Mr. Andrew Chubb reports

AWALE CLOSES $19 MILLION STRATEGIC INVESTMENT BY PREDICTIVE DISCOVERY AND FORTUNA MINING

Awale Resources Ltd. has closed its previously announced non-brokered private placement with Predictive Discovery Ltd., together with the subscription by Fortuna Mining Corp., pursuant to the exercise of its participation right. Proceeds from the offering will be primarily used to advance exploration activities across the company's 100-per-cent-owned properties at the Odienne project in Ivory Coast.

"Following completion of the offering, Awale holds over $35-million in cash giving us the financial strength to aggressively advance exploration across our 100-per-cent-owned properties, while Newmont continues to fund the Odienne joint venture. With three leading mining companies as strategic shareholders and one of the most active drill programs in West Africa, Awale is well positioned to unlock the full potential of the Odienne district. These investments are a strong endorsement of our team, our exploration strategy and the potential of the project," said Andrew Chubb, president and chief executive officer of Awale Resources.

Pursuant to the offering, the company issued an aggregate of 22,337,664 common shares at 85 cents per share for total gross proceeds of $18,987,000, consisting of:

• 16,642,352 common shares to Predictive Discovery for gross proceeds of $14,146,000, representing approximately 11.8 per cent of the company's issued and outstanding common shares;
• 5,695,312 common shares to Fortuna for gross proceeds of $4,841,000, resulting in Fortuna owning a total of 20,732,905 common shares, representing approximately 14.7 per cent of the company's issued and outstanding common shares.

Immediately following closing of the Predictive Discovery and Fortuna subscriptions, the company has 141,334,595 common shares issued and outstanding.

The company has entered into an investor rights agreement with Predictive Discovery, pursuant to which Predictive Discovery has been granted a participation right to maintain its pro rata ownership in connection with future equity financings and will have the other rights described in the company's July 14, 2026, news release and set forth in the Predictive Discovery investor rights agreement. A copy of the Predictive Discovery investor rights agreement will be filed by the company as a material agreement and will be made available on the company's SEDAR+ profile.

No warrants are being issued in connection with the offering. The company has agreed to pay a cash commission of $424,380, equal to 3.0 per cent of the gross proceeds from the Predictive Discovery subscription to an arm's-length finder. All securities issued pursuant to the offering will be subject to a statutory hold period of four months plus a day following the date hereof in accordance with applicable Canadian securities laws. The completion of the offering remains subject to final TSX Venture Exchange acceptance.

Current shareholder of Awale, Newmont Ventures Ltd., a wholly owned subsidiary of Newmont Corp., has the right to participate, on equal terms, in equity issuances of the company so as to maintain its pro rata ownership in the company. A subsequent news release will be issued should Newmont exercise its participation rights. In the event Newmont chooses to exercise its right to participate in full, the company may issue up to an additional 14,761,167 common shares at a price of 85 cents per share for gross proceeds of up to $12,546,992 (or such lesser amount as may be elected by Newmont under their participation rights). There is no assurance that Newmont will participate in the offering or maintain or increase its current equity ownership in the company as permitted under its participation rights.

For the purposes of the offering, U.S.-dollar amounts have been converted to Canadian dollars using an exchange rate of $1 (U.S.) to $1.4114 (Canadian).

Related party disclosure

Fortuna is a shareholder holding more than 10 per cent of the company's common shares. Accordingly, Fortuna's participation in the offering constitutes a related party transaction pursuant to Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. Fortuna's participation in the offering is exempt from the formal valuation and minority shareholder approval requirements of 61-101. The company is exempt from the formal valuation requirement pursuant to Section 5.5(b) of MI 61-101 as the company does not have securities listed on a specified stock exchange and is exempt from the minority shareholder approval requirement pursuant to Section 5.7(1)(a) of MI 61-101 as the fair market value of the transaction is less than 25 per cent of the company's market capitalization.

About Awale Resources Ltd.

Awale Resources is a diligent and systematic mineral exploration company focused on discovering large-scale gold and gold-copper deposits in Ivory Coast. The company's flagship Odienne project now hosts an initial inferred mineral resource estimate (1) of 1.71 million ounces gold equivalent across the BBM, Charger and Empire deposits (32.4 million tonnes (t) at 1.33 grams per tonne (g/t) gold (Au) and 0.33 per cent copper (Cu)), providing a strong foundation for continuing growth and future economic studies.

The Odienne project covers 2,346 square kilometres across seven permits, including 797 square kilometres held under the Awale-Newmont joint venture. Awale manages exploration activities across the joint venture area, with financing currently provided by Newmont Ventures Ltd. under the exploration agreement signed in May, 2022.

In addition to the current resource base defined on the joint venture ground, Awale controls a substantial 100-per-cent-owned land position across the broader Odienne district, where multiple untested and early-stage targets provide additional potential discovery upside. Across the project, Awale has identified multiple gold and copper-gold systems and continues to build a pipeline of targets with potential to support further discoveries and resource growth.

With a skilled and experienced technical team, together with support from three strategic shareholders, Awale is advancing exploration in an underexplored and pro-mining jurisdiction with clear potential for district-scale discoveries.

(1) The full initial mineral resource estimate news release dated May 19, 2026, including detailed assumptions and methodology, is available on SEDAR+.

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