Akobo Minerals

Regulatory Filings • Dec 19, 2022

Akobo Minerals continues rapid development of the Segele Mine

Akobo Minerals continues rapid development of the Segele Mine

OSLO, 19 December 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the

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

provided an update on its activities to develop the Segele Gold Mine.

Following the recent announcement of the discovery of the third mineralisation

style, Akobo's efforts to develop the Segele mine are driving ahead at pace. The

surface mining operations are underway, the process plant parts have started

arriving and many designs are nearing completion.

· Incline shaft entrance advanced and first blast is expected in few days

· Large part of the processing plant shipped, with parts already arrived in

Ethiopia

· Potential to generate early revenue from the new mineralization announced

last week

· Experienced Process Plant specialist employed to lead gold production

The mining contractor IW Mining have made significant progress and reached a

depth of 9m in the incline shaft entrance, with only 5 additional meters depth

needed in order to reach the depth where underground mining will begin. The

first blast is expected to be completed within days and the development of

safety procedures is nearing completion.

Leveraging the advantage of having experienced miners on site, study is also

underway to fast track the third mineralisation style into production. The third

mineralisation style is a rich visible gold occurrence and might be a valuable

source of early revenue.

As the intensity of mining activities increases, IW Mining has begun recruitment

of local staff and additional earthmoving equipment is being sourced.

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The incline shaft entrance excavation has reached a depth of 9m.

The gold processing plant design and fabrication process is very close to

completion with only a few minor parts remaining. Plant contractor Solo

Resources have successfully navigated the challenging processes of timely

shipping from South Africa, Canada, Australia and China. A total of 19 shipments

are on their way to site of which 5 are being processed at Ethiopian customs as

of writing and 2 have arrived at site.

An Ethiopian civil engineering firm is in the process of completing geotechnical

investigations and foundation designs for the processing plant. Once the

foundations are in place, construction and commissioning will be supervised by

Solo Resources and Akobo Minerals. With that mind, Akobo is delighted to

announce that it has recruited an experienced processing plant specialist to

lead the construction, commissioning and operation of the processing plant.

Manie Nianaber from South Africa has experience of all the major equipment and

systems used in the Segele process plant. Manie will train and lead a team of

Ethiopian employees to first production in the near future.

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-1530-4DA1-96AA-F498CDEE9409.heic]

The ball mill and other major equipment for the crushing circuit have arrived at

site. This is the first of many shipments which are advanced.

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.