Akobo Minerals

AGM Information • Jun 25, 2024

Bulletin from the annual general meeting 2024 in Akobo Minerals AB (publ)

Bulletin from the annual general meeting 2024 in Akobo Minerals AB (publ)

Today, on 25 June 2024, the annual general meeting in Akobo Minerals AB (publ)

("Akobo Minerals" or the "Company") was held in Gothenburg. Below is a summary

of the most important resolutions from the annual general meeting of the

Company.

Resolution on adoption of accounts and allocation of the Company's results

The annual general resolved to adopt the income statement and balance sheet, and

the consolidated income statement and consolidated balance sheet. The annual

general meeting further resolved to allocate the Company's result in accordance

with the proposal from the board of directors, meaning that no dividends are

paid and that the available funds are carried forward.

Discharge from liability for the members of the board of directors and the CEO

The annual general meeting resolved to discharge all persons who have been

members of the board of directors or CEO of the Company during 2023 from

liability.

Remuneration for the board of directors and the auditors

The annual general meeting resolved that board remuneration shall be paid with

SEK 300,000 to the chairman of the board of directors and with SEK 175,000 to

each of the other board members who are not employed by the Company.

The annual general meeting further resolved that the remuneration to the auditor

shall be paid in accordance with approved invoice.

Election of the board of directors

The annual general meeting resolved to re-elect Hans Olav Torsen, Carl Eide and

Helge Rushfeldt as members of the board of directors for the period until the

next annual general meeting. At the subsequent statutory board meeting, Hans

Olav Torsen was re-elected chairman of the board.

Election of audit firm

Frejs Revisorer AB was re-elected as audit firm. Frejs Revisorer AB has

announced that the authorized public accountant Sébastien Argillet will continue

to be the auditor in charge.

Directed issue of warrants to management and employees

The annual general meeting resolved to approve the board of directors'

resolution on 23 May 2024 on a directed issue of not more than 4,810,000

warrants of series 2024-2027:1, entailing an increase in the share capital of

not more than SEK 178,739.274256 at full subscription, to management and

employees. The right to subscribe to the warrants shall, with deviation from the

shareholders' pre-emption rights, vest in the management and employees listed in

the table below. The reason for the issuance of warrants and the deviation from

the shareholders' preferential rights is to contribute to the possibilities to

hold shares in the Company through an incentive program through which the

management and employees can take part in and work for a positive value increase

of the Company's shares during the period covered by the proposed warrant

program, and that the Company shall be able to retain competent and committed

personnel. Furthermore, the incentive program is carried out to compensate the

management and employees following the financial restructuring that the Company

has carried out. All subscribers have previously subscribed for warrants within

the framework of various incentive programs that are intended to be cancelled.

+-----------------+------------------+

|Subscriber |Number of warrants|

+-----------------+------------------+

|Matt Jackson |600,000 |

+-----------------+------------------+

|Jørgen Evjen |3,000,000 |

+-----------------+------------------+

|Tesfaye Medhane |450,000 |

+-----------------+------------------+

|Cathryn MacCallum|360,000 |

+-----------------+------------------+

|Aurel Aldea |400,000 |

+-----------------+------------------+

|Sum: |4,810,000 |

+-----------------+------------------+

Each warrant entitles a right to subscribe for one share in the company. The

warrants may be exercised to subscribe for new shares during the period from and

including the date that the warrants have been registered with the Swedish

Companies Registration Office up to and including 14 November 2027. The new

shares which may be issued due to subscription are not subject to any

restrictive provisions.

Directed issue of warrants to members of the board of directors

The annual general meeting resolved on a directed issue of not more than

1,200,000 warrants of series 2024-2027:2, entailing an increase in the share

capital of not more than SEK 44,591.918733 at full subscription to members of

the board of directors. The right to subscribe to the warrants shall, with

deviation from the shareholders' pre-emption rights, vest in members of the

board of directors listed in the table below. The reason for the new issue and

the deviation from the shareholders' preferential rights to stimulate

shareholding in the Company through an incentive program through which the board

of directors can take part in and work for a positive value development of the

Company's shares during the period covered by the proposed incentive program.

Furthermore, the incentive program is carried out to compensate the board of

directors, following the financial restructuring that the Company has carried

out. All subscribers have previously subscribed for warrants within the

framework of various incentive programs that are intended to be cancelled.

+----------------+------------------+

|Subscriber |Number of warrants|

+----------------+------------------+

|Hans Olav Torsen|800,000 |

+----------------+------------------+

|Helge Rushfeldt |400,000 |

+----------------+------------------+

|Sum: |1,200,000 |

+----------------+------------------+

Each warrant entitles a right to subscribe for one share in the company. The

warrants may be exercised to subscribe for new shares during the period from and

including the date that the warrants have been registered with the Swedish

Companies Registration Office up to and including 14 November 2027. The new

shares which may be issued due to subscription are not subject to any

restrictive provisions.

Authorization to resolve on new issues

The annual general meeting resolved to authorize the board of directors to, on

one or several occasions until the next annual general meeting, with or without

deviation from the shareholders' pre-emptive rights, against payment in cash,

non-cash consideration or through set-off, resolve on new issues of shares,

convertibles and/or warrants.

For more information

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 exploration and boutique mining

company, currently holding an exploration license covering 182 km2 and a mining

license covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. The

company has established itself as the leading gold exploration company in

Ethiopia through more than 13 years of on-the-ground activity, which has now

been enhanced further with the development of its Segele mine.

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. Still open to

depth, the gold mineralised zone continues to expand and will have a positive

impact on future resource estimates and the life expectancy of the mine. The

exploration license holds numerous promising exploration resource-building

prospects in both the vicinity of Segele and in the wider license area.

Akobo Minerals has an excellent relationship with local communities all the way

up to national authorities and the company places environment and social

governance (ESG) at the heart of its activities - as demonstrated by a planned,

industry-leading, extended shared value program.

Akobo Minerals has built a strong local foothold based on the principles of

sound ethics, transparency and communication, and 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_medi

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

OTCQX Best Market, adhering to high financial standards, best practice corporate

governance, and compliance with U.S. securities laws. Additionally, the company

has a professional third-party sponsor introduction, and investors can access

current financial disclosures and Real-Time Level 2 quotes for the company on

www.otcmarkets.com.

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

tohttps://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.