Akobo Minerals

Capital/Financing Update • Sep 6, 2023

Akobo Minerals secures NOK 34.4 million in funding through a convertible loan

Akobo Minerals secures NOK 34.4 million in funding through a convertible loan

OSLO, 06 September 2023:?Akobo Minerals AB (publ) (Euronext and Frankfurt:

AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining

company, today announced that it has issued an unsecured convertible loan (the

"Loan") of NOK 34.4 million (approx. USD three million) from existing investors

to fund the final phase of its Segele mining operation in Gambella, Ethiopia.

The board of directors and management of Akobo Minerals contributed with NOK 4.7

million of the funds.

The proposed Loan has a term of two years and an interest rate of 20 % p.a. The

Loan may be converted into shares on a quarterly basis or at the maturity date,

subject to certain conditions being met. If converted, the conversion of the

Loan will take place by each lender subscribing for shares through off-setting

the Loan amount (including accrued interest) against a conversion price of NOK

7.00 per Akobo Minerals share. If the Loan is converted at maturity, the

conversion price shall be the lowest of either (1) NOK 7.00 per Share or (2) the

volume-weighted average price per Share on Euronext Growth Oslo over the thirty

(30) consecutive trading days immediately preceding the Maturity Date with a 10%

in discount.

Further updates on operational activities and exploration targets will be

provided in due course.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act.

Advokatfirmaet Schjødt has acted as legal advisor to the company on Norwegian

and Swedish law matters.

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

Twitter: @akobominerals

Web: https://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 with an

ongoing mine development 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.

Akobo Minerals holds a 16 km 2 mining license and is working to start up mining

of its very promising Segele target. It has an Inferred and Indicated Mineral

Resource of 68,000 ounces yielding a world-class gold grade of 22.7 g/ton,

combined with an estimated all-in sustaining cost (AISC) of USD 243 per ounce.

Still open to depth, the gold mineralised zone continues to expand and will have

a positive impact on future resource estimates and mine-life. 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 we place environment and social governance (ESG)

at the heart of our activities - as demonstrated by a planned industry-leading

extending shared value program.

Akobo Minerals has built a strong local foothold based upon 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.

Akobo Minerals has a clear strategy aimed at building a portfolio of gold

resources through high-impact exploration and mining, whilst adhering to a lean

business operation. The company is headquartered in Oslo and is listed on the

Euronext Growth Oslo Exchange and Frankfurt Stock Exchange under the ticker

symbol, AKOBO.

Akobo Minerals fully meets and complies with all parts of the JORC code, 2012.

For further information, see https://www.jorc.org/

Important information

This release is not for publication or distribution, directly or indirectly, in

or into Australia, Canada, Japan, the United States or any other jurisdictions

where it would be illegal. It is issued for information purposes only and does

not constitute or form part of any offer or solicitation to purchase or

subscribe for securities, in the United States or in any other jurisdiction. The

securities referred to herein have not been, and will not be, registered under

the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may

not be offered or sold in the United States absent registration or pursuant to

an exemption from registration under the U.S. Securities Act. Akobo Minerals

does not intend to register any portion of the offering of the securities in the

United States or to conduct a public offering of the securities in the United

States. Copies of this publication are not being, and may not be, distributed or

sent into Australia, Canada, Japan or the United States.