Akobo Minerals

Regulatory Filings • Feb 12, 2025

Akobo Minerals reports January gold production and details on new vertical mine shaft

Akobo Minerals reports January gold production and details on new vertical mine shaft

Oslo, Norway, 12.02.25, Akobo Minerals AB (publ) ("Akobo" or the "Company")

(Euronext Growth Oslo: AKOBO), a Scandinavian-based Ethiopian gold producer,

provides an operational update for January 2025 and details on the new vertical

mine shaft with a 100-ton-per-day capacity.

· Gold production: Slightly more than 2 kg of doré gold bar was produced in

January, bringing total gold production to 17 kg to date. This was in line with

expectations, as tunnel operations were temporarily halted from mid-December

2024 to mid-January 2025 for essential safety improvements. Both tunnels are now

fully operational.

· Increased production ahead: Stoping (mining the ore body) has commenced from

the Western Winze, while the Eastern Winze is nearing completion for its

prospect drive to start at the new 575 level. Going forward, mainly ore will be

mined, marking a shift toward more stable production. It is important to

highlight that underground mining in a deposit like Segele, which exhibits a

strong nugget effect, naturally results in month-to-month production variations.

While short-term fluctuations can occur, long-term production expectations

remain unchanged.

· All-time high gold price: The recent record gold price is expected to

positively impact future cash flow from the Segele mine.

Establishment of a vertical shaft at Segele

Due to the compact and highly concentrated nature of the orebody, Akobo Minerals

has decided to establish a vertical shaft to improve access and increase

underground hoisting capacity. This infrastructure upgrade will significantly

accelerate production, aligning it more closely with the processing plant's

capacity. Additionally, the vertical shaft will enable activation of the Carbon

-in-Leach (CIL) circuit, increasing gold recovery rates from approximately 60%

to 93%.

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Key features of the vertical shaft:

· Phase 1: Initial shaft depth of 60 meters, with infrastructure capable of

extending to 120 meters.

· Timeline: Expected completion within 12 to 16 weeks from commencement.

· Design: Approximately 3 meters in diameter, accommodating cages,

ventilation, water pumping, and electrical infrastructure.

· Hoisting system:

· Double-cage arrangement for personnel and ore transport.

· Hoisting capacity of approximately 3 tonnes per hoist, with a total

capacity of up to 100 tonnes per day, depending on underground ore availability.

· Electrically powered winder, backed by a dedicated diesel generator with

redundancy from the process plant's power system.

· Manufacturing and installation: Headgear, control, and winch rooms will be

manufactured in South Africa and shipped to Segele for assembly and

commissioning.

The transition to a vertical shaft represents a shift aimed at improving long

-term production efficiency.

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: www.akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold producer, currently holding an

exploration license covering 182 km2 and a mining license covering 16 km2 in the

Gambela region and Dima Woreda, Ethiopia. With over 14 years of active

operations on the ground, the company has established a strong foothold in

Ethiopian mining industry.

Akobo Minerals' Segele mine has an Inferred and Indicated Mineral Resource of

68,000 ounces, yielding a world-class gold grade of 22.7 g/ton The mineralized

zone remains open at depth, supporting future resource estimates and extending

the mine's life. The exploration license holds numerous promising exploration

resource-building prospects in both the vicinity of Segele and in the wider

license area.

Akobo Minerals maintains strong relationships with local communities and

government authorities, placing ESG principles at the core of its operations.

The company's commitment to sound ethics, transparency, and stakeholder

engagement is evident through its industry-leading extended shared value

program.

Akobo Minerals is ready to take on new opportunities and ventures as they arise.

The company is uniquely positioned to become a major player in the future

development of the very promising Ethiopian mining industry.

The company is headquartered in Oslo and is publicly listed on the Euronext

Growth Oslo Exchange and the Frankfurt Stock Exchange under the ticker symbol

AKOBO. For US investors, Akobo Minerals

AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med

ium=Press+Release&utm_campaign=New+OTCQX+Company) (OTC: AKOBF) is traded on the

OTC Pink Market.

Akobo Minerals places great emphasis on meeting and exceeding industry

standards, fully complying with all aspects of the JORC code, 2012. For detailed

information on their adherence to this code, please refer to

https://www.jorc.org/. Akobo Minerals' unwavering commitment to ethical

practices, community engagement, and environmental responsibility positions them

as a formidable force in the evolving landscape of the Ethiopian mining sector.