Akobo Minerals

Earnings Release • Nov 22, 2021

Akobo Minerals maintains its fast development pace at Segele with ongoing successful extension drilling, hints of new mineralisation targets and production planning well underway

Akobo Minerals maintains its fast development pace at Segele with ongoing successful extension drilling, hints of new mineralisation targets and production planning well underway

During the first part of 2021, the Segele project was accelerated by the

resource estimate, award of the mining licence and the scoping study. Since

receiving the mining licence, resource extension drilling, surface exploration

and multidisciplinary project development work has been ongoing to advance the

project towards gold production. The fast pace of development has continued

since, resulting in a need to release a summary of all the results achieved;

· The Segele project has so far an Inferred Mineral Resource of 52,410 ounces

gold with an average world class grade of 20.9 gram gold per ton - industry avg.

of 2-4 g/t

· The Segele scoping study envisages a very high-margin operation with an

operating cost (AISC) estimated to be 243 USD per ounce of gold produced -

industry avg. of 1,000 USD/oz

· Ground breaking mining license agreement awarded with right to hold funds

offshore and repatriate profits from the same accounts

· Since the SRK Resource Estimate a total of 4,739 meters in 28 holes of deep

core drilling has been completed

· Holes range from 123m in depth to 250m in depth

· Visible gold seen in 15 of 28 holes

· A total of 1044 samples from Segele and 1171 samples from Joru are pending

assays

· High assay results from 370 samples from artisanal pits around the resource

estimate have shown 88.0g/t, 8.9g/t, 12.9g/t and 6.15g/t. New drilling is

planned to follow up these results

· Request for Expressions of Interest sent out to potential contract mining

firms

· Quotes for processing plants being collected

· Gold production planning ongoing including:

· Infill drilling to allow detailed mine planning

· Sourcing a geotechnical specialist

· Sourcing a tailings storage facility designer

· Assessments of manpower and training requirements

· Environmental and Social baseline study fieldwork completed

From the ongoing core drilling we continue to intersect visible gold deeper than

the samples used in the Mineral Resource Estimate. Also mine planning is

underway to establish optimum ways to extract the mineralisation. From the

illustration below we see a conceptual design of the planned mine shaft and also

an indication of where the latest visible gold has been found.

[Diagram

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Figure 1: Looking West at the Segele Mineral Resource Estimate (Orange and Red)

The April 2021 inferred resource estimate was calculated using a total of 32

holes of a total length of 3,159m of drilling at relatively shallow depths.

Because the extension drilling campaign now targets mineralisation at much

greater depths, the current resource extension drilling requires longer holes to

reach the same mineralisation. Going forward the focus will be more on exploring

new and shallower mineralized targets instead of only drilling deeper holes.

Newly analysed data from artisanal pits indicates possible new targets to the

South of the Segele Mineral Resource estimate. See illustration below for an

overview;

[image]

Figure 2: Looking West at the Segele Mineral Resource Estimate (Orange and Red)

The positive assay results from artisanal pits is an exciting development for

the company geologists who have been anticipating the discovery of new gold

mineralisation. The reliability of these grab sample results is relatively

diminished when compared to the drilling. To upgrade our understanding of these

new targets, scout drilling has been scheduled for drilling within the next 2-3

months. If the scout drilling and related mining studies is found to be

successful, these new targets may provide additional ore to the planned Segele

processing plant.

In an important step towards production, Akobo Minerals has started the

selection and contracting process for potential contract mining firms. It is

anticipated that the contract will be awarded in two stages; underground access

and stoping (ore extraction). The first process plant quote has been received

and it is anticipated that additional quotes will be received before the end of

the calendar year.

Looking forward it is anticipated that there will be two rigs working on Segele

extension drilling and infill drilling, and a third rig drilling at new Segele

mineralisation. Upon receipt of infill drilling results, resource estimation and

mine planning will be carried out - major parts of the delivery of the

Prefeasibility study. Within Q1 of 2022, the company intends to award contracts

for mining activities and processing plant production.

With regards to Joru, the current drill program has just been completed, and

assays are on their way to be analysed at ALS Ireland. More update will be given

as soon as the results are ready.

For more information contact

Jørgen Evjen, CEO

Mob.: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

About Akobo Minerals:

Akobo Minerals, is a Norway-based gold exploration company, currently with

ongoing exploration and small-scale mine development in the Gambela region and

Dima Woreda, southwest Ethiopia. The operations were established in 2009 by

people with long experience from the public mining sector in Ethiopia and from

the Norwegian oil service industry. Akobo Minerals holds a mining licence and an

exploration license over key targets in the area. Economic mineralisation was

discovered and the company is engaged in mining studies to advance the project

to production, alongside exploration core drilling. Akobo Minerals is

transforming its organisation to support an increased pace of core drilling. At

both the key targets Segele and Joru the company has so far released

exceptionally high-grade gold results including the Segele deposit with an

Inferred Mineral Resource of 78ktons at 20.9g/t.?A scoping study for Segele

includes an up-front capital expenditure of USD $8m and all-in sustaining cost

of USD $243 per ounce of gold produced. Core-drilling and trenching at Joru have

intersected both high-grade gold zones and large wide zones near surface. The

company has an excellent partnership with national authorities and places ESG at

the heart of its activities - a ground-breaking community program is being

planned.

Important information:

This 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. The

securities 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 United

States. Copies of this publication are not being, and may not be, distributed or

sent into Australia, Canada, Japan or the United States.

Competent Person for Mineral Resources

This press release includes information from the Segele Mineral Resource

Estimate released by Akobo Minerals AB on the 6th of April 2021 ("Announces

encouraging Maiden Mineral Resource Estimate at Segele"). Akobo Minerals AB

confirms that it is not aware of any new information or data which materially

affects the information contained in the press release regarding the Segele

Mineral Resource (5/4/2021). All material assumptions and technical parameters

underpinning the estimate are relevant and have not materially changed. The

information in this press release that relates to Mineral Resources is based on

information compiled by Mr. Michael Lowry who is a member of the Australasian

Institute of Mining and Metallurgy and is a full-time employee of SRK Consulting

(Australasia) Pty Ltd. Mr. Lowry has sufficient experience which is relevant to

the style of mineralisation and type of deposit under consideration and to the

activity which he is undertaking to qualify as a Competent Person as defined in

the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results,

Mineral Resources and Ore Reserves'. Mr. Lowry consents to the inclusion in the

report of the matters based upon his information and context in which it

appears.

Competent Persons for Mining Engineering, Metallurgy and ESG (Environment,

Social and Governance)

This press release includes information from the Segele Scoping Study released

by Akobo Minerals AB on the 27th of September 2021 ("Akobo Minerals completes

its Segele scoping study"). Akobo Minerals AB confirms that it is not aware of

any new information or data which materially affects the information contained

in the press release regarding the Segele Mineral Resource (24/9/2021). All

material assumptions and technical parameters underpinning the scoping study are

relevant and have not materially changed. The information in the press release

to which this statement is attached that relates to the Segele Scoping Study is

based on information compiled by the persons named above. All persons listed are

Competent Persons who are Members or Fellows of The Australasian Institute of

Mining and Metallurgy or a 'Recognised Professional Organisation' (RPO) included

in a list posted on the ASX website from time to time. All persons listed above

have sufficient experience that is relevant to the style of mineralisation and

type of deposit under consideration and to the activity being undertaken to

qualify as a Competent Person as defined in the 2012 Edition of the

'Australasian Code for Reporting of Exploration Results, Mineral Resources and

Ore Reserves'.

Competent persons for Mining Engineering, Metallurgy and ESG (Environment,

Social and Governance) are as follows.

Competent Person Dr Matthew Jackson Akobo Minerals AB

(Exploration BSc PhD MAusIMM(CP)

Results)

Competent Person Prof Steven Rupprecht Borrego Sun Pty

Ltd

(Mining PhD (Mech Eng), (BSc Mining

Engineering) Eng.), Honorary Life Fellow

SAIMM

Competent Person John Derbyshire Goshawk Network

Technologies CC

(Chemical BSc Eng (Chem), Pr Eng, FSAIMM

Engineering)

Competent Person Dr Cathryn MacCallum Sazani Research

and Development

(Environment, MSc(econ) CEnv, CSci FIMMM Ltd

Social and

Governance)