Akobo Minerals

Share Issue/Capital Change • Mar 13, 2024

Akobo Minerals AB (publ) - Commencement of the Subscription Period in the Subsequent Rights Issue

Akobo Minerals AB (publ) - Commencement of the Subscription Period in the Subsequent Rights Issue

THIS PRESS RELEASE MAY NOT BE MADE PUBLIC, PUBLISHED OR DISTRIBUTED, DIRECTLY OR

INDIRECTLY, IN OR INTO AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND,

SWITZERLAND, SINGAPORE, SOUTH AFRICA, THE UNITED STATES OR ANY OTHER

JURISDICTION IN WHICH SUCH ACTIONS, WHOLLY OR IN PART, WOULD BE UNLAWFUL. THIS

PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO BUY SECURITIES IN AKOBO MINERALS

AB (PUBL). SEE ALSO THE SECTION "IMPORTANT INFORMATION" BELOW IN THIS

ANNOUNCEMENT.

Oslo, Norway - 13 March 2024 - Reference is made to the stock exchange

announcement published by Akobo Minerals AB (publ) (the "Company") on 27

February 2024, in which the Company announced a subsequent rights issue (the

"Subsequent Rights Issue") of up to 28,346,785 new shares in the Company (the

"New Shares"), each with a quota value of SEK 0.0371599322777818, at a

subscription price of NOK 1 per New Share (the"Subscription Price"). In

aggregate, 53,150,223 subscription rights (the "Subscription Rights") have been

issued, whereby fifteen (15) Subscription Rights gives the right to subscribe

for eight (8) New Shares.

Reference is further made to the stock exchange announcement published by the

Company on 12 March 2024, in which the Company announced that the national

prospectus pertaining to the Subsequent Rights Issue (the "Prospectus") has been

registered with the Norwegian Register of Business Enterprises (Norwegian:

Foretaksregisteret). The Prospectus is available electronically at the Company's

website: akobominerals.com.

Eligibility

Shareholders in the Company as of 5 March 2024 (as registered with Euroclear

Sweden AB ("Euroclear") and in the Norwegian Central Securities Depository (the

"VPS") two trading days thereafter, on 7 March 2024 (the "Record Date")) (the

"Eligible Shareholders"), have received one (1) Subscription Right for each

share held by such Eligible Shareholder in the Company as of the Record Date.

Subscription Rights of Eligible Shareholders resident in jurisdictions where the

Prospectus may not be distributed and/or with legislation that, according to the

Company's assessment, prohibits or otherwise restricts subscription for New

Shares (the"Ineligible Shareholders") have initially been credited to such

Ineligible Shareholders'VPS accounts. Such credit specifically does not

constitute an offer to Ineligible Shareholders to subscribe for New Shares. The

Company has instructed the Manager (as defined below) to, as far as possible,

withdraw the Subscription Rights from such Ineligible Shareholders'VPS accounts

with no compensation to the holder.

Subscription Rights

Fifteen (15) Subscription Rights will, subject to applicable securities laws,

give the preferential right to subscribe for, and be allocated, eight (8) New

Shares at the Subscription Price. Subscription without Subscription Rights will

be permitted; however, there can be no assurance that New Shares will be

allocated for such subscriptions.

For a description of the allocation, subscription, and payment and delivery

procedures, please refer to sections 4.9, 4.11, and 4.14 of the Prospectus.

Subscription Period

The subscription period in the Subsequent Rights Issue will commence at 09:00

hours (CET) today, 13 March 2024, and expire at 13:00 hours (CET) on 27 March

Trading in the Subscription Rights

The Subscription Rights will be listed and tradable on Euronext Growth Oslo

under the ticker 'AKOBT' from 09:00 hours (CET) today, 13 March 2024, to 16:30

hours (CET) on 21 March 2024. Subscription Rights that are not used to subscribe

for New Shares or sold before the expiry of the Subscription Period will have no

value and lapse without compensation to the holder. The Subscription Rights may

have economic value if the Company's shares trade above the Subscription Price

during the Subscription Period.

Subscription Price

The Subscription Price in the Subsequent Rights Issue is NOK 1 per New Share.

For subscribers whose Subscription Rights are held in Euroclear, the

Subscription Price has been converted to SEK based on the European Central

Bank's NOK/SEK conversion rate as of 26 February 2024. The Subscription Price

has accordingly been determined to SEK 0.98.

Conditions for completion of the Subsequent Rights Issue

The completion of the Subsequent Rights Issue is subject to the board of

directors of the Company resolving to approve the Subsequent Rights Issue and

issue the New Shares. Delivery of the New Shares (or conversion of Paid

Subscribed Shares (Sw. betalda tecknade aktier) to New Shares, as the case may

be) to subscribers is subject to, (i) the New Shares being duly paid by the

subscribers, (ii) registration of the share capital increase pertaining to the

Subsequent Rights Issue with the Swedish Companies Registration Office, and

(iii) issuance and delivery of the New Shares to the subscribers in the VPS.

Financial intermediaries

If an Eligible Shareholder holds shares in the Company registered through a

financial intermediary on the Record Date, the financial intermediary will

customarily give the Eligible Shareholder details of the aggregate number of

Subscription Rights to which it is entitled. The relevant financial intermediary

will customarily supply each Eligible Shareholder with this information in

accordance with its usual customer relations procedures. Eligible Shareholders

holding Shares through a financial intermediary should contact the financial

intermediary if they have received no information with respect to the Subsequent

Rights Issue.

Listing and commencement of trading in the New Shares

The New Shares will be admitted to trading on Euronext Growth Oslo (under ticker

'AKOBO') as soon as the share capital increase pertaining to the Subsequent

Rights Issue has been registered with the Swedish Companies Registration Office

and the New Shares have been registered and delivered to the VPS accounts of the

subscribers to whom they are allocated. The first day of trading of the issued

New Shares is expected to take place on or about 22 April 2024.

Advisors

SpareBank 1 Markets acts as manger in the Subsequent Rights Issue (the

"Manager").

Advokatfirmaet Schjødt AS acts as the Company's legal adviser in connection with

the Subsequent Rights Issue.

For further details of the terms of the Subsequent Rights Issue, please refer to

the Prospectus.

This information is published in accordance with the requirements of the

Continuing Obligations for issuers listed on Euronext Growth Oslo.

For further 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 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 (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 (https://eur03.safelinks.protection.outlook.com/?url=http%3A%2

F%2Fwww.otcmarkets.com%2F&data=05%7C02%7Cmartine.vik%40schjodt.com%7C4d5e091c202b

4253d9ec08dc3783d921%7C4651385ecc6244a7bde5dbda3fc721be%7C0%7C0%7C638446286622537

092%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiL

CJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=usf8PyEpjE6IyHg5KA1jol5VwiR%2Fw%2FXI9c1Z5JZ4AiM%

3D&reserved=0).

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.

Important information

Publication, release or distribution of this press release may in certain

jurisdictions be subject to legal restrictions and persons in the jurisdictions

where this press release has been made public or distributed should be informed

of and follow such legal restrictions. The recipient of this press release is

responsible for using this press release and the information herein in

accordance with applicable rules in each jurisdiction. This press release does

not constitute an offer or solicitation to buy or subscribe for any securities

in Akobo Minerals AB (publ) in any jurisdiction, either from Akobo Minerals AB

(publ) or from anyone else.

This press release is not a prospectus according to the definition in Regulation

(EU) 2017/1129 ("the Prospectus Regulation") and has not been approved by any

regulatory authority in any jurisdiction. A national prospectus has been

prepared by the Company and published on the Company's website.

This press release does not constitute an offer or solicitation to buy or

subscribe for securities in the United States. The securities mentioned herein

may not be sold in the United States without registration, or without an

exemption from registration, under the U.S. Securities Act from 1933

("Securities Act"), and may not be offered or sold within the United States

without being registered, covered by an exemption from, or part of a transaction

that is not subject to the registration requirements according to the Securities

Act. There is no intention to register any securities mentioned herein in the

United States or to issue a public offering of such securities in the United

States. The information in this press release may not be released, published,

copied, reproduced or distributed, directly or indirectly, wholly or in part, in

or to Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore,

South Africa, the United States or any other jurisdiction where the release,

publication or distribution of this information would violate current rules or

where such an action is subject to legal restrictions or would require

additional registration or other measures beyond those that follow from Swedish

and Norwegian law. Actions in contravention of this instruction may constitute a

violation of applicable securities legislation.