Mr. Andrew Chubb reports

AWALE'S TRANSFORMATIVE 2024 SETS THE STAGE FOR AN AMBITIOUS 2025

Awale Resources Ltd. has provided a review of its achievements in 2024 and has shared its outlook for the first half of 2025. This exciting phase includes commencing drilling on its 100-per-cent-owned Fremen property, continuing to derisk the BBM and Charger targets, and expanding its exploration focus across a broader regional scale to unlock the full potential of the Odienne project. A follow-up update will be provided later in the year to review full-year progress and outline plans for the rest of 2025.

"On behalf of the Awale team, I want to thank our investors for their support over the past year. With a solid balance sheet, a valued joint venture partner and significant milestones achieved in 2024, we have established a strong foundation for an ambitious year ahead. Driven by a disciplined approach to exploration and discovery, we remain confident in our strategy and are steadfast in our commitment to unlocking the full potential of the Odienne project, delivering sustained value to our shareholders. Moreover, we take pride in fostering sustainable development and building meaningful partnerships in the communities where we operate, creating a lasting positive impact in the region," commented Andrew Chubb, chief executive officer of Awale.

First half 2025 outlook

Awale is committed to providing consistent and transparent updates throughout 2025. Its exploration efforts will prioritize key zones, leveraging innovative strategies to drive discovery and advance resource delineation, and adding value to its shareholders and local stakeholders.

Key zones and targets

Fremen target (100 per cent Awale):

• Overview: A new 3.5-kilometre-long target, four km on strike from BBM discovery;
• Induced Polarization geophysics to commence in January, 2025, with the aim to further delineate the BBM trend;
• 2,000 metres of maiden reverse circulation drilling planned, with results expected from March, 2025.

100-per-cent Awale permits:

• Overview: 1,693 square kilometres untested ground, in the same geology as the four major Awale discoveries;
• Activities: Two thousand twenty-five will see initial drilling on the Fremen target along with systematic early-stage target generation with mapping and geochemistry surveys and with airborne programs, including magnetic and radiometric surveys.

BBM zone:

• Overview: drill, develop and expand the higher-grade shoots within structurally controlled gold-copper mineralization; a broad IP survey to be completed over the BBM zone, targeting strike extents of the initial discovery zone;
• Diamond drilling plan: 7,000 m planned for the BBM zone, including 3,000 m within the discovery area;
• Time frame: Diamond drilling started in fourth quarter 2024 and is continuing, with a regular flow of results expected from January, 2025.

BBM trend:

• Overview: newly identified targets, Boba and Fett, highlight the strike potential of the BBM trend;
• Activities: 150 line km of IP geophysics are planned to cover over 10 km of the BBM trend, followed by up to 7,000 m of RC drilling;
• Time frame: IP survey scheduled for completion in January, 2025, with RC drilling to follow in February, 2025;
• Initial drill results are expected from April, 2025.

Charger zone:

• Overview: following up on the spectacular 2024 gold results; diamond drilling is planned to further delineate and expand this promising zone;
• Diamond drilling plan: 2,000 m planned to test the continuity of a new geology fold model and rapidly advance the volume potential of this target;
• Time frame: initial drilling has commenced in early January, 2025, with results expected from February, 2025;
• Drilling success will drive further diamond drilling in first quarter.

Empire zone:

• Overview: Awale's first and significant gold discovery; infill diamond drilling is planned, with the aim to bring the target back on-line for further expansion drilling and development;
• Drill results expected from March, 2025.

Lando target:

• Overview: system drilling aims to test the full potential of the largest copper/gold-in-soil anomaly in the joint venture permit;
• Work plan: Following an orientation pitting program in January, 2025, a combination of reverse circulation and diamond drilling will commence in February, 2025, with results expected from April, 2025.

Odienne West permit:

• Overview: Known mineralized trends and geology are modelled to extend into the Odienne West permit, with early-phase greenfield work expected to unlock exploration potential in an underexplored area;
• Activities: Two thousand twenty-five will see early-stage target generation, with mapping and geochemistry surveys along with airborne programs, including magnetic, radiometric and gravity gradient surveys. All exploration is fully financed by Newmont.

Technological and operational enhancements:

• Portable PPB lab: on-site deployment to accelerate assay turnaround times and improve decision-making efficiency;
• Geophysics: comprehensive airborne and ground geophysical surveys to refine targeting across all key zones.

Other initiatives:

• Educational content: rolling out materials to explain the geology of Odienne, its targeting methodology and broader district context;
• Stakeholder engagement: maintaining first-mover advantage by building trust and showcasing Awale's vision for the region.

2024 highlights

Two thousand twenty-four was a pivotal year for Awale marked by key leadership changes that aligned the company with its strategic vision, efforts to strengthen the balance sheet and ensure financial stability, and significant progress at the Odienne project. These achievements have positioned Awale as a leader in district-scale exploration, with a clear path toward resource delineation and new discoveries. Key highlights include:

• BBM discovery: fourth discovery at Odienne announced in January; BBM was a significant new greenfield discovery for the company with excellent scope for rapid expansion;
• Highest-grade gold intercepts in Africa: during the year, Charger delivered some of highest-grade intercepts in West Africa over the past 12 months, including 45.7 grams per tonne gold over 32 metres in hole OEDD-83, 20 g/t Au over 29 m in hole OEDD-88 and 14.7 g/t Au over 59 m in OEDD-100; continuing drill program aims to test new hinge fold thesis, targeting extensions to both grade and volume;
• BBM growing and remains open: 6,808 m in 28 holes have confirmed the system is open at depth with the higher-grade core growing to 600 m and remaining open; the BBM trend has been expanded to over 15 km, from 100-per-cent-owned Fremen target in the south to the newly identified Boba and Fett targets in the north;
• New gold footprint discovery at 100-per-cent-owned Fremen target: in October, the company announced that it uncovered a new and open 3.5-kilometre-long greater than 37 parts per billion gold in termitaria footprint with a peak value of 1.3 g/t Au; the program was completed within Awale's 100-per-cent-owned Sienso permit next door to the BBM discovery, which lies four km along strike to the northwest;
• Financial strength: the company is well financed with $10-million in cash, following an $11.5-million capital raise in April, 2024, allocated to advance 100-per-cent-owned properties and partnership with Newmont, which is financing all exploration work on joint venture claims;
• Strengthened leadership team: additions of Anthony Moreau and Karl Akueson to the board of directors, along with the appointment of Stephen Stewart as chairman, as part of a strategic leadership transition; the management team further bolstered with the additions of Andrew Smith as vice-president, exploration, Ardem Keshishian as VP, corporate development, and John Scott as principal geologist; at the request of the TSX Venture Exchange, the company is clarifying Mr. Keshishian's role as VP, corporate development, and not VP, corporate development and investor relations;
• New exploration permit: in Q4, the company was granted an exploration permit for PR-904 (Odienne West), unlocking expanded opportunities within the emerging gold and copper district.

About Awale Resources Ltd.

Awale is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently under way in the underexplored regions of Ivory Coast, where the company is focused on the Odienne copper-gold project, covering 2,489 square kilometres across seven permits. This includes 796 square kilometres in two permits held under the Awale-Newmont joint venture. Awale manages all exploration activities over the OJV, with financing provided by Newmont Joint Ventures Ltd.

Awale has discovered four gold, gold-copper and gold-copper-silver-molybdenum discoveries within the OJV, and has recently commenced exploration on its 100-per-cent-owned properties following an $11.5-million capital raise in April, 2024.

The Odienne project is underexplored and has multiple pipeline prospects with similar geochemical signatures to iron oxide copper/gold and intrusive-related mineral systems with substantial upside potential. The company benefits from a skilled and well-seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.

Quality control and assurance

Analytical work for geochemistry samples is being carried out at the independent Intertek Laboratories in Ghana and Australia, an ISO 17025 (2017) certified laboratory. Samples are prepared and 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 with an aqua regia digest. Blanks, duplicates and certified reference material (standards) are being used to monitor laboratory performance during the analysis.

Qualified person

The technical and scientific information contained in this news release has been reviewed and approved for release by Andrew 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, and is a member of the Society of Economic Geologists. Mr. Chubb has over 25 years of experience in international mineral exploration and mining project evaluation.

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