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: Initial Mineral Resource Defined, District Upside Ahead
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 (application) ▪ PEA in Q3 2026 Growth Pipeline GB (application) ▪ 100,000m drilling on JV permits in 2026 ▪ 15,000m drilling on 100%
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: Tight structure & strong shareholders
Tight structure & strong shareholders CAPITAL STRUCTURE Newmont 8.5% Basic Shares Outstanding 113,497,765 Fortuna Restricted Share Units (RSUs) 535,000 13.2% Warrants 6,953,524 Options 8,986,667 HNW & Retail ~ 113.5M 45.9% Orecap Fully-Diluted Shares Outstanding 129,972,956 SHARES 5.7% OUTSTANDING I
Slide 5: 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 (PFS) & (MRE) (PEA) & MINING LICENCE APPLICATION JV Permits 100%-Owned Permits Pipeline MRE Sienso (Fremen), Seydou • & S
Slide 6: 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 AuEq. ▪ Strong resource growth and conversion potential ▪ BBM cornerstone deposit – Underground growth ▪ Open pit & underground potential ▪ Charger - Strike expansion and underground growth ▪
Slide 7: Peer Positioning – African Gold Developers
Peer Positioning – African Gold Developers 3.00 Grade, Tonnes and Market Capitalization 2.50 Misisi (Avanti) 2.00 M&I+I Grade ( g/t AuEq.) Odienné (Awalé) Afema (Turaco) 1.50 Boundiali/Napie (Aurum) 1.00 Kandiole (Roscan) Sanankoro (Cora) 0.50 Kokoseb (WIA) Enchi (Newcore) Kobada (Toubani) 0.00 0 20
Slide 8: 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 9: 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 10: 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 11: 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 ➢ 23,514m drilled to date – 9,900m this campaign ➢ Multiple
Slide 12: 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 13: 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 14: 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 15: Fremen: New discovery on 100%-owned ground
Fremen: New discovery on 100%-owned ground 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 8.2 g/
Slide 16: 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 17: 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 18: 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 19: Sceptre: Large 20 km2 copper anomaly
Sceptre: Large 20 km2 copper anomaly TSXV: ARIC | OTCQX: AWLRF | FSE: 2F60 | AwaleResources.com 19
Slide 20: 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 21: 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 22: Odienné JV with Newmont: Low-dilution exploration
Odienné JV with Newmont: Low-dilution exploration ➢ Newmont has a 8.5% 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 23: 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 24: 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 25: 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 26: Appendix
Appendix
Slide 27: 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 28: 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 29: 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