ARIC.V · 2026-05-04 12:00:00

Awalé Reports New Discovery on 100%-Owned Ground with Multiple Shallow Intercepts, Including 17 Metres at 1.9 g/t Gold

Drill Results

Awalé Reports New Discovery on 100%-Owned

Ground with Multiple Shallow Intercepts,

Including 17 Metres at 1.9 g/t Gold

Highlights:

Discovery made on Fremen, on Awalé's 100%-owned ground and 11 km along strike

from the BBM target.

1.9 g/t gold over 17m from 6m, including 2.3 g/t gold over 9m (SSAC-08).

2.1 g/t gold over 12m from 32m, including 8.2 g/t gold over 1m (SSAC-07).

1.1 g/t gold over 17m from 113m, including 4.7 g/t gold over 2m (SSDD-03).

1.0 g/t gold over 13m from 78m, including 1.8 g/t gold over 4m (SSDD-02).

Mineralization shares geological similarities with both the BBM and Charger discoveries.

Results from 52 additional holes pending and the 8-kilometre Fremen corridor remains

open.

Toronto, Ontario--(Newsfile Corp. - May 4, 2026) -

Awalé Resources Limited (TSXV: ARIC) (OTCQX:

AWLRF) (FSE: 2F60)

Awalé

" or the "

Company

") is pleased to report assay results from a Phase 3

drill

program at the 100%-owned Fremen target, located within the Sienso permit at the Odienné Project

Odienné

" or the "

Project

") in Côte d'Ivoire (see Figures 1 and 2).

Results confirm near-surface gold mineralization over an initial 1-kilometre zone within a broader 8-

kilometre mineralized corridor, with multiple high-grade intercepts.

"We have now confirmed significant shallow gold mineralization, marking new discovery on our 100%-

owned ground. Fremen is just 11 kilometres from BBM, and this discovery is a testament to the

effectiveness of our geology-led, systematic and successful exploration approach. With the same

alteration and mineralization fingerprint, Fremen forms part of the same mineralized system as our other

discoveries.

These broad intercepts, including higher-grade intervals of over 5 g/t gold, support our view that Fremen

is an emerging gold discovery with clear potential for expansion along strike and at depth. We will

continue drilling to expand the extent of mineralization at Fremen, while advancing additional drill-ready

targets across our 1,550 km² land package," stated Andrew Chubb, CEO of Awalé Resources.

Link to All Figures

Watch Video of CEO Andrew Chubb Discussing the Fremen Discovery

The 126-hole, 5,210 metre program (8 diamond drilling "DD" holes for 1,571 metres and 116 aircore

"AC" holes for 3,639 metres) consisted of six broadly spaced drill fences over a 5-kilometre portion of

the broader target trend at the southern extent of the 10-kilometre corridor. Results from this program

confirmed mineralization over 1 km within this zone. This drill program followed two earlier phases of

scout drilling, where initial results included shallow intersections of 15m at 0.6 g/t gold from 40m,

including 7m @ 1.1 g/t gold from 46m (

see June 16, 2025 news release

). Results from the current

program have confirmed robust gold intercepts in fresh rock within a similar alteration system and

geologic setting to Awalé's BBM discovery. Results from 51 AC holes and 1 DD hole are pending from

the laboratory.

Geology of the Fremen Target

Stronger gold mineralization at Fremen is located at a major flexure along a regional-scale shear zone,

where the host structure changes from a northwest to a north-south trend. A large granitoid intrusive body

flanks this structure to the east. Like BBM, mineralization is hosted within intrusive rocks, but with a

higher metamorphic grade. This package is later intruded by a series of felsic to intermediate dykes with

a similar composition to those observed at the Charger target, these dykes are also mineralized.

Biotite-actinolite-titanite is the dominant alteration assemblage associated with gold mineralization,

along with sulphides and silica. Higher gold grades are associated with a sulphide assemblage that

includes pyrrhotite, pyrite, +/- chalcopyrite. Adjacent to the mineralized zone, the footwall is similar to the

hanging wall alteration at BBM and alteration proximal to the breccias at Charger consisting of broad

hematite-potassic feldspar +/- epidote alteration with brittle overprinting.

About Awalé Resources

Awalé is a diligent and systematic mineral exploration company focused on discovering large high-

grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored

regions of Côte d'Ivoire, where the Company is exploring the Odienné Copper-Gold Project ("

Odienné

or the "

Project

"), covering 2,346 km

across seven permits—five granted and two applications. This

includes 797 km

in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé currently

manages all exploration activities over the OJV, with funding currently provided by Newmont Ventures

Limited ("Newmont") under an Exploration Agreement signed in May 2022.

Awalé has discovered five gold, gold-copper, and gold-copper-silver-molybdenum mineralized systems

within the OJV and has recently commenced exploration on its 100%-owned properties.

The Odienné 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.

Table 1: Significant Intercepts – (from this release)

Hole ID

From

(m)

Length

(m)

(g/t)

Composite

Trigger

(Au g/t)

SSAC0007

32.0

44.0

12.0

2.1

0.2

including

33.0

41.0

8.0

2.9

2.0

including

33.0

34.0

1.0

8.2

5.0

SSAC0008

6.0

27.0

21.0

1.5

0.2

including

6.0

23.0

17.0

1.9

0.5

including

12.0

21.0

9.0

2.3

2.0

SSAC0033

27.0

28.0

1.0

0.3

0.2

including

34.0

40.0

6.0

0.5

0.2

SSAC0034

3.0

15.0

12.0

0.5

0.2

including

9.0

13.0

4.0

1.0

0.5

SSAC0035

1.0

6.0

5.0

0.3

0.2

16.0

19.0

3.0

0.7

0.2

27.0

28.0

1.0

0.6

0.2

37.0

39.0

2.0

0.7

0.2

including

37.0

38.0

1.0

0.5

SSAC0036

0.0

6.0

0.4

0.2

18.0

20.0

2.0

0.5

0.2

SSAC0037

5.0

6.0

1.0

0.2

SSAC0049

16.0

18.0

2.0

0.8

0.2

including

16.0

17.0

1.0

1.2

0.5

SSAC0050

0.0

1.0

0.3

0.2

7.0

8.0

1.0

1.4

0.5

SSDD0001

6.5

8.0

1.5

0.2

27.5

30.5

3.0

0.4

0.2

67.0

71.0

4.0

0.3

0.2

142.0

143.0

1.0

0.3

0.2

SSDD0002

29.5

30.0

0.5

0.2

70.0

71.0

1.0

0.9

0.2

78.0

91.0

13.0

1.0

0.2

including

80.0

84.0

4.0

1.8

1.0

SSDD0003

36.5

37.0

0.5

0.4

0.2

79.0

80.0

1.0

0.3

0.2

98.0

100.0

2.0

0.2

113.0

130.0

17.0

1.1

0.2

including

122.0

130.0

8.0

1.9

0.5

including

128.0

130.0

2.0

4.7

2.0

167.0

168.0

1.0

0.5

0.2

171.0

173.0

2.0

0.2

SSDD0004

53.0

60.0

7.0

0.5

94.0

95.0

1.0

0.3

0.2

99.0

101.0

2.0

1.4

0.5

106.0

108.0

2.0

1.7

0.5

120.0

121.0

1.0

0.6

0.2

147.0

148.0

1.0

0.2

SSDD0005

97.0

100.0

3.0

1.2

0.5

183.0

184.0

1.0

0.2

SSDD0006

56.0

57.0

1.0

0.6

0.2

74.0

76.0

2.0

0.6

0.2

95.0

101.0

6.0

0.2

106.0

107.0

1.0

2.1

0.5

SSDD0008

67.0

69.0

2.0

1.0

0.5

162.0

164.0

2.0

0.4

0.2

Table 2: Fremen Drilling Collar Cable – (all collars from this program)

Hole ID

Hole Type

EOH_M

Easting

Northing

Elevation

Azimuth_True

Dip

SSAC0001

39.0

660504

1038279

455.0

-50

SSAC0002

36.0

660526

1038287

455.0

-50

SSAC0003

40.0

660546

1038295

455.0

-50

SSAC0004

34.0

660570

1038303

454.0

-50

SSAC0005

34.0

660589

1038311

454.0

-50

SSAC0006

28.0

660608

1038319

455.0

-50

SSAC0007

49.0

660623

1038325

454.0

-50

SSAC0008

48.0

660650

1038336

454.0

-50

SSAC0009

42.0

660675

1038347

454.0

-50

SSAC0010

48.0

660698

1038357

454.0

-50

SSAC0011

48.0

660722

1038363

454.0

-50

SSAC0012

40.0

660750

1038369

455.0

-50

SSAC0013

40.0

660769

1038377

453.0

-50

SSAC0014

40.0

660788

1038385

452.0

-50

SSAC0015

40.0

660810

1038394

453.0

-50

SSAC0016

40.0

660830

1038401

452.0

-50

SSAC0017

32.0

660851

1038410

452.0

-50

SSAC0018

40.0

660660

1037537

441.0

-50

SSAC0019

40.0

660685

1037544

441.0

-50

SSAC0020

40.0

660707

1037550

440.0

-50

SSAC0021

40.0

660728

1037558

440.0

-50

SSAC0022

40.0

660749

1037565

440.0

-50

SSAC0023

40.0

660768

1037573

441.0

-50

SSAC0024

40.0

660788

1037581

440.0

-50

SSAC0025

40.0

660808

1037590

441.0

-50

SSAC0026

40.0

660827

1037599

441.0

-50

SSAC0027

33.0

660846

1037609

440.0

-50

SSAC0028

30.0

660863

1037615

440.0

-50

SSAC0029

26.0

660878

1037621

440.0

-50

SSAC0030

37.0

660890

1037626

440.0

-50

SSAC0031

35.0

660909

1037633

440.0

-50

SSAC0032

36.0

660927

1037640

439.0

-50

SSAC0033

40.0

660945

1037648

439.0

-50

SSAC0034

30.0

660967

1037654

440.0

-50

SSAC0035

40.0

660982

1037659

439.0

-50

SSAC0036

30.0

661002

1037668

439.0

-50

SSAC0037

40.0

661018

1037670

438.0

-50

SSAC0038

40.0

661039

1037680

438.0

-50

SSAC0042

36.0

661103

1037710

437.0

-50

SSAC0043

34.0

661122

1037717

437.0

-50

SSAC0044

28.0

660826

1037706

441.0

-50

SSAC0045

30.0

660841

1037712

441.0

-50

SSAC0046

30.0

660855

1037718

441.0

-50

SSAC0047

28.0

660867

1037727

440.0

-50

SSAC0048

22.0

660881

1037733

440.0

-50

SSAC0049

21.0

660891

1037737

440.0

-50

SSAC0050

24.0

660901

1037742

439.0

-50

SSAC0051

25.0

660912

1037748

439.0

-50

SSAC0052

37.0

660925

1037752

439.0

-50

SSAC0053

35.0

660945

1037753

439.0

-50

SSAC0054

35.0

660963

1037759

439.0

-50

SSAC0055

29.0

660981

1037767

440.0

-50

SSAC0059

32.0

660644

1038119

451.0

-50

SSAC0060

30.0

660660

1038125

450.0

-50

SSAC0061

30.0

660676

1038130

450.0

-50

SSAC0070

27.0

660709

1037881

429.0

-50

SSAC0071

24.0

660724

1037885

429.0

-50

SSAC0072

22.0

660733

1037889

429.0

-50

SSAC0073

18.0

660746

1037890

429.0

-50

SSAC0074

18.0

660754

1037894

429.0

-50

SSAC0075

16.0

660767

1037889

429.0

-50

SSAC0095

23.0

660399

1038623

444.0

-50

SSAC0096

24.0

660411

1038625

445.0

-50

SSAC0106

40.0

660706

1037885

429.0

-50

SSAC0107

40.0

660730

1037888

429.0

-50

SSDD0001

221.3

659069

1042589

437.8

-52

SSDD0002

128.1

660520

1038464

436.4

-50

SSDD0003

221.2

660469

1038443

435.8

-49

SSDD0004

176.2

660600

1038315

439.3

-50

SSDD0005

218.2

660845

1037608

431.9

-50

SSDD0006

203.3

660657

1038130

463.0

-50

SSDD0008

212.2

660825

1037707

434.0

-50

SSDD0009

191.0

660896

1037632

451.0

-50

Quality Control and Assurance

Reverse circulation, aircore, and diamond drilling sampling was conducted on a metre-by-metre basis,

with each metre weighed and riffle split to produce approximately 3-kilogram sub-samples for laboratory

submission. Each sample was clearly labelled, and routine field duplicate samples were taken via a

second riffle split of the original sample. Systematic certified reference material is also inserted in the

sample stream as well as blank samples.

Analytical work for all samples is being carried out at the independent Intertek Laboratories in Ghana, an

ISO 17025 Certified Laboratory. Samples are prepared and stored at the Company's field camps and

put into sealed bags and transported to Intertek secure facility in Yamoussoukro Côte d'Ivoire for

preparation and subsequent shipment and analysis in Ghana. Samples are logged in the tracking

system, weighed, dried, and pulverized to greater than 85%, passing a 75-micron screen. Two pulps are

prepared from each sample with one stream returned to the Company for multielement analysis by

portable XRF a second analyzed by fire assay with AAS finish at Intertek Ghana. Blanks, duplicates, and

certified reference material (standards) are being used to monitor laboratory performance during the

analysis.

Mineralized Interval Calculations

Significant intervals reported in this news release are calculated as downhole length-weighted

intercepts. For the Fremen target, initial mineralized zones are calculated at a 0.2 g/t Au trigger and

include up to 3 metres of internal waste for delineating mineralized zones. Included intervals are

calculated at 0.5 g/t Au, 1 g/t Au, 2 g/t Au, and 5 g/t Au trigger values, with up to 3 metres of internal

waste. Table 1 contains a list of all Fremen holes reported in this release. Based on structural and

geological interpretation from the diamond drilling, true widths are estimated to be 100% of the drilled

intercepts.

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 (AIG), and is a Member of the Society of Economic

Geoscientists (SEG). Mr. Chubb has over 25 years of experience in international mineral exploration and

mining project evaluation.

Abbreviations Used in this Release

Aircore

Gold

Diamond drilling

g/t

Grams per tonne

Kilometre

Metre

Reverse circulation

AWALÉ Resources Limited

On behalf of the Board of Directors

"Andrew Chubb"

Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:

Andrew Chubb, CEO

(+356) 99139117

[email protected]

Ardem Keshishian, VP Corporate Development

+1 (416) 471-5463

[email protected]

The Company's public documents may be accessed at

www.sedarplus.com

. For further information on

the Company, please visit our website at

www.awaleresources.com

Forward-Looking Information

This news release contains forward-looking information within the meaning of Canadian securities

laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by

words such as: believe, expect, anticipate, intend, estimate, plans, propose, potential, postulate and

similar expressions, or are those, which, by their nature, refer to future events. All statements that are

not statements of historical fact are forward-looking statements. Forward-looking statements in this

news release include but are not limited to statements regarding the Company's presence in Côte

d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements

under the Newmont JV, works on other properties, timing and extent of planned drilling, expectations

to achieve a first mineral resource estimate and preliminary economic assessment, advancing

towards a pre-feasibility study, potential for new discoveries, timing for providing assay results,

commencement of operations. Although the Company believes any forward-looking statements in this

news release are reasonable, it can give no assurance that the expectations and assumptions in such

statements will prove to be correct. Factors that could cause actual results to differ materially from

such forward-looking information include, but are not limited to, the results of the proposed drilling

programs, the number of drilling rigs on site, changes in the state of equity and debt markets,

fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals,

and other risks involved in the mineral exploration and development industry, including those risks

set out in the Company's management's discussion and analysis as filed under the Company's

profile at

www.sedarplus.ca

. Forward-looking information in this news release is based on the opinions

and assumptions of management considered reasonable as of the date hereof, including that all

necessary governmental and regulatory approvals will be received as and when expected and that the

proposed drilling program will proceed as planned. Although the Company believes that the

assumptions and factors used in preparing the forward-looking information in this news release are

reasonable, undue reliance should not be placed on such information. The Company disclaims any

intention or obligation to update or revise any forward-looking information, other than as required by

applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this

release.

To view the source version of this press release, please visit

https://www.newsfilecorp.com/release/295688

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