Akobo Minerals

Capital/Financing Update • Oct 21, 2024

Akobo Minerals initiates process to raise up to NOK 30 million in a convertible loan

Akobo Minerals initiates process to raise up to NOK 30 million in a convertible loan

OSLO, 21 October 2024: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO),

a Scandinavian-based Ethiopian gold exploration and mining company, has

initiated a process to secure a convertible loan of up to NOK 30 million. The

loan already has strong interest from major shareholders, underscoring the

continued support for Akobo Minerals.

The company has now entered a new phase, actively producing gold. The first gold

bar has already been produced, and the company is well positioned to increase

daily production as it approaches some of the richest sections of the Segele

deposit, which boasts an average grade of 75 grams per ton. While Akobo Minerals

is making strong progress towards covering its operating expenses, the company

recognizes the need for additional financing to sustain this momentum and

support longer-term strategic goals, in addition to evaluating ongoing external

funding process.

The company is seeking to raise up to NOK 30 million through a 2-year

convertible loan. This loan offers a 20% annual interest rate and the

opportunity to convert the loan into equity at a 15% discount under specified

terms and conditions. The financing is expected to be completed by the end of

the month.

Following discussions with major shareholders and other stakeholders, the final

terms and conditions, including the allocation and participation in the loan,

will be confirmed by the Board of Directors prior to completion of the

financing.

This information is subject of the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation

(MAR).

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. The company has

established itself as a leading gold exploration company in Ethiopia through

more than 14 years of on-the-ground activity, which has now been enhanced

further 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. Still open to

depth, the gold mineralised zone continues to expand and will have a positive

impact on future resource estimates and the life expectancy of the mine. The

exploration license holds numerous promising exploration resource-building

prospects in both the vicinity of Segele and in the wider license area.

Akobo Minerals has an excellent relationship with local communities all the way

up to national authorities and the company places environment and social

governance (ESG) at the heart of its activities - as demonstrated by a planned,

industry-leading, extended shared value program.

Akobo Minerals has built a strong local foothold based on the principles of

sound ethics, transparency and communication, and 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.