🇨🇦 ARIC 🇺🇸 AWLRF 🇩🇪 2F60

Odienné Project  ·  Côte d’Ivoire

Mineral Resource Estimate

BBM · Charger · Empire

Effective Date: [Date TBD]  |  Prepared in accordance with NI 43-101
Qualified Person: [Name, Designation, Firm]

overview

Initial Mineral Resource Estimate

Awalé Resources Limited is pleased to announce its initial Mineral Resource Estimate (“MRE”) for the Odienné Project, Côte d’Ivoire. The MRE was prepared by [Firm Name] and was completed in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards and Best Practices Guidelines. The Qualified Person responsible for the MRE is [Name], [Designation].

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Inferred Mineral Resources have a lower level of confidence than Indicated Mineral Resources and must not be converted to Mineral Reserves. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated category with continued exploration.

  • The MRE covers three discoveries: BBM (bulk-tonnage gold-copper), Charger (high-grade gold), and Empire (high-grade gold), all within the 2,346 km² Odienné Project.
  • All three deposits remain open for expansion along strike and at depth — significant resource growth potential exists across the project.
  • The Newmont JV covers the BBM and Charger deposits; Empire is wholly-owned and fully funded through the Fortuna Mining strategic investment.
  • A resource expansion drilling program is ongoing; updated MRE estimates will be released as additional data is received.
Total M&I Resource
3.5 Moz AuEq

Measured + Indicated, all deposits

Average M&I Grade
3.70 g/t AuEq
Weighted average across all deposits*
 
Total M&I Resource
724 koz AuEq
Open for expansion at all three deposits

overview

Summary of Mineral Resource Estimate

The MRE is summarized in the table below. Gold equivalent (“AuEq”) grades are calculated using metal prices of US$[X]/oz Au and US$[X]/lb Cu, with process recoveries of [X]% Au and [X]% Cu. AuEq = Au (g/t) + Cu (%) × [conversion factor].

Deposit / Classification Tonnes
(kt)		 Au
(g/t)		 Cu
(%)		 AuEq
(g/t)		 Au
(koz)		 Cu
(kt)		 AuEq
(koz)
BBM Deposit Au–Cu · Bulk Tonnage
Measured [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Indicated [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
M&I Subtotal [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Inferred [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Charger Deposit Au · High Grade
Measured [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Indicated [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
M&I Subtotal [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Inferred [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Empire Deposit Au · High Grade
Measured [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Indicated [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
M&I Subtotal [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Inferred [TONNES][AU G/T][CU %][AUEQ G/T] [AU KOZ][CU KT][AUEQ KOZ]
Grand Total — M&I [TOTAL KT]——[AVG AUEQ] [TOTAL AU][TOTAL CU][TOTAL AUEQ]
Grand Total — Inferred [TOTAL KT]——[AVG AUEQ] [TOTAL AU][TOTAL CU][TOTAL AUEQ]

1 The Mineral Resource Estimate was prepared by [Firm Name], an independent Qualified Person as defined by NI 43-101, with an effective date of [Date].

2 Mineral Resources are classified in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) and CIM Best Practices Guidelines (2019).

3 Mineral Resources are reported at a cut-off grade of [X] g/t AuEq. Cut-off calculations assume metal prices of US$[X]/oz Au and US$[X]/lb Cu, recoveries of [X]% Au and [X]% Cu, and operating costs of US$[X]/t.

4 AuEq = Au (g/t) + Cu (%) × [conversion factor].

5 The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

6 Rounding may result in apparent summation differences between tonnes, grade, and contained metal content.

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Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This page contains forward-looking information within the meaning of applicable securities laws. Actual results may differ materially from those expressed or implied. Readers are directed to the full NI 43-101 technical report filed on SEDAR+ for complete details including assumptions, parameters, risks, and Qualified Person qualifications.