Akobo Minerals

Business and Financial Review • Oct 17, 2022

Akobo Minerals starts mine development

Akobo Minerals starts mine development

OSLO, 17 September 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the

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

announced that its mining contractor IW Mining Pty (Ltd) has arrived at site.

Jørgen Evjen, CEO of Akobo Minerals, stated: "With the arrival of this highly

experienced team, the moment of first ore extraction is getting closer. Mining

of ore will be highly significant for us, our host communities and for the

Ethiopian mining industry. We are very pleased with the partnership which we

have developed with the IW Mining team which has overcome the inevitable hurdles

which all mining companies face. We are ahead of schedule with fabrication of

the processing plant which will be assembled at site in beginning of 2023, with

gold production thereafter."

Key points

· One of the founders of IW Mining has arrived at site with a dedicated South

African team with decades of experience in underground mining

· IW Mining has begun their work to recruit an Ethiopian team, which will grow

progressively as the project advances through the various stages of mining

· Surface preparation to begin within days, leading to underground mine access

development in December

Shipment of the equipment and consumables needed for underground mining is

underway and expected to arrive soon. Surface mining operations will begin

within days using equipment already available, which will allow for preparation

of three portals through which the incline shafts and winzes will be operated.

Akobo Mining's mining consultants have completed a geotechnical study of the

portal area to help plan the support needed for efficient and safe operation.

Before leaving South Africa, the mining team undertook training on the equipment

which has been selected for the Segele underground operation (see photos below).

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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.