Akobo Minerals

Earnings Release • May 5, 2025

Akobo Minerals Reports April 2025 Operational Update

Akobo Minerals Reports April 2025 Operational Update

Oslo, Norway, 5 May 2025 - Akobo Minerals AB (publ) ("Akobo" or the "Company")

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

provides its operational update for April 2025.

Gold production for the months of April and March amounted to 1 kilogram at an

average grade of around 3 grams per tonne, which is below the Company's

expectations. Total cumulative production has now reached 19.6 kilograms. The

average grade across all mined material remains high at close to 20 grams per

tonne, continuing to place the Segele mine among the highest-grade underground

gold operations globally. As previously communicated, the Segele deposit is

characterised by a nuggety nature, resulting in significant grade variability.

This remains a key factor affecting the short-term predictability of gold

output.

The lower-than-expected production during March and April has caused a near-term

liquidity requirement in order for the Company to meet its requirements as a

going concern. To address this, the Company is preparing to engage with existing

shareholders to secure short-term funding. The evaluation of available

alternatives towards securing appropriate financial solutions long-term is

continuing.

The mine is currently operating with three active headings for ore extraction,

most of which are expected to access high-grade zones. Increasing daily tonnage

has proven more challenging than anticipated due to constraints within the

current tunnel infrastructure. In the short term, the Company is working to

improve production levels from existing tunnels through the introduction of

additional blasting shifts and by optimising underground cycle times. These

tonnage constraints are expected to be resolved through the planned

commissioning of a vertical shaft, which will improve access and provide greater

operational flexibility.

In parallel with operational improvements, and as part of evaluating available

alternatives, Akobo Minerals has initiated discussions with providers of non

-equity financial instruments. These efforts are focused on securing non

-dilutive financing, such as offtake and streaming agreements, which provide

upfront payments in exchange for future gold deliveries at a discount to

prevailing market prices. These initiatives are being pursued in close

collaboration with Sutton Global and the Company's lender, Monetary Metals.

Other funding alternatives, such as a standard equity raise or potential

strategic partnership, will also be evaluated depending on the attractiveness of

available solutions.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section 5

-12 of the Norwegian Securities Trading Act. This information is considered to

be

inside information pursuant to the EU Market Abuse Regulation and was published

by Jørgen Evjen, CEO, on the date and time provided herein.

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 (https://protect.checkpoint.com/v2/___http

://www.linkedin.com/company/akobominerals___.YzJlOnNjaGpkdGFzOmM6bzoxMGRjOGE2MTZm

MDIwYTc1M2VhODk0MjA0YzI4NGU2MTo2OjljYTI6MDY2NmFjNzRjN2JiMmU5NzM1YmYxMmE3MWQ1OTc2M

GI4ZmJmZTZjZmUzNGM0OTM4NDRlMjNkMTQ5OTQzZmRmOTpwOlQ6Tg)

Web:

www.akobominerals.com (https://protect.checkpoint.com/v2/___http://www.akobominer

als.com/___.YzJlOnNjaGpkdGFzOmM6bzoxMGRjOGE2MTZmMDIwYTc1M2VhODk0MjA0YzI4NGU2MTo2O

mMwNTc6NDJjMmY0ODRlMmM1ZmE5MWRkZDYzMjcyOWM2ZThlNGU5MTNmMDQ1Y2VlN2ZmZTI4ZDQxNjUwYz

Q2ZDFmZTA3MDpwOlQ6Tg)

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 15 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://protect.checkpoint.com/v2/___https://www.otcmarkets.com/stock/AKOBF/q

uote?utm_source=Press+Release&utm_medium=Press+Release&utm_campaign=New+OTCQX+Com

pany___.YzJlOnNjaGpkdGFzOmM6bzoxMGRjOGE2MTZmMDIwYTc1M2VhODk0MjA0YzI4NGU2MTo2OjliN

TA6MTZjMmNiOWJlYTU0NWNiMTVlZDY2NzhiOWNkYThiNDUyM2ZlNWRhYjdkYWRiZjIyYWMyODgxM2NlNj

NkNmNiNjpwOlQ6Tg) (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/.