Awalé Announces Closing of C$11.5 Million “Bought Deal” Private Placement of Units

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES

OR FOR DISSEMINATION IN THE UNITED STATES

AWALÉ ANNOUNCES CLOSING OF C$11.5 MILLION “BOUGHT DEAL”

PRIVATE PLACEMENT OF UNITS

Toronto, Ontario–(Newswire – May 8, 2024) Awalé Resources (TSXV: ARIC) ( “Awalé” or “the Company”) is pleased to

announce that it has closed the bought-deal private placement initially announced on April 17, 2024 (the “Offering”). The

Company issued 18,549,500 units ( “Units”) of the Company (which includes 2,419,500 Units issued pursuant to the

exercise in full of the over -allotment option) at a price of C$0.62 per Unit for aggregate gross proceeds of $11,500,690 .

The Offering was underwritten by Canaccord Genuity Corp. on behalf of a syndicate of underwriters (collectively, the

“Underwriters”).

Each Unit consists of one common share of the Company (“Common Share”) and one-half of one common share purchase

warrant of the Company ( each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one Common

Share at a price of C$0.80 per Common Share until May 8, 2026.

The net proceeds received from the Offering will be used to advance Awalé’s projects in Côte d’Ivoire, as well as for

working capital and general corporate purposes. In connection with the Offering, the Company paid the Underwriter s a

cash commission equal to 6% of the gross proceeds from the Offering.

The Common Shares and the Warrants issued pursuant to the Offering, and any Common Shares issued upon the exercise

of Warrants, are subject to a hold period of four months plus one day from the date of closing of the Offering. Completion

of the Offering is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory

approvals, including TSX Venture Exchange (the “TSXV”) final acceptance.

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, including any of the securities

in the United States of America. The securities have not been and will not be registered under the United States Securities

Act of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United

States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered

under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

About Awalé Resources

Awalé is a diligent and systematic mineral exploration company focused on the discovery of large high -grade gold and

copper-gold deposits. The Company undertakes exploration activities in the underexplored parts of Côte d’Ivoire. Awalé’s

exploration succes s to date has culminated in a fully funded earn -in Joint Venture with Newmont Ventures Limited

covering one permit and one application (the “Odienné Project JV”), where four significant gold and gold -copper-silver-

molybdenum discoveries have been made.

The Odienné Project JV is located within Awalé’s greater Odienné Copper -Gold Project (the “Project”) which consists of

2462 km2 of tenure in the Northwest of Côte d’Ivoire. The Odienné Project JV consists of 400km2 of granted tenure and

400km2 under application, or approximately ⅓ of Awalé’s total holding in the district. The Company announced 26 g/t gold

over 57m, including 45.7 g/t gold over 32m from 165m downhole at the Charger Prospect and the discoveries have

significant scope for growth and resource development. The Project has multiple pipeline prospects that have similar

geochemical fingerprints to Iron Oxide Copper Gold (IOCG) and intrusive related mineral systems that offers significant

potential for district scale discoveries.

ON BEHALF OF THE BOARD OF

AWALE RESOURCES LIMITED

“Andrew Chubb”

Andrew Chubb, CEO For additional information you are invited to visit the Awalé Resources Limited website at

www.awaleresources.com, or contact Andrew Chubb CEO (+356) 99139117, [email protected].

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, postulate and similar expressions, or are those, which, by their nature, refer to future

events. All statements that are not stat ements of historical fact are forward -looking statements. Forward -Looking

statements in this news release includ e but are not limited to statements regarding, expectations about the use of

proceeds from the Offering and TSXV final acceptance . 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, changes in the state of equity and debt markets, fluctuations in commodity prices, delays

in obtaining required regulatory or governmental approvals, and other risks involv ed 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. A lthough 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.