Akobo Minerals

Regulatory Filings • Jun 27, 2024

Akobo Minerals announces completion of processing plant and commencement of commissioning

Akobo Minerals announces completion of processing plant and commencement of commissioning

OSLO, 27 June 2024, Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO,

OTCQX: AKOBF), the Scandinavian-based Ethiopian gold exploration and mining

company, today provided an operational update marking the successful completion

of its processing plant construction and the commencement of commissioning

activities.

OPERATIONAL HIGHLIGHTS

· Completion of Tailings Storage Facility (TSF), diesel infrastructure,

electrical work, and piping

· Phased commissioning initiated at site in collaboration with Universal Power

Africa and Solo Resources

· Successful synchronisation, testing and operation of all generators

· Mill commissioned and running, conveyer belts and crusher in process today

· Advancement towards low grade gold processing in July, with gold ore

expected to be reached in Eastern Winze shortly

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Automatisk generert beskrivelse]

STRATEGIC ACHIEVEMENTS

· Engagement of seasoned industry player DRA Global to support in enhancing

mining operations efficiency and reducing operational risks. With over 40 years

of experience in the mining sector, DRA Global brings extensive expertise in

optimizing mine and processing plant operations, ensuring a smooth transition to

revenue generation. In particular, DRA subsidiary Minopex has developed an

impressive track record operating more than 46 sites, across base metals,

precious metals and bulk commodities

· Sourcing and logistics partnerships in place with 3rd Party Procurement

Enterprises, Airland Logistics, and DRA Global

· License received from Ethiopian Petroleum and Energy Authority facilitating

independent fuel sourcing and transportation, bolstered by a direct agreement

with the National Oil Company

· Updated mine plan forecasts substantial revenue potential and EBITDA

improvement within the initial operational phase

· Restructuring of debt obligations through conversion of convertible debt to

equity, resulting in a streamlined financial structure with Monetary Metals

GOVERNMENTAL SUPPORT

Akobo Minerals acknowledges the invaluable support received from the Ministry of

Mines and other governmental bodies throughout the construction and

commissioning phases. Their collaboration has been instrumental in achieving

this milestone.

KEY COMPANY HIGHLIGHTS

· A 'de-risked' project

· Segele gold ore body reached underground

· Processing plant in commissioning phase

· Significant cash flow to be generated

· Excitement around exploration activities following promising initial

findings

· Ambition of developing world class deposits of 1.5 to 2 M oz

· Company has a first mover advantage, with expansion opportunities identified

Akobo Minerals will host a webcast, in English, for all shareholders and

interested parties today at 10:00 CET. There will be a Q&A session following the

management presentation.

The webcast will be available at: Akobo Minerals Webcast Q1

2024 (https://channel.royalcast.com/landingpage/hegnarmedia/20240627_2/)

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 reputable Scandinavian-based gold exploration and boutique

mining company. The company currently holds an extensive exploration license

encompassing 182 square kilometres and a 16 square kilometres mining license,

with an active mining operation in the Gambela region and Dima Woreda, Ethiopia.

Akobo Minerals has emerged as the foremost gold exploration company in Ethiopia,

boasting over 13 years of dedicated on-the-ground experience.

What sets Akobo Minerals apart is its strong commitment to fostering positive

relationships with local communities, extending all the way to national

authorities. This commitment is underscored by the company's unwavering

dedication to environmental and social governance (ESG), as evidenced by their

ground-breaking shared value program.

Akobo Minerals has firmly established its presence in the region by upholding

the principles of ethical conduct, transparency, and open communication. This

foundation positions the company to embrace new opportunities and ventures as

they emerge, making it a key player in the burgeoning Ethiopian mining industry.

Akobo Minerals has charted a clear course for its future growth, with a strategy

centered around amassing a portfolio of valuable gold resources through high

-impact exploration and mining activities, all while maintaining an efficient

and streamlined business operation.

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

tm_med%20%20ium=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 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.