Akobo Minerals

Investor Presentation • Jun 27, 2024

Operational update

AKOBO MINERALS AB (publ) 27.06.2024

Euronext – AKOBO OTCQX – AKOBF www.akobominerals.com

Disclaimer

This document has been used during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in this document.

Some of the statements made in this document contain forward-looking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Akobo Minerals AB Mining's business.

This presentation includes information from the Segele Mineral Resource Estimate released by Akobo Minerals AB on the 22nd of April 22, 2022. Akobo Minerals AB confirms that it is not aware of any new information or data which materially affects the information contained in the press release regarding the Segele Mineral Resource (22/4/2022). All material assumptions and technical parameters underpinning the estimate are relevant and have not materially changed.

The information that relates to Mineral Resources is based on information compiled by Mr. Michael Lowry who is a member of the Australasian Institute of Mining and Metallurgy and is a full-time employee of SRK Consulting (Australasia) Pty Ltd. Mr. Lowry has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Lowry consents to the inclusion in the report of the matters based upon his information and context in which it appears.

Table of contents

I	Introduction
II	Operational update
III	Q & A

Operational update highlights

• Completion of Tailings Storage Facility (TSF), Diesel infrastructure, Electrical work and Piping
• Phased commissioning started at site by Universal Power Africa and Solo Resources
• Successful synchronization, testing and operation of all generators
• Mill commissioned and running, conveyer belts and crusher in process today
• Ore body to be reached in Eastern Winze shortly
• Engagement of industry leading contractor DRA Global to enhance mining operations efficiency and reduce operational risks
• Sourcing and logistics setup in place with 3rd party procurement enterprises, Airland Logistics, and DRA Global
• License received from Ethiopian Petroleum and Energy Authority for own fuel sourcing and transportation
• Fuel agreement signed with National Oil Company (NOC) for direct sourcing and improved reliability
• Successful restructuring of debt obligations with Monetary Metals, converting all former convertible debt to equity
• Updated mine plan forecasts \$20M USD revenue in early months of full production and \$9M USD EBITDA improvement in first 12 months

Completion of processing plant construction

Robust support and collaboration with the Ministry of Mines and other governmental bodies

Targeting commencement of first lowgrade ore production by July

Akobo Minerals is an exploration and mining company

Akobo Minerals is a Scandinavian-based gold exploration mining company

Exploration and mining licenses held in the Gambella region and Dima Woreda, Ethiopia

The leading gold exploration company in Ethiopia through more than 14 years of on-the-ground activity

Akobo Minerals has built a strong local foothold, based upon the principles of good ethics, transparency and communication

Uniquely positioned to become a major player in the future development of the very promising Ethiopian mining industry

… with significant gold production potential

182 km2 exploration license

• An attractive gold-mining jurisdiction 710 km from Addis

• Ambition of developing world class deposits of 1.5 to 2 Moz
• Several targets identified with high volume potential

16 km2 mining license

• Potential for significant cash flow from the Segele deposit
• Large enough license to bring adjacent targets into production

Plant, machines and equipment

• Modern processing plant constructed
• Very low-cost drilling operations with own drilling rig

Segele Mineral Resource estimate by SRK

• Indicated Mineral Resources alone of 41.000 oz gold @ 40,6g/t
• Inferred and Indicated Mineral Resource of 68.811oz gold @ 22,7g/t
• Still open at depth with near mine targets

High margin gold production

• Estimated free cash flow of USD 50 million from the Segele mine, based upon current Resource estimate
• Refinery agreement signed with MKS PAMP
• 1 out of 11 LMBA approved refineries, responsible for handling the gold from Segele and ensuring conversion from gold to cash

Doing It Right – an integral and vital part of the company

Award winning ESG program developed with Sazani Associates - Sustainable Natural Resource Management Plan

Winner of the INDABA ESG Nature award in 2023

2 times runner up as ESG explorer of the year at M&M London

Technology-driven solutions that enable communities to build sustainable & ecofriendly buildings and enterprises

Partners

Environmental Social and Governance

Akobo Minerals continues to stand out as a junior exploration and mining company that sees ESG as an essential and embedded part of its operations, demonstrated through:

• Co-developing the tailings plan and to include innovate solutions such as constructed wetlands;
• Trialing viability of using tailings, from both geochemical and engineering perspective, in the production of construction materials
• Establishing an indigenous tree nursery to be used to rehabilitate and improve the local environment around the mine site as a precursor to rehabilitating areas damaged through artisanal mining activity
• Inputting into decision making regarding different mining methods, to make sure social and environmental considerations are included from the outset
• Ongoing proactive stakeholder engagement and support of community led initiatives such as the women's associations Solar Grain Mill
• Ongoing environmental monitoring of air, noise surface and ground water quality
• Participation in high-level events, such as Global Session of the UN Science Policy Business Forum on the Environment

Looking forwards

• Completed and submitted our annual report to the Ethiopian Environmental Protection Agency
• Initiated development of a mine closure plan and registered with the Science Based Targets initiative to support a zerocarbon economy
• Hiring of environmental performance coordinator to oversee mining and processing environmental monitoring
• Evaluating all fuel tankers for direct fuel transport from the Ethiopian National Oil Company.
• Expanded collaboration with Lynx ESG Data platform, enhancing training and ensuring accurate social, environmental, and engagement data recording. Exploring additional use for monitoring social complexities and security issues
• Develop partnership with Jimma University, Addis Ababa University, and Oslo University to map wildlife in Gambella, hosting ecology researchers and contributing to biodiversity mapping.

Table of contents

I	Introduction
II	Operational update
III	Q & A

Mining operations

Mine development

• Eastern Winze Length: 66 m (of 77 m before cross-cut to Western winze)
• Western Winze Length: 53 m (of 65 m)
• Incline Shaft Length: 52 m (of 202 m before cross-cut to other winzes)

Will reach ore body in Eastern Winze any day now! Then start crosscutting and stoping

Trial stope contains about 12.800 grams of gold Stope 1 contains about 306,000 grams of gold

External factors have been worked with and been mitigated. Increased mine development expected.

Going forward

• •Engagement of DRA Global in the mining operations to increase speed of ore extraction
• •Building stock of consumables and spare parts to make operation more robust
• Working on permanent solution to prevent extreme rain events to influence the mines

Updated mine plan

• A new and updated mine plan was developed for the mine team by Norwegian specialist
• The plan is changed to give early access to very rich ore

Challenges faced and challenges overcome

• Mine development has not been according to expectations
• The mining operations have faced several challenges impacting meters progressed:
  • Change in import procedures
  • Change in diesel availability
  • Extreme rain events that flooded mines with mud which is difficult to remove and ruined pumps

Mining operations – new mine plan

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Key mine metrics

• Total Mineral Resource 69 kOz, 22,7 g/t
• Indicated resource 41 kOz, 40,6 g/t
• AISC USD 243/oz (early scoping study)
• Conservative 81 % extraction rate
• 10 t/h plant capacity
• Peak production rate 4,000 oz/month

Excellent resource extension potential

• Open at depth
• New mineralization found 100 meters west
• 8 new targets under investigation
• Great potential from assay results in artisanal pits
• Low-cost drilling available

Blasting in the Eastern Winze

First picture: marking the wall where to drill, second picture: loading explosives into borehole after drilling.

Processing Plant

• Plant construction completed
• Commissioning started
• Plan to start production in July

Plant construction completed

Key Recent Developments

• The plant completed as of 26th June
• Major recent developments:
  • TSF lining completed and;
  • TSF facility with fencing approved by ESG
  • MCC (motor control centre) wiring completed
  • Water pipeline to factory laid down
  • Crushing circuit upgraded and finished
  • All internal wiring finished
  • Gold room secured with doors

Going Forward

• Laboratory being built
• Offices being built

Commissioning started

Commissioning of generators on site

Key Recent Developments

• Pre commissioning started in May (filling tanks etc.)
• Generator commissioning started 25th June
• Plant commissioning started 25th June
• Mill running 27th June

Going Forward

• Cold commissioning expected to continue to the middle of July
• First material to enter plant expected to start mid to end of July
• First low-grade ore production expected to start end of July

Mill running

Plant ready

• To the left: crushing circuit completed
• To the right: plant ready for commissioning

Fuel and imports – challenges overcome

Recent fuel solutions

• 20,000 liter fuel truck engaged to receive fuel from capital
• Agreement with National Oil Corporation

Ongoing fuel improvements

• 60,000 liter site storage capacity completed
• Twice monthly deliveries of 50,000 liters

Fuel and imports – challenges overcome

Recent Import Solutions

• Single expeditor engaged to manage preparation of export/import paperwork and transport. Reduce complexity and reduces cost.
• Multiple 3rd party procurement houses engaged to provide competing quotes allow best possible lead times and costs.

Future Improvements

• Upskilling of staff in accurate request writing to decrease lead time with 3rd party procurement houses
• Development of improved inventory systems to balance risk and asset value

DRA - A global, diversified engineering services group

DRA – Engaged to accelerate mining and supply chain

Several attractive exploration targets identified

West Segele

• Gold rich sheared ultramafics
• 601m of trenching

Segele Hilltop

• 423m drilling
• Low-grade and to be revisited
• 150m from the Segele mine

Segele Berebere

• Visible gold seen in drilling and confirmed by assays
• Follow up drilling

Segele Main

• Total mineral resource 69,000 oz, 22,7 g/t
• Indicated resource 41,000 oz, 40,6 g/t
• Resource drilling on down-dip extension shortly

Segele Buna (B1, B2, B3, B4)

• 88g/t, 8.9g/t, 12.0g/t, 6.2g/t from grab samples
• Further work needed

Gingibil Deep and Surface (GD, GS)

• Widespread Visible Gold at surface
• Positive grades from surface bulk sampling
• Drilling successfully intersecting deeper mineralisation in several holes

Korarima (K)

• Abundant smaller quartz veins in outcrops
• Geological and structural mapping necessary

Mitmitta (M)

• Large quartz veins, with limited artisanal activity. Grab samples up to 11.3g/t
• Geological and structural mapping, followed by bulk sampling

Joru Central

• 2,264 metres drilling
• Many high-grade intersections
• No near-term follow-up

Joru South

• Grab samples up to 59.9 g/t
• Mapping and trenching to generate drill targets
  -

West Segele – ready to drill

West Segele Drill Planning completed

• 1.5km from Segele mine
• Sheared ultramafic rocks with gold nuggets analogous to those rocks which surround the Segele Bonanza Mineralisation
• Similar contact zones to the Segele Mine
• 601m of trenching completed
• 60+ line kilometres of ground magnetics completed
• Drilling to be conducted once operationally possible

Part of the Arabian Nubian shield – home to gold

One of the least explored Precambian terranes world-wide1

• A total of 48 million ounces of gold resources and reserves so far defined1
• Exceptional geological setting with potential to host numerous mineral deposit styles.1

Ma'aden2

• 335,207 ounces of gold produced 2022 from eight mines
• Ma'aden Barrick Copper Company2
  • 150.7 million pounds of copper produced in 2022 from the Jabal Sayid Mine
• Centamin Sukari Mine3
  • 440,974 ounces of gold produced in 2022 from Sukari alone.
  • Over 15 million ounces of resources and reserves
• Plus numerous smaller producers and explorers Akobo Minerals

Clearly defined strategy to move from exploration to mining

Mining of the Segele deposit Exploration growth strategy

Short term Deliver on strategy

High margin gold production – world class grade combined

Mining operations expected to continue for many years

Develop new targets in vicinity to Segele

Establish mining operations based upon the Segele

deposit

with low operational cost

• Potential to accelerate the current exploration plan with cash-flow from the Segele mine
• Aim to establish more JORC1-compliant resources that will attract strategic attention from majors with an inherent need to replace dwindling reserves caused by years of exploration
• The long-term ambition is to establish a resource base of 1.5 2 million oz gold, while short-term focus is to get the mine up and running

	Exploring the right places	Tipping the table to success	Affordable technology and logistics
	Arabian Nubian Shield, unexplored Greenstone belt. Review of and acquisition of licenses countrywide	Large exploration license and flow of new targets. Geology team with right experience coupled with intelligent review of projects	Company owned drilling rig, equipment and laboratory and fully operational camp and transport
Medium term Establish a solid and attractive resource base		Long term vision Become a leading mining company in Ethiopia
 Use cash flow from mining operations to fund exploration activities combined		• Established as a leading exploration and mining company in Ethiopia with a solid local organization
 10 years of renewed exploration license		• Strong and proven operational track record and fully compliant with international ESG standards

25

Source: Company information 1.The Australasian Joint Ore Reserves Committee (JORC) manages the mining industry's official code for reporting exploration results, mineral resources and ore reserves

• Use cash flow from mining operations to fund exploration activities combined
• 10 years of renewed exploration license
• Drill rigs with very low operating cost to explore new targets. 1 operational and 2 to be made ready

fully compliant with international ESG standards

Table of contents