Akobo Minerals

Regulatory Filings • Sep 2, 2024

Akobo Minerals provides operational update from the Segele mine

Akobo Minerals provides operational update from the Segele mine

OSLO, 02 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 provide an operational

update from its Segele mining activities, reporting that the company has reached

several critical milestones.

Daily ore production has commenced at the Segele mine. Since intersecting the

ore body in the second tunnel two weeks ago, Akobo Minerals has been

consistently producing and stockpiling ore. Currently, the company is in the

early phases of ore extraction, advancing toward areas expected to contain high

-grade material. Early results are promising, with substantial visible gold

observed.

[image]

Visible gold produced from the Segele mine

The processing plant at Segele has successfully been commissioned and is

currently in the ramp-up phase. Although commissioning typically takes several

months, Akobo Minerals has expedited the process, achieving significant progress

within a short timeframe. Feedback from experts and consultants indicates that

the plant is in excellent condition. The focus is now on fine-tuning the

processes to maximize gold recovery and minimize losses. The first batch of very

low-grade ore has been successfully processed through the entire plant, from

crushing to smelting. While the gold yield was low, as anticipated, this marks a

significant milestone, demonstrating the plant's operational efficiency.

[image]

Smelting of first Segele gold from very low-grade ore

Looking ahead to September, Akobo Minerals expects to continue and expand ore

production from the mine and run the processing plant in batches to secure

maximum gold recovery. The gold will then be further processed at our partner

MKS PAMP's refinery in Switzerland and then sold in the gold spot market.

Akobo Minerals remains optimistic about the future of the Segele mine and is

well-positioned to scale up production in the coming months. With the end of the

rainy season, we anticipate more stable and efficient working conditions, which

will further enhance our operations.

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.