Mr. Andrew Chubb reports

AWALÉ STRENGTHENS TREASURY TO $17.7 MILLION WITH $5.0 MILLION FROM WARRANT EXERCISES

Awale Resources Ltd. has received total proceeds of approximately $5.0-million from the exercise of 6,230,114 common share purchase warrants of the company, which expired on May 8, 2026. The warrants had an exercise price of 80 cents and were issued on May 8, 2024, following the completion of a private placement financing.

Highlights:

• $17.7-million in cash on hand, supporting exploration across the 100-per-cent-owned ground, with Newmont funding joint venture exploration;
• $5.0-million raised from the exercise of 6,230,114 common share purchase warrants at 80 cents per share;
• Warrant exercises reflect strong shareholder conviction in Awale's outlook and asset quality;
• Multiyear exploration runway across 100-per-cent-owned properties in Ivory Coast, with no near-term capital constraints;
• Company is well positioned to accelerate discovery at the Odienne gold-copper project and 100-per-cent-owned properties;
• 113,497,765 common shares issued and outstanding following warrant exercise and expiry.

"The proceeds from the warrant exercises add meaningful capital to the company at an important time for Awale. With approximately $17.7-million in cash, we are well positioned to accelerate exploration across our 100-per-cent-owned properties, where we believe there is significant potential to build on recent discoveries and unlock new opportunities. This includes our recently announced discovery at Sienso and others on our 100-per-cent-owned ground. As we advance our programs, we will remain focused on disciplined growth while preserving the flexibility to support the company's next phase of development," stated Andrew Chubb, chief executive officer of Awale Resources.

Following the exercise and expiry of the warrants, the company has 113,497,765 common shares issued and outstanding, together with 8,986,667 stock options, 535,000 RSUs (restricted share units) and 6,953,524 warrants, including 5,499,167 warrants that expire on May 24, 2026.

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 exploring the Odienne copper-gold project, covering 2,346 square kilometres across seven permits-five granted and two applications. This includes 797 square kilometres in two permits held under the Awale-Newmont joint venture (OJV). Awale currently manages all exploration activities over the OJV, with funding currently provided by Newmont Ventures Ltd. under an exploration agreement signed in May, 2022.

Awale has discovered five gold, gold-copper and gold-copper-silver-molybdenum mineralized systems within the OJV and has recently commenced exploration on its 100-per-cent-owned properties.

The Odienne project is underexplored and has multiple pipeline prospects with similar geochemical signatures to iron-oxide-copper-gold (IOCG) 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.

We seek Safe Harbor.