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

VANCOUVER in BC, Dec. 20, 2022 /CNW/ – Awalé Resources Limited (“Awalé“, or the “CompanyThe following updates are provided by “) (TSXV, ARIC).

Colossal-Gold Acquisition Update

The Company is currently finalizing details for a financing to raise minimum gross proceeds. CAD$2,000,000 (the “Private Placement“). Closing of the Private Placement is a condition of completion of Awalé’s acquisition (the “AcquisitionColossal Gold Resources Limited Limited (“Colossal “) (refers to the Company’s news releases September 13, October 11,, November 8, 2022And December 1, 2022 for further details). The Company anticipates that this Private Placement will be completed in the early part of next year January 2023. As required by the TSX Venture exchange (“TSXV“) The Company submitted on SEDAR a technical document regarding Colossal’s Northwest Goliath Project, Suriname. December 15, 2022. In order to receive final TSXV acceptance, the Company is currently completing the final filing requirements. Awalé and Colossal have agreed to extend the Outside Date for satisfaction of all closing conditions from December 20, 2022 To January 31, 2023.

Odienné JV Update – Initial Scout Drilling

An initial 9-hole scout drilling program at the Odienné JV project in Côte D’Ivoire is now complete. Seventeen holes have been completed in the first pass. Sceptre These Iron Oxide Copper Gold were used to drill two additional holes at Charger.IOCGTargets in the “” style The Intertek Yamoussoukro preparation laboratory will receive samples from this drilling program for preparation and shipment. Australia Multi-element analysis Ghana Fire assay. Multi-element results will be available by February. Fire assay results should be received by January 31. Once the results have been received and interpreted it is expected that drilling will resume over these targets in Q1-2023. This drilling campaign also includes a maiden scout drilling programme for the Lando target.

About Awalé Resources

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 Lando Iron Oxide Copper Gold (“IOCG“) targets. Parts of the remaining 200km² Granted tenure and 400km² Under application is still underexplored, but has significant IOCG potential. The Company has the solid foundation of the Newmont JV to continue searching for new opportunities in other jurisdictions, which offer substantial 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.

Qualified Person

The news release’s technical and scientific content has been reviewed by and approved for publication. Andrew ChubbThe Company’s Qualified person as per National Instrument 43-101. Chief Operating Officer of the Company, Mr. Chubb holds an Economic Geology degree and is a member of the Society of Economic Geologists. Over 18 years of experience in international mining exploration and project evaluation is Mr. Chubb.

THE BOARD AWALE LIMITED RESOURCES LIMITED

“Derk Hartman” – Independent Director and Chairman of the Special Committee
Derk HartmanDirector

Forward-Looking information

This press release contains forward looking information as defined by Canadian securities laws. Forward-looking statements can be identified using words like “believe, expect, anticipate”, intend, estimate and plan, postulate, and similar expressions. They also refer to future events by nature. Forward-looking statements include statements that do not reflect historical facts. This press release contains forward-looking statements, including statements about the acquisition and private placement, Company’s presence and ability to achieve results in Suriname, creation of shareholder value, achievement under the Newmont JV and planned drilling, and commencement of operations. While the Company believes that any forward-looking statements contained in this press release can be trusted, it cannot guarantee that they will be accurate.

Investors are cautioned that forward-looking statements made by the Company do not guarantee future results. Actual results could differ materially from the Company’s forward-looking statements due to various factors including: possible adverse effects of COVID-19, inability of the Company generate sufficient cash flow, or raise additional financing requirements; volatility of metals prices; conflicts of interest; litigation against the Company; actual and alleged breaches in governance processes; conflict of interest; litigation; other administrative proceedings brought to the Company; property and mineral title risk including deficient title to claims or mineral properties; taxation and regulations Canada Suriname – equipment shortages and the Company’s ability to acquire the necessary access rights, infrastructure, and permits for its mineral properties; environmental regulations, including water use licences, and delays in obtaining or failing to obtain permits. Extreme competition in the mining industry. The Company’s common shares could be delisted from TSX Venture Exchange if the Company fails to meet the applicable listing requirements. Other risk factors may also be described in filings with Canadian securities regulators. www.sedar.com . Any forward-looking statement is only valid as of the date it was made. Except as required by securities laws, the Company disclaims any intent to update any forward looking statement.

Cautionary Statement

Neither TSX Venture Exchange nor its REGULATION Services Provider (AS DEFINED IN THE POLICIES of THE TSXVENTUREEXCHANGE) ACCEPTS RESPONSIBILITY TO THE ACCURACY OR ADEQUACY OF THIS RELEASE