Akobo Minerals

Capital/Financing Update • Nov 5, 2024

Akobo Minerals secures NOK 25.3 million in new funding through a convertible loan

Akobo Minerals secures NOK 25.3 million in new funding through a convertible loan

OSLO, 05 November 2024: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO)

(the "Company"), a Scandinavian-based Ethiopian gold exploration and mining

company, today announced that it has issued an unsecured convertible loan (the

"Loan") of NOK 25.3 million with existing and new investors as lenders and the

Company as borrower. The board of directors and management of Akobo Minerals

contributed with NOK 3.6 million of the funds.

The Loan has a term of 24 months with an interest rate of 20% p.a. The Loan may

be converted into shares of the Company at the discretion of each lender or the

Company, or automatically at maturity, subject to specific conditions, including

approval by the general meeting of the Company.

If converted prior to maturity, the conversion price will be set as follows:

· Quarterly Reports: Upon the release of each quarterly financial report, the

conversion price will be the volume-weighted average price (VWAP) per share on

Euronext Growth Oslo for the 30 consecutive trading days preceding the report

release, with a 15% discount. The first possible conversion date will follow the

Q4 2024 report.

· New Share Issue: In the event that Akobo Minerals issues more than 5% new

shares, the conversion price will match the new share issue price, also at a 15%

discount.

If the Company initiates conversion within the first six months, the lenders

will receive a minimum of six months' accrued interest, converted at the

applicable discounted price.

For conversion at maturity, the conversion price shall be the volume-weighted

average price (VWAP) per share of the Company on Euronext Growth Oslo over the

30 consecutive trading days prior to the maturity date, with a 15% discount.

The actual conversion of the Loan into shares of the Company is subject to

approval by the general meeting of the Company. If the Company, for whatever

reason, is not able to issue the required shares to the lenders upon conversion,

the Loan (including accrued interest) shall be repaid in full by the Company.

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.

Advokatfirmaet Schjødt has acted as legal advisor to the company on Norwegian

and Swedish law matters.

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

www.akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and 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. With over 14

years of active operations on the ground, the company has established a strong

foothold in Ethiopian gold exploration, now further strengthened with the

startup 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 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) (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 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.

Important informationThis release is not for publication or distribution,

directly or indirectly, in or into Australia, Canada, Japan, the United States

or any other jurisdictions where it would be illegal. It is issued for

information purposes only and does not constitute or form part of any offer or

solicitation to purchase or subscribe for securities, in the United States or in

any other jurisdiction. Thesecurities referred to herein have not been, and will

not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S.

Securities Act"), and may not be offered or sold in the United States absent

registration or pursuant to an exemption from registration under the U.S.

Securities Act. Akobo Minerals does not intend to register any portion of the

offering of the securities in the United States or to conduct a public offering

of the securities in the UnitedStates. Copies of this publication are not being,

and may not be, distributed or sent into Australia, Canada, Japan or the United

States.