Mr. Stephen Stewart of Orecap reports

ORECAP EXERCISES ALL WARRANTS IN AWALE RESOURCES, INCREASING STAKE TO OVER 10.6 MILLION SHARES

Orecap Invest Corp. has exercised all of its outstanding common share purchase warrants of Awale Resources Ltd., at an exercise price of 20 cents per share, bringing its total position to 10,631,499 common shares.

Highlights:

• Orecap exercised all 4,166,666 of its Awale warrants at a strike price of 20 cents per share.
• Orecap now owns 10,631,499 common shares of Awale.
• Awale published an initial mineral resource estimate (MRE) on May 19, 2026, for the Odienne project in Ivory Coast, of 32.4 million tonnes grading 1.64 grams per tonne gold equivalent for a total inferred resource of 1,707,000 ounces gold equivalent.
• Orecap's original investment was made at 12 cents per unit in a private placement. The exercise price of 20 cents reflects a meaningful premium to cost, and Orecap believes the intrinsic value of its Awale position has grown substantially and will continue to do so as Awale advances toward a PEA (preliminary economic assessment).

Investment background

Orecap first invested in Awale Resources in April, 2023, at 12 cents per unit through a non-brokered private placement. Each unit comprised one common share and one-half of one common share purchase warrant, with the full warrants exercisable at 20 cents per share for a period of 36 months. Orecap's initial investment gave it exposure to what the company believed was an undervalued, early-stage gold-copper discovery in Ivory Coast with district-scale potential.

Since that initial investment, Awale has systematically advanced the Odienne project through one of the most active drill campaigns in West Africa, discovering and delineating multiple high-grade gold and copper-gold deposits across the BBM, Charger and Empire targets. Orecap has been a supportive long-term shareholder throughout this journey and exercised its warrants in full ahead of their expiry as a direct expression of its conviction in the investment's continued value creation potential.

Awale delivers initial mineral resource estimate on the Odienne project

On May 19, 2026, Awale announced an initial MRE for the Odienne project, prepared by Bara Consulting Ltd. with an effective date of April 1, 2026. The MRE establishes Odienne as a significant gold-copper project, combining near-surface open-pit mineralization with high-grade underground potential across three distinct deposits.

The MRE provides development flexibility through a combination of near-surface open-pit material at BBM and Empire alongside a high-grade underground component at Charger (grading 4.64 g/t AuEq). Awale has outlined strong potential for resource growth and conversion from inferred to indicated through continuing infill and expansion drilling. A PEA is targeted for Q3 2026, with a prefeasibility study (PFS) targeted for Q4 2027. Full details on Awale's MRE are available on its news release of May 19, 2026.

"We have obviously followed Awale closely since making our initial investment at 12 cents in 2023, and what Andrew Chubb and his team have built at Odienne has exceeded our expectations at every stage. The initial MRE of 1.71 million ounces gold equivalent confirms what the drilling has been telling us: This is one of the most compelling gold-copper discoveries in West Africa, and it is still very much in growth mode. Exercising our warrants in full was an easy decision. We are very pleased with this investment, and we believe the best is yet to come as Awale advances toward a PEA and continues to expand the resource footprint," said Stephen Stewart, chairman and chief executive officer of Orecap Invest. Mr. Stewart is also chairman of Awale.

Orecap intends to continue monitoring its investment in Awale on a continuing basis. The company remains a committed shareholder and expects the value of this position to grow as Awale continues to advance the Odienne project through its defined development pathway.

Qualified person statement

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, PGeo, Geo, director of Orecap Invest and a qualified person, as defined in National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Orecap Invest Corp.

Orecap seeks special-situation investments in the natural resource sector that offer shareholders diverse exposure to high returns on precious and critical metal assets and businesses. Orecap has significant equity positions in portfolio companies (such as American Eagle Gold, XXIX Metal Corp., Stardust Metal, Auriginal Mining, Awale Resources and Metal Energy) in addition to owning a broad portfolio of land packages focused on gold, copper and zinc.

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