Akobo Minerals

Capital/Financing Update • Aug 10, 2022

Akobo Minerals signs Mandate Letter with international debt arranger

Akobo Minerals signs Mandate Letter with international debt arranger

OSLO, 10 August 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the Scandinavian

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

that it has signed a mandate letter (the "Mandate Letter") with an international

debt arranger for a contemplated loan of up to USD 8 million (the "Loan").

Pursuant to the Mandate Letter, the intention is to complete all conditions

precedent, including a customary due diligence, site visit and agreeing on

relevant documentation prior to entering into the final loan agreement. Further,

it is expected that Akobo Minerals will grant the lender warrants representing

2.0% of its equity, with a strike price equal to the Akobo Mineral's share price

on the Mandate Letter signing date, where such warrants will vest immediately.

The contemplated Loan is expected to provide Akobo Minerals with sufficient

funding to complete its mining development and start production in Q1 2023.

The Mandate Letter is not a binding loan agreement and there can be no

guarantees that a final loan agreement will be entered into and/or that the Loan

will be funded to Akobo Minerals.

Further information concerning the terms and conditions of the Loan will be

provided by the Company in due course.

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/