Akobo Minerals

Capital/Financing Update • Mar 11, 2022

Akobo Minerals appoints financial adviser for funding of its planned mining operations

Akobo Minerals appoints financial adviser for funding of its planned mining operations

Akobo Minerals AB (Euronext Growth Oslo ticker - "AKOBO") (the "Company") today

announced that it has appointed SpareBank 1 Markets AS (the "Manager") to advise

on project financing for the Company's boutique gold mining operation for the

Segele deposit in Ethiopia.

As financial adviser, SpareBank 1 Markets AS (the Manager) will work closely

with Akobo Minerals (the Company) to explore relevant funding opportunities such

as equity, bank debt and offtake agreements, along with other strategic options

that are available to the Company in order to conduct and execute financing for

the project. Construction of the small-scale plant project will commence as soon

as financing is in place, with initial production start-up - and gold producing

operations - expected before the end of 2022.

Akobo Minerals CEO, Jørgen Evjen, stated: "The announcement of our partnership

with SpareBank 1 Markets AS to seek new additional funding for the company is a

major next step in the development of our mining operation towards pouring of

first gold by the end of the year."

"Our exploration team has been successful in finding more gold at greater depths

as our project has developed. We have also secured long-term licenses and

relationships with local and national authorities, as well as establishing a

significant collaboration with Oromia Bank to develop new mining ventures in

Ethiopia."

Evjen concluded: "We are proud to have met all of our scheduled strategic

milestones since the company went public on the Euronext Growth Oslo in June

2021, the latest of which was the laying of the foundation stone for our mine in

early March 2022."

An updated company presentation is available on akobominerals.com.

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

Jarand Lønne, SpareBank 1 Markets AS

Head of Natural Resources

Mob.: (+47) 97 98 49 61

Mail: jarand.lonne@sb1markets.n

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About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and mining company,

currently with ongoing exploration and boutique mine development in the Gambela

region and Dima Woreda, southwest 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 is transforming itself to support an increased pace of core

drilling. At both its key targets - in Segele and Joru - the company has

released exceptionally high-grade gold results in the Segele deposit, while core

drilling and trenching at Joru have intersected both high-grade gold zones and

large wide zones near the surface. The company has an excellent partnership with

national authorities and places ESG at the heart of its activities - including a

ground-breaking community program.

The company 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.

Akobo Minerals fully meets and complies with all parts of the JORC code, 2012.

For further information, see jorc.org (https://www.jorc.org/)

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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.