Awalé Resources Limited announced it has commenced a 2500 metre RC and diamond drill program at its Odienné Project in Cote d'Ivoire. This program will follow-up on recent discoveries at the Charger and Sceptre East Targets, where significant intrusion related gold-copper mineralisation has been intersected. The Company also expects to undertake maiden drilling into the much anticipated Lando and Sceptre Main Targets.

Additionally, the company completed a permit wide detailed airborne magnetic and radiometric survey last week, with processed data expected in mid-June. The Odienné JV is a Joint Venture fully funded by Newmont Corporation ("Newmont") with a 3 million USD budget allocation for 2023. The Sceptre Main and Sceptre West targets, within an adjacent 3km long soil Cu-Au anomaly, was not tested during this scout drill program.

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 exploration expenditures. Newmont is funding the exploration program at Odienné and Awalé is managing the project in the initial three-year phase. The JV budget from Newmont for 2023 is USD 3 Million.

Next Steps: At Sceptre, IP surveys are currently being extended across the entire Sceptre Target area, which will include 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 has now commenced with a view to expand and complement the previously reported mineralization and push the targets toward resource development drilling.

The follow up programs will be accompanied by discovery drilling at the Lando prospect. These RC and diamond drill programs are expected to be completed before the wet season onset in July. Airborne magnetic/radiometric survey permitting is now complete with processed data and initial interpretations expected in mid-June – this helicopter borne survey covered the entire permit at a 100m line spacing.

Additionally, a ground gravity survey has commenced this quarter, this survey is planned on a 400m grid spacing and is planned to cover the entire permit. The gravity survey will initially be focused on the known prospects (Sceptre, Charger, Lando) and then expand to cover the entire permit. Detailed geophysics will aid the company in understanding the structural architecture and assist in drill and exploration planning.