Awalé confirms Fortuna Mining participation rights exercise

Awalé Announces Exercise of Participation Rights by Fortuna Mining Highlights Fortuna Mining will maintain its equity ownership in Awalé through the subscription of 5,695,312 common shares. Gross proceeds from the financing increase by approximately $4.84 million to approximately $19 million. Awalé is expected to have over $35 million in cash following closing, together with Newmont funding the Odienné Joint Venture.

Toronto, Ontario--(Newsfile Corp. - July 27, 2026) - Awalé Resources Limited (TSXV: ARIC) (OTCQX: AWLRF) (FSE: 2F60) (" Awalé " or the " Company ") is pleased to announce that Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) (" Fortuna ") has exercised its participation rights in connection with the Company's previously announced non-brokered private placement (the " Offering ") with Predictive Discovery Limited (ASX: PDI) (TSX: PDI) (" PDI "), announced on July 14, 2026. Proceeds from the Offering will be primarily used to advance exploration activities across the Company's 100%-owned properties at the Odienné Project (" Odienné " or the " Project ") in Côte d'Ivoire. "We are very pleased that Fortuna has elected to maintain their ownership position in Awalé through this financing," said Andrew Chubb, President and CEO of Awalé 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 Odienné Project and its district-scale potential. Following closing, Awalé 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%-owned land package while continuing to unlock the broader potential of the Odienné 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 the Company at a price of $0.85 per share for gross proceeds of approximately $14,160,000. Including Fortuna's participation, the Company 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, the Company is expected to have 141,334,595 common shares issued and outstanding.

PDI will hold 16,642,352 common shares, representing approximately 11.8% of the Company's issued and outstanding common shares on an undiluted basis, while Fortuna will hold 20,732,905 common shares, representing approximately 14.7% of the Company's issued and outstanding common shares on an undiluted basis. No warrants are being issued in connection with the Offering. The Company has agreed to pay a cash commission of 3.0% 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 (the " Closing Date "), subject to the satisfaction of certain closing conditions by the parties, including receipt of TSXV final approval and all other necessary regulatory approvals, and the execution of an investor rights agreement (the " Investor Rights Agreement ") between PDI and the Company. 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. This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.