Akobo Minerals

Earnings Release • Dec 7, 2023

Akobo Minerals announces results for the third quarter of 2023

Akobo Minerals announces results for the third quarter of 2023

OSLO, 07 December 2023:Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO,

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

mining company, today reported its third quarter 2023 results. As the company is

still in the project development phase prior to production start-up, there was

no income during the third quarter of the year. The net loss for the quarter was

SEK 28.4 million with a cash position of SEK 26.3 million.

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IMPORTANT EVENTS

Third quarter of 2023

· Refinery agreement signed with the world-renowned gold refiner, MKS PAMP

· Results from the Gingibil bulk sampling suggest ore grades are present at

surface

· Inauguration of the community 'ecohub' facility

· Assumption of mining operations from IW Mining

· Secured a convertible loan of NOK 34.4 million

· Commencement of Akobo share trading on the OTCQX, ticker symbol AKOBF

· Completion of all major foundations for the processing plant

After the quarter closed

· Gold price all time high and first high-grade gold produced from the Segele

ore body

· Implementation of a new mining team leading to reduced costs and enhanced

productivity

· Successful reorganization, establishing new Mining Operations and Business

Support Divisions

· Substantial delay in mining progress attributed to significant errors by

former mining operator

· Challenges in procurement due to increased inflation and difficulty sourcing

consumables and spares in Ethiopia

· Intersection of the Segele ore body in the Western Winze

· Process plant nears completion and commissioning

· Initiation of a cost-saving program

· Commencement of funding dialogue with potential advisers and investors to

secure up to 5mUSD

Q3 FINANCIAL PERFORMANCE OVERVIEW

· The result for the period: SEK -28.4 million

· The result for the year-to-date: SEK -97.3 million

· Cash flow for the period: SEK 1.2 million

· Cash at the end of the period: SEK 26.3 million

· Total equity at the end of the period: SEK -16.7 million

· Total external long-term debt at the end of the period: SEK 184 million

KEY COMPANY HIGHLIGHTS

· A 'de-risked' project

· Segele gold ore body reached underground and first high-grade gold produced

from the Segele ore body

· Processing capacity available

· Significant cash flow to be generated

· Excitement around latest exploration activity following promising initial

findings

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

· Segele is the first new gold mine in Ethiopia since Legadembi in 1994

· 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 Q3

2023 (https://channel.royalcast.com/landingpage/hegnarmedia/20231207_1/)

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))

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