Akobo Minerals

Regulatory Filings • Mar 7, 2022

Akobo Minerals lays foundation stone as new mine development gathers pace

Akobo Minerals lays foundation stone as new mine development gathers pace

Akobo Minerals (Euronext Oslo - "AKOBO") today announced that it has performed a

ceremony to lay the foundation stone for its Segele mine in Ethiopia. This marks

the start of the company's next phase towards mining and gold production.

[image](Laying down foundation stone: Jørgen Evjen, Minister of Mines Takele

Uma, Gambella President Omod Ojulu, State Minister Alemitu Umod, Member of

Parliament Ashinie Astine, General Manager Etno Mining Tesfaye Medhane)

Initial production is expected to commence by the end of 2022, ramping-up into

2023. Once fully operational, the company estimates an annual production at

Segele of around 45,000 ounces of gold. Over time, this can increase depending

on future discoveries and upgrades of the processing plant. Akobo Minerals' long

-term goal is the discovery of 1.5- 2 million ounces of gold. According to the

JORC standard that the company reports by, the company can only state the

estimated volume, and not the possible sales value of the gold. At the current

moment gold trades around 1,970 USD per ounce.

Present at the ceremony were Minister of Mining, Takele Uma, President of the

Gambella region, Omod Ojulu, members of parliament and other representatives

from the Gambella regions, as well as staff and friends. The significant

attendance shows solid local and national support for the project and, along

with the company, they have high expectations for the great success of the

project.

In his speech at the ceremony, Jørgen Evjen, CEO of Akobo Minerals, said: "I

feel honoured, privileged and proud to be here today. Honoured to see you all

here participating in this ceremony; privileged to have had the opportunity to

work with Akobo Minerals for so many years; and proud of everything we have

achieved. I am particularly pleased with the efforts of our staff and supporters

who have made this possible. It has not always been easy, but we have never

given up. We listen, we find solutions, we take action and we set goals. We have

created relationships, but also partnerships. We believe in a local and national

presence."

He added: "We adhere to international standards and ethics at all times, and we

aim to become the leading exploration and mining company in Ethiopia in the

coming years. This is just the beginning for us. And last, but not least, I want

to convey special thanks to the Minister of Mining, Takele Uma, for his

leadership, visions and faith in the project."

With the support and cooperation of the government and local authorities, good

progress is being made. Akobo Minerals has long stated that it is moving from a

pure exploration company to commencing mining. The latest reports leave little

doubt that there will now be a significant mining in Segele for Akobo Minerals

in the near future.

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

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 https://www.jorc.org/

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.