Akobo Minerals

Earnings Release • Nov 24, 2022

Akobo Minerals announces third quarter 2022 results

Akobo Minerals announces third quarter 2022 results

OSLO, 24 November 2022:Akobo Minerals AB (publ) (EURONEXT: AKOBO), the

Scandinavian-based Ethiopian gold exploration and boutique mining company, today

reported its third quarter 2022 results. As the company is still in the project

development phase prior to production start-up in early 2023, there was no

income in the third quarter of the year. The net loss for the period was SEK

17.2 million. The company has a convertible loan of SEK 50.1 million and a cash

position of SEK 15.6 million.

KEY HIGHLIGHTS

· A 'de-risked' project on all levels

· Fully-funded to production start

· Gold production on schedule

· Significant cash flow expected

· Potential for dividend after repayment of loan

· The first new gold producer in Ethiopia since Legadembi in 1994

· First mover advantage, with several expansion possibilities identified

IMPORTANT EVENTS

In the third quarter of 2022

· Successful core drilling at the Joru project including 12.5g/t over 0.5m

· Gold confirmed in a new mineralised zone, west of the main Segele

mineralisation

· Contract signed with IW Mining to provide underground mining services

· Secured USD 5m convertible loan for the Segele mine development

After the period

· Peace agreement signed between Ethiopian government and Tigray People's

Liberation Front

· Obtained collaborative agreements with several academic and training

institutions

· Contract miner IW Mining deployed to site

· Broke ground at Segele with development of the incline shaft box cut

· Secured USD 8.5m funding in a loan facility from US based Monetary Metals

FINANCIAL PERFORMANCE OVERVIEW

· Results for the period SEK -17.2 million*

· Results year to date SEK -19.6 million

· Cash flow for the period SEK 10.8 million

· Cash end of period SEK 15.6 million**

· Total equity end of period SEK 56.9 million

· Total external debt end of period SEK 63.7 million

* Incl. SEK 8.8 million in operational costs from Etno Mining. Previously

capitalised.

** Incl. SEK 50 million raised in convertible bond.

Akobo Minerals will host a webcast, in English, for all shareholders and

interested parties today at 10:00 CET. There will be a Q&A session following the

management presentation.

The webcast will be available at:  https://inqrate.com/xtravideos/akobo-minerals

-q3-22-presentation-24-november/

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 with an

ongoing mine development in the Gambela region and Dima Woreda, Ethiopia. The

company has established itself as the leading gold exploration company in

Ethiopia through more than 12 years of on-the-ground activity.

Akobo Minerals holds a 16 km2 mining license and is working to start up mining

of its very promising Segele target. It has an Inferred and Indicated Mineral

Resource of 68.000 ounces yielding a world-class gold grade of 22.7 g/ton,

combined with an estimated all-in sustaining cost (AISC) of 243 USD per ounce.

Still open to depth, the gold mineralised zone continues to expand and will have

a positive impact on future resource estimates and mine 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 has an excellent relationship with local communities all the way

up to national authorities and we place environment and social governance (ESG)

at the heart of our activities - as demonstrated by a planned industry-leading

extending shared value program.

Akobo Minerals has built a strong local foothold based upon 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.

Akobo Minerals has a clear strategy aimed at building a portfolio of gold

resources through high-impact exploration and mining, whilst adhering to a lean

business operation. The company is headquartered in Oslo and is listed on the

Euronext Growth Oslo Exchange under the ticker symbol, AKOBO.