Update on Acquisition of Colossal Gold in Suriname

VANCOUVER, BC, Dec. 1, 2022 /CNW/ - Awalé Resources Limited ("Awalé" or the "Company") (TSXV: ARIC) is pleased to provide a further update on its acquisition (the "Acquisition") of Colossal Gold Resources Limited ("Colossal") (refer to the Company's news releases of September 13, October 11 and November 8, 2022, for further details). Colossal holds, through its wholly-owned Surinamese subsidiary, Consolidated Gold Resources N.V., a 100% interest in certain existing mineral exploration and exploitation licences in Suriname.

The Company received TSX Venture Exchange (the "TSXV") acceptance of the Acquisition on September 28, 2022 and obtained the approval of the disinterested shareholders of the Company for the Acquisition at its annual general meeting of shareholders held on November 7, 2022.  The Company is in the process of satisfying the filing requirements outlined in the TSXV's conditional acceptance letter in compliance with TSXV Policy 5.3 to obtain final TSXV.

In addition to final TSXV final acceptance, the Acquisition remains conditional on Awalé having completed a financing to raise a minimum of gross proceeds of CAD$2,000,000, the details of which Awalé is in the process of finalizing.

Awalé and Colossal have agreed to extend the Outside Date for satisfaction of all closing conditions from November 30, 2022 to December 20, 2022.

About Awalé Resources

Awalé is an exploration company focused on building resources from the discovery of large high-grade gold and copper-gold deposits. The Company currently undertakes exploration activities in the underexplored parts of Côte d'Ivoire. Awalé's exploration success to date has culminated in a fully-funded earn-in Joint Venture with Newmont (the "Newmont JV") covering the Odienné Project in the Northwest of Côte d'Ivoire where two primary targets for world-class discoveries have been made: i) the gold-rich Empire corridor, and ii) the Charger, Sceptre and now Lando Iron Oxide Copper Gold ("IOCG") targets. Parts of the remaining 200km² of granted tenure and 400km² under application remains underexplored and offers significant IOCG potential. The Newmont JV forms the solid foundation for the Company to continue looking at new opportunities in new jurisdictions which offers significant potential for district scale discoveries. Awalé is currently in the process of completing the acquisition of Colossal Gold Resources, a private company with a highly prospective gold exploration portfolio in Suriname, which provides an excellent strategic fit and future growth potential for Awalé.

ON BEHALF OF THE BOARD OF AWALE RESOURCES LIMITED                                                       

"Derk Hartman" – Independent Director and Chairman of the Special Committee                                                             

Derk Hartman, Director               

Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. Readers are cautioned not to place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by such information. The statements in this news release are made as of the date hereof. The Company undertakes no obligation to update forward-looking information except as required by applicable law.

Cautionary Statement

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE Awale Resources

you can visit the Awalé Resources Limited website at www.awaleresources.com, or contact Karen Davies, Head of Investor Relations at Tel: [phone]