Awale Resources Limited · TSXV:ARIC
Awale Resources — Investor Presentation (January 2026)
29 slides from Awale Resources's investor presentation, Jan 23, 2026
Slide 1: Odienné: A New World-Class Gold-Copper District
ODIENNÉ: A NEW WORLD-CLASS GOLD-COPPER DISTRICT TSXV: ARIC | OTCQX: AWLRF | FSE: 2F60 AWALERESOURCES.COM
Slide 2: Investment Highlights
INVESTMENT HIGHLIGHTS ❖ District Scale ❖ Elephant Country ▪ 100,000m planned drilling at West Africa: 10,000 tonne Odienné Project gold endowment ▪ 2,346 km2 land package ▪ Prime Craton-scale Tienko ▪ Only ~ 20% explored to date exploration (application) ❖ 100%-Owned Permits ❖ Odienné East Permit ▪
Slide 3: Tight structure & strong shareholders
Tight structure & strong shareholders CAPITAL STRUCTURE Newmont 9.3% Basic Shares Outstanding 104,140,310 Restricted Share Units (RSUs) 535,000 Fortuna 14.4% Warrants 19,355,616 Options 9,136,667 HNW & Retail ~ 104.1M 46.0% Fully-Diluted Shares Outstanding 133,167,593 SHARES Orecap OUTSTANDING 6.6%
Slide 4: Odienné Project: A district scale opportunity on large plumbing system
Odienné Project: A district scale opportunity on large plumbing system ➢ Multiple discoveries made – Many More to Come Odienné East ▪ Charger: High-grade gold & copper within near-surface hematite breccias ▪ 57m @ 26 g/t Au from 164m downhole ▪ 2nd high-grade gold zone discovered 200m from the Charg
Slide 5: Odienné Project: Milestones and Objectives for 2026
Odienné Project: Milestones and Objectives for 2026 AGGRESSIVE DRILL CAMPAIGNS 4 SIGNIFICANT DISCOVERIES STRONG TREASURY & PARTNERSHIP WITH 2 OPERATING COMPANIES 100,000m Drilling District Scale System Newmont and Fortuna Mining Nine Rigs Active Across Odienné ➢ Significant discoveries – On track fo
Slide 6: 100%-Owned Properties: 15,000m drilling targeting new discoveries
100%-Owned Properties: 15,000m drilling targeting new discoveries ➢ 15,000m / $8 million exploration budget in 2026 ➢ Fremen target: 4,000m drill program – underway ➢ Sama and Seydou scout drilling - scheduled for early 2026 ➢ Detailed aerial magnetic and radiometric surveys at 100m line spacing com
Slide 7: JV Properties: 88,000m drilling focused on resource definition and discovery
JV Properties: 88,000m drilling focused on resource definition and discovery ➢ Charger ▪ Strike-extension drilling targeting a 2nd demagnetized zone ▪ Infill drilling to bring Charger to an inferred resource down to 400m vertical metres, with step-down drilling planned to test continuity at depth ➢
Slide 8: 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 9: 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 10: Untapped Opportunities: Further exploration potential in underexplored areas
Untapped Opportunities: Further exploration potential in underexplored areas ➢ Odienné West (PR-904) exploration permit granted in Q4 2024 ➢ Sama (PR-991) & Seydou (PR-992) exploration permits granted April 2025 ➢ Along same structural corridor as Charger, BBM, Empire, and Sceptre discoveries ➢ Acti
Slide 11: 100%-Owned Properties: Sienso permit and more discoveries on the horizon
100%-Owned Properties: Sienso permit and more discoveries on the horizon ➢ 5 permits over an area of ~1,550 km2 ➢ Sienso Permit – Fremen Target ➢ October 2024 - Announced the discovery of 3.5 km gold footprint on same trend as BBM – the 'Fremen Target' with 37 parts per billion gold in termitaria fo
Slide 12: 100%-Owned Properties: Sienso permit and more discoveries on the horizon
100%-Owned Properties: Sienso permit and more discoveries on the horizon ➢ 22 holes for 2,214m over new 5 km anomaly ✓ Confirmed near-surface mineralization along strike from BBM discovery ▪ 15m @ 0.6 g/t Au from 40m downhole in hole SSRC-20, including 7m @ 1.1 g/t Au from 46m downhole ▪ 8m @ 0.5 g/
Slide 13: Charger: Highest-grade gold discovery in Africa in decades
Charger: Highest-grade gold discovery in Africa in decades ➢ Remarkable grades and consistent mineralization Best Reported Gold Intercepts throughout the intersections: ▪ 57m @ 26 g/t Au - OEDD-83 ▪ 59m @ 14.7 g/t Au – OEDD-100 ▪ 52m @ 16.4 g/t Au – OEDD-148 ▪ 29m @ 20 g/t Au - OEDD-88 ➢ Near-surfac
Slide 14: Charger: Highest-grade gold discovery in Africa in decades
Charger: Highest-grade gold discovery in Africa in decades ➢ In the Discovery Zone ‘Charger 1’ - New Fold Model ▪ Folding a potential control on high grade mineralization ▪ Thickening in hinge zones of fold contains broader and higher-grade mineralization ➢ Significant scope for building high-grade
Slide 15: 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 (100m downhole, OEDD-158) ▪ 12.2 g/t Au over 1m within 2.2 g/t Au over 10m (208m downhole, OE
Slide 16: BBM: From surface discovery with resource potential
BBM: From surface discovery with resource potential ➢ BBM is a large, near surface gold-copper discovery , with open pit and underground potential ➢ Drilling Success Story – 50 holes drilled over 1.5 km strike ▪ 16,939m in 80 DD and RC holes drilled to date ▪ All have intercepted the target shear zo
Slide 17: BBM: Underground potential
BBM: Underground potential ➢ Two step-back holes extend down-plunge mineralization by 400m to a known depth of 570m ▪ 54m @ 1.9 g/t AuEq.1 from 494m downhole, including 21m @ 3.3 g/t AuEq.1 in OEDD-152 ▪ 38m @ 1.4 g/t AuEq.1 from 635m downhole, including 12m @ 2.0 g/t AuEq.1 in OEDD-153 ➢ Expansion
Slide 18: BBM Satellites: Trend extended to over 15 km, including Fremen
BBM Satellites: Trend extended to over 15 km, including Fremen ➢ BBM trend extends to over 15 km, from 100%-owned Fremen target in the southeast to the Lando target in the northwest ➢ Satellite targets hold potential for new discoveries within 2 to 3 kilometres from BBM ➢ Completed 2,416m of RC dril
Slide 19: Empire: High-grade gold discovery
Empire: High-grade gold discovery ➢ From surface high-grade 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 High-Grade Gold Intercepts: ▪ 18m @ 4.9 g/t Au from 40m downhol
Slide 20: Empire: High-grade gold discovery
Empire: High-grade gold discovery ➢ Near-surface and high-grade gold is 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 A
Slide 21: Sceptre: Large 20 km2 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 9.4% 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: Notes
Notes 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 metals, as the specific re
Slide 28: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation 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, p
Slide 29: 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 | AwaleResources.com
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