Awale Connects Charger 1 and Charger 2 - Extending Gold Mineralization Across 300 Metres of Strike, Including 8.7 g/t Gold over 25 Metres and 7.0 g/t Gold over 28 Metres

Awale Resources Limited (ARIC) released assay results on 27 October 2026 from 17 diamond drill holes, designated CHDD-26 through CHDD-62. These results are part of a 50-hole, 20-meter-spaced step-out and level program being drilled from the southwestern edge of the Charger 1 zone toward Charger 2 at the Odienné Project in Côte d'Ivoire. The company states that the two previously separate mineralized shoots are now defined as a single continuous system spanning approximately 300 meters along strike and 400 meters vertically, with true widths reaching up to 34 meters. The deposit remains open at depth and down-plunge.

Key gold intercepts reported, based on downhole lengths, include:

• CHDD-62 (Charger 2): 25.0 m @ 8.71 g/t Au from 138 m (composited at a 3.0 g/t trigger), including 19.0 m @ 9.25 g/t (5 g/t trigger) and 3.0 m @ 36.51 g/t (10 g/t trigger); separate 5.0 m @ 11.90 g/t from 168 m; 1.0 m @ 8.13 g/t; 3.0 m @ 3.17 g/t.
• CHDD-52 (Charger 1): 28.0 m @ 7.03 g/t Au from 134 m (0.5 g/t trigger), including 20.0 m @ 9.02 g/t (5 g/t trigger); 5.0 m @ 3.89 g/t from 166 m (including 1.0 m @ 12.99 g/t); 14.0 m @ 0.89 g/t; 13.0 m @ 0.77 g/t; and a second shoot 17.0 m @ 5.17 g/t from 223 m, including 4.0 m @ 20.08 g/t from 233 m.
• CHDD-60 (Charger 2): 49.0 m @ 4.65 g/t Au from 119 m (0.5 g/t trigger), including 33.0 m @ 6.38 g/t (1.5 g/t trigger), 8.0 m @ 10.41 g/t (5 g/t trigger) and 1.0 m @ 40.43 g/t (10 g/t trigger).
• Secondary intercepts: CHDD-34 15.0 m @ 3.07 g/t (including 3.0 m @ 8.11 g/t); CHDD-54 13.0 m @ 1.61 g/t; CHDD-55 5.0 m @ 2.00 g/t and 11.0 m @ 1.37 g/t; CHDD-57 3.0 m @ 1.97 g/t.
• Holes CHDD-26, -27, -28, -30, -33, -35, -59, and -61 returned only narrow intervals ranging from 0.5 to 3.5 meters at grades between 0.5 and 6.5 g/t, which are below the significance of the headline holes.

Copper content in the headline holes is effectively nil, recording 0.00% in CHDD-52 and returning blank or unreturned results in CHDD-54, -55, -57, -60, and -62. Silver grades range from 0.1 to 0.5 g/t. The results are reported as gold-only, with no metal-equivalent arithmetic applied. Assay results from a further 33 Charger holes, along with additional Charger and BBM assays, are pending.

Awale Resources Limited (ARIC) is a pre-production explorer and developer with a maiden inferred resource scheduled for May 2026. The company holds approximately C$36.5 million in cash following placements in July and August 2026, with 143.3 million shares outstanding and a market capitalization of roughly C$90 million at a share price of C$0.63.

Prior releases on 15 January 2026 and 3 June 2026 identified Charger 2 as a separate shoot approximately 200 meters southwest of Charger 1, noting its potential to connect with Charger 1 toward the northeast. This latest release provides assay results that confirm that expectation. The intercepts feature true widths of 17–34 meters at 4.65–8.71 grams per tonne, which are substantial for a system with a current resource of 1.6 million tonnes at 4.64 grams per tonne for 232,000 ounces.

A geometric envelope calculation of 300 meters strike by 400 meters vertical by approximately 20 meters true width at 2.7 tonnes per cubic meter suggests a gross target of approximately 6.5 million tonnes. However, continuity is only proven over approximately 130 meters, the shoot geometry is not a slab, and holes to the northeast have returned weak results. Consequently, while doubling or tripling Charger’s 232,000 ounces is plausible, it is not assured.

Charger sits on the Awalé–Newmont joint venture ground, covering 797 square kilometers. Newmont is the sole funder, aiming to earn a 75% interest, and currently holds approximately 61%. Awale’s attributable interest in any Charger growth is approximately 39% today and 25% at full earn, meaning contained ounces added at Charger are worth roughly a quarter to a third to Awale shareholders relative to a 100%-owned ounce.

The stock is trading at C$0.63, down 45% from its C$1.15 high in February 2026 and 37% from the C$1.00 level on 18 August 2026, hitting a three-month low the day before this release. The current price assumes almost nothing about Charger growth. While this result is not better than the property's best-ever intercepts, OEDD-83 and OEDD-100, which remain ahead on both grade and gram-metres, it is better on width and demonstrated continuity, representing the best-disclosed release in the file.

This result materially strengthens the growth case for the smallest of the three resource pods and raises the odds that Charger becomes a multi-hundred-thousand-ounce higher-grade underground component rather than a 232,000-ounce curiosity. The volume claim depends on 33 pending holes, and the economics still await a preliminary economic assessment.

Awalé Resources Limited (TSXV: ARIC, OTCQX: AWLRF, FSE: 2F60), led by CEO and Qualified Person Andrew Chubb, is a Côte d'Ivoire-focused gold and gold-copper explorer. The company’s Odienné Project spans 2,338 km² across seven permits. Of this total, 797 km² is held under the Awalé–Newmont joint venture, where Newmont is sole-funding to earn a 75% interest (currently at approximately 61%) with Awalé as operator. The remaining approximately 1,542 km² is 100%-owned by Awalé, comprising the Sienso, Seydou, and Sama permits, which have been granted, and the GB and Tienko permits, which are under application.

The company filed a maiden NI 43-101 inferred resource on 3 July 2026, effective 1 April 2026, reporting 32.4 million tonnes at 1.64 g/t AuEq for 1.707 million ounces of AuEq, comprising 1.389 million ounces of gold and 93,000 tonnes of copper. The BBM deposit accounts for 27.8 million tonnes at 1.52 g/t AuEq for 1.356 million ounces, split between an open pit of 21.5 million tonnes at 1.37 g/t AuEq and an underground portion of 6.3 million tonnes at 2.01 g/t AuEq. The Charger deposit contains 1.6 million tonnes at 4.64 g/t AuEq for 232,000 ounces underground, while the Empire deposit holds 3.0 million tonnes at 1.23 g/t Au for 119,000 ounces.

The resource assumptions utilized a gold price of US$3,000/oz and copper at US$4.34/lb. Gold recoveries are estimated at 86–94%, with copper recoveries at 63–94%. Pit cut-offs are set at 0.32 g/t AuEq, while underground cut-offs range from 1.28–1.34 g/t AuEq.

Metallurgical testing conducted on 15 September 2026 indicated whole-ore cyanidation recoveries of 91.0% for BBM, 97.0% for Charger, and 97.8% for Empire. Gravity-recoverable gold percentages were recorded at 45.0%, 53.4%, and 70.2% respectively. Bond ball mill work indices ranged from 10.3–13.8 kWh/t, with no preg-robbing or deleterious elements detected. The preferred flowsheet for BBM targets 93.7% gold and 92.3% copper recovery.

According to the Q1-2026 filing for the period ending 31 March 2026, the company held US$10.27 million in cash, US$22.04 million in total assets, US$3.97 million in total liabilities, and US$18.07 million in equity. The net loss for Q1-2026 was US$484,152, with no going-concern flag. Subsequent to that period, the company raised approximately C$18.99 million on 27 July 2026 and a further C$1.69 million from Newmont on 6 August 2026, ending with over C$36.5 million in cash and 143,317,133 shares issued. Strategic holders include Fortuna (~14.7%), PDI (~11.8%), and Newmont (~8.2%).