Awalé Resources Limited has closed the final tranche of its non-brokered private placement, bringing aggregate gross proceeds from the strategic financing initiative to approximately $20.7 million.

Newmont Ventures Limited subscribed for 1,982,538 common shares at $0.85 per share, contributing gross proceeds of $1,685,157.30 through the exercise of its pre-existing participation rights. The transaction maintains Newmont’s equity interest in the company at approximately 8.2% on a non-diluted basis. Following the closing, Newmont holds 11,682,639 common shares and 1,454,357 purchase warrants, with the option to reach approximately 9.07% on a partially-diluted basis if warrants are exercised in full.

The final tranche completes a broader funding round that also incorporated strategic investments from Predictive Discovery Limited and Fortuna Mining Corp. Across all three participants, Awalé issued an aggregate of 24,320,202 common shares for total gross proceeds of approximately $20.7 million, advancing past previous funding updates that pegged the initiative around $19 million. No warrants were issued and no commissions were paid under the final tranche. All securities remain subject to a statutory four-month and one-day hold period under Canadian securities laws, and the offering is subject to final acceptance by the TSX Venture Exchange.

The capital injection expands Awalé’s treasury to more than $36.5 million in cash. These funds will be directed primarily toward accelerating exploration activities across the company’s 100%-owned properties at the Odienné Project in Côte d’Ivoire, operating independently from the Odienné Joint Venture where Newmont continues its ongoing funding support.

Odienné hosts an initial inferred mineral resource estimate of 1.71 million ounces gold equivalent across the BBM, Charger, and Empire deposits, comprising 32.4 million tonnes grading 1.33 grams per tonne gold and 0.33% copper. Exploration across the wider land package has previously expanded the BBM gold trend to over 15 kilometres in strike length, incorporating targets spanning from Fremen in the south up to Boba and Fett in the north.

The company is targeting the delivery of a Preliminary Economic Assessment for the Odienné Project in the third quarter of 2026. Gold is currently trading at US$4,345.50 per ounce, reflecting a 6.73% increase over a 30-day period.

Read the full announcement: Awalé Completes $20.7 Million Strategic Financing with Closing of Final Tranche