Awalé Resources Issues payment shares under MOU Drill for Equity

Awalé Resources Issues payment shares under MOU Drill for Equity

January 6, 2022 – Vancouver, BC – Awalé Resources Ltd. (TSXV: ARIC) (the “Company” or “Awalé”) is

pleased to announce that it has received Exchange approval and has issued 218,249 payment shares at an

effective price of around C$0.23 in settlement of C$49,673.27 in drilling services pursuant to the

Memorandum of Understanding ("MoU") with Geodrill Limited (TSX: GEO, "Geodrill") as originally

announced April 12, 2021.

Pursuant to the MoU’s , US$1 million drilling for equity program, Awalé has the option to pay Geodrill

for its services in cash or a combination of cash and/or shares of the Company pursuant to VWAP and

Exchange policy governing market discounts.

The shares are subject to a hold period trading restriction which expires May 4, 2022.

ON BEHALF OF THE BOARD OF DIRECTORS

AWALÉ RESOURCES LTD.

“Glen Parsons”

Glen Parsons, Director

For additional information you are invited to visit the Awalé Resources Limited website at

www.awaleresources.com, or contact Karen Davies, Head of Investor Relations at Tel: 604.314.6270

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.