Akobo Minerals

Earnings Release • Feb 21, 2022

Akobo Minerals - Fourth quarter 2021 results

Akobo Minerals - Fourth quarter 2021 results

Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its fourth quarter

2021 results. Akobo Minerals is still in a project development phase and

consequently had no income in the fourth quarter. The net profit for the period

was SEK 0.22 million due to significant positive foreign exchange effects. In

total, the company had a net loss of SEK 9.8 million for the financial year

2021. The company has no external debt and a strong cash position of SEK 33

million.

Jørgen Evjen, CEO of Akobo Minerals, said: "The fourth quarter of 2021 continued

in the same way as previous quarters, with operations pushing ahead full steam.

There were positive developments in all areas of our company, included ongoing

drilling combined with extensive mine preparations and ESG work."

"After receiving our mining license at the end of Q3, we have considerably

advanced the development of our mine operations. The metallurgical test work

looked very good with a gold recovery grade expected to be around 97.2%,

achieved using tried and tested industry-standard methods. We decided early upon

an operating philosophy of using contract underground mining and a turnkey EPCM

contract to source and build the processing plant. Qualified bidder lists have

been created for both our mining and processing plant contracts, with many

expressions of interest received. We have engaged world-class consultants on our

team that will secure timely and correct choices of partners to develop our

Segele mine," Evjen added..

He concluded: "2022 is well underway and as usual we are in full activity mode,

gearing up for gold production from Segele by the end of the year. All

preparations for safe and sound mining operations are underway and we are all

very eager to move the project forward."

IMPORTANT EVENTS IN FOURTH QUARTER

· Increased low-cost drilling capacity following the acquisition of three

second-hand drill rigs

· Shortlisted for prestigious ESG award for Ethiopian gold exploration project

· Commencement and completion of environmental studies in Akobo

· ESG training of all company staff

· Results from metallurgical test work point to increased revenue potential

· Segele gold mineralization continues at depth, with high grade intersections

intercepted at 170 metres

· First drill program completed at Joru

EVENTS AFTER THE PERIOD

· Lifting of the country's state of emergency

· Airstrip completed and maiden trip undertaken

· Hiring of Dr Cathryn MacCallum as Head of ESG

· Intersection of visible gold at 205 metres. Indication that high-grade gold

mineralisation continues 50m further down dip than previously known

· Shortlisting of plant provider and contract miner

· Bonanza-grade results from ALS - updated resource estimate expected towards

end of March following major delays at ALS labs in Ireland due to COVID

· MoU signed with Oromia Bank

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.

Folow the livestream presentation and Q&A from this

link. (https://inqrate.com/xtravideos/akobo-minerals-q4-21-presentasjon/)

For more information, please contact:

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

LinkedIn: www.linkedin.com/company/akobominerals

Twitter: @akobominerals

Web: https://akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration company, with ongoing

exploration and boutique mining developments in the Gambela region and Dima

district of southwest Ethiopia. Operations were established in 2009 by people

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

Norwegian oil service industry. Following mineral discoveries, the company is

engaged in mining studies to advance the project to production, alongside

exploration core drilling.

Akobo Minerals is transforming itself to support an increased pace of core

drilling. At both its key targets - in Segele and Joru - the company has

released exceptionally high-grade gold results in the Segele deposit, while core

drilling and trenching at Joru have intersected both high-grade gold zones and

large wide zones near the surface. The company has an excellent partnership with

national authorities and places ESG at the heart of its activities - including a

ground-breaking community program.

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

resources through high-impact exploration and mining, while 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.

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.