Akobo Minerals

Share Issue/Capital Change • Jul 18, 2023

The directed share issue to settle the convertible loan has been successfully completed

The directed share issue to settle the convertible loan has been successfully completed

Oslo, 18 July 2023: Reference is made to the stock exchange announcement

published by Akobo Minerals AB ("Akobo" or the "Company") on 3 July 2023

regarding the directed share issue to set off a convertible loan, together with

any accrued interest, against issuance of new shares in the Company. The Company

hereby announces that it has allocated 9 760 617 new shares in the Company, each

with a subscription price of NOK 5.29 per share. The subscription price

corresponds to the 30 business days VWAP with a 15% discount as calculated from

and including 16 May 2023 to and including 29 June 2023, as further described in

the previous stock exchange announcements on 3 July 2023 and on 5 July 2022.

As a result of the private placement, the convertible loan has been fully paid

up, meaning that the Company no longer has any obligations under the convertible

loan of NOK 49.175 million (around 5 million USD).

Once the directed share issue has been registered with the Swedish Companies

Registration Office (Sw. Bolagsverket), the Company will have a share capital of

SEK 1,956,478.687229 divided into 52,650,223 shares, each with a quota value of

SEK 0.037160.

The following persons discharging managerial responsibilities ("PDMRs") and

close associates to PDMRs was allocated the following Offer Shares in the

directed share issue:

-          Esmar AS, a company closely related to Carl Eide has been allocated

992,438 shares and will following completion of the private placement own

3,153,239 shares in the Company.

-          Pir Invest Holding AS, a company closely related to Hans Olav Torsen

has been allocated 595,463 Shares and will following completion of the Private

Placement own 6,025,975 shares in the Company.

PDMR notification forms will be published in separate stock exchange notices.

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

-12 of the Norwegian Securities Trading Act.

For further information, please 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 12 years of on-the-ground activity.

Akobo Minerals holds a 16 km2 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 243 USD 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 DAX under the ticker symbol, AKOBO.