Akobo Minerals

Business and Financial Review • May 9, 2025

Akobo Minerals Reports Positive Smelting Result from Latest Batch

Akobo Minerals Reports Positive Smelting Result from Latest Batch

Oslo, Norway, 9 May 2025 - Akobo Minerals AB (publ) ("Akobo" or the "Company")

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

provides an operational update highlighting improved smelting results from a

recent production batch and ongoing efforts to access higher-grade zones at the

Segele mine.

Gold production in March and April yielded a total of 1 kilogram, which fell

below expectations. A small smelting conducted on 5 May, covering three days of

production, resulted in the recovery of 445 grams of gold. The average grade was

approximately 9 grams per tonne (g/t), supported by increased production

following recent operational changes and improved access to additional areas in

the mine. This outcome marks a clear improvement and represents an encouraging

step toward achieving production levels more consistent with the Segele

deposit's long-term potential.

The Segele deposit is characterised by variability in gold grade due to its

nuggety mineralisation. To illustrate this, the image below shows the area

currently being mined, with figures and data from the SRK block model:

[image]

Left side: Right side:

High grade area ranging from 4g/t to 666g/t   Low grade area ranging from 1g/t

to 3g/t

These differences highlight both the opportunity and challenge of mining such a

deposit. While the overall average grade of all mined material since production

began remains high-close to 20 g/t-the short-term predictability of gold output

is affected by the inherent variability of the ore body.

The Company continues to work with three active headings underground and is

focused on increasing daily tonnage through process improvements. A key

development in this effort is the planned vertical shaft, which will provide

more reliable and consistent access to high-grade sections of the ore body. This

is expected to significantly enhance both production stability and overall

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 (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 (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/.