Awalé Announces Exercise of Participation Rights by Fortuna Mining

Highlights

• Fortuna Mining will maintain its equity ownership in Awalé through the subscription of 5,695,312 common shares.
• Gross proceeds from the financing increase by approximately $4.84 million to approximately $19 million.
• Awalé is expected to have over $35 million in cash following closing, together with Newmont funding the Odienné Joint Venture.

Toronto, Ontario--(Newsfile Corp. - July 27, 2026) - Awalé Resources Limited (TSXV: ARIC) (OTCQX: AWLRF) (FSE: 2F60) ("Awalé" or the "Company") is pleased to announce that Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) ("Fortuna") has exercised its participation rights in connection with the Company's previously announced non-brokered private placement (the "Offering") with Predictive Discovery Limited (ASX: PDI) (TSX: PDI) ("PDI"), announced on July 14, 2026. 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 very pleased that Fortuna has elected to maintain their ownership position in Awalé through this financing," said Andrew Chubb, President and CEO of Awalé Resources.

"Fortuna has been a valued strategic shareholder since their initial investment in the Company, and their decision to participate alongside PDI reflects continued confidence in the quality of the Odienné Project and its district-scale potential. Following closing, Awalé is expected to have over $35 million in cash, together with Newmont funding exploration across the Joint Venture. With a well-funded treasury, we have the flexibility to pursue additional discoveries across our 100%-owned land package while continuing to unlock the broader potential of the Odienné district beyond the initial Mineral Resource defined on the Joint Venture".

As previously announced, PDI has agreed to subscribe for 16,642,352 common shares of the Company at a price of $0.85 per share for gross proceeds of approximately $14,160,000. Including Fortuna's participation, the Company expects to issue an aggregate of 22,337,664 common shares for total gross proceeds of approximately $18,987,000.

Upon completion of the Offering, the Company is expected to have 141,334,595 common shares issued and outstanding. PDI will hold 16,642,352 common shares, representing approximately 11.8% of the Company's issued and outstanding common shares on an undiluted basis, while Fortuna will hold 20,732,905 common shares, representing approximately 14.7% of the Company's issued and outstanding common shares on an undiluted basis.

No warrants are being issued in connection with the Offering. The Company has agreed to pay a cash commission of 3.0% of the gross proceeds from the PDI subscription, subject to the approval of the TSX Venture Exchange. Closing of the Offering, including Fortuna's participation, is expected to occur in 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. All securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day from the Closing Date in accordance with applicable Canadian securities laws.

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 Estimate¹ 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 km² across seven permits, including 797 km² 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.

AWALÉ Resources Limited
On behalf of the Board of Directors

"Andrew Chubb"
Chief Executive Officer

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/306636

Source: Awale Resources Ltd.