Akobo Minerals

Share Issue/Capital Change • Jul 3, 2023

Increase in share capital for settlement of convertible loan through a directed share issue

Increase in share capital for settlement of convertible loan through a directed share issue

Oslo, 3 July 2023: Reference is made to the stock exchange announcement made by

Akobo Minerals AB (the "Company" or "Akobo") on 5 July 2022 where the Company

announced that it had secured a convertible loan of NOK 49.175 million (around

USD 5 million equivalent) to fund the first phase of the Segele boutique mining

operation in Gambella, Ethiopia.

According to the stock exchange announcement as contained therein, the

convertible loan was structured as a short term-loan, maturing 12 months after

the date of disbursement. According to the loan agreement, the loan shall be

settled by conversion into shares in Akobo Minerals, whereas the loan shall be

converted at the lowest price per share of either (i) NOK 5.75 or (ii) 30

business days VWAP (with a 15% discount) after the expiry of such 12-month

period.

In accordance with the authorization granted by the extraordinary general

meeting on 19 June 2023, the board of directors has today resolved to carry out

a share capital increase to set off the loan, together with any accrued

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

loan will take place by each lender subscribing for shares in a directed share

issue through offsetting the loan amount for each lender at a price per share of

NOK 5.29 (which corresponds to a 30 business days VWAP with a 15% discount as

calculated from and including 16 May 2023 to and including 29 June 2023). Upon

full conversion and following the share capital increase, 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.

This information is subject the disclosure requirements pursuant to section 5-12

of the Norwegian Securities Trading Act.

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 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.