Akobo Minerals

Investor Presentation • Mar 11, 2022

Corporate Update

AKOBO MINERALS AB

March 2022

Disclaimer

This presentation is for information purposes only and does not constitute an offer or an invitation to buy, subscribe or sell the securities being registered on Euronext Growth (Oslo).

This presentation has not been approved or reviewed by, or registered with, any public authority or stock exchange. This presentation is not a prospectus and does not contain the same level of information or disclosure as a prospectus or similar documents.

This presentation speaks as at the date set out on the cover and is subject to change, completion and amendment without notice. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information contained herein.

Some of the statements contained in this presentation are forward-looking statements, such as statements that describe Akobo Mineral's future plans, intentions, objectives or goals, and specifically include but are not limited to statements regarding the Akobo Gold project, resource estimates, potential mineralization, future financial or operating performance, metal prices, estimated future production, future costs, timing of pre-feasibility study and economic analysis.

Actual results and developments may differ materially from those contemplated by such forward-looking statements depending on, among others, such key factors as the possibility that actual circumstances will differ from the estimates and assumptions used in the potential of the Akobo Gold project, the environmental and social cost of proceeding with the project, uncertainty relating to the availability and costs of financing needed in the future, general business and economic conditions, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of the project, changes in legislation governing emissions into the air and water, waste, and the impact of future legislation and regulations on expenses, capital expenditures and taxation, changes in project parameters, variation in ore grade or recovery rates, delays in obtaining government approvals and necessary permitting, impurities in products and other risks involved in the mineral exploration and development industry.

The forward-looking statements included in this document represent Akobo Mineral's views as of the date of this presentation and subsequent events and developments may cause Akobo Mineral's views to change. Akobo Minerals disclaims any obligation to update forward-looking information except as required by law. Readers should not place undue reliance on any forward-looking statements.

This presentation and the information contained herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as legal venue.

Company highlights

1	Groundbreaking large-scale mining license with vast resource potential	 52,410oz Au @20.9g/t1 18.000m drilled in total and first inferred resource estimate from April 2021 –  Better than expected gold recovery of 97.2% achieved – possible to recover from very simple industry standard processing operations  Several potential low-cost development options that will ensure low all-in sustaining costs of US \$ 2432
2	Attractive and well established mining jurisdiction	 Ethiopia is an attractive and well-established jurisdiction that is pro-mining with strong focus on modernizing the economy  License located in the Akobo gold district with a long history of government organized artisanal mining – more than 1,000 kg produced on-license in 2015/16 by hand (USD 60m value)3  License close to roads and infrastructure that is being improved continuously – own airstrip established
3	Established and well supported player with solid local and national relationship	 Experienced management team with more than 12 years of on-the-ground experience in Akobo and a track record of achieving operational milestones ahead of schedule  Low-cost corporate set-up in Scandinavia, supported by local operating organization in Ethiopia  Strong relationships with local government and authorities that provide support to active players such as Akobo Minerals
4	In process of developing a cash flow generating boutique mining operations	 Potential to accelerate the current exploration plan with cash-flow generating boutique mining of the Segele deposit  Hiring, equipment purchase, training and operations to be completed by experienced contractors – ongoing dialogues with potential partners  Legal and technical review of processing plant complete – expected to be signed shortly

2) From Segele Scoping study

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3) Based on estimates by the Ethiopian authorities using USD 1,860/oz

Corporate structure and shareholder overview

• Listed on Euronext Growth in Oslo (ticker: AKOBO) with a current market capitalization of NOK 330 million and approx. 3,500 shareholders
• The company is backed by a strong group of active shareholders
• The company holds no debt
• The company has signed MoU with Oromia bank to establish local funding
• SpareBank 1 Markets has been engaged to explore potential funding or strategic partnering alternatives for around USD 12 million in connection with the development of the small-scale mining plant

Corporate structure

Corporate structure and listing Shareholder overview (01 March 2022)

Shareholder	# of shares	% ownership
Pir Invest Holding AS	5,430,512	12.8 %
Nautilus Invest AS	3,343,398	7.9 %
Bernhd. Brekke A/S	3,080,783	7.2 %
Esmar AS	2,160,801	5.1 %
Jørn Christiansen	1,667,662	3.9 %
Abyssinia Resources Development AS	1,595,400	3.8 %
Kanoka Invest AS	1,035,806	2.4 %
GH Holding AS	1,034,412	2.4 %
B Finans AS	1,006,666	2.4 %
Atoli AS	1,000,000	2.4 %
Kørven AS	935,402	2.2 %
Torsen Tankers & Towers AS	799,137	1.9 %
Skadi AS	756,701	1.8 %
JK Vision AS	684,967	1.6 %
Lindvard Invest AS	666,666	1.6 %
Top 15 shareholders	25,198,313	59.3 %
Other	17,314,293	40.7 %
Total	42,512,606	100.0 %

Source: Company

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1) Former holding company until share swap in 2018 to get access to 3,500 shareholders in Sweden 2) Mandatory second shareholder

II	Company Overview
III	License, Resources and Mineralization
IV	Business Plan & Financials

Akobo Minerals is an exploration and boutique mining company …

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

Current operations include exploration and boutique mine development in the Gambela region and Dima Woreda, southwest in Ethiopia

The company has established itself as the leading gold exploration company in Ethiopia through more than 12 years of on-the-ground activity

Based upon the principles of good ethics, transparency and communication, Akobo Minerals has built a strong local foothold

Uniquely positioned to become a major player in the future development of the very promising Ethiopian mining industry

… with significant gold production potential

Local exploration undertaken since 1940, with consistent results of finding gold

No previous modern mining undertaken in the region

182 km2 exploration license An attractive gold-mining jurisdiction 710 km from Addis

16 km2 mining license granted

Potential for significant cash flow from the Segele deposit and large enough to bring adjacent targets into production when discovered

Modern machines and equipment

Very low-cost drilling operations with 3 owned drill rings

Maiden resource estimate undertaken by SRK

Inferred Mineral Resource 52.410oz @ 20.9g/t Au from April 2021 Expected update and increase within Q1 20221 – in addition still open at depth

High margin gold production envisaged All-in Sustaining Costs USD \$243 per ounce

Location of license in Akobo, Ethiopia

Lean business and team with lengthy and complementary experience

Jørgen Evjen Chief Executive Officer

More than 20 years experience within strategy, finance, governance and external relations

More than 18 years experience from leading exploration and gold mining companies

Dr. Matt Jackson Chief Operational Officer

15 years of mining and exploration experience, a competent person (JORC) and Qualified Person (NI 43-101)

Dr. Cathryn MacCallum Head of ESG

25 years of international experience as a socio-economist with a PhD in sustainable livelihoods and global learning

Tesfaye Medhane General Manager (Etno)

14 years exploration experience in Ethiopia including manager roles for international mining companies

Local presence and a well-defined plan to scale organization Operations level in Ethiopia

More than 12 years of on-the-ground experience in Ethiopia and excellent relationships with Ethiopian authorities and local communities

Local management with demonstrated track record Combination of international experience with Norwegian standards at Yara, Endeavor Mining (Canada) and BHP

Lean and low-cost operations

With low overhead and efficient utilization of local resources

Think locally – act locally – invest locally

Highly experienced board of directors with complementary skillset

Hans Olav Torsen Chairman of the board

• Experienced board member with a demonstrated history of corporate development, start-ups, M&A, divestures and corporate finance
• Previously VP Business Development of Global Geo Services, Partner at Proventure Management, VP Business Development at Kongsberg Group, CEO of Navia Group and Founder & CEO of Seatex

Jørn Christiansen Board member

• Geophysicist with extensive experience with new geophysical techniques within the O&G sector and geological/geophysical prospecting for gold and diamonds
• Previously CTO at Spectrum, Principal Advisor at TGS and Senior Geophysicist at Norsk Hydro
• Applied Geophysics, Technische Universität Clausthal

Helge Rushfeldt Board member

• Owner and general manager of Promin, a Norwegian based consultancy in the mining and minerals industry
• Experience from several of Norway's major mines and mineral processing facilities, including Titania, Norwegian Talc and Hustadmarmor
• M.Sc. in Mineral Processing from Norwegian University of Science and Technology

More than two decades of experience in the Akobo region

1998 - 2010	2010 - 2019	2020	2021	2022 and onwards
1998-99: Predecessors to Akobo Minerals explored the Akobo region 2000-10: 526 out of 635 soil samples contained geologically significant	2010: Granted a large-scale exploration license in the Akobo region – Akobo Minerals is established in both Norway and Ethiopia 2011-13: Trenched, channel sampled and assayed 7.5km of trenches	• Started new core drilling program for 2020 of 3,000– 5,000 m • Bonanza grades discovered • License renewal for 3 more years – good relationship with MoM	• Established the first resource estimates on Segele - Maiden compliant with JORC • Euronext Growth listing • Group and local management team in place with General Manager hired in Etno Mining	 Renewed current exploration license  Appointed head of ESG developments  Opened new airstrip funded and built by Akobo Minerals
levels of gold	2012-17: Performed 21 km2 of ground magnetics and geological mapping of license area	• Matt Jackson hired new Chief Operations Officer • Camp upgrades and new safety measures in place	• Johan Sjöberg hired as Chief Exploration Manager • Two additional core-drilling rigs in place	 More bonanza grade results received from ALS  Signed MoU with Oromia Bank
	2015: Performed RC drilling in 35 holes, approx. 3,600m. Analyzed > 4,000 soil samples 2019: First CPR completed	• Delivered on social initiatives (road, football suits, school desks) • Environmental, Social and Governance baseline study started • Euronext NOTC listing	• Segele scoping study completed • First pass drilling at Joru started • Large scale gold mining license awarded	 Update of resource estimate  Sign-up plant producer and contract miner  Commence production from small-scale mining plant  Potential new ventures

From pure-play exploration to an established boutique mining company

Ethiopia and Akobo are an attractive jurisdiction for the mining sector

Ethiopia has been one of the fastest growing economies growing at an average annual rate of 10% for the past 15 years¹

Dedicated focus on modernizing and opening of the economy

• Telecom, bank and financing sectors opening support for fintech and mobile money
• Entered partnership with Ethiopian commercial bank, Oromia Bank, with aim top develop domestic services related to financing new exploration and mining projects, in accordance with international standard

Strong support to active players such as Akobo Minerals

Mining is part of the transformation plan in Ethiopia - 32.8% expected growth in the mining sector with goal of increasing GDP contribution from 2% to 10% by 2025

Completed essential groundwork and established as a key player in the area

• Several key operational milestones achieved ahead of schedule
• Established strong relationships with local government and authorities
• Focused on prudent ramp-up of the small-scale mining plant, providing attractive growth projections and cash flow outlook for the Segele resource area

Uninterrupted operations and prudent ramp-up of activities

KEY MILESTONES

• 100 holes drilled; infill program completed
• 3 additional second-hand rigs acquired
• 18,000 meters drilled to date
• Resource extension drilling completed at Segele
• Results from metallurgical test work point to increased revenue potential

• Bonanza grade results from ALS updated resource estimate expected towards the end of March

• Recently hired Dr Cathryn MacCallum as Head of ESG

• Completed ESG training for all company staff
• Increase in staff since Q4 52 fixed in total

Akobo region is "low-hanging fruit" for modern gold exploration

A new frontier for gold exploration

• Located in the Western Ethiopian Shield, an ancient mining region largely ignored by modern exploration
• Untapped resource base with large potential and lack of modern exploration
• ‒ Mining reform and infrastructure improvements in recent years to facilitate exploration by international companies
• 1,000 kg extracted in 18 months1 by artisanal miners in Akobo region
• Legadembi project 400 km to the East
• ‒ Main Ethiopian gold producer for 20+ years
• ‒ Estimated gold production 55t Gold
• Tulu Kapi project 300 km to the north

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• ‒ Within the same geological belt as the Akobo project
• ‒ Inferred and indicated resources of 1.7 million ounces at 2.65 g/t

Akobo Minerals has a head start exploring the Akobo region since 2009

Part of the Arabian Nubian shield – home to gold

Akobo

Strong ESG policy and active involvement with the local community

Dr. Cathryn MacCallum

Head of ESG

• Socio-economist with a PhD in sustainable livelihoods and global learning
• Developed sustainable livelihood, poverty reduction and education projects world-wide for 25 years

• Experience from the energy and mining sector, advising and building the capacity of businesses by determining and managing ESG risks

• Akobo Minerals recognizes the importance of ESG performance in meeting its strategic and operational goals

• In process of developing and implementing a series of measures that will enable Akobo Minerals to comply with sound international industry practice (GIIP)
• Environmental and Social Impact Assessment Completed
• SNRMP team established activities started

SAZANI WORKS GLOBALLY TO SUPPORT SUSTAINABLE LIVELIHOODS

• Sazani is an international not-for-profit, research and development organization.
• Sazani specializes in community engagement through participatory research, and the development of integrated programs for sustainable rural development
• Multi award winning organization was established in 2005 by an interdisciplinary group of experienced practitioners (academics, consultants, project managers) from all over the world

Sustainable Natural Resources Management Plan ("SNRMP")

1. Establishment of a governance structure to manage sustainable natural resource use

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• 1. Capacity building training for artisanal miners in HSE, technical skills and environmental safeguarding 2
• 1. Agriculture and livestock extension to improve food security 3
• 1. Youth and women's technical and financial literacy training to support enterprise development 4
• 1. Healthy and sustainable life skills awareness program with community and schools; and 5
• 1. Establishment of carbon credit, Payment for Ecosystem services scheme 6

Mining and exploration license awarded – major milestones

Map of the license area Attractive licenses recently awarded and renewed

Licenses granted by the ministry of Mines ensure Akobo Minerals the following:

• The right to continue exploration in the 182 km2 for a minimum of three years, with yearly renewal up to 10 years
• The right to a five-year mining license covering 16 km2 of the Segele mineralization and other promising targets – extendable in 10-year increments
• Hold proceeds from sale of gold in overseas USD bank accounts
• Right to freely repatriate profits from overseas USD bank accounts
• Sell gold freely in international markets
• Duty free import of plant, machinery and equipment
• Payment of 5% royalty to federal government
• Payment of 7% fee carried interest in the mining project

Recent scoping study indicates low-risk high margins operations

"Estimate of 243 USD per ounce for all in sustaining cost (AISC) vs 1,048 USD per ounce as

Metric	Figure	Notes
Inferred Mineral Resource	78ktonnes@ 20.9g/t 52,410oz	SRK MRE 6th April 2021.
CAPEX	USD 8.042m	Factored, including USD 1.2m contingencies
Total LOM OPEX	USD 87 / tonne
Total LOM OPEX	USD 137 / ounce	without royalties
Total LOM OPEX All in Sustaining Costs (AISC)	USD 243 / ounce	Factored, 7% royalties at 20g/t and 1,500 USD/oz
Plant Head Grade	20g/t	Factored from dilution
Underground Development Time	12 months	Stoping commences in month 11
Production Rate	5,800 tonnes per month	At peak production
Metallurgical Recovery	(SS: 90%) 97.2%	Improved figure from test work
Extraction Rate	81%	Assumption
Dilution	5%	Assumption
Ore Loss	8%	Assumption
Plant Throughput	10-20tph
Negotiated royalty	5%	7% in the Segele scoping study

Key takeaways from test work:

• mining industry average" Recovery is possible from very simple industry standard processing operations 1
• Samples were taken from a total of 3 holes drilled at Segele to generate 248kg of sample material

Better than expected gold recovery of 97.2% 2

• As compared to 90% assumed in the Segele Scoping Study – directly improving expected future revenue

Significantly higher than expected grade of 31.01 g/t 3

• As compared to 20.9 g/t average grade for the Segele Mineral Resource estimate
• Primarily driven by spatial variability of ore and reduced influence of nugget effect

Akobo Minerals' findings are considered extremely gold rich – quotes from suppliers are in line with the Company's estimates1

The Segele deposit – successful extension drilling ongoing

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Great potential from identified exploration targets in the Segele area

Segele

Further opportunities

• Several high priority targets have been identified from trenching, sampling of artisanal pits and visible outcrops of potential host rock
• Two targets from follow-up of previous trenches – T32/T33 and T37
• Drilling at T32 and T33 with three holes completed
• Exploration drilling at T37 completed totaling 671 meters over 6 holes – assays pending
• Drilling ongoing on a 5-hole geology section in the area – providing an improved 3D geological model to place the resource into structural context

Highly successful exploration and resource definition

21.5 20.9 17.6 17.5 16.7 15.2 7.6 5.9 5.1 4.5 4.5 0 100 200 300 400 500 600 700 800 0.0 5.0 10.0 15.0 20.0 25.0 Grade (Au gpt) Cash cost (USD/oz) Underground projects Open-pit projects

High grade deposits typically have exceptionally low costs

Segele may be in top tier of high-grade gold mines globally Highly successful exploration

Segele

• Potentially high cash flow small-scale mining
• Potential to expand resources both sides within 500m and further afield

Joru

• Large low-grade target with promising results from previous activities
• Firs drill campaign completed assays pending

Numerous further targets

15km strike length between Segele and Joru

Segele

Classification	Cut-off (Au g/t)	Ktonnes	Au (g/t)	Au ounces
Measured	≥0.5	0	0	0
Indicated	≥0.5	0	0	0
Inferred	≥0.5	78	20.9	52,410
Total	≥0.5	78	20.9	52,410

• The exceptional grade of 20.9 g/t puts Segele firmly among the top 10% of the world's gold deposits
• ‒ Enables low-opex mining operations as less mining is needed for the same amount of gold extracted
• The mineralisation shows unusually good geological continuity down plunge of the ore shoot (concentrated mineralisation)
• SRK has certified internal QAQC procedures according to JORC standard
• SRK has advised the company on further measures in order to upgrade the classification of resources in future estimations

To be updated soon with significant more assay data

Mineral Resources as of 6 April 2021 JORC Mineral Resource Estimate summary

The April 2021 Segele Gold Deposit Mineral Resource estimate has been classified in accordance with the guidelines of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2012 edition).

The April 2021 Mineral Resources have been reported above a 0.5 g/t gold (Au) cut-off grade which is consistent with the reporting of Mineral Resources of similar mineralisation style gold deposits reported in Africa. SRK is of the opinion that the classified Mineral Resources above a 0.5 g/t Au cut-off would have reasonable prospects of eventual economic extraction using conventional open pit mining methods.

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.

The Joru deposit has shown promising results

Joru

• A total of 2,264 meters of core drilling has been completed at the Joru target – 695 samples awaiting assay
• Significant intersections
• 28.10g/t over 0.85m and 20g/t over 0.75 in drill hole JODD03
• 29.10g/t over 1m and 10.90g/t over 0.55m in drill hole JODD06
• 3.19g/t over 0.9m in drill hole JODD02
• 4.10g/t over 0.6m in drill hole JODD03
• 3.10g/t over 1m in drill hole JODD06
• For more intersections, see Press Release 9th August 2021
• Visible gold observed in several holes
• Geological modelling will be conducted once all the assays have been received

Comments Joru Core drilling completed

New strategy moving from pure play exploration to boutique mining

Boutique mining of the Segele deposit Market and financing strategy

• Potential to accelerate the current exploration plan with cashflow generating boutique mining of the Segele deposit
• Mining concepts being evaluated
• Aim to establish a JORC1-compliant resources that will attract strategic attention from majors with an inherent need to replace dwindling reserves caused by years of exploration

• The long-term ambition is to establish a resource base of 1.5 2 million oz gold, while short-term focus is to get the mine up and running

• NOK 37m raised in capital during 2020 and NOK 50m in 2021

• Shares are currently listed on Euronext Growth, with research coverage from SpareBank 1 Markets
• Equity financing in connection with the Euronext Growth listing to fund drilling activity, scope out boutique mining plans and certain other general purposes
• Step-wise approach to funding in the coming years as operational milestones are achieved – significant flexibility to accelerate and pace operational activity based on availability of capital at attractive terms for existing shareholders
• SpareBank 1 Markets has been engaged to explore potential funding or strategic partnering alternatives for around USD 12 million in connection with the development of the small-scale mining plant

Akobo Minerals evolving from a pure exploration company to an established mining company in Ethiopia

Corporate planning for low-risk operations

CONTRACT MINING OPERATIONS

All Hiring, Equipment Purchase and Training and Operations completed by experienced contractor

First limited production expected before end 2022 with gradual ramp-up during 2023

PROCESSING PLANT

Construction, Commissioning, and Training conducted by contractor

Operated by: Akobo Minerals

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Basic and well-known gold mining operations expected

• The ore will be accessed by an incline shaft, currently planned to be 290m in length, reaching a vertical depth of 160m below surface
• Easily extendable to reach deeper ore at low incremental cost
• The ore will be extracted using shrinkage stoping or cut and fill methods. These drilling and blasting systems create carefully designed caverns which are accessed from horizontal tunnels off the incline shaft
• The ore will be transported to surface using a small rail system using a simple winch to pull metal cars to surface
• Processing plant test work confirms that good recovery is possible from a very simple industry standard processing plant operations

Standard gold processing operations to be implemented

High activity level with good track-record of ahead of schedule

Company highlights

Large-scale mining license with vast resource potential

Attractive and well-established mining jurisdiction

Experienced team and attractive corporate setup

Established player with strong support from authorities

Definition of grading (gold grams per tonne) Gold valuation framework ¹

Open Pit	Open Pit	Underground Mine
Low grade	0 – 0.5 gold grams per tonne	0 – 0.5 gold grams per tonne
Average grade	0.5 – 1.5 gold grams per tonne 5 – 8 gold grams per tonne
High grade	1.5+ gold grams per tonne	8+ gold grams per tonne
"Bonanza grade"		Troy Ounces (31.1 grams per tonne)

Gold can enhance portfolios in four key ways ⁴

According to an analysis carried out by Reuters, the price performance of gold can be explained by the interaction of four key drivers:

• 1. Economic expansion: periods of growth are very supportive of jewelry, technology and long-term savings 1
• 2. Risk and uncertainty: market downturns often boost investment demand for gold as a safe haven 2
• 3. Opportunity cost: the price of competing assets, especially bonds (through interest rates) and currencies, influences investor attitudes towards gold 3
• 4. Momentum: capital flows, positioning and price trends can boost or dampen gold's performance.

Gold is highly liquid asset, carries no credit risk, is considered scarce and has historically been preserving its value over time

Source: World Gold Council, Reuters ("The relevance of gold as a strategic asset 2022" – 20 January 2022) Note: 1) For underground mining, there is no exact definition ³¹