Koulou Gold Announces Strategic Investment

May 29, 2024

Vancouver, British Columbia, May 29, 2024 – Koulou Gold Corp. (“Koulou Gold” or the “Company”) is pleased to announce the closing of a $3.65 million financing (the “Financing”), which includes a $2.7 million strategic investment by Endeavour Mining Plc (“Endeavour”).

Koulou Gold holds an option to earn a 100% interest in the Sakassou Project, located in central Côte d’Ivoire and the Kouto Project located in north Côte d’Ivoire.

The Sakassou property is located on the highly prospective Bouaflé greenstone belt in close proximity to Perseus Mining’s Yaouré mine and Endeavour Mining’s Lafigué development project. Four mineralised targets have been identified on the property with detailed geological mapping and reverse circulation drilling planned to further delineate the mineralisation.

The Kouto property is located on the Boundiali-Syama greenstone belt along strike from Perseus Mining’s Sissingué mine and Resolute Mining’s Syama mine, with limited exploration work completed on the property to date. Early-stage soil geochemical sampling is underway to delineate targets on the property.

Financing Details

In total, the Company issued an aggregate of 13,035,714 units in the Financing to raise gross proceeds of $3,650,000.

Endeavour subscribed for and purchased 9,642,857 units of the Company (the “Units”) at $0.28 per Unit for aggregate gross proceeds of $2,700,000. Each Unit consisted of one common share and 0.67 of one non-transferable share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to purchase one additional common share in the Company at $0.42 per share for a period of 24 months from the closing date.

Endeavour’s initial strategic investment represents 12.39% ownership in Koulou Gold with the potential to increase to 19.11% upon full exercise of the Warrants.

In connection with Endeavour’s strategic investment, the Company has also entered into an investor rights agreement, whereby, subject to certain conditions, including time and ownership thresholds, Endeavour will have certain rights, including the right to appoint one director of the Company and the right to participate in future equity issuances to maintain its ownership in the Company.

Further, the Company also placed an additional 3,392,857 Units to meet investor demand, generating additional gross proceeds of $950,000 (the “Sidecar Financing"). In connection with the Sidecar Financing, the Company paid aggregate finder’s fees of $52,850 in cash and issued 1,000,000 finder’s warrants exercisable on the same terms as the Warrants.

The securities to be issued in the Financing will not be listed on any exchange and are subject to an indefinite hold period as set out in National Instrument 45-102 – Resale of Securities. All funds are denominated in Canadian dollars. Proceeds from the Financing will be used to fund exploration at the Company’s Cote d'Ivoire projects and for general working capital.

The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

About The Sakassou Property

The 396.91 km2 Sakassou property (PR 944) is located in central Cote d’Ivoire on the northeast trending Bouaflé greenstone belt approximately 30 kilometres northwest of Perseus Mining’s Yaouré mine which produces over 200koz per year and has a Proven and Probable reserve of 37.2Mt at 1.73 g/t containing 2.07Moz of gold*, as at December 31, 2023(1).

Sakassou is also located approximately 140 kilometres southwest of Endeavour’s Lafigué development project that is expected to produce over 200koz per year and has a Proven and Probable reserve of 49.8Mt at 1.69 g/t containing 2.7Moz of gold*, as at December 31, 2023(2).

Koulou Gold entered the Sakassou project in 2021 after signing an earn-in agreement with local partner, Global Minerale SA (GMSA). Exploration works have followed a consistent phased approach, including soil sampling and trenching between 2019 - 2020 by GMSA, followed up by geological mapping, infill soil sampling, ground geophysics and drilling by Koulou Gold in 2021.

Soil sampling, trenching and reverse circulation drilling has identified four kilometre-scale targets hosted along northeast trending structures, hosted within clastic sedimentary and volcanic rocks. To date, gold mineralisation is found to be closely associated with stockwork quartz veining, silicification, sericite alteration and disseminated pyrite preferentially developed within coarser grained sandstones and conglomerates. It is interpreted that these more competent lithologies were favourable for stockwork quartz veining development because they accommodated the regional stress by forming brittle fractures relative to the intercalated siltstones and mudstones which preferentially formed a strong schistosity and high-strain zones.

The four target areas will be advanced with a structural mapping program, and an RC drilling program to constrain the extent of the identified mineralisation.

(1) www.perseusmining.com/wp-content/uploads/2023/09/Annual-Report-2023.pdf?v=072305
(2) www.endeavourmining.com/our-business/lafigue-project

About The Kouto Property

The 298.46 km2 Kouto property (PR 916) is located in northern Côte d’Ivoire on the Boundiali-Syama greenstone belt, along strike towards the south from Perseus’s Sissingué deposit producing over 50koz per year with a Proven and Probable reserve of 4.2Mt at 1.83g/t gold containing 0.247Moz*, as at December 31, 2023(3), and Resolute Mining’s Syama mine producing over 200koz per year with a Proven and Probable reserve of 49.1Mt at 2.6 g/t gold containing 4.0Moz*, as at December 31, 2023(4).

The Kouto permit was granted to Koulou Gold’s subsidiary Kenorland Minerals Africa - CI on May 3, 2023 with preliminary exploration works already underway. Koulou Gold has completed a regional scale BLEG sampling campaign in early 2024 and uncovered a 13-kilometre-long by 10-kilometre-wide trend of anomalous gold-in-catchments, which will be followed up by a 400m x 50m spaced soil sampling program to start immediately, before the main rainy season of July and August.

The Kouto Project is underlain by northeast-trending Birimian volcanic, sedimentary, and granitic rocks that form part of the Boundiali-Syama greenstone belt.

(3) www.perseusmining.com/wp-content/uploads/2023/09/Annual-Report-2023.pdf?v=072305
(4) www.rml.com.au/wp-content/uploads/2023/03/2523466.pdf?v=072305

*The Company cautions that results of adjacent properties are not indicative of the presence of mineralisation on the Sakassou and Kouto properties.

Qualified Person

Mr. Janek Wozniewski, B.Sc., P.Geo. (EGBC #172781), “Qualified Person” under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

About Endeavour Mining

Endeavour Mining is one of the world’s senior gold producers and the largest in West Africa, with operating assets across Senegal, Côte d’Ivoire and Burkina Faso and a strong portfolio of advanced development projects and exploration assets in the highly prospective Birimian Greenstone Belt across West Africa.

A member of the World Gold Council, Endeavour is committed to the principles of responsible mining and delivering sustainable value to its employees, stakeholders and the communities where it operates. Endeavour is listed on the London and Toronto Stock Exchanges, under the symbol EDV.

For more information about Endeavour Mining, please visit  www.endeavourmining.com.

About Koulou Gold Corp.

Koulou Gold Corp. is a private mineral exploration company incorporated under the laws of the Province of British Columbia and based in Vancouver, British Columbia, Canada. Koulou Gold’s focus is early to advanced-stage exploration in West Africa. The Company currently holds an option to earn up to 100% interest in the Sakassou Project in central Côte d’Ivoire, and an additional exploration licence in the well-endowed Syama – Boundiali greenstone belt in northern Côte d’Ivoire.

For more information about Koulou Gold Corp., please visit www.koulougoldcorp.com.

On behalf of Koulou Gold Corp.

Désiré Aboukan, President and Director

For further information – please contact:

Alex Ruggieri, CEO and Director
Koulou Gold Corp.
+1 778 888 4986

Cautionary Statement Regarding Forward Looking Statements

This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.