Akobo Minerals

Regulatory Filings • Feb 17, 2022

Akobo Minerals hits more bonanza gold grade zones

Akobo Minerals hits more bonanza gold grade zones

OSLO, 17 February 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the

Scandinavian-based Ethiopian gold exploration and mining company, today released

preliminary results of new resource estimates from its Segele mine development

project that demonstrate bonanza gold grade results.

Specifically, the results, from laboratory testing, inspection, certification

and verification solutions company, ALS (Ireland), show:

· New resource extension significant intercepts:

· 24.4g/t over 5.88m (including 142g/t over 0.7m, and 44.8g/t over 0.7m) and

· 17.8g/t over 4.38m (including 67g/t over 0.7m)

· New infill drilling results including:

· 56.0g/t over 6m and

· 23.0g/t over 1.7m

· In July 2021, the company also released results including 45.3g/t over 0.48m

and 13.8g/t over 1.43m

· The mineralisation is still open at depth

Explaining Gold Grade

For underground mining, the World Gold Council defines high quality results as

between 8 and 10 grams per tonne, and low quality as between 1 and 4 grams per

tonne. There is no exact definition of what is considered as high or low grade.

The list below is therefore an estimate as to what may be expected.

Underground Mine:

· Low grade 0 - 5 gold grams per tonne

· Average grade 5 - 8 gold grams per tonne

· High grade 8 + gold grams per tonne

· 'Bonanza' grade 31.1 grams per tonne

Results from an additional 30 holes (approximately 2000 samples) are expected to

be delivered within 10 days and will include all samples needed to perform an

updated resource estimate. There have been major delays at the ALS laboratory in

Ireland lately, affecting the delivery of results and Akobo Minerals' ability to

issue a full resource update. Once the outstanding results are received, the

data will be handed to SRK (Australasia) to complete the mineral resource

update.

Akobo Minerals released the result of its first Segele mineral resource estimate

in April 2021, with an inferred mineral resource totalling 52,410oz at an

average grade of 20.9g/t. That resource estimate covered a gold mineralization

in a narrow high-grade shoot from 30m at the shallowest to 130m at the deepest.

These new assays have demonstrated that the high-grade gold mineralization

extends to at least 240m below the surface - and quite possibly deeper.

Jørgen Evjen, CEO of Akobo Minerals, said: "We eagerly anticipate the full

results of the mineral resource estimate from geology and resource specialist,

SRK, which will be undertaken as soon all results are in from ALS. The

engineering design within our scoping study shows that the Segele mine should be

a high-margins operation, with an all-in production cost of around $250 per

ounce. We anticipate limited mining production to begin at the end of 2022, with

production peaking in mid-2023."

He concluded: "These new results support our belief that we can maintain peak

production for longer than calculated in our original scoping study. We eagerly

await the new estimate."

Figure 1: Schematic cross section of the Segele Mine Development project,

looking West

[Diagram

Description automatically generated]

Table 1: Significant intersections from theSegelegold deposit(calculated using a

1g/t low cut-off, maximum 1m internal waste and no high-cut).

Hole ID From (m) To (m) True Au g/t

width

(m)

NEW RESULTS

REPORTED

TODAY:

Resource

Extension

drilling, to

be

incorporated

into the

Segele

Mineral

Resource

Estimate

SEDD51 159.00 160.00 0.66 8.5

SEDD52 No

significant

results

SEDD53 154.10 155.05 0.63 1.7

157.50 158.15 0.43 1.9

163.25 169.85 4.38 17.8

SEDD54 No

significant

results

SEDD55 165.70 174.55 5.88 24.4

SEDD56 No

significant

results

PREVIOUSLY

REPORTED

RESULTS

Not yet

included in

the Segele

Mineral

Resource

Estimate

SEDD32 No

significant

results

SEDD33 98.50 98.90 0.38 3.3

100.30 100.70 0.38 1.1

SEDD34 110.65 112.15 1.43 13.8

SEDD35 No

significant

results

SEDD36 No

significant

results

SEDD37 116.10 117.20 1.05 1.9

SEDD38 131.40 132.30 0.86 9.6

134.30 136.20 1.80 1.7

SEDD39 144.45 145.50 1.00 1.1

147.55 148.05 0.48 45.3

SEDD40 No

significant

results

SEDD41 No

significant

results

NEW RESULTS

REPORTED

TODAY:

Infill

drilling

from within

the Segele

Mineral

Resource

Estimate,

but not yet

included.

SEDD44* 65.10 74.50 6.24 2.2

SEDD46 153.70 155.40 1.70 21.3

163.00 168.60 5.60 5.7

SEDD47 117.20 123.20 6.00 56.0

127.75 128.30 0.55 1.1

SEDD48 No

significant

results

SEDD49 No

significant

results

SEDD50 145.00 147.50 1.66 2.4

PREVIOUSLY

REPORTED

RESULTS

Already

included in

the Segele

Mineral

Resource

Estimate:

SEDD01 32.00 32.80 0.76 17.3

SEDD02 No

significant

results

SEDD03 43.65 50.00 6.03 1070.4

56.00 58.00 1.9 39.9

62.00 64.60 2.47 75.8

SEDD04 No

significant

results

SEDD05 66.30 70.10 3.61 39.7

73.00 74.00 0.95 2.6

80.00 81.00 0.95 22.8

SEDD06 No

significant

results

SEDD07 No

significant

results

SEDD08 No

significant

results

SEDD09 No

significant

results

SEDD10 87.00 88.00 2.85 5.9

93.00 94.00 0.95 8.3

SEDD11 33.30 38.65 5.08 114.8

SEDD12 52.70 53.30 0.58 1.9

60.55 61.85 1.24 2.7

64.20 64.85 0.62 2.7

70.65 71.65 0.95 2.6

SEDD13 57.20 58.25 1.00 3.6

59.70 61.15 1.38 8.1

73.20 74.20 0.95 2.2

78.90 79.60 0.66 1.6

SEDD14 69.30 70.60 1.24 2.5

SEDD18 87.30 90.50 3.04 13.3

94.90 99.85 4.70 2.0

106.05 108.55 2.38 2.0

SEDD19 No

significant

results

SEDD20 No

significant

results

SEDD21 124.90 128.70 3.61 3.0

130.80 133.65 2.71 144.7

134.85 135.40 0.52 13.1

SEDD22 98.80 99.30 0.48 53.7

104.57 105.00 0.41 12.1

SEDD23 77.16 81.16 3.80 44.0

85.16 85.96 0.76 3.5

87.20 88.54 1.27 5.3

SEDD24 No

significant

results

SEDD25 97.20 99.68 2.36 130.5

101.46 102.45 0.94 1.1

104.35 107.70 3.18 35.6

113.60 114.60 0.95 1.1

SEDD26 97.60 98.60 0.95 1.5

SEDD27 No

significant

results

SEDD28 48.20 48.47 0.26 12.4

50.47 54.50 3.83 6.2

58.90 59.90 0.95 1.3

SEDD29 61.52 74.50 12.33 17.6

77.50 84.60 6.74 5.7

SEDD30 No

significant

results

SEDD31 111.90 112.70 0.76 1.5

119.00 119.70 0.67 1.2

121.00 122.00 0.95 1.6

*: Holes SEDD42, 43, and 44 were used for metallurgical testing. Hole SEDD44

only assayed part of the mineralised zone.

- ENDS -

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration company, with ongoing

exploration and small-scale mining developments in the Gambela region and Dima

district of southwest Ethiopia. Operations were established in 2009 by people

with long experience from both the public mining sector in Ethiopia and the

Norwegian oil service industry. Following mineral discoveries, the company is

engaged in mining studies to advance the project to production, alongside

exploration core drilling.

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.

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 (or her) 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

Competent Person for Mineral Resources

This press release includes information from the Segele Mineral Resource

Estimate released by Akobo Minerals AB on the 6th of April 2021 ("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 (5/4/2021). 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 more information, contact:

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

LinkedIn: www.linkedin.com/company/akobominerals

Web: https://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.