Awalé Announces Results of Annual General Meeting of Shareholders and Grant of Incentive Stock Options and RSUs

Rhea-AI Summary

Awalé Resources (OTCQX: AWLRF) held its 2025 Annual General Meeting where shareholders approved all proposed matters. The meeting resulted in the election of five directors with approval rates ranging from 88.34% to 97.83%. Davidson & Company LLP was reappointed as auditors with 100% approval.

Shareholders also approved the company's RSU Plan and 10% rolling stock option plan, both receiving 93.22% approval. Following the meeting, Awalé granted 3,330,000 stock options at $0.54 per share and 305,000 RSUs to directors, officers, and employees. The company now has 10,301,667 total incentives issued, representing 9.98% of outstanding shares.

Positive

• High shareholder approval rates for all proposals, with some receiving 100% support
• RSU vesting tied to significant performance milestone of 2 million ounces gold equivalent resource
• Stock options priced at market value ($0.54) showing alignment with shareholder interests

Negative

• Significant portion (2,555,000) of new incentives granted to insiders
• Total incentives now approach 10% of outstanding shares, indicating potential dilution

Toronto, Ontario--(Newsfile Corp. - September 17, 2025) - Awalé Resources Limited (TSXV: ARIC) (OTCQX: AWLRF) (FSE: 2F60) ("Awalé" or the "Company") announces the approval of each of the matters set out in the Company's Management Information Circular (the "Circular") dated August 8, 2025 at the 2025 Annual General Meeting of Shareholders held on September 16, 2025.

Number of Directors

Setting the number of directors at five (5) was approved. Results of the vote were as follows:

Votes For	% For	Votes Against	% Against
52,677,832	100.00	0	0.00

 

Election of Directors

Each of the following five director nominees proposed by management in the Circular was elected. The votes were cast as follows:

Nominee	Votes For	% For	Votes Withheld	% Withheld
Karl Akueson	51,537,249	97.83%	1,140,583	2.17%
Charles Beaudry	47,677,832	90.51%	5,000,000	9.49%
Andrew Chubb	46,537,249	88.34%	6,140,583	11.66%
Anthony Moreau	47,677,832	90.51%	5,000,000	9.49%
Stephen Stewart	46,537,249	88.34%	6,140,583	11.66%

 

Appointment of Auditors

Davidson & Company LLP were reappointed as Auditors of the Company and the Directors were authorized to fix their remuneration. Results of the vote were as follows:

Votes For	% For	Votes Withheld	% Withheld
52,677,832	100.00%	0	0.00%

 

Annual Approval - Restricted Share Unit Plan

Shareholders approved, by an ordinary resolution of disinterested shareholders, the Company's restricted share unit plan (the "RSU Plan"), as more particularly described in the Company's Information Circular dated August 8, 2025. Results of the vote were as follows:

Votes For	% For	Votes Against	% Against
49,105,210	93.22%	16,200	0.03%

 

Annual Approval - Stock Option Plan

Shareholders approved, by an ordinary resolution of disinterested shareholders, the Company's 10% rolling stock option plan, as more particularly described in the Company's Information Circular dated August 8, 2025. Results of the vote were as follows:

Votes For	% For	Votes Against	% Against
49,105,210	93.22%	16,200	0.03%

 

Grant of Incentive Stock Options and RSUs

The Company wishes to also announce that it has granted an aggregate of 3,330,000 incentive stock options ("Options") and 305,000 Restricted Share Units ("RSUs") (collectively the "Incentives") to certain directors, officers, and employees of the Company. The Options are exercisable at a price of $0.54 per share (based on the closing price on September 16, 2025) and will expire three years from the date of their issuance. The Options will vest 1/3 immediately and 1/3 annually thereafter. The RSUs will vest in full upon the delivery of a two million ounces of gold equivalent resource and will expire, if unvested, two years from the date of issuance. An aggregate 2,555,000 Incentives have been granted to insiders.

Following the award of Options and RSUs, the Company will have an aggregate of 10,301,667 Incentives issued, representing 9.98% of the issued and outstanding share capital.

About Awalé Resources

Awalé is a diligent and systematic mineral exploration company focused on discovering large high-grade gold and copper-gold deposits. Exploration activities are currently underway in the underexplored regions of Côte d'Ivoire, where the Company is exploring the Odienné Copper-Gold Project ("Odienné" or the "Project"), covering 2,346 km² across seven permits—five granted and two applications. This includes 797 km² in two permits held under the Awalé-Newmont Joint Venture ("OJV"). Awalé manages all exploration activities over the OJV, with funding provided by Newmont Joint Ventures Limited ("Newmont").

Awalé has discovered four gold, gold-copper, and gold-copper-silver-molybdenum mineralized systems within the OJV and has recently commenced exploration on its 100%-owned properties.

The Odienné Project is underexplored and has multiple pipeline prospects with similar geochemical signatures to Iron Oxide Copper Gold (IOCG) and intrusive-related mineral systems with substantial upside potential. The Company benefits from a skilled and well-seasoned technical team that allows it to continue exploring in a pro-mining jurisdiction that offers significant potential for district-scale discoveries.

AWALÉ Resources Limited
On behalf of the Board of Directors

"Andrew Chubb"
Chief Executive Officer

FOR FURTHER INFORMATION, PLEASE CONTACT:
Andrew Chubb, CEO
+356 9913 9117
a.chubb@awaleresources.com

Ardem Keshishian, VP Corporate Development
+1 (416) 471-5463
a.keshishian@awaleresources.com
The Company's public documents may be accessed at www.sedarplus.ca. For further information on the Company, please visit our website at www.awaleresources.com.

Forward-Looking Information

This press release contains forward-looking information within the meaning of Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding, the Company's presence in Côte d'Ivoire and ability to achieve results, creation of value for Company shareholders, achievements under the Newmont JV, works on other properties, planned drilling, commencement of operations. Although the Company believes any forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266780

FAQ

What were the key voting results at Awalé Resources' 2025 Annual General Meeting?

All proposals were approved with strong support - directors received 88-98% approval, auditors received 100% approval, and both the RSU and stock option plans received 93.22% approval.

How many stock options and RSUs did AWLRF grant in September 2025?

Awalé granted 3,330,000 stock options at $0.54 per share and 305,000 RSUs to directors, officers, and employees.

What are the vesting conditions for Awalé's new stock options and RSUs?

The stock options vest 1/3 immediately and 1/3 annually thereafter. RSUs vest fully upon delivery of a 2 million ounces gold equivalent resource.

What percentage of Awalé's outstanding shares do the incentives represent?

Following the new grants, Awalé has 10,301,667 total incentives issued, representing 9.98% of the issued and outstanding share capital.

Who was elected to Awalé Resources' Board of Directors in 2025?

Five directors were elected: Karl Akueson (97.83% approval), Charles Beaudry (90.51%), Andrew Chubb (88.34%), Anthony Moreau (90.51%), and Stephen Stewart (88.34%).