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Awalé Resources is exploring the Odienné copper-gold project in Côte d’Ivoire, and in this CEO interview, I talked to Andrew Chubb about the Newmont-funded JV ground at BBM, Charger and Empire, plus the company’s 100%-owned targets at Fremen, Seydou and Sama. The interview was in large part about the maiden mineral resource estimate, follow-up drilling, how the treasury is being allocated between JV and wholly owned ground, and what could move the needle over the next few months.

TL;DR

The maiden MRE is still targeted for late April, with a PEA targeted for June or July, while 100%-owned exploration is now the main use of Awalé’s own cash. CEO Chubb told me BBM is still the volume driver, Charger is still the high-grade sweetener, Empire will be included in the initial resource, Charger 2 is not expected to make the maiden MRE, and first results from Fremen were expected next month, with Seydou and Sama still earlier-stage and more target generation than proof of discovery at this point.

What have they done for shareholders lately?

They’ve drilled about 25,000 metres between mid-November and the end of January for the resource program, kept drilling at Charger 2 to test repeat high-grade mineralization, advanced BBM with deeper drilling aimed at underground potential, confirmed Empire will feed into the maiden resource, and moved the 100%-owned side forward with geochemistry at Seydou and Sama plus infill air-core and diamond drilling at Fremen. They also said land has been secured for a new core shed and a laterite road is planned to keep BBM accessible through the wet season.

How much money do they have and what are they spending it on?

Andrew told me that the treasury is still roughly C$13 million at the time of the interview, with about 19 million warrants outstanding split roughly half at C$0.20 and half at C$0.80, both expiring in May, and full exercise potentially adding about C$8.5 million. He said around C$8 million had been budgeted for 2026 work on the 100%-owned permits, covering geochemistry and about 15,000 metres of early-stage drilling, with one rig then dedicated to that side. The message was basically that existing cash funds the current plan, but a new discovery on 100%-owned ground could trigger faster spending and likely another raise if market conditions allow.

Upcoming catalysts

Technically and operationally, the big near-term markers are the maiden MRE in late April, more Charger 1 assays in the next week or two, first Fremen results next month, continued target generation and drilling at Seydou before the wet season, and drilling at Sama after the wet season. Corporately, Andrew said a PA is targeted for June/July, while the longer-dated milestone is a PFS-level study by the end of 2027. He also flagged that Sceptre is not in the maiden resource and likely not in the PFS at this stage, though more shallow drilling is planned there.

Risks

The near-term risks is that Charger remains geologically harder to drill than BBM, with Andrew saying historical hit rate at Charger is only around 60% to 70% versus close to 100% at BBM. Charger 2 is still too early to count in the maiden resource, the 100%-owned targets are still scout-stage and Chubb was not talking about economic intercepts yet, only continuity worth following up. Warrant conversion is helpful but not guaranteed, and if the 100%-owned ground delivers something interesting he said fresh capital would likely be needed to chase it properly.

Awalé Resources CEO Interview

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