Awalé Resources Announces Board Changes

Vancouver, British Columbia--(Newsfile Corp. - May 16, 2024) - Awalé Resources (TSXV: ARIC) ("Awalé" or the "Company") is pleased to welcome two new members and the appointment of current member Stephen Stewart as Chair of the board of directors. Mr. Robin Birchall and Mr. Derk Hartman will be stepping down from their positions, allowing for Awalé to welcome Mr. Anthony Moreau and Mr. Karl Akueson as new directors.

Andrew Chubb, CEO of the Company, commented:

"We welcome these changes to our board as the Company transitions to becoming a key player in a new mining frontier in Côte d'Ivoire. I extend my gratitude to Mr. Hartman and Mr. Birchall for their pivotal roles in steering the Company to its current position, where we are well placed to undertake our next growth phase. Mr. Hartman, a co-founder of Awalé, has consistently supported the team, significantly contributing to the Company's growth through successful exploration. Since joining the board in November 2022, Mr. Birchall has played a fundamental role in driving corporate advancements. We wish them both the best with their future endeavors."

"In tandem, we welcome our new board members Mr. Moreau and Mr. Akueson. Karl is a natural resources entrepreneur, Ivorian national residing in Côte d'Ivoire. He is a co-founder of Awalé and has been an advisor to the Company since listing in 2017. His new directorship is integral to raising the Company's profile in Côte d'Ivoire. Tony is CEO and director of American Eagle Gold Corp., where he has played a pivotal role in the corporate advancement of its recent exploration success."

Anthony Moreau is the CEO and Director of American Eagle Gold and also serves as a Director of QC Copper & Gold, Orecap Invest, and Mistango River Resources. He was formerly with IAMGOLD, where he held various roles in Business Development and Innovation. Anthony is also the leader of the Young Mining Professionals Toronto. He also co-founded the YMP Scholarship Fund, which has raised over $1.25 million since its inception seven years ago. Anthony‎ is a Queen's School of Business graduate and a Chartered Financial Analyst (CFA).

Karl Akueson is an Ivorian born natural resources entrepreneur who co-founded Awalé Resources following a career in metals and mining investment banking at BMO Capital Markets in London. He recently founded and is the current CEO of Switch Metals, a private exploration company focused on technology metals in Cote d'Ivoire. Karl is based in Abidjan. He is a graduate from Imperial College Royal School of Mines - MSc Metals and Energy Finance, and the University of Manchester - MEng Chemical Engineering.

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 success 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 2,462 km² of tenure in the Northwest of Côte d'Ivoire. The Odienné Project JV consists of 400 km² of granted tenure and 400km² under application, or approximately 30% of Awalé's total holding in the district. The Company announced 26 g/t gold over 57 m, including 45.7 g/t gold over 32 m from 165 m 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].

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