Awalé Welcomes Predictive Discovery as a Strategic Investor
Awalé Welcomes Predictive Discovery as a
Strategic Investor
Highlights
$14.15 million investment by Predictive Discovery for a 12.3% equity stake in Awalé.
Reinforces Awalé as one of the premier gold exploration and development companies in Côte
d'Ivoire and validates the quality of the Odienné initial Mineral Resource and its district-scale
growth potential.
Predictive Discovery is the third mining company to make a strategic investment in Awalé, joining
Fortuna and Newmont.
Awalé is expected to have over $30 million in cash post-closing, together with Newmont funding
the Joint Venture.
Toronto, Ontario--(Newsfile Corp. - July 14, 2026) -
Awalé Resources Limited (TSXV: ARIC)
(OTCQX: AWLRF) (FSE: 2F60)
("
Awalé
" or the "
Company
") is pleased to announce a strategic
investment by Predictive Discovery Limited (ASX: PDI) (TSX: PDI) (“
PDI
”) for gross proceeds of $14.15
million through a non-brokered private placement (the "
Offering
"). Proceeds from the Offering will be
primarily used to advance exploration activities across the Company's 100%-owned properties at the
Odienné Project ("
Odienné
" or the "
Project
") in Côte d'Ivoire.
"We are pleased to welcome PDI as a strategic shareholder of Awalé. PDI has assembled a large West
African gold platform, backed by an experienced management team with a proven track record of
discovery, development, and mine operations in the region. This investment strengthens Awalé's
balance sheet and post-closing leaves the Company with over $30 million available to advance its
100%-owned ground. That gives us greater financial flexibility and real discovery optionality beyond the
already prospective geology, drill results, and initial Mineral Resource delivered through the Odienné JV.
PDI's decision to invest following our initial Mineral Resource also provides strong independent
validation of both the quality of the resource and the district-scale growth potential that remains at
Odienné. As the third mining company to make a strategic investment in Awalé, PDI reinforces the
quality of our assets, our team, and our exploration strategy. We look forward to working closely with PDI
and to doubling our efforts across the broader Odienné district," stated Andrew Chubb, President &
CEO of Awalé Resources.
Under the terms of the Offering, Awalé expects to issue 16,642,352 common shares in the capital of the
Company ("
Shares
") at a price of $0.85 per Share, representing approximately a 10% premium to the
5-day volume weighted average trading price of the common shares on the TSX Venture Exchange (the
"
TSXV
") ending on July 10, 2026, for gross proceeds of approximately $14,146,000. No warrants are
being issued as part of the Offering.
Closing of the Offering is expected to occur on, or about, late July 2026 (the "
Closing Date
"), subject to
the satisfaction of certain closing conditions by the parties, including receipt of TSXV final approval and
all other necessary regulatory approvals, and the execution of an investor rights agreement (the
"
Investor Rights Agreement
") between PDI and the Company. The Shares will be subject to a hold
period of four months plus a day following the Closing Date in accordance with applicable Canadian
securities laws and the policies of the TSXV.
The Shares will represent a total position of approximately 12.3% of the issued and outstanding common
shares of the Company upon completion of the Offering on an undiluted basis (and before the potential
exercise of any participation rights discussed herein).
Pursuant to the Investor Rights Agreement to be entered on or prior to closing:
PDI will be granted a participation right to maintain its pro-rata ownership in connection with future
equity financings;
PDI will be granted a top-up right to acquire common shares in a market transaction to maintain its
pro-rata ownership in connection with future share issuances that are not an equity financing; and
A joint technical advisory committee will be formed between PDI and Awalé.
In the event that PDI's aggregate shareholdings are reduced to less than 10% of the issued and
outstanding common shares of the Company on an undiluted basis, the above rights will be suspended,
and the Investor Rights Agreement will terminate if PDI's shareholding is less than 10% for a period of 12
consecutive months.
Current shareholders of Awalé, Fortuna Mining Corp. ("
Fortuna
") and Newmont Ventures Limited
("
Newmont
"), a wholly-owned subsidiary of Newmont Corporation, have the right to participate, on
equal terms, in equity issuances of the Company so as to maintain their pro-rata ownership in the
Company. A subsequent news release will be issued should Fortuna or Newmont exercise their
participation rights. In the event Fortuna and/or Newmont choose(s) to exercise their (its) right to
participate, the Company may issue such additional 22,994,105 common shares at a price of $0.85 per
Share (or such other amount as may be required for the participation rights of Fortuna and Newmont).
There is no assurance that either Fortuna or Newmont will participate in the Offering, or maintain their
proportionate equity ownership in the Company.
The Company has agreed to pay a cash commission of approximately 3.0% of the gross proceeds of
the Offering from PDI, subject to the approval of the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be
any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful. The securities have not been, and will not be, registered under the United States Securities Act
of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States,
and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons
(as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities
Act and applicable state securities laws or an exemption from such registration requirements.
About Awalé Resources
Awalé Resources is a diligent and systematic mineral exploration company focused on discovering
large-scale gold and gold-copper deposits in Côte d'Ivoire. The Company's flagship Odienné 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 Mt at 1.33 g/t Au and 0.33% Cu), providing a strong
foundation for ongoing growth and future economic studies.
The Odienné Project covers 2,346 km
2
across seven permits, including 797 km
2
held under the Awalé-
Newmont Joint Venture. Awalé manages exploration activities across the joint venture area, with funding
currently provided by Newmont Ventures Limited under the Exploration Agreement signed in May 2022.
In addition to the current resource base defined on the joint venture ground, Awalé controls a substantial
100%-owned land position across the broader Odienné district, where multiple untested and early-stage
targets provide additional potential discovery upside. Across the Project, Awalé 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, Awalé is advancing exploration in an underexplored and
pro-mining jurisdiction with clear potential for district-scale discoveries.
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.
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
Ardem Keshishian, VP Corporate Development
+1 (416) 471-5463
The Company's public documents may be accessed at
www.sedarplus.ca
. 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 applicable Canadian
securities laws (collectively, "forward-looking statements"). Forward-looking statements are typically
identified by words such as: believe, expect, anticipate, intend, estimate, plan, propose, potential,
postulate, target, continue, advance 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 completion of the Offering and the exercise of participation rights by Fortuna and
Newmont, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for
Company shareholders, achievements under the Newmont exploration agreement, advancement and
expansion of the Odienné Project, the potential size, scale and quality of the mineral resource
estimate at BBM, Charger and Empire, the conversion or upgrading of inferred mineral resources,
timing and results of future drilling programs, resource expansion potential at BBM, Charger and
Empire, and exploration and discovery potential at Fremen and other targets, the potential for
additional discoveries, expectations regarding the timing and completion of a preliminary economic
assessment and advancement toward pre-feasibility studies, timing for receipt of assay results,
commencement and continuation of operations, and the potential development of the Odienné
Project. Although the Company believes the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations and assumptions will
prove to be correct. Factors that could cause actual results to differ materially from forward-looking
information include, but are not limited to, the satisfaction of the conditions to the completion of the
Offering, the results of exploration and drilling programs, the interpretation of exploration and mineral
resource results, changes in mineral resource estimates, the ability to convert inferred mineral
resources to indicated mineral resources, the ability to complete future economic studies, fluctuations
in commodity prices, changes in the state of equity and debt markets, delays in obtaining required
regulatory, governmental, environmental or other project approvals, availability of financing, and the
other risks involved in the mineral exploration and development industry, including those risks set out
in the Company's management's discussion and analysis and other continuous disclosure
documents filed under the Company's profile at SEDAR+ 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, without limitation, that all necessary
governmental and regulatory approvals will be received as and when expected, that financing will be
available on reasonable terms, and that exploration, development and study activities will proceed as
currently planned. Although the Company believes 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, whether as a result of new information, future events or otherwise, except
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.
1
The full Initial Mineral Resource Estimate news release dated May 19, 2026, including detailed assumptions and methodology, is available at
www.awaleresources.com
and SEDAR+
www.sedarplus.ca
.
NOT FOR DISTRIBUTION TO UNITED STATES WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/305170