Akobo Minerals

Regulatory Filings • Aug 1, 2022

Akobo Minerals reaches agreement with experienced underground mining contractor

Akobo Minerals reaches agreement with experienced underground mining contractor

OSLO, 01 August 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the Scandinavian

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

that it has reached an agreement with the South African company IW Mining (Pty)

Ltd to operate the underground mine at Segele.

IW mining is a highly experienced mining contractor with years of hard-won

underground mining experience in the tough South African mining arena. This

fundamental agreement secures Akobo Minerals access to personnel and competence

for mining of the Segele gold ore according to the following timeline;

· Mining to be underway in October 2022

· First gold extraction to begin in Q1 2023

· Full production expected to begin by end of Q2 2023

In line with the company's ESG guidelines, IW Mining will recruit and train a

significant number of Ethiopian personnel who will work with the Segele mine.

Already a lot of planning and preparation have been undertaken together with IW

Mining for the last few months ahead of the signing of the agreement. Sourcing

of mining equipment has already begun and first shipments to be dispatched

imminently. IW Mining will mobilize an experienced mining team from South Africa

that will travel to Segele within weeks.

Jørgen Evjen, CEO of Akobo Minerals, stated: "Getting IW Mining on board was the

last piece of the puzzle. Together with Solo Resources for the plant production

we have now secured all necessary expertise to start mining. With Ian and Willem

guiding us through the next phase of development I am sure we will succeed with

our plans. Our companies share the same values and philosophy, delivering

responsible and world class projects. "

Ian Lowers, CEO of IW Mining Services, stated: "Our aim has always been to

provide a level of service that exceeds the normal contractual Scope of Work.

For IW Mining Services this contract in Ethiopia with Akobo Minerals is an

important milestone in line with our growth strategy. IW Mining Services has

committed itself fully to ensuring the success of this unique project by being a

responsible partner in mining innovation. Our belief is that this mining project

is the beginning of a strategic multi party partnership in Ethiopia between

Akobo Minerals and IW Mining Services."

Akobo Minerals is now ramping up activities in all areas for preparation of

mining operations. With the newly secured Convertible loan and signing of Solo

Resources on plant design and production in May all tasks are on track. Solo

Resources has already completed design work and the process plant is now under

fabrication and deliveries of the parts will begin shortly. The final project

funding is also moving forward with several positive dialogues ongoing.

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 IW Mining

IW Mining Services is a small yet focused Mining and Services contractor. As a

Contractor, IW Mining Services has delivered a wide range of services such as

Conveyor Belt installation, Drop Raise training, Face Advance improvement,

Equipment reclamation and Underground Mining stoping and development to a number

of the major Mining Houses in South Africa over the past seven years.

As the founders of I W Mining Services Messrs Willem Pelser and Ian Lowers have

a combined 70 years of mining experience in various roles on Gold and Platinum

Mines

IW Mining Services is determined to make a positive impact on the Ethiopian

mining industry by transferring mining knowledge, creating employment

opportunities through competency-based skills training and ensuring world class

safety standards always with local community involvement in the project.

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/