Akobo Minerals

Capital/Financing Update • May 14, 2025

Akobo Minerals Closes NOK 11 Million Convertible Loan

Akobo Minerals Closes NOK 11 Million Convertible Loan

Oslo, Norway, 14 May 2025 - Akobo Minerals AB (publ) ("Akobo" or the "Company")

(Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer operating in

Ethiopia, announces that it has successfully closed a convertible loan financing

of approximately NOK 11 million from existing shareholders.

The convertible loan was initiated to strengthen the Company's working capital

position following lower-than-expected gold production during March and April

2025. The target raise was NOK 5-10 million, and the final amount raised,

approx. NOK 11 million (divided on NOK 10.2 million and EUR 100,000), reflects

continued support from long-term shareholders.

The convertible loan carries an annual interest rate of 30% and has a 24-month

maturity. Conversion into shares may be initiated by either the Company or the

lenders or occur automatically at maturity. Conversion pricing is based on

either the volume-weighted average share price with a 30% discount, or the price

of any new share issue, also with a 30% discount.

The financing strengthens the Company's short-term liquidity while also securing

the flexibility to explore and secure the optimal structure for financing the

upcoming vertical shaft project, whether through offtake arrangements, equity

issuance, or a strategic partnership.

Combined with the revised terms of the Company's gold loan agreement with

Monetary Metals (as announced on 13 May 2025), this convertible loan provides a

sound platform for moving into the next development phase. The planned vertical

shaft has the potential to increase production capacity tenfold, marking a

significant transformation of Akobo Minerals' operational profile.

Please visit the Company's website for an updated company presentation:

https://akobominerals.com/investors/reports-documents/

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 (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/.