Awalé Resources Reports High Grade Gold and a New Copper-Gold Discovery from Odienné JV Drilling March XX, 2023

Awalé Resources Reports High Grade Gold and a New Copper-Gold Discovery from

Odienné JV Drilling

March XX, 2023 - Vancouver, BC - Awalé Resources Limited (“Awalé” or the “Company”) (TSXV: ARIC)

is pleased to provide the following assay results for scout drilling completed at the Charger and Sceptre

East targets at its Odienné Project in Côte d’Ivoire (Figure 1). A total of nine holes for 1,292.2m were

completed over initial geophysical and geochemical targets (see Company News Release dated

January 17 , 2023), with seven holes having intersected significant alteration and sulfide

mineralization. Highlights from this drilling are summarized below.

Highlights

CHARGER TARGET – High Grade Gold - Silver - Copper Target (Figures 2 and 3)

Two drill holes targeted intrusive -hosted sulfide mineralization underlying previously untested

gossans and new artisanal workings. Highlights include:

 OERC-132:

o 32m @ 3.0 g/t (grams per tonne) Au (gold), 0.17% Cu (copper) and 6.6 g/t Ag (silver)

from 74m downhole.

 Including 4m @ 12.4 g/t Au, 0.7% Cu and 30 g/t Ag from 78m downhole.

SCEPTRE EAST TARGET – New Discovery - Large Porphyry /Intrusion Related Gold-Copper Target

(Figures 4 and 5)

Initial scout drilling at Sceptre East focused on an approximately 1km long section of a multi-kilometer

combined ground geophysical (Induced Polarization, or IP) and soil ‘Cu-Au anomaly’. Over 500m x

300m of open mineralization has been identified at Sceptre east, the drill holes reported below all end

in mineralization.

 OERC-128 – End of Hole (“EOH”) at 126m

o 120m @ 0.13% Cu, 0.14 g/t Au, 1.5 g/t Ag and 8 2 ppm Mo (Molybdenum) from

6m downhole.

 Including 13m @ 0.12% Cu, 0.3 g/t Au, 1.6 g/t Ag and 146 ppm Mo from

39m downhole.

 And 48m @ 0.21% Cu, 0.11 g/t Au, 2.2 g/t Ag and 102 ppm Mo from 78m

downhole.

 OERC-129 - EOH at 132m

o 121m @ 0.18% Cu, 0.21 g/t Au, 2.4 g/t Ag and 136 ppm Mo from 11m downhole.

 Including 20m @ 0.3 g/t Au, 0.13% Cu, 1.7 g/t Ag and 18 3 ppm Mo from

30m downhole.

 And 22m @ 0.43% Cu, 0.5 g/t Au, 6.6 g/t Ag and 171 ppm Mo from 72m

downhole.

 OERC-130 – EOH at 138m

o 133m @ 0.13% Cu, 0.15 g/t Au, 1.6 g/t Ag and 312 ppm Mo from 5 meters

downhole.

 Including 38m @ 0.13% Cu, 0.21 g/t Au 1.7g/t Ag and 284 ppm Mo from

14m downhole.

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 And 28m @ 0.14% Cu, 0.21 g/t Au, 1.9 g/t Ag and 296.1 ppm Mo from

62m downhole.

The Sceptre Main and Sceptre West targets, within an adjacent 3km long soil Cu-Au anomaly, was

not tested during this scout drill program.

View Attached Figures:

Glen Parsons, Chief Executive Officer, commented:

” The results from these nine scout holes at the Charger and Sceptre East targets mark an exciting

turning point for Awalé going forward. The Odienné project has two new discoveries from the first two

targets drilled under the Newmont -funded JV, it seems cl ear that we are exploring in a large scale

polymetallic system that is now delivering exciting results and confirming the intrusive and structural

related models with multi -phase fluid flow. The understanding of the sheer scale of the Odienné

mineralized system is unfolding and accelerating as the exploration program gathers momentum.

The Charger and Sceptre East discoveries reflect the scale of the district scale mineralised system at

the Odienné project, with similarities in mineralization and alteration assemblages at both localities.

Along with the similarities there are distinct differences in the manifestation of mineralization at each

Target, with Charger having marked structural control, brecciation and high -grade fluid flow and

Sceptre East having a disseminated large tonnage lower grade intrusion related or porphyry style of

mineralization. Both targets are convincing and have significant potential, Charger is now wide open

to potential stacked parallel high -grade lodes and the Sceptre system has b een barely touched with

just 7 drill holes within a 202km target area.

The outlook for Awalé is compelling with a well-funded 3 million USD exploration program planned for

the Newmont JV and a promising permit pipeline in the Odienné district. We look forward to the team

in Cote d’Ivoire continuing to deliver excellent results to our shareholders from our continuing

exploration programs.”

Background on Charger– A new geologic model led to the drilling of two optimally oriented holes at

Charger with hole OERC -132 returning a 96 gram -meter gold intercept . Drilling targeted an IP

chargeability anomaly and mapped gossan with artisanal workings . The drill holes successfully

intersected polymetallic sulfide mineralization within an intrusive host and with the new model has

opened the Charger Target to contain multiple parallel lodes in a within hybrid intrusive/structural

mineralized system (Figure 2). This mineralization complements the previously reported drilling at

Charger – Drill hole OERC -89 returned 21m at 2.6 g/t Au and 16.9 g/t Ag from 13m downhole (see

Company News Release dated 14th June 2021 ). Intercepts returned from the 2 Charger holes are

shown below (Figure 3).

 OERC-131: Drilled behind gossan and artisanal workings.

o 10m @ 0.8 g/t Au and 2.1 g/t Ag from 3m downhole

o 18m @ 0.5 g/t Au and 7.4 g/t Ag from 31m downhole

 OERC-132: 40m step back from OERC-131.

o 32m @ 3.0 g/t Au, 0.17% Cu and 6.6 g/t Ag from 74m downhole.

 Including 4m @ 12.4 g/t Au, 0.7% Cu and 30.5 g/t Ag from 78m downhole.

Total sulfide content in the gold -copper mineralized interval in hole OERC -132 is significantly higher

than in OERC-131, suggesting increasing sulfide content with increasing depth.

Drilling at Charger has now intercepted two separate zones of polymetallic sulfide mineralization

which align with WNW to NW trending IP chargeability anomalies.

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The mineralized intercepts in OERC-89 and OERC-132 are impressive with 55-gram meter and 96-gram

meter gold intercepts with associated silver and copper mineralization.

These high-grade intercepts lie within a c.600x600m auger gold geochemical anomaly which aligns

with an intrusion recognizable as a magnetic low in RTP magnetic images along with the gradient array

IP completed at Charger (Figure 2). The intrusion is crosscut by the WNW and NE trending magnetic

features that are partly coincident with the IP trends dividing the intrusion in four rhomboidal shapes

which are likely a function of WNW and NE trending structures and/or lithological boundaries – each

of these having potential for mineralization.

The geophysical anomalies are also supported by WNW to NW trends within auger and legacy

Randgold geochemistry and point toward the potential for multiple or staked lodes within the diorite

intrusion. This model significantly upscales the potential for Charger to deliver high grade resources

and will be tested in future drill programs.

Background on Sceptre/Sceptre East - Seven discovery holes for 1,092.2m were drilled along 2km of

strike of the 5km long Sceptre mineralised system. This maiden program tested coincident anomalous

gold-copper soil geochemistry and IP Conductivity/Resistivity zones (see Company News Release

dated November 1 st 2022). Drilling was successful and has outlined a greater than 500m s trike

mineralized zone that has returned broad and open (>100 meter downhole) mineralised copper-gold-

silver and molybdenum intercepts. This mineralization remains open in all directions.

The broad zones of mineralization intercepted in this round of drill ing at Sceptre are hosted within a

porphyritic granodiorite exhibiting pyrite -silica-sericite alteration with disseminated and veinlet-

hosted visible chalcopyrite molybdenite mineralization, gold and silver occurrences are associated

with this sulfide mineralization. The observed alteration and sulfide assemblage are porphyry style

and is interpreted to be part of a larger intrusive related system at Sceptre . This system also has

proximal to distal iron oxide and potassic alteration.

Sceptre is interpr eted to be a large 20km 2 gold/copper/silver/molybdenum bearing minerali zed

system, as such the Company expects mineral and alteration zonation with depletion and enrichment

of these elements throughout the prospect area. The geochemistry data collected ove r the entire

Sceptre prospect (consisting of the Sceptre East, Sceptre Main and Sceptre West targets) points

toward metal zonation from gold rich/copper depleted in the west to copper rich and gold depleted

in the east. The discovery holes reported in this release are an encouraging entrée into what has

potential to be a world class mineralized system. Interpretation from these early scout holes points

toward the style of mineralization being at least partially intrusion related and does have hallmarks of

other Precambrian deposits such as Boddington in Western Australia. The Boddington mine is owned

and operated by Newmont*.

*References made to mines and analogous deposits provide context for the Odienné project but are

not necessarily indicative that these projects host similar tonnages or grades of mineralization.

Full results for all drill holes on each section are reported below.

SECTION 649775E - Three holes drilled on this section (Figure 5). All drill holes are mineralized from

surface and end in mine ralization. This drill section covers c.200m across the 500m strike of

mineralization and is open in all directions.

 OERC-128 – EOH at 126m

o 120m @ 0.13% Cu, 0.14 g/t Au, 1.5 g/t Ag and 8 2 ppm Mo (Molybdenum) from

6m downhole.

 Including 13m @ 0.12% Cu, 0.3 g/t Au, 1.6 g/t Ag and 146 ppm Mo from

39m downhole.

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 And 48m @ 0.21% Cu, 0.11 g/t Au, 2.2 g/t Ag and 102 ppm Mo from 78m

downhole.

 OERC-129 - EOH at 132m

o 121m @ 0.18% Cu, 0.21 g/t Au, 2.4 g/t Ag and 136 ppm Mo from 11m downhole.

 Including 20m @ 0.3 g/t Au, 0.13% Cu, 1.7 g/t Ag and 18 3 ppm Mo from

30m downhole.

 and 22m @ 0.43%Cu, 0.5 g/t Au, 6.6 g/t Ag and 171 ppm Mo from 72m

downhole.

 OERC-130 – EOH at 138m

o 133m @ 0.13% Cu, 0.15 g/t Au, 1.6 g/t Ag and 312 ppm Mo from 5 meters

downhole.

 Including 38m @ 0.13% Cu, 0.21 g/t Au 1.7g/t Ag and 284.4 ppm Mo from

14m downhole.

 And 28m @ 0.14% Cu, 0.21 g/t Au, 1.9 g/t Ag and 296.1 ppm Mo from

62m downhole.

SECTION 649275E – 500m west of section 649775 E, one RC/DD hole was drilled to test an initial IP

chargeability resistivity contact zone followed by a deeper high order IP chargeability zone.

Mineralization was intercepted in both targets and the upper zone is a strike equivalent of

mineralization intercepted in holes OERC128 to 130 on section 649775E (referred to as hanging wall

mineralization).

 OERD-125 – EOH at 273.2m Mineralized from Surface.

o 111m @ 0.12% Cu, 0.12 g/t Au, 2.1 g/t Ag and 14 7 ppm Mo (hanging wall

mineralization)

Footwall mineralization is lower grade and is associated with up to 15% sulfide, dominated by pyrite

and occasional chalcopyrite that is disseminated into shear bands an d strongly foliated extrusive

volcanics and in fractured porphyritic Intrusive rocks. G old mineralization is associated with

chalcopyrite and molybdenite filled fractures and shear bands that develop at the contacts to the

coarser grained and quartz rich porphyritic intrusions. The mineralized system remains open at depth.

SECTION 649575E – Targeted the northern margins of the interpreted porphyritic intrusion (OERC-

127) and a chargeability high (OERC-126) interpreted as a potential fluid pathway.

 OERC-126 – EOH 183m had no significant intercepts , the hole dropped significantly and did

not reach the core of the high chargeability anomaly.

 OERC-127 intercepted the host Granodiorite porphyry in the upper parts of the drillhole and

returned 47m @ 0.12% Cu, 0.04 g/t Au, 1.9 g/t silver and 94ppm Mo from 3 m downhole.

SECTION 648775E – OERC-133 EOH 120m. A 550m step NW along the NW tending chargeable resistive

anomaly that is interpreted to represent a primary fluid pathway. The hole consisted of biotite-silica

altered volcanics with minor intrusive rocks, similar to the proximal alteration observed at the Empire

target. No significant values were intercepted. However, the system remains open to the west.

The Odienné JV

The Odienné project JV is subject to an earn -in agreement with Newmont Ventures Limited

(“Newmont”; see Company News Release dated May 31, 2022 ) through which Newmont retains the

option to earn-in to a minimum of 65% interest, from Awalé, in the project in return for USD 15M of

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exploration expenditures. Newmont is sole funding the exploration program at Odienné and Awaleé

is managing the project in the initial three-year phase. The JV budget from Newmont for 2023 is USD

3M.

Next Steps

At Sceptre, IP surveys are currently being extended across the entire Sceptre Target area, this survey

includes pole – dipole sections as well as gradient array. Trenches are also being opened along the

three mineralized drill sections at Sceptre (649275E, 649575E and 649775E). Follow up drilling is being

planned to expand and compliment the mineralization reported in this release as well as further

discovery drilling at the Lando and Sceptre Main prospects. These RC and diamond drill programs are

expected to be completed before the wet season onset in July.

Aerial magnetic/radiometric survey permitting is now underway and the surveys are expected to

commence in early April – this will be a permit wide 100m line spaced helicopte r survey. Further to

compliment the IP and magnetic geophysical surveys a ground gravity survey has is also expected to

commence this quarter with a permit wide survey planned on a 400m grid spacing. The gravity survey

will initially be focused on the kno wn prospects (Sceptre, Charger, Lando etc) and then expand over

the entire permit. Gravity surveys will assist in understanding the intrusion related system we have at

Odienné.

Quality Control and Assurance

Analytical work for drill samples is being carried out at the independent Intertek Laboratories in Ghana

and Australia Ltd. an ISO 17025 (2017) Certified Laboratory. Samples are stored at the Company’s field

camps and put into sealed bags until collected by Intertek from the Company’s secure Odienné office

and transported by Intertek to their preparation laboratory in Yamoussoukro, Cote d’Ivoire for

preparation. 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 1 stream to Intertek

Ghana for Fire Ass and a second to Aus tralia where the sample analysed by 52 element ICP/MS with

an Aqua Regia digest. 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 downhole length weighted intercepts.

For the Sceptre Target broad mineralised intervals are calculated using a 0.05%Cu lower cut grade and

10m of internal included intervals are calculated using a combination of 0.1%Cu and 0.15g/t Au with

10m and 5m of internal waste respectively. For the Charger Target initial intervals are calculated at a

0.2g/t interval including 3m of internal waste. Included intervals are at a 5g/t Au cut off with no waste.

True widths are unknown as all reported intervals are from RC drilling with a limited number of holes

for each prospect.

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 Operating 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 Geologists (SEG). Mr Chubb has more than 18 years of experience in international

minerals exploration and mining project evaluation.

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ON BEHALF OF THE BOARD

AWALE RESOURCES LIMITED

“Glen Parsons”

Glen Parsons, President and CEO

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

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

About Awalé Resources

Awalé is a diligent, systematic mineral expl oration company focused on the discovery of large high -

grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the

underexplored parts of Côte d’Ivoire. Awalé’s exploration success to date has culminated in a fully-

funded earn-in Joint Venture with Newmont (the “Newmont JV”) covering the Odienné Project in the

Northwest of Côte d’Ivoire where two primary targets for world-class discoveries have been made: i)

the gold-rich Empire corridor, and ii) the recently defined Charger, Sceptre and now Lando Iron Oxide

Copper Gold (“IOCG”) and intrusive related targets. Parts of the remaining 200km2 of granted tenure

and 400km 2 under application remains underexplored and offers significant IOCG potential. The

Newmont JV forms the solid foundation for the Company to continue looking at new opportunities in

new jurisdictions which offers significant potential for district scale discoveries.

Forward-Looking Information

This press 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 thos e, 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 press

release include but are not limited to statements regarding the closing of the Acquisition and Private

Placement, the Company's presence in Suriname and ability to achieve results, creation of value for

Company shareholders, achievements under the Newmont JV, planned drilling, commencement of

operations, . Although the Company believes any forward-looking statements in this press release are

reasonable, it can give no assurance that the expectations and assumptions in such statements will

prove to be correct.

The Company cautions investors that any forward -looking statements by the Company are not

guarantees of future results or performance and that actual results may differ materially from those

in forward-looking statements as a result of various factors, including the potential inability to obtain

required regulatory approvals and satisfy other applicable closing conditions; possible adverse impacts

due the global outbreak of COVID-19; the Company's inability to generate sufficient cash flow or raise

sufficient additional financing requirements; volatility in metals prices; the ability of the Company to

retain its key management employees and skilled and experienced personnel; conflicts of interest;

litigation or other administrative proceedings brought against the Company; actual or alleged

breaches of governance processes or i nstances of fraud, bribery or corruption; exploration,

development and mining risks and the inherently dangerous nature of the mining industry, and the risk

of inadequate insurance or inability to obtain insurance to cover these risks and other risks and

uncertainties; property and mineral title risks including defective title to mineral claims or property;

changes in national and local government legislation, taxation, controls, regulations and political or

economic developments in Canada and Suriname ; eq uipment shortages and the ability of the

Company to acquire necessary access rights and infrastructure for its mineral properties;

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environmental regulations and the ability to obtain and maintain necessary permits, including

environmental authorizations and water use licences; extreme competition in the mineral exploration

industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations

or failures to comply with the terms of such permits; risks of doing business in Suriname , including but

not limited to, labour, economic and political instability and potential changes to and failures to comply

with legislation; the Company's common shares may be delisted from the TSX Venture Exchange if it

cannot maintain compliance with the applicable listing requirements; and other risk factors described

other filings with Canadian securities regulators, which may be viewed at www.sedar.com . Any

forward-looking statement speaks only as of the date on which it is made and, except a s may be

required by applicable securities laws, the Company disclaims any intent or obligation to update any

forward-looking statement, whether because of new information, future events or results or otherwise.

Cautionary Statement

NEITHER TSX VENTURE EX CHANGE 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.

Awalé Resources Reports High Grade Gold and a New Copper-Gold Discovery from

Odienné JV Drilling

Figure 1: Odienné Project, Prospect Locations. Drilling at Sceptre East and Charger (red

boxes) are reported in this release.