Akobo Minerals

Regulatory Filings • Nov 27, 2023

Akobo Minerals celebrates historic milestone - hitting gold ore body at the Segele Mine

Akobo Minerals celebrates historic milestone - hitting gold ore body at the Segele Mine

OSLO, 27 November 2023: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).

The Scandinavian-based Ethiopian gold exploration and boutique mining company

today announced that its mining operations has finally hit the Segele ore body

seeing the familiar visible gold that has characterised the exploration phase.

After 13 years of relentless exploration and dedication, and 12 months since

breaking ground, the company has successfully reached the Segele gold ore body

underground, marking a significant milestone in the company's history.

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This achievement also highlights Akobo Minerals as one of few mining companies

that have successfully navigated the path from exploration to mining. With an

average grade of 22.7 grams of gold per ton of ore, Segele is one of the world's

highest concentration gold resources. This high grade translates to remarkably

low operating costs, especially noteworthy given the current gold price close to

$2,000/oz.

Jørgen Evjen, CEO of Akobo Minerals, expressed, "After first encountering the

mineralization in the early part of 2020 and now finally hitting this unique

discovery underground, it is a significant moment for our organisation and all

our supporters out there. "

He continued, "Only a handful of exploration companies successfully transition

into mining operations. Witnessing the ore body and knowing that our processing

plant is nearing completion fills me with great hope for the future. It has been

a journey marked by hard work and countless challenges, and I am deeply grateful

to the entire team for their unwavering dedication."

However, hitting the ore body has been delayed by several months due to

rectifying major mistakes by the former contract miner. The knowledge acquired

by the Akobo Minerals team during this period will enable more accurate

extraction estimates from the underground mine and refined production schedules

for the plant.

Evjen added, "With the lessons learned from overcoming challenges, we are better

positioned to make precise production estimates and schedules. The commissioning

of the main plant will kick off as soon as we extract meaningful material with

gold from the mine. Further details will be provided in the Q3 presentation."

The next step for Akobo Minerals is to commence production from the pilot plant,

which is already operational. In that regard the company together with the

Ministry of Mines plan an official opening of the Segele mine with top federal

officials, pending their availability.

Akobo Minerals is poised for the next phase of its journey, with the successful

identification of the ore body marking a crucial step toward becoming a key

player in the Ethiopian mining industry.

- Ends -

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

groundbreaking 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

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.