Akobo Minerals

Regulatory Filings • May 3, 2022

Akobo Minerals discovers new gold mineralisation zone at Segele with visible gold intersection

Akobo Minerals discovers new gold mineralisation zone at Segele with visible gold intersection

Akobo Minerals (Euronext Oslo - "AKOBO"), the Scandinavian-based Ethiopian gold

exploration and boutique mining company, today provided an update from ongoing

exploration activities with new encouraging findings.

· A new gold mineralisation zone has been discovered near the Segele mineral

resource including a visible gold intersection

· The company has drill tested two new targets around Segele, both within 500m

distance

· Preparation ongoing for a soil geochemical sampling program between Segele

and Joru

· Preparation ongoing for a ground geophysical survey over the Segele mine

license area

Jørgen Evjen, CEO of Akobo Minerals, stated: "We are very excited about the new

discoveries, and I am quite sure we are just scraping the surface of the long

-term potential within our exploration license area. Exploration is still our

main activity, soon to be supported by cash flow from our mining operations. I

am therefore looking forward to refocusing on our exploration program with our

new drill rigs. Moving forward we will have the opportunity to fulfill our long

-term goal of becoming the leading exploration and mining company in Ethiopia. "

[En bild som visar person, hand, verktyg

Automatiskt genererad beskrivning]

Breccia/vein style mineralisation with visible gold from west of Segele 1.

After much work on the successful Segele Mineral Resource estimate (22.7 g/t and

69 kOz gold indicated plus inferred as per April

2022 (https://news.cision.com/akobo-minerals-ab/r/akobo-minerals-reports

-significant-gold-mineral-resource-increase-and-classification-upgrade-which

-u,c3550917)) activity has for the moment switched focus to exploration and

geotechnical drilling in preparation for the mine construction. The exploration

team has tested two new targets (9 holes and 1,000m of drilling) and drilling of

a geology cross section. Testing a wider part of the geology will help build

better geological knowledge as well as finding nearby gold targets. The new

mineralisation zone was discovered about 100m west of Segele.

Currently 1,800 samples are with ALS for assaying, from both the new targets

around Segele and the final results from Joru.

The style of the new gold mineralisation is a fault hosted quartz-vein system

with visible gold. The system has been intersected in several drill holes with

visible gold observed in one hole. Work is ongoing to better evaluate the

potential of this mineralisation style with analysis of drill cores which were

previously overlooked. Further investigation is needed to determine whether this

mineralisation will be economic to mine or if it will add any significant

tonnage to the Segele mine.

+-------+-----+-----+----------------+-----------------------------------------+

|Hole ID|From |To |Gold grade (g/t)| |

+-------+-----+-----+----------------+-----------------------------------------+

|SEDD108|118 |118.6|Assays pending | |

+-------+-----+-----+----------------+-----------------------------------------+

|SEDD109|143.8|144.8|Assays pending |Visible gold at 144.15m |

+-------+-----+-----+----------------+-----------------------------------------+

| |157.4|158.1|Assays pending | |

+-------+-----+-----+----------------+-----------------------------------------+

|SEDD111|108.3|112.4|Assays pending | |

+-------+-----+-----+----------------+-----------------------------------------+

|SEDD113|69.3 |73.4 |Assays pending | |

+-------+-----+-----+----------------+-----------------------------------------+

| | | | | |

+-------+-----+-----+----------------+-----------------------------------------+

|Previously reported and included in the current resource estimation |

+-------+-----+-----+----------------+-----------------------------------------+

|SEDD03 |56.0 |59.0 |26.7 |Same mineralisation style, different vein|

+-------+-----+-----+----------------+-----------------------------------------+

In addition to the new mineralisation zone, the company has tested two targets

near the Segele main mineralisation, both these targets are south of the mineral

resource estimate; Trench 37 is about 260m south east of Segele while Trench

32/33 is about 500m south east. T37 was tested with 6 holes for 671.1m while

T32/33 was tested with 3 holes and 328.9m. Assays are pending.

[image]

Plan map of the Segele mineralisation and surrounding targets.

The regional exploration activity was postponed during the intensive resource

drilling campaign at Segele. However, Akobo Minerals is still committed to

continuing making significant gold discoveries in the Akobo area. To that end

the company is launching a soil geochemical sampling program as well as a ground

geophysical survey over key areas of the Akobo license.

The soil geochemistry program will focus in the Nechdingay area between Segele

and Joru and will encompass a total of over 1,600 samples. The first stage will

be followed up by sampling around known gold anomalies from previous sampling

while the latter parts will aim to extend the coverage to areas west of

Nechdingay as well as north of Joru.

[Map

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The ground geophysical survey will primarily focus on covering the entire Segele

Mining License with ground magnetic data. This data will improve the

interpretations of the geology in the wider Segele area and potentially help to

identify new exploration targets within the Mining License. In addition to this

the geophysical contractor will do a test survey using Magneto-Telluric survey

technology over the Segele gold deposit. If this survey is successful Akobo

Minerals anticipates that this technique will be used as another tool to help

identify and prioritize exploration targets.

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

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.

Competent Person for Mineral Resources

This press release includes information from the Segele Mineral Resource

Estimate released by Akobo Minerals AB on the 22th of April 2022 ("Announces

encouraging Maiden Mineral Resource Estimate at Segele"). Akobo Minerals AB

confirms that it is not aware of any new information or data which materially

affects the information contained in the press release regarding the Segele

Mineral Resource (22/4/2022). All material assumptions and technical parameters

underpinning the estimate are relevant and have not materially changed.

The information in this press release that relates to Mineral Resources is based

on information compiled by Mr Michael Lowry who is a member of the Australasian

Institute of Mining and Metallurgy and is a full-time employee of SRK Consulting

(Australasia) Pty Ltd. Mr Lowry has sufficient experience which is relevant to

the style of mineralisation and type of deposit under consideration and to the

activity which he is undertaking 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'. Mr Lowry consents to the inclusion in the

report of the matters based upon his information and context in which it

appears.

For complete disclosure of technical details, JORC Table 1 can be found at the

company website, www.akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and boutique mining

company, currently with ongoing exploration and 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 mining licence and is working to start up mining of its

very promising Segele target. It has an Inferred 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 the vicinity of Segele, in

addition to the lower grade high volume area of Joru. These areas will continue

to be explored.

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 ground

-breaking community program.

Akobo Minerals has built a strong local foothold based upon the principles of

good ethics, transparency, and communication, and is ready to take on new

opportunities and ventures as they arise. Akobo Minerals 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.

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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.