Akobo Minerals

Earnings Release • Sep 14, 2022

Akobo Minerals announces positive results in Ethiopian gold exploration activity

OSLO, 14 September 2022: Akobo Minerals (Euronext Oslo – "AKOBO"), the Scandinavianbased Ethiopian gold exploration and boutique mining company, today announced an update on exploration progress in its license area in southwest Ethiopia.

Jørgen Evjen, CEO of Akobo Minerals, stated: "While the company is making great strides in developing its mining facility to commence production in early 2023, the exciting results released today spur us forward to discovering further deposits and secure a long-term pipeline. While more investigation is needed, these initial findings from our latest exploration activity in both our Joru and Segele license areas provide us with renewed confidence as we seek to extend our operations in the prospective area and extend the mine life at Segele."

Key findings

• Latest core drilling results from Joru show gold in all but one hole and high-grade gold in one intersection (12.5g/t over 0.5m)
• Results give grounds for continued exploration and core drilling at Joru
• Gold confirmed in a new mineralised zone, west of the main Segele mineralisation
• 259 soil samples collected on a grid west and southwest of the Segele mineralisation and will be assayed with gold and multi-element analysis by ALS Minerals, Ethiopia

Segele

Drilling of near-mine targets around Segele resumed after a short hiatus. During this time the company received most of the remaining assays from the various targets that were drilled around Segele.

Map of the new mineralisation prospect in relation to the main Segele mineralisation

Following the resource drill program at Segele, the company undertook a geological review of the deposit and has built a new geology model of the area. This work can be summarised as follows:

• ◾ The geology of Segele can be divided in to three mafic-ultramafic units, these are bounded by east-west shear zones with varying dip but consistent strike;
• ◾ The mineralisation is hosted by the lowest of these mafic-ultramafic units and is situated just below the lower shear zone;
• ◾ The mineralisation does not follow but is sitting in the footwall of the lower shear zone at an angle - with the mineralisation following the strike of the regional foliation;
• ◾ There is, however, a very pronounced ribbon-shape to the mineralisation and the mineralised 'ribbons' plunge at about 45-degrees to the north.

This advance in understanding of the controlling structures allows for more precise mining but also allows the company to better target new exploration holes to extend or discover new mineralisation.

New Segele mineralisation

New mineralisation was found due west of the main Segele mineralisation (first announced 3/5/2022). The gold 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. Follow-up drilling is planned to take place in the next few months in order to investigate a mineable tonnage.

Trench 37 (T37)

Trenching exposed a potential host rock unit adjacent to an ultramafic horizon, a geological setting that is very common in the main Segele mineralisation. Drill testing was undertaken using the company's Diamec 262 drill rig and six holes measuring 671 meters in total were drilled at the target. Several horizons with potentially gold bearing alteration rock were intersected, although no viable mineralisation was found.

Soil sampling programme

In order to complement previous work in the Segele area, a limited soil sampling programme was undertaken. In total, 259 samples were collected on a grid west and southwest of the Segele mineralisation. The samples will be assayed for gold and multi-element analysis by ALS Minerals, Ethiopia.

Ground magnetic survey

Akobo Minerals also concluded a ground magnetic survey of the Segele mining concession. This survey was conducted by an Ethiopian sub-contractor and delivery of the final data is anticipated shortly.

Segele Assays (0.2 g/t cut off)

		From		Inters.
Target	Hole ID	(m)	To (m)	(m)*	Gold grade ppm
Trench 32/33	SEDD100	87.28	88.15	0.87	0.39
	SEDD101				No significant results No significant
	SEDD102				results
Trench 37	SEDD84				No significant results
	SEDD86	42.35	42.85	0.5	0.35
	SEDD86	74.75	75.4	0.65	0.21
	SEDD88	28.8	29.8	1	0.5
	SEDD89				No significant results No significant
	SEDD91				results No significant
	SEDD93				results
New
mineralisation	SEDD108	129	133	4	1.14
	SEDD109	143.8	144.83	1.03	0.36	Visible gold in core

*True widths are unknown at this stage

Joru

Akobo Minerals received the latest assay results from the core drilling campaign on the Joru central target in the southern part of the Akobo exploration license. The results continue to highlight the potential of the mineralised system at Joru, though no continuous mineralisation has yet been identified. The results are, however, encouraging and provide good reason to continue exploring and developing the Joru asset.

The mineralisation in Joru is hosted by quartz veins in strongly altered and weathered rocks. The deep weathering caused significant problems during drilling, which has resulted in the geological data from the holes being ambiguous and difficult to interpret.

Akobo Minerals is currently evaluating all results and planning the next steps in the exploration program at Joru. Following an extensive data review, several new targets around Joru are being evaluated and prioritised for follow-up work. The company expects to commence firstpass core drilling on one or more targets in the Joru area within the next three-to-six months.

Plan map of Joru core drilling, with a possible mineralised trend illustrated in red.

Joru assays (0.5 g/t cut off)

Previously reported results Target Hole_ID From (m) To (m) Width (m)* Gold grade ppm

Central	JODD01	75.1	75.65	0.55	1.15
	JODD01	95.9	96.45	0.55	0.59
	JODD01	101.8	102.6	0.8	0.77
	JODD02	6.9	9.35	2.45	1.60
	JODD02	30.8	31.7	0.9	3.19
	JODD03	35.1	35.95	0.85	0.63
	JODD03	42.6	43.35	0.75	1.35
	JODD03	52	53	1	0.87
	JODD03	121.15	121.75	0.6	4.10
	JODD03	141.8	142.65	0.85	1.01
	JODD03	160.25	161.05	0.8	2.23
	JODD03	165	165.85	0.85	28.10
	JODD03	173.9	174.65	0.75	20.00
	JODD04	19.45	20.13	0.68	0.85
	JODD04	21.1	22.1	1	0.87
	JODD04	84.6	85.4	0.8	1.80
	JODD04	87.1	87.8	0.7	0.75
	JODD04	117.35	118.6	1.25	1.32
	JODD05		No significant results
	JODD06	28.75	29.55	0.8	0.75
	JODD06	40.45	41	0.55	0.86
	JODD06	68.65	69.2	0.55	10.90
	JODD06	72	73	1	29.10
	JODD06	96.35	97.35	1	3.11
	JODD07			No significant results

New results

		From			Gold grade
Target	Hole_ID	(m)	To (m)	Width (m)*	ppm
Central	JODD08	54.15	55.15	1	3.00
	JODD08	55.80	56.45	0.65	1.73
	JODD08	135.24	135.94	0.7	6.39
	JODD09	5.00	6.00	1	0.51
	JODD09	8.55	9.10	0.55	0.66
	JODD09	9.65	10.65	1	0.59
	JODD09	109.35	109.85	0.5	12.50
	JODD10	8.12	8.92	0.8	1.86
	JODD10	10.60	11.60	1	1.57
	JODD11	66.90	67.60	0.7	0.55
	JODD11	69.40	70.40	1	1.02
	JODD12	42.30	43.30	1	0.82
	JODD13			No significant results
	JODD14	119.90	120.46	0.56	1.25
	JODD15	16.50	17.35	0.85	0.63
	JODD15	48.10	49.10	1	1.20
	JODD16	35.90	36.70	0.8	1.42
	JODD16	37.50	38.20	0.7	0.74
	JODD16	64.40	65.40	1	0.74
	JODD17	67.55	68.25	0.7	0.91
	JODD17	72.20	73.05	0.85	1.55
	JODD17	73.65	74.20	0.55	2.14
	JODD17	114.96	115.80	0.84	2.69

*True widths are unknown at this stage

Conclusion

Following an extensive recent program of exploration activity in both of Akobo Minerals' target areas of Joru and Segele, the company is confident that the initial findings point to further gold deposits that will considerably extend mining operations in the coming years. Prioritisation will be given to the most promising prospects and a more detailed drilling program will begin in the coming months.

For more information, contact:

Jørgen Evjen, CEO Akobo Minerals Mob: +47 92 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 resourcebuilding 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.