Fortuna Mining Boosts Awalé Resources’ $19 Million Private Placement Financing

Fortuna Mining’s Strategic Investment Enhances Awalé’s Capital Raise

Awalé Resources announced that Fortuna Mining Corp. has exercised its participation rights in the Company’s previously disclosed non-brokered private placement alongside Predictive Discovery Limited. Fortuna’s involvement, as a prominent gold producer, signifies a strong endorsement of Awalé’s Odienné Project and confidence in the mineral exploration prospects within Côte d’Ivoire.

Fortuna’s participation significantly increases the financing size. Predictive Discovery had committed to purchasing 16,642,352 common shares at $0.85 each, generating approximately $14.16 million in gross proceeds. Fortuna’s subscription for 5,695,312 common shares raises the total issuance to 22,337,664 shares and gross proceeds to roughly $18.99 million. Andrew Chubb, President and CEO of Awalé, emphasized that Fortuna’s decision to join PDI reflects sustained confidence in the Odienné Project’s quality and district-scale potential.

Robust Cash Position and Exploration Funding Post-Closing

Upon closing, Awalé is expected to hold over $35 million in cash, supported by continued exploration funding from Newmont Ventures Limited under the Exploration Agreement signed in May 2022. This combined funding—from private placement proceeds and Newmont’s Joint Venture support—provides Awalé with considerable financial flexibility to advance exploration programs across the Odienné district.

The Company plans to allocate the financing proceeds primarily toward exploration activities on its 100%-owned Odienné Project properties. With a well-capitalized balance sheet, management highlighted the flexibility to pursue additional discoveries within its land package while unlocking the broader district’s potential. The Odienné Project covers 2,346 square kilometres across seven permits, including 797 square kilometres under the Awalé-Newmont Joint Venture.

Shareholder Structure and Ownership After Closing

Following the offering’s completion, Awalé expects to have 141,334,595 common shares outstanding. Predictive Discovery will hold 16,642,352 shares, approximately 11.8% of the issued and outstanding shares on an undiluted basis. Fortuna will own 20,732,905 shares after exercising its participation rights, representing about 14.7% of the Company’s issued and outstanding shares, undiluted.

No warrants will be issued in connection with this offering. Awalé has agreed to pay a 3.0% cash commission on gross proceeds from Predictive Discovery’s subscription, subject to TSX Venture Exchange approval. All securities issued will be subject to a statutory hold period of four months and one day from closing, in accordance with Canadian securities regulations.

Odienné Project’s Mineral Resource Base

Awalé’s flagship Odienné Project hosts an initial inferred Mineral Resource Estimate of 1.71 million ounces gold equivalent across the BBM, Charger, and Empire deposits. This resource comprises 32.4 million tonnes grading 1.33 grams per tonne gold and 0.33% copper, establishing a solid foundation for ongoing resource expansion and future economic studies.

Beyond the joint venture resource base, Awalé controls a substantial 100%-owned land position across the broader Odienné district. The Company has identified multiple gold and copper-gold systems and continues to develop a pipeline of targets with potential for further discoveries and resource growth. Management’s strategy emphasizes the district-scale potential, extending exploration beyond the initial resource estimate.

Regulatory Approvals and Anticipated Closing Date

The offering’s closing, including Fortuna’s participation, is expected in late July 2026, contingent on satisfaction of closing conditions. These include final approval from the TSX Venture Exchange, other regulatory consents, and execution of an Investor Rights Agreement between Predictive Discovery and Awalé. The announcement does not confirm that approvals have been obtained to date.

The Company clarified that this release does not constitute an offer to sell or solicitation to buy securities. The securities issued are not registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S. or to U.S. persons without registration or exemption.

Fortuna’s Participation Highlights Strategic Confidence

Fortuna Mining’s choice to maintain its equity interest through participation underscores the strategic value of Awalé’s assets to an established gold producer. Fortuna has been a strategic shareholder since its initial investment, and its participation alongside Predictive Discovery demonstrates confidence in Awalé’s exploration potential and management’s execution at the Odienné Project.

For investors, Fortuna’s ongoing support signals assurance regarding the technical quality and long-term prospects of the Odienné assets. The involvement of two institutional investors—a major gold producer and a mineral exploration company—reflects aligned interest in Awalé’s assets and the Côte d’Ivoire jurisdiction.

Côte d’Ivoire’s Favorable Operating Environment and Land Holdings

Awalé operates in an underexplored, pro-mining jurisdiction with significant district-scale discovery potential. Led by an experienced technical team, the Company focuses on discovering large-scale gold and gold-copper deposits in Côte d’Ivoire. The Odienné district offers a substantial opportunity given Awalé’s extensive land package and exploration upside.

The Company’s 2,346 square kilometre project area spans seven permits, positioning Awalé as a major landholder in the Odienné district. With Newmont’s Joint Venture funding exploration on joint venture ground and Awalé managing operations, the Company benefits from operational control combined with external capital support for part of the project.

Forward-Looking Statements and Risk Considerations

The announcement contains forward-looking statements about the offering’s completion, project advancement, resource expansion, exploration success, and future studies. While management believes these expectations are reasonable, there is no guarantee assumptions will prove accurate. Factors affecting outcomes include satisfaction of closing conditions, exploration results, commodity price fluctuations, market conditions, regulatory delays, and inherent risks in mineral exploration and development.

Investors should recognize that forward-looking statements reflect management’s views as of the announcement date. The Company disclaims any obligation to update these statements except as required by law. Risks related to mineral exploration, regulatory approvals, financing availability, and commodity prices are material when assessing this announcement.

Investor Monitoring Points Post-Announcement

Investors will likely watch for confirmation of TSX Venture Exchange approval and the official closing in late July 2026, along with execution of the Investor Rights Agreement between Predictive Discovery and Awalé. These closing conditions are essential for the offering’s completion as announced.

Additionally, investors may track exploration results at the Odienné Project, including drilling outcomes and progress toward economic studies on the BBM, Charger, and Empire deposits. The Company’s ability to execute its exploration strategy and expand the resource base will be key indicators of whether the increased capital deployment delivers expected shareholder value.