Akobo Minerals

Regulatory Filings • Jun 6, 2024

Akobo Minerals reports good progress with the Segele processing plant

Akobo Minerals reports good progress with the Segele processing plant

OSLO, 6 June 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 leading gold exploration and mining company based in

Scandinavia with operations in Ethiopia, today provided an operational update

highlighting good progress with finalising remaining works on the processing

plant. In addition, the company has started a cooperation with an international

mining engineering company to assess potential for accelerating mining

operations and reduce operational risk going forward.

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The company is pleased to report good progress in the finalization of critical

aspects of its processing plant. Notably, the electrical work, fuel system, TSF,

and piping are nearing completion, with expectations of concluding remaining

work within the upcoming two weeks. Following this, the final commissioning

phase will commence, with support from Universal Power Africa and Solo

Resources.

Acknowledging the support from governmental bodies, particularly the Ministry of

Mines (MoM), Akobo Minerals highlights improvements in logistics. Resolutions

concerning diesel supply and expedited customs procedures for imported items are

facilitating the timely execution of essential tasks. In contrast to the supply

challenges of early 2024, Akobo Minerals has turned around its supply chain

systems with the establishment of a procurement house and expeditor system. The

company is now able to import goods from the world over at much improved lead

times.

In a strategic move aimed at optimizing operations and mitigating risks, Akobo

Minerals has initiated a collaboration with an international engineering mining

company. Leveraging their experience in managing mines across Africa, the

collaboration seeks to explore avenues for enhancing operations at the Segele

mine. The cooperation will initially focus on procurement and mining operations

and may extend to include other aspects of both mining and processing plant

operations through outsourcing.

Looking ahead, Akobo Minerals is optimistic about the production timeline,

anticipating a commencement of production in July/August, contingent upon

sustained progress and collaborative efforts.

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 13 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.