Akobo Minerals

Legal Proceedings Report • Feb 3, 2023

Akobo Minerals hits gold in first drill hole at new mineralisation

Akobo Minerals hits gold in first drill hole at new mineralisation

OSLO, 03 February 2023: Akobo Minerals (Euronext Oslo - "AKOBO"), the

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

announces that it has hit visible gold in its first drill hole at the third

mineralisation style 140 meters from main Segele.

Following the recent announcement of the discovery of the third mineralisation

style, the exploration team has continued work to understand the host structure

by mapping and sampling. This work has led to three trenches being dug where the

host rock was uncovered. Following the trench work, the team developed the first

drill hole which intersected 5cm of mineralisation with visible gold at 30

meters down hole depth.  However the hole also intersected an artisanal

("kofari") mining pit where 1-1.5m of potentially mineralised material had been

mined in direct contact with the gold-bearing intersection.

Jørgen Evjen, CEO of Akobo Minerals, stated: "Is this the next Segele?  Only

time will tell. But the fact that we are hitting gold in our first drill hole is

very promising. Our exploration team will follow up this target and many others

in the near future. "

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Happy exploration team!

Following this very encouraging result, a second hole has already been started

and will target the mineralisation about 5 m below the first intersection. The

trenches have been examined in detail in the last few days and gives the company

a good understanding of the structural geology that controls the gold

mineralisation. The current drill program will be adapted to target the

structures in the host lithology based on these results.

If the current drill program is successful, this mineralisation will immediately

be accessible for mining and it will be a direct addition to the mine life of

the Segele mine. Since the process plant and mine is already under construction

the lead times from discovery to extraction can be very short, essentially

mining can start as soon as the mineralisation is defined and deemed economic.

The close proximity of this new discovery to the active mining area and

processing plant enables a quick assessment of economic factors and possible

fast-track to production.

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More information on the current Segele mining progress will follow soon.

For more information, contact:

Jørgen Evjen, CEOAkobo Minerals

Mob: +4792 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 Scandinavia-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 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 at

depth, the gold mineralized 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 it places environment, social and governance

(ESG) at the heart of its activities - as demonstrated by an industry-leading

community 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, while adhering to a lean

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

Euronext Growth Oslo 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/

Competent Person for Exploration Results

The Competent Person who has overall responsibility for the exploration results

is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of

the Australasian Institute of Mining and Metallurgy which is a Recognized

Professional Organization ("RPO") included in a list promulgated by the

Australian Securities Exchange ("ASX") from time to time. He is a full time

employee of Akobo Minerals AB and has sufficient experience that is relevant to

the style of mineralization and type of deposit under consideration and to the

activity being undertaken to qualify as a Competent Person as defined in the

2012 Edition of the 'Australasian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves'. Dr Matt Jackson consents to the inclusion

in the report of the matters based on his information in the form and context in

which it appears.