 Clay St., Mission, B.C., V4S 1E7. Orecap's head office is located at 55 University Ave., Suite 1805, Toronto, Ont., M5J 2H7.

This early warning news release is issued under the early warning provisions of Canadian securities legislation, including National Instrument 62-104, Take-Over Bids and Issuer Bids, and National Instrument 62-103, The Early Warning System and Related Take-Over Bid and Insider Reporting Issues.