Akobo Minerals

Regulatory Filings • Dec 15, 2022

Akobo Minerals makes a third gold discovery at Segele

Akobo Minerals makes a third gold discovery at Segele

OSLO, 15 November 2022: Akobo Minerals AB (Euronext Oslo - ticker "AKOBO"), the

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

announced that it has made a new gold discovery at Segele. This is the third

distinct style of gold mineralisation in the area.

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The exploration team is not resting on its success and has continued with its

core exploration work, while drilling has been focusing on sterilisation and

geotech work related to the Segele mine. The exploration has yielded new gold

discoveries and better understanding of the geological structure of the area.

The more work we do the more certain we are of the long-term potential within

our license area.

The exploration team is currently working on building the understanding of the

host structure by mapping and sampling in advance of drill testing the new

targets. The overall picture looks highly encouraging with regards to the

potential of feeding more ore through the processing plant.

On the more technical side, the new gold occurrence is located 140m due west of

the main Segele mineralisation and represents a third distinct style of gold

mineralisation identified. The first style is the main Segele ore consisting of

high- and bonanza-grade orogenic gold deposit. The free gold is hosted by

metamorphosed ultramafics overprinted by calc silicate alteration. The second

gold mineralization discovered a few months back is found some 100 metres west

of Segele and is coarse grained with a very high nugget effect. It is hosted in

a fault breccia with minor quartz veining and is continuous between drill holes.

The new mineralisation is comprised of coarse-grained gold hosted in an

ultramafic schist on the edge of a metaperidotitic rock unit. The target units

have been traced on surface for a strike length exceeding 100m, but

mineralisation has only been confirmed at one location so far. Up until now this

style of gold mineralisation has only been observed in hand samples and the fact

that we have found the source of the mineralisation is a great step forward.

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In addition to the targeting the new mineralisation, we will start drilling out

previously identified areas closer to the Segele main ore body where artisanal

miners have exposed gold mineralisation and grab samples from pits have shown

very high gold content. This area is now available for further exploration.

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We anticipate that drilling will start as soon as enough data has been gathered

to accurately plan a drill program, likely in January 2023.

Akobo Minerals reports all information about mineral resources and exploration

results according the JORC code. As such you can find JORC Table 1 and other

statutory reports at www.akobominerals.com.

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 (https://twitter.com/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/