Akobo Minerals

Earnings Release • Oct 28, 2024

Akobo Minerals reports nearly 3 kg of gold produced in October

Akobo Minerals reports nearly 3 kg of gold produced in October

OSLO, 28 October 2024: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO),

a Scandinavian-based Ethiopian gold exploration and mining company, is pleased

to announce a total production of 2,833 grams of gold in October. This

achievement marks a significant milestone in ramp-up and commissioning

activities, underscoring our operational capabilities.

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Second gold bar produced from the Segele mine

This month's production includes our second gold bar, weighing approximately 1.5

kg with an estimated grade of 15 g/t, highlighting the potential of our Segele

operations as we transition to regular production.

As we move into November, we anticipate increased throughput, drawing us closer

to covering operational costs. Our Head of Mining Operations, Helge Rushfeldt,

has been on-site to guide efforts, reporting a highly focused and efficient

team. With a robust optimization strategy in place, our team is committed to

maximizing both tonnage and production.

Additionally, we have significantly strengthened our team by bringing

specialists in mining operations and supply chain and support services on board.

We believe that this will translate into higher efficiencies supporting our

production goals. In this matter we are supported by Sutton Global, an

internationally recognised mining and processing services provider. With a clear

path forward, we are confident in continued growth and look forward to providing

further updates.

For more information, contact:

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

LinkedIn: www.linkedin.com/company/akobominerals

Web: www.akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and mining company,

currently holding an exploration license covering 182 km2 and a mining license

covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. With over 14

years of active operations on the ground, the company has established a strong

foothold in Ethiopian gold exploration, now further strengthened with the

startup of its Segele mine.

Akobo Minerals' Segele mine has an Inferred and Indicated Mineral Resource of

68,000 ounces, yielding a world-class gold grade of 22.7 g/ton The mineralized

zone remains open at depth, supporting future resource estimates and extending

the mine's life. The exploration license holds numerous promising exploration

resource-building prospects in both the vicinity of Segele and in the wider

license area.

Akobo Minerals maintains strong relationships with local communities and

government authorities, placing ESG principles at the core of its operations.

The company's commitment to sound ethics, transparency, and stakeholder

engagement is evident through its industry-leading extended shared value

program.

Akobo Minerals is ready to take on new opportunities and ventures as they arise.

The company is uniquely positioned to become a major player in the future

development of the very promising Ethiopian mining industry.

The company is headquartered in Oslo and is publicly listed on the Euronext

Growth Oslo Exchange and the Frankfurt Stock Exchange under the ticker symbol

AKOBO. For US investors, Akobo Minerals

AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med

ium=Press+Release&utm_campaign=New+OTCQX+Company) (OTCQX: AKOBF) is traded on

the OTCQX Best Market, adhering to high financial standards, best practice

corporate governance, and compliance with U.S. securities laws. Additionally,

the company has a professional third-party sponsor introduction, and investors

can access current financial disclosures and Real-Time Level 2 quotes for the

company on www.otcmarkets.com.

Akobo Minerals places great emphasis on meeting and exceeding industry

standards, fully complying with all aspects of the JORC code, 2012. For detailed

information on their adherence to this code, please refer to

https://www.jorc.org/. Akobo Minerals' unwavering commitment to ethical

practices, community engagement, and environmental responsibility positions them

as a formidable force in the evolving landscape of the Ethiopian mining sector.