Akobo Minerals

Capital/Financing Update • Feb 8, 2024

Akobo Minerals secures a NOK 6 million bridge loan (PDMR notice)

Akobo Minerals secures a NOK 6 million bridge loan (PDMR notice)

OSLO, 08 February 2024:Akobo Minerals

AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med

ium=Press+Release&utm_campaign=New+OTCQX+Company) (Euronext and Frankfurt:

AKOBO) (OTCQX:AKOBF).

The Scandinavian-based Ethiopian gold exploration and mining company has today

secured a NOK 6 million bridge loan.

As part of the ongoing efforts to secure new funding, the company has

successfully addressed a short-term liquidity requirement. The bridge financing

of NOK 6 million has been secured from existing shareholders. The board of

directors and management of Akobo Minerals contributed with NOK 4 million of the

funds, of which Esmar AS, a closely associated company of the Board of Director

Carl Eide contributed with NOK 3 500 000 and Kanoka Invest AS, a closely

associated company of the CEO Jørgen Evjen contributed with NOK 500 000. Please

see further details about the transactions in the attached forms.

The proposed loan matures in August 2025 (the "Maturity Date") and has an

interest rate of 20 % p.a. The Loan may be converted into shares at the next

share issue or at the maturity date, subject to certain conditions being met. If

converted, the conversion of the loan will take place by each lender subscribing

for shares through off-setting the Loan amount (including accrued interest). The

loan (including accrued Interest) may be converted into shares at the earliest

of (i) the resolution of a private placement of shares, or (ii) at the Maturity

Date. If the loan is converted in relation to the private placement, the

conversion price shall be the subscription price in the placement less a

discount of 15%, or on such terms as otherwise agreed between the lenders and

the borrower. If the loan is converted at the Maturity Date, the conversion

price shall be the volume-weighted average price per share on Euronext Growth

Oslo over the thirty (30) consecutive trading days immediately preceding the

Maturity Date with a 10% in discount.

This financial measure provides Akobo Minerals with flexibility to navigate the

current landscape and conclude a financial solution that involves all

stakeholders in the company. The company remains actively engaged in discussions

with relevant stakeholders to explore various long-term financing options to

address its overall liquidity requirements.

- Ends -

DISCLOSURE REGULATION

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

-12 of the Norwegian Securities Trading Act.

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

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_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.