Mr. Andrew Chubb reports

AWALE ANNOUNCES EXERCISE OF PARTICIPATION RIGHTS BY FORTUNA MINING

Fortuna Mining Corp. has exercised its participation rights in connection with Awale Resources Ltd.'s previously announced non-brokered private placement with Predictive Discovery Ltd., announced on July 14, 2026. Proceeds from the offering will be primarily used to advance exploration activities across Awale Resources' 100-per-cent-owned properties at the Odienne project in Ivory Coast.

"We are very pleased that Fortuna has elected to maintain their ownership position in Awale through this financing," said Andrew Chubb, president and chief executive officer of Awale Resources.

"Fortuna has been a valued strategic shareholder since their initial investment in the company, and their decision to participate alongside PDI reflects continued confidence in the quality of the Odienne project and its district-scale potential. Following closing, Awale is expected to have over $35-million in cash, together with Newmont funding exploration across the joint venture. With a well-funded treasury, we have the flexibility to pursue additional discoveries across our 100-per-cent-owned land package while continuing to unlock the broader potential of the Odienne district beyond the initial mineral resource defined on the joint venture."

As previously announced, PDI has agreed to subscribe for 16,642,352 common shares of Awale Resources at a price of 85 cents per share for gross proceeds of approximately $14.16-million. Including Fortuna's participation, Awale Resources expects to issue an aggregate of 22,337,664 common shares for total gross proceeds of approximately $18,987,000.

Upon completion of the offering, Awale Resources is expected to have 141,334,595 common shares issued and outstanding. PDI will hold 16,642,352 common shares, representing approximately 11.8 per cent of Awale Resources' issued and outstanding common shares on an undiluted basis, while Fortuna will hold 20,732,905 common shares, representing approximately 14.7 per cent of Awale Resources' issued and outstanding common shares on an undiluted basis.

No warrants are being issued in connection with the offering. Awale Resources has agreed to pay a cash commission of 3.0 per cent of the gross proceeds from the PDI subscription, subject to the approval of the TSX Venture Exchange. Closing of the offering, including Fortuna's participation, is expected to occur in late July, 2026, subject to the satisfaction of certain closing conditions by the parties, including receipt of TSX-V final approval and all other necessary regulatory approvals, and the execution of an investor rights agreement between PDI and Awale Resources. All securities issued pursuant to the offering will be subject to a statutory hold period of four months and one day from the closing date in accordance with applicable Canadian securities laws.

About Awale Resources Ltd.

Awale Resources is a diligent and systematic mineral exploration company focused on discovering large-scale gold and gold-copper deposits in Ivory Coast. Awale Resources' flagship Odienne project now hosts an initial inferred mineral resource estimate (1) of 1.71 million ounces gold equivalent across the BBM, Charger and Empire deposits (32.4 million tonnes (t) at 1.33 grams per tonne (g/t) gold (Au) and 0.33 per cent copper (Cu)), providing a strong foundation for continuing growth and future economic studies.

The Odienne project covers 2,346 square kilometres across seven permits, including 797 square kilometres held under the Awale-Newmont joint venture. Awale manages exploration activities across the joint venture area, with financing currently provided by Newmont Ventures Ltd. under the exploration agreement signed in May, 2022.

In addition to the current resource base defined on the joint venture ground, Awale controls a substantial 100-per-cent-owned land position across the broader Odienne district, where multiple untested and early-stage targets provide additional potential discovery upside. Across the project, Awale has identified multiple gold and copper-gold systems and continues to build a pipeline of targets with potential to support further discoveries and resource growth.

With a skilled and experienced technical team, Awale is advancing exploration in an underexplored and pro-mining jurisdiction with clear potential for district-scale discoveries.

(1) The full initial mineral resource estimate news release dated May 19, 2026, including detailed assumptions and methodology, is available on Awale Resources' website and on SEDAR+.

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