Akobo Minerals

Regulatory Filings • Mar 2, 2022

Akobo's hits visible gold at new record depth

Akobo's hits visible gold at new record depth

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

visible gold at 282 metres vertical depth, as well as seeing signs of further

potential gold mineralisation in several sections along this latest hole. All

indicators point to a belief that the Segele mine can be sustained for much

longer than previously envisaged.

The previous deepest intersection of gold mineralisation was at 239 metres

vertical depth. This new intersection is part of an ambitious wildcat resource

extension hole and demonstrates that the Segele gold mineralisation is now

greater than 400m 'down plunge' from the surface outcrops. In essence, this

means that there seems to be more gold down to much greater levels than

previously believed.

The success of this hole is testament to the excellent predictive skills and

structural understanding developed by the company's geologists. Their competence

is allowing detailed prediction of the gold mineralisation for additional

discoveries and will be critical to successful production.

Jørgen Evjen, CEO, Akobo Minerals, stated: "These latest results represent a

remarkable success for us. And while this gives us good reason to be excited

about the production potential of the Segele mine, equally important is the

proof that we understand the local mineralization environment. Our geology team

has shown that it can use advanced structural techniques to hit gold

mineralization depths never before seen in Southwestern Ethiopia and I believe

that we can be confident of considerable success in the future."

Akobo's mine development activities are based on its scoping study which

envisages a 27-month mine life based purely on the first resource estimate from

April 2021 determined by independent mining consultants, SRK. As announced

previously, since the release of the scoping study, in addition to the visible

gold observations the company has encountered bonanza grade intersections and

numerous occurrences of potential host rocks which are demonstrably down-dip

from the resource estimate.

The combination of the bonanza grade intersections, host rocks and visible gold

is in-line with the general plunge of the mineralization as seen in the resource

model. These indicators all point to a belief that the Segele mine can be

sustained for much longer than previously envisaged.

Visible gold mineralisation observed at 282m depth in SEDD99

[A picture containing wooden, wood, lined

Description automatically generated][A close up of a shoe

Description automatically generated with low confidence]

For illustration purpose only;

[Diagram

Description automatically generated]

This latest hole, number SEDD99, was planned to test for the presence of

mineralisation at a much greater depth than before and represents a 'step back'

of 100m from the previous drill fence, as opposed to a normal 25m as previously

used.

An updated resource estimate for Segele is expected to be released by end of Q1

and will incorporate as much of the latest drill hole data as possible. The size

of the resource estimate increase will be dependent on the estimation process

and assay grades, width and thickness, in addition to down-plunge length.

However, the result from SEDD99 will not be included in the next mineral

resource update as additional drilling will be needed to support an

understanding of the mineralization geometry.

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.

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.

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

company website, www.akobominerals.com

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.