Akobo Minerals

Business and Financial Review • Aug 15, 2024

Akobo Minerals achieves milestone in Eastern Winze underground operations

Akobo Minerals achieves milestone in Eastern Winze underground operations

OSLO, 15 August 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 a significant

development in its underground operations at the Segele mine in Ethiopia. The

company has successfully intersected the ore body in the prospect drive just off

the Eastern Winze, marking an important milestone in its strategic mine

development efforts.

[image]

LEFT: Hand specimen samples of metapyroxenite with visible gold. RIGHT: In-situ

exposure of the metapyroxenite in the prospect drive

Akobo Minerals has been focusing on the comprehensive development of the Eastern

Winze, which is crucial for facilitating future production. The primary emphasis

has been on the development of the prospect drive, which will connect the

Eastern and Western Winzes. The crosscut between the two winzes will increase

ore extraction rates, facilitate startup of stoping, increase safety as we will

have two exits from the mine and support efficient ventilation. By concentrating

on this drive, the company aims to establish a solid foundation for more

effective operations. The strategic positioning of the Eastern Winze at a lower

elevation further aids in efficient stoping operation, ensuring optimal

conditions for the coming ore extraction.

Following successful commissioning activities, Akobo Minerals is now capable of

producing gold from the Segele mine. The ongoing development and regular

blasting are anticipated to advance into the Segele ore body. The company is

still in the development phase, progressing towards the first trial stope and

following that the very gold rich Stope 01, as part of its broader mine

development plan. Akobo Minerals remains committed to responsible and strategic

mining practices, aiming to deliver long-term value for its stakeholders.

For more information

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.