Awalé Resources Limited provided the following update on ongoing exploration activities at the Odienné gold-copper earn-in Joint Venture ("JV") project in Cote D'Ivoire. The Odienné project is subject to an earn-in joint venture agreement with Newmont Ventures Limited ("Newmont")(see Company News Release dated May 31, 2022), through which Newmont retains the option to earn-in to a 65% interest, from Awalé, in the project in return for sole funding USD 15M of the JV exploration program at Odienné. Awalé is the project manager for the first 3-year phase.

The JV is now fully operational, and the Company reported on recent progress and continuing development of a robust target pipeline at the Odienné project. Recent work at Odienné has focused on advancing the Sceptre and Charger gold-copper prospects toward an expected scout drill program in fourth quarter, 2022 (Figures 1 and 2). Recent pitting and geological mapping have confirmed the high order geochemical anomalism at Sceptre (Figures 3 and 4).

Mapping at the Charger target revealed new artisanal pits containing blind gossan outcrops just 100m from previously reported drill intercepts Further prioritization of target areas at both Sceptre and Charger will be undertaken in third quarter, 2022, utilizing ground geophysical surveys readying for initial drilling. The >5km long Sceptre IOCG prospect is now defined as 3 distinct geological target areas from a western Au dominated prospect through central polymetallic vein targets at Sceptre Main (Au/Cu/Zn/Pb) to the high deformation fracture zones and shears at Sceptre East (Cu/Au/Ag/Mo, figure 3). Based on the regional geological setting of Odienné, the soil/termitaria data from the Sceptre prospect.

and the initial drill results and newly found gossan from the adjacent Charger prospect the Company interprets the geological setting of the Odienné district to be comparable to that of other significant IOCG provinces globally. IOCG deposits are significant contributors to global copper and gold inventories, and the Company considers the Odienné project to contain significant potential for the discovery of the first major IOCG style known in west Africa.