Awale Resources Limited · TSXV:ARIC
Awale Resources — Investor Presentation (September 2026)
32 slides from Awale Resources's investor presentation, September 2026
Slide 1: Odienné: Building a New Gold and Copper District
Odienné Building a New Gold and Copper District TSXV: ARIC | OTCQX: AWLRF | FSE: 2F60 awaleresources.com
Slide 2: Investment Highlights
Investment Highlights Initial Mineral Resource Defined, District Upside Ahead 1,707,000 oz AuEq. at 1.64 g/t AuEq. ▪ Foundation - resource growth through to PFS Tienko ▪ Positive metallurgy (application) Growth Pipeline GB (application) ▪ 100,000m drilling on JV permits in 2026 ▪ 15,000m drilling on
Slide 3: Initial Mineral Resources Estimate: A strong foundation
Initial Mineral Resources Estimate: A strong foundation 32.4 Mt 1,707,000 oz 1.64 g/t Tonnes Gold Equivalent (AuEq.) Gold Equivalent (AuEq.) Grade Contained Metal Deposit Category Type Tonnes AuEq. Au Cu AuEq. Au Cu (Mt) (g/t) (g/t) (%) (oz) (oz) (tonnes) Inferred Open Pit 21.5 1.37 1.03 0.32 947,00
Slide 4: Odienné Metallurgy: High recoveries with simple, conventional processing
Odienné Metallurgy: High recoveries with simple, conventional processing Deposit-specific testwork exceeded the gold recovery assumptions used in the May 2026 Mineral Resource Estimate BBM CHARGER EMPIRE GOLD EXTRACTION GOLD EXTRACTION GOLD EXTRACTION 91.0% 97.0% 97.8% Whole-ore cyanidation Whole-or
Slide 5: Tight structure & strong shareholders
Tight structure & strong shareholders CAPITAL STRUCTURE Newmont 8.1% Basic Shares Outstanding 143,456,467 Restricted Share Units (RSUs) 535,000 Fortuna Mining Warrants 1,454,357 HNW & Retail 16.3% 35.5% Options 9,180,666 ~ 143.5M Fully-Diluted Shares Outstanding 154,626,490 SHARES OUTSTANDING PDI Go
Slide 6: Odienné Project: Advancing the resource and development pathway
Odienné Project: Advancing the resource and development pathway Completed Current Focus Development Pathway PRE-FEASIBILITY INITIAL MINERAL RESOURCE GROWTH & STUDY (PFS) RESOURCE ESTIMATE ECONOMIC STUDIES & MINING LICENCE (MRE) APPLICATION JV Permits 100%-Owned Permits Pipeline ✓ MRE Sienso (Fremen)
Slide 7: Odienné: Resource Estimate - A Foundation for Growth
Odienné: Resource Estimate - A Foundation for Growth Odienné: 1.71 Moz AuEq. resource at 1.64 g/t AuEq. ▪ Moz StrongAuEq. resource growth and conversion potential ▪ BBM cornerstone deposit – Underground growth ▪ Open pit & underground potential ▪ Charger - Strike expansion and underground growth ▪ E
Slide 8: Peer Positioning – African Gold Developers
Peer Positioning – African Gold Developers Grade, Tonnes and Market Capitalization 3.00 2.50 Misisi (Avanti) 2.00 M&I+I Grade ( g/t AuEq.) Odienné (Awalé) Afema (Turaco) 1.50 Boundiali/Napie (Aurum) Kada (Asara) 1.00 Kandiole (Roscan) Sanankoro (Cora) 0.50 Enchi (Newcore) Kokoseb (WIA) Kobada (Touba
Slide 9: BBM: Cornerstone deposit
BBM: Cornerstone deposit Grade Contained Metal Type Tonnes AuEq. Au Cu AuEq. Au Cu (Mt) (g/t) (g/t) (%) (oz) (oz) (tonnes) Open Pit 21.5 1.37 1.03 0.32 947,000 714,000 68,000 ➢ 1.36 Moz AuEq. @ 1.52 g/t AuEq. Underground 6.3 2.01 1.60 0.39 409,000 325,000 25,000 Combined 27.8 1.52 1.16 0.33 1,356,00
Slide 10: BBM: Expanding footprint & underground potential
BBM: Expanding footprint & underground potential ➢ Recent results: ▪ 38m @ 3.0 g/t Au & 0.5% Cu from 447m, including 6m @ 6.4 g/t Au & 0.95% Cu in BBDD-12 ▪ 42m @ 1.9 g/t Au & 0.57% Cu from 570m, including 10m @ 3.7 g/t Au & 0.85% Cu in BBDD-21 ▪ 22m @ 1.3 g/t Au & 0.84% Cu from 505m in BBDD-09 ▪ 42
Slide 11: Charger: High-grade underground deposit
Charger: High-grade underground deposit Grade Contained Metal Type Tonnes AuEq. Au Cu AuEq. Au Cu (Mt) (g/t) (g/t) (%) (oz) (oz) (tonnes) Underground 1.6 4.64 4.62 0.02 232,000 231,000 380 ➢ 232 koz AuEq. @ 4.64 g/t AuEq. ➢ Initial resource constrained to 400m depth ➢ Growth potential along strike a
Slide 12: Charger: High-grade underground deposit
Charger: High-grade underground deposit ➢ Demagnetized targets recognized ▪ 4 demagnetized cells within the Charger intrusion – Untested blue-sky targets ➢ System intercepted at depth now 600m below surface ▪ Open at depth and along strike ➢ 24,391m drilled in 2026 ➢ Multiple very high-grade interce
Slide 13: Charger: The 'Charger 2' discovery
Charger: The ‘Charger 2’ discovery Charger 2 Charger 1 Charger 2 Discovery Shallow, high-grade gold zone 200m southwest of Charger 1 ➢ Intercepts include: ▪ 16.3 g/t Au over 1m, within 2.6 g/t Au over 10m from 100m in OEDD-158 ▪ 12.2 g/t Au over 1m, within 2.2 g/t Au over 10m from 208m in OEDD-156 ▪
Slide 14: Empire: Near-surface open pit gold deposit
Empire: Near-surface open pit gold deposit ➢ 119 koz Au @ 1.23 g/t Au ➢ From surface free gold target on 20 km-long corridor, 2.5 km south of Charger with only 5 km explored ➢ Presence of visible gold (VG) in drill core, incl.15m @ 13.1 g/t Au (OEDD-24) ➢ Early intercepts: ▪ 18m @ 4.9 g/t Au from 40
Slide 15: Empire: Near-surface open pit gold deposit
Empire: Near-surface open pit gold deposit ➢ Near-surface deposit characterized by multiphase alteration and veining hosted within a diorite intrusion ➢ Recently Completed 1,168m of diamond drilling in 6 holes results included: ▪ 16m @ 3.0 g/t Au from 44m downhole in OEDD-114 ▪ 10m @ 1.0 g/t Au from
Slide 16: Fremen: New discovery on 100%-owned Sienso permit
Fremen: New discovery on 100%-owned Sienso permit Odienné: Fremen Discovery New 2026 discovery along +8 km gold trend and 10 km from BBM Moz AuEq. May 2026 – Confirmed discovery with economic grades ▪ 1.9 g/t Au over 17m from 6m, including 2.3 g/t Au over 9m ▪ 2.1 g/t Au over 12m from 32m, including
Slide 17: Seydou: New 4-kilometre gold target
Seydou: New 4-kilometre gold target 100% AWALÉ OWNED Seydou permit – Anomaly 1 ~4 km coherent gold anomaly 514 ppb Au 214 ppb Au peak termitaria peak soil ▪ Right geological setting ▪ AC drilling testing 2 km of anomaly FREMEN FOLLOW-UP Geological similarities with BBM and Charger deposits TSXV: ARI
Slide 18: Untapped Opportunities: Further exploration potential in underexplored areas
Untapped Opportunities: Further exploration potential in underexplored areas ➢ Over C$36 million in cash available for 100% land package ➢ Odienné West (PR-904) exploration permit granted in Q4 2024 ➢ Sama (PR-991) & Seydou (PR-992) exploration permits granted April 2025 ➢ Along same structural corr
Slide 19: West Africa is elephant country, Odienné is a new IOCG style setting
West Africa is elephant country, Odienné is a new IOCG style setting West Africa is one of the largest gold producing regions in the world ➢ Now recognized as a 10,000-tonne gold province (Goldfarb & Mayer 2017*) ➢ Recognition of Crustal Scale Structures and a connection to regional scale mineraliza
Slide 20: Odienné is an emerging district underpinned by a new model
Odienné is an emerging district underpinned by a new model ➢ Awalé interprets Odienné as a potential new Iron Oxide Copper Gold (IOCG) style province, and as a results has had the first mover advantage in the district and controls 2,346 km² of highly prospective land ➢ IOCG systems are global source
Slide 21: Sceptre: Large copper anomaly
Sceptre: Large 20 km2 copper anomaly TSXV: ARIC | OTCQX: AWLRF | FSE: 2F60 | AwaleResources.com 21
Slide 22: Sceptre: Large copper anomaly, open at depth
Sceptre: Large copper anomaly, open at depth ➢ Sceptre East forms the eastern part of the over 20 km2 of Sceptre system ▪ 358.5m of 0.27% CuEq2 ▪ OEDD-43 is drilled to 365m, and ended in mineralization ➢ Sceptre Main ▪ 5 km-long copper-gold geochemical anomaly ▪ Mapping has revealed several polymeta
Slide 23: Lando: Large copper-gold anomaly – 4km long gold-copper footprint
Lando: Large copper-gold anomaly – 4km long gold-copper footprint ➢ 10 km northwest of the BBM ➢ Copper-gold mineralization across 2-km strike within 4-km geochemical trend ➢ Broad and shallow gold-copper intercepts, highlight potential ▪ 10m @ 1.3 g/t Au gold from 33m downhole in OELD-01 ▪ 8m @ 1.1
Slide 24: Odienné JV with Newmont: Low-dilution exploration
Odienné JV with Newmont: Low-dilution exploration ➢ Newmont has a 8.1% equity stake in Awalé Resources, and an earn-in that includes only 2 of the 7 permits and applications (1/3 of the total land holding) ➢ Newmont is funding 100% of the exploration on the JV permits, under the Earn-in agreement: ➢
Slide 25: Côte d'Ivoire: A world-class mining jurisdiction
Côte d’Ivoire: A world-class mining jurisdiction ➢ Established & Thriving Mining Industry ▪ Amongst the shortest timelines from discovery to production ▪ Significant employer & economic contributor in Côte d’Ivoire ▪ est. 6% of GDP in 2025 ▪ Low-cost exploration ➢ Safety & Security ▪ Democratic elec
Slide 26: Leadership
Leadership Andrew Chubb Andrew Smith CEO & Director VP, Exploration ▪ Economic geologist with +20 years of experience ▪ Economic geologist with +14 years of experience ▪ Led large teams from exploration to feasibility, including ▪ Proven discovery success in greenfield and near-mine Mantra Resources
Slide 27: Thank You!
T H A N K YO U ! Andrew Chubb Chief Executive Officer +356 99139117 (CET) a.chubb@awaleresources.com Ardem Keshishian, CFA VP, Corporate Development +1 (416) 471-5463 (EST) a.keshishian@awaleresources.com TSXV: ARIC | OTCQX: AWLRF | FSE: 2F60 | AwaleResources.com
Slide 28: Appendix
Appendix
Slide 29: Notes to the Mineral Resource Estimate
Notes to the Mineral Resource Estimate 1. Effective date of the Odienné MRE is April 1, 2026. 2. Tonnages are reported to the nearest 100,000t to reflect these as estimates. 3. Metal content is rounded to the nearest 1,000ozs (Au) and 1,000t (Cu) to reflect these as estimates. 4. A gold equivalence
Slide 30: Notes for AuEq. calculation
Notes for AuEq. calculation 1. BBM: Gold Equivalent (AuEq.) presented in this Presentation for drill intersections are calculated on a basis of US$1,910/oz for Au, US$3.80/lb for Cu, US$18.15/lb (US$40,000/tonne) for Mo, and US$23.40/oz for Ag, with an 80% metallurgical recovery assumed for all meta
Slide 31: Notes for Metallurgical Results
Notes for Metallurgical Results 1. MRE gold recovery assumptions are those disclosed in Table 2 of the Companys news release of May 19, 2026 and in the NI 43-101 Technical Report with an effective date of April 1, 2026. 2. Whole ore cyanidation extractions are 48-hour bottle-roll results at an 85…
Slide 32: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains forward-looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimat
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