Akobo Minerals

Regulatory Filings • Oct 27, 2022

Akobo Minerals breaks ground on Segele Gold Mine

Akobo Minerals breaks ground on Segele Gold Mine

OSLO, 27 October 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the

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

announced that it has broken ground at its Segele gold mine. This marks an

important milestone on the path to gold production in early 2023.

Jørgen Evjen, CEO of Akobo Minerals, stated: "When excavation began today to

remove the overburden at our mining site in south-west Ethiopia, it was the

culmination of over a decade of tireless work for the company."

"The next steps will be to undertake a short geotechnical evaluation, after

which the ground supports will be set in place to allow for the safe

establishment of a portal and the subsequent start of underground mining of gold

in the first quarter of 2023 - marking a true landmark moment in the development

of Akobo Minerals."

As well as ongoing mining development activities, the coming weeks will see the

progression of civil engineering and construction of support facilities. The

company also expects major equipment for the processing plant to be received

shortly.

The primary short-term tasks for the newly arrived contract mining staff from IW

Mining will be to work with Akobo's engineers to develop the box cut for the

incline shaft. The box cut is a small open cut built to supply a secure and safe

entrance as access to a slope to an underground mine.

In addition, the contract staff will be recruiting and training local staff to

join the company as they advance towards production. Securing positions for

those living in the local community is a key element in Akobo Minerals'

environmental, social and governance (ESG) program.

[A few people working in a field [A person standing next to a bulldozer

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with low confidence]

The mine manager supervises the first

Company geologists and surveyors lay earth being removed from the box cut

out the location of the incline location.

shaft.

[A group of people wearing safety

vests standing in a field

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with medium confidence]

Company geologists, engineers and

health & safety team, alongside

contract miners from IW Mining.

For more information, contact:

Jørgen Evjen, CEO,Akobo 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/

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.