Akobo Minerals

Regulatory Filings • Sep 19, 2024

Akobo Minerals reports good progress in the Segele mine development

Akobo Minerals reports good progress in the Segele mine development

OSLO, 19 September 2024:Akobo Minerals

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

ium=Press+Release&utm_campaign=New+OTCQX+Company) (Euronext and Frankfurt:

AKOBO) (OTCQX:AKOBF).

Akobo Minerals, a prominent gold exploration and mining company based in

Scandinavia with operations in Ethiopia, is pleased to announce significant

progress in the development of the Segele mine. The completion of the crosscut

between the Western and Eastern tunnels marks a major milestone, paving the way

for the commencement of first stoping activities into the richest part of the

Segele ore body.

In the recent development phase, the mining team successfully reached the

orebody in both the Western and Eastern tunnels. The completion of the crosscut

is a crucial achievement, as it connects the two tunnels and enhances several

aspects of the mining operation. This crosscut not only provides a secondary

exit, thereby improving safety, but also optimizes ventilation and logistics,

laying the groundwork for the transition from mine development to focusing on

stoping.

[Et bilde som inneholder natur, grotte, Huleutforsking, Lavatunnel

Automatisk generert beskrivelse]

First view between the Western and Eastern tunnels

Stoping is a critical process in underground mining, involving the extraction of

ore from a series of large inclined openings, known as stopes, which are created

in the orebody. Essentially, stoping creates voids or spaces where the ore has

been removed.

The strategic positioning of the crosscut between the Trial Stope and Stope 01

provides the company with the flexibility to investigate both stopes in parallel

rather than in sequence. This parallel approach allows for the possibility of

prioritizing Stope 01, which is located in the richest part of the ore body.

[Et bilde som inneholder diagram, Plottdiagram, line

Automatisk generert beskrivelse]

Table 1: Details of initial stope-groups to be mined. Showing gold endowment

from Segele SRK Mineral Resource Estimate*

+---------------+----------+-------+---------+----------------------------------

-+

|Stope group no.|Avg. grade|Tonnage|Ounces |Classification**

|

+---------------+----------+-------+---------+----------------------------------

-+

|1 (group) |74.61 g/t |4,272 t|10,248 oz|Indicated mineral resource

estimate|

+---------------+----------+-------+---------+----------------------------------

-+

* Mineral Resource Estimate of 94ktons at an average grade of 22.7g/t and

totally 69k ounces. The Mineral Resources are reported above a 2.65g/t Au cut

off (22 April 2022)

** Source: 22nd April 2022. Press release: Akobo Minerals reports significant

gold mineral resource increase and classification upgrade which underpins strong

mine economics.

Akobo Minerals remains committed to advancing its operations at the Segele mine,

with these developments reflecting the company's strategic focus on safe,

efficient, and productive mining practices. The successful completion of the

crosscut between the Western and Eastern tunnels is a key step forward, bringing

the company closer to realizing the full potential of the Segele mine.

For further information, please 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 boutique 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 the leading gold exploration company in

Ethiopia through more than 14 years of on-the-ground activity, which has now

been enhanced further with the development 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.