Update on Colossal Gold Acquisition in Suriname and Odienné JV in Côte d'Ivoire

The Company is in the process of finalizing the details of a financing to raise a minimum of gross proceeds of CAD$2,000,000 (the "Private Placement"). Closing of the Private Placement is a condition of completion of Awalé's acquisition (the "Acquisition") of Colossal Gold Resources Limited ("Colossal ") (refer to the Company's news releases of September 13, October 11, November 8, 2022, and December 1, 2022 for further details). The Company anticipates that the Private Placement will close in early January 2023. As required by the TSX Venture Exchange ("TSXV"), the Company filed on SEDAR a technical report regarding Colossal's Northwest Goliath Project in Suriname on December 15, 2022. The Company is also in the process of satisfying the final filing requirements of the TSXV in order to obtain final TSXV acceptance of the Acquisition. Awalé and Colossal have agreed to extend the Outside Date for satisfaction of all closing conditions from December 20, 2022 to January 31, 2023.

An initial 9-hole scout drilling program at the Odienné JV project in Côte D'Ivoire is now complete. Seven first pass drill holes at Sceptre and two follow-up holes at Charger were drilled over these Iron Oxide Copper Gold ("IOCG") style targets. Samples from this drilling program will be sent to the Intertek Yamoussoukro preparation lab for preparation and shipment to Australia for multi-element analysis and Ghana for fire assay. Fire assay results are expected by the of end January and multi-element results by the of end February. After results are received and interpreted, it is anticipated that drilling will recommence over these targets in Q1 2023. A maiden scout drilling program for the Lando target is also anticipated with this drilling campaign.

Awalé is an exploration 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") targets. Parts of the remaining 200km² of granted tenure and 400km² 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. Awalé is currently in the process of completing the Acquisition of Colossal, a private company with a highly prospective gold exploration portfolio in Suriname, which provides an excellent strategic fit and future growth potential for Awalé.

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.

ON BEHALF OF THE BOARD AWALE RESOURCES LIMITED

"Derk Hartman" - Independent Director and Chairman of the Special Committee
Derk Hartman, Director

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 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 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 instances 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 ; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; 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 as 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.

NEITHER 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

SOURCE Awale Resources



Contact
you can visit the Awalé Resources Ltd. website at www.awaleresources.com, or contact Karen Davies, Head of Investor Relations at Tel: +1.604.314.6270