Akobo Minerals

Earnings Release • Aug 25, 2022

Akobo Minerals announces half-year 2022 results

Akobo Minerals announces half-year 2022 results

OSLO, 25 August 2022:Akobo Minerals AB (publ) (EURONEXT: AKOBO), the

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

reported its half-year 2022 results. As the company is still in the project

development phase prior to production start-up in early 2023, there was no

income in the first half of the year. The net loss for the period was SEK 2.4

million. The company has no external debt, with a cash position of SEK 5.9

million.

Jørgen Evjen, CEO of Akobo Minerals, said: "As Akobo Minerals works towards our

goal of commencing gold production in early 2023, I am pleased that we have met

all the necessary milestones we had set ourselves for the first half of the

year.

"On the operational front, we appointed Solo Resources as our partner for the

delivery of our processing plant for production of gold. As importantly, in the

second quarter we worked on the details of an agreement with IW Mining to

operate our underground mine - and signed-off on the deal shortly after the

period closed. With the two elements in place, we can move forward with purpose

in the second half of the year."

Evjen concluded: "The first half of the year also saw us announce an updated

mineral resource estimate which looks highly positive, as well as an extension

to our exploration license. When combined with the announcement that we secured

a convertible loan of USD 5 million and signed a mandate letter with an

international debt arranger, the entire Akobo Minerals team can be proud of its

efforts to date as we look to build a successful exploration and mining

operation in Ethiopia."

Important events in the first half of 2022

· Awarded an extension of our exploration license

· Visible gold was discovered at a record depth

· Solo Resources was contracted for delivery of the gold processing plant

· The mineral resource estimate update by SRK demonstrated an increased grade

and tonnage forecast

· A new mineralization zone was discovered, with a visible gold intersection

Events after the period

· Contract signed with IW Mining to operate the underground mine

· Secured a convertible loan of USD 5 million

· Signed mandate letter with debt arranger

· First parts of processing plant ready to be shipped

Akobo Minerals will host a webcast, in English, for all shareholders and

interested parties today at 10:00 CET. There will be a Q&A session following the

management presentation.

The webcast will be available at:  Akobo Minerals Q2-22 presentation 25.august -

inQrate (https://inqrate.com/xtravideos/akobo-minerals-q2-22-presentasjon-25

-august/) (https://inqrate.com/xtravideos/akobo-minerals-q2-22-presentasjon-25

-august/)

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

Web; www.akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-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 gr/ton, combined with an

estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open to

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 environment

(ESG) at the heart of its activities - as demonstrated by a planned 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.

Important information

This release is not for publication or distribution, directly or indirectly, in

or into Australia, Canada, Japan, the United States or any other jurisdictions

where it would be illegal. It is issued for information purposes only and does

not constitute or form part of any offer or solicitation to purchase or

subscribe for securities, in the United States or in any other jurisdiction. The

securities referred to herein have not been, and will not be, registered under

the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may

not be offered or sold in the United States absent registration or pursuant to

an exemption from registration under the U.S. Securities Act. Akobo Minerals

does not intend to register any portion of the offering of the securities in the

United States or to conduct a public offering of the securities in the United

States. Copies of this publication are not being, and may not be, distributed or

sent into Australia, Canada, Japan or the United States.