Awale Resources Limited · TSXV:ARIC
Awale Resources — Investor Presentation (May 2026)
29 slides from Awale Resources's investor presentation, May 2026
Slide 1: Odienné: A New World Class Gold-Copper Project
Odienné A NEW WORLD CLASS GOLD-COPPER PROJECT TSXV: ARIC | OTCQX: AWLRF | FSE: 2F60 awaleresources.com
Slide 2: Investment Highlights
INVESTMENT HIGHLIGHTS ❖ District Scale ❖ Elephant Country ▪ 100,000m planned drilling West Africa: 10,000 tonne ▪ 60,000m remaining 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 8.9% Basic Shares Outstanding 109,035,315 Restricted Share Units (RSUs) 535,000 Fortuna 13.8% Warrants 14,460,610 Options 9,136,667 ~ 109M HNW & Retail Fully-Diluted Shares Outstanding 133,167,592 48.8% SHARES Orecap OUTSTANDING 5.9% TS
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 ▪ Fremen: (100%-owned), 8 km gold footprint on same trend from BBM Odienné East ▪ Discovery in May 2026 with 17m @ 1.9 g/t Au from 6m ▪ Charger: High-grade gold & copper within near
Slide 5: Fremen: New discovery on 100%-owned ground
Fremen: New discovery on 100%-owned ground ➢ Shallow discovery located just 10 km from BBM ➢ October 2024 – Announced 3.5 km gold footprint on same trend as BBM ➢ October 2025 – Extended mineralization with +5-km-long gold-in-termite mound anomaly ➢ May 2026 – Confirmed discovery with economic grade
Slide 6: Odienné Project: Milestones and objectives for 2026
Odienné Project: Milestones and objectives for 2026 Early 2026 Mid 2026 Late 2027 Q2 Q3 Q4 INITIAL MINERAL PRELIMINARY PRE-FEASIBILITY RESOURCE ESTIMATE ECONOMIC ASSESSMENT STUDY (MRE) (PEA) (PFS) JV Permits 100%-Owned Permits Pipeline Initial Mineral Sienso (Fremen), Seydou Resource Estimate (Q2 20
Slide 7: 100%-Owned Properties: 15,000m drilling targeting new discoveries
100%-Owned Properties: 15,000m drilling targeting new discoveries ➢ 5 permits over an area of ~1,550 km2 ➢ 15,000m / C$8 million exploration budget in 2026 ➢ Fremen target: Phase 3 – 5,210m drill program – Completed ➢ Sama and Seydou scout drilling - scheduled for Q2 2026 ➢ Termite mound and soil ge
Slide 8: 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 9: 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 10: 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 11: 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 12: 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 13: Charger: High-grade gold discovery – MRE Q2 2026
Charger: High-grade gold discovery – MRE Q2 2026 ➢ 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 ➢ 23,514m drilled to date – 9,900m this campaign ➢
Slide 14: Charger: High-grade gold discovery – MRE Q2 2026
Charger: High-grade gold discovery – MRE Q2 2026 ➢ Recent drill results – Demonstrating continuity ▪ 9m @ 52.8 g/t Au from 354m, including 6m @ 78.9 g/t Au in CHDD-03 ▪ 6m @ 36.2 g/t Au from 475m, including 5m @ 41.5 g/t Au in CHDD-17 ▪ 7m @ 18.9 g/t Au from 292m, including 5m @ 24.8 g/t Au in CHDD-
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 from 100m in OEDD-158 ▪ 12.2 g/t Au over 1m, within 2.2 g/t Au over 10m from 208m in OEDD-15
Slide 16: BBM: From surface discovery – MRE Q2 2026
BBM: From surface discovery – MRE Q2 2026 ➢ BBM is a large, near surface gold-copper discovery , with open-pit and underground potential ➢ Drilling success story ▪ 30,233 m in 115 DD and RC holes drilled (13,284m since November 2025) ▪ Open mineralization – exploration upside ▪ >15 km Trend Wide Hig
Slide 17: BBM: Expanding footprint & underground potential - MRE in Q2 2026
BBM: Expanding footprint & underground potential - MRE in Q2 2026 ➢ 11-hole, 7,000m step-down program to test the down-plunge extension of high-grade core ➢ 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
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