Akobo Minerals

Earnings Release • Apr 3, 2023

Akobo Minerals starts up operation of ultra-small plant to process first gold

Akobo Minerals starts up operation of ultra-small plant to process first gold

OSLO, 03 April 2023:Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO),

the Scandinavian-based Ethiopian gold exploration and boutique mining company,

today announced that it has reached a true milestone with the start of

operations of its ultra-small plant and, with it, production of the company's

first gold.

Key highlights

· Operational start-up acting as proof of concept

· Early test production commenced with washed out tailings

· Gold seen from first processed material - though with limited economic value

· Learning and preparation process for main plant - power, logistics and water

· Will continue production with stockpiled material

· Expecting increased grade and volume when production starts from Segele ore

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Ultra small plant in action

Akobo gold

Jørgen Evjen, CEO of Akobo Minerals, said: "However you look at it, production

of our first gold is an important landmark for the company and is a real boost

for the employees following the incredible work they have already undertaken on

our road to full production. We had hoped for production by now from the main

processing plant, but this stop-gap measure of using a two tons/hour ultra-small

plant will allow us to use this proof-of-concept to iron out any issues now,

whilst also securing some early gold production."

He added: "The final parts of the main plant are arriving in camp from Addis

Ababa shortly, so first production is expected during the second quarter of

2023. In the meantime, we are using the time to complete all necessary building

and operational elements of the plant and we will be well-placed for the main

plant's successful integration once on-site."

The ultra-small plant began operation last week with already washed-out tailings

from previous artisanal mining - and, surprisingly, actually extracted some

gold. The next stage is to feed the plant with crushed and milled material from

the locally sourced crushing machine which is also in operation. From this

point, there will be a step change in the volume of recovered gold, even before

the main processing plant is in situ.

The decision was taken to have an ultra-small plant delivered from Solo

Resources as a stop-gap measure while the main plant was en route from South

Africa, following delays primarily due to electricity shortages in the country

and cement shortages in Ethiopia. With a desire to ensure its first gold

production target was met on-time, the small plant acquisition demonstrates how

creative and nimble Akobo Minerals can be as it meets the challenge of operating

in a developing nation.

In recent weeks, significant levels of operational activity have been ramping up

on-site - from foundation work and construction to commissioning - to meet the

demands of a company that is building towards full gold production shortly.

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 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/