Akobo Minerals

Earnings Release • May 23, 2022

Akobo Minerals - First quarter 2022 results

Akobo Minerals - First quarter 2022 results

OSLO, 23 May 2022: Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its

first quarter 2022 results. Akobo Minerals is still in a project development

phase and consequently had no income in the first quarter. The net loss for the

period was SEK 0.373 million, affected by positive foreign exchange effects. The

company has no external debt and a strong cash position of SEK 21 million.

Jørgen Evjen, CEO of Akobo Minerals, said: "The first quarter of 2022 proved to

be a very positive start to the year, with many highlights. Our exploration team

has been effective in completing the Segele infill and extension drill program,

and our mining team made great advances in its work, all while having a strong

ESG focus. Everything is moving forward as planned."

"The 100th hole at Segele was drilled and marked the completion of our current

drill program. As we now know from the updated Mineral Resource Estimate

received after the end of the first quarter, it has been highly successful, with

a gold concentration so high it is rarely seen in the industry. With visible

gold seen at a record depth of 280 m, the ore is still open and will secure

additional life-of-mine. In addition, promising new targets have been identified

in the vicinity of the Segele ore.

We have worked tirelessly to advance the development of our mine operations.

Negotiations with both plant providers and mining contractors was our main

focus. Simultaneously, we worked on infrastructure, geotechnical drilling and

camp upgrades. With the support and cooperation of the government and local

authorities, solid progress is being made." Evjen added.

He concluded: "As we have finished the immediate drilling of the Segele ore, we

are now looking forward to seeing how we can develop a wider exploration

program. We have many targets to explore, both in the vicinity of Segele, but

also in the wider area of the license. With the arrival of our new drill rigs we

can be flexible and opportunistic in our approach. Even with our great results

to date, we have only scraped the surface of a potential new gold district. The

road towards mining looks robust while realistic. The combination will be unique

and strong. We are delivering on our strategy of becoming an exploration company

supported by boutique mining cash flow."

IMPORTANT EVENTS IN FIRST QUARTER

· Awarded extension of exploration license

· Construction and approval of airstrip

· Hiring of Dr Cathryn McCallum as Head of ESG Strategy

· Visible Gold discovered at a record depth

· 100th drill hole at Segele completed

· Commenced tendering process for contract mining partnerships

Events after the period

· Solo Resources (Pty) Ltd contracted for delivery of a processing plant for

production of gold at the Segele mine.

· Mineral Resource Estimate update by SRK completed, demonstrating an

increased grade and tonnage

· New mineralization zone discovered, with visible gold intersection

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 through  Akobo Minerals Q1-22 presentation 23.05

at 10.00 - inQrate (https://inqrate.com/xtravideos/akobo-minerals-q1-22

-presentasjon/)

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 (https://akobominerals.sharepoint.com/site

s/AkoboMinerals121/Delte%20dokumenter/01.%20Corporate/03.%20Investor%20relations/

01.%20Press%20releases/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 licence 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 mineralised 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.