Akobo Minerals

Earnings Release • Jan 8, 2026

Akobo Minerals - Operational Update for December 2025

Akobo Minerals - Operational Update for December 2025

Oslo, Norway, 08 January 2026 - Akobo Minerals AB (publ) ("Akobo" or the

"Company") (Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer

operating in Ethiopia, is pleased to provide an operational update for December

The Company concluded the fourth quarter with continued improvement in

operational performance. December marked the end of Akobo's strongest quarter to

date in terms of production, revenues, and EBITDA, reflecting stable underground

operations and disciplined execution.

Production and Operations

· Gold production December: approx. 8 kg (USD 1 million)

· Cumulative doré production to date: approx. 73 kg

· Stock of blended material to be processed: approx. 600 tonnes, estimated in

-situ value USD 1.6 million

· Q4 2025: strongest quarter to date, with doré gold production of approx.

21.5 kg

· Gold prices remained strong during the period

Operations at the Segele mine remained stable throughout December, with

continued production from existing underground workings. The mining team is

balancing production by blending grades, to allow for the mine to achieve a

sustainable and constant run-of-mine while developing the new vertical shaft

Vertical Shaft Development

· Shaft sinking at 38 metres in line with planned sequencing, with

infrastructure works currently being completed ahead of the next sinking phase

· Headgear foundation construction well advanced and nearing completion

· Backfilling and compacting of the headgear base level due to start in early

January during the curing period for the first civils, before restarting the

shaft sinking

Following detailed technical work over recent weeks, including updated mine

planning and projections prepared together with Sutton, the Company has decided

to proceed directly with the next phase of vertical shaft development rather

than deferring this work to a later stage. The decision reflects increased

confidence in the deposit based on ongoing geological and geotechnical review

and supports an optimal long-term development scenario aimed at value creation

for the Segele resource.

Executing the next phase now allows continued production from existing winzes

during shaft development, while avoiding production constraints that would arise

if this work were deferred. Once the vertical shaft and associated lateral

development are commissioned, production from the winzes will be phased out,

with the western winze converted to a ventilation shaft and the eastern winze

repurposed as a travelling way and emergency exit.

Key elements of the revised approach include

· Extension of the vertical shaft to its final depth of approximately 120

metres in a single, continuous phase

· This provides approximately 80 additional metres of sinking before lateral

development into the orebody

· Improved long-term mine development and operational flexibility, enabling

more efficient extraction of the orebody

· Support for earlier access to deeper levels, facilitating exploration and

potential resource expansion beyond current estimates

· Efficient use of existing mobilisation of personnel and equipment, reducing

future re-mobilisation and restart risk

· Execution during the favourable dry-season window, reducing overall

execution risk

The revised development plan is supported by Sutton, Monetary Metals, and the

Company's largest shareholders.

Financial and timing considerations

· Planned production uplift now expected from August/September 2026

· Impact considered manageable given ongoing production, improving cash flow,

and current gold price environment

· Development to be funded through existing cash resources and operational

cash flow

Upon completion

· The vertical shaft will represent the deepest and most advanced small-scale

underground shaft developments in Ethiopia

· The design is relevant for replication across similar mining operations in

the country

· Dialogue ongoing with the Ministry of Mines regarding training, cooperation,

and knowledge transfer

[image]

Majority of headgear base completed, backfilling in process

For more information, contact

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

LinkedIn:

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GI4ZmJmZTZjZmUzNGM0OTM4NDRlMjNkMTQ5OTQzZmRmOTpwOlQ6Tg)

Web:

www.akobominerals.com (https://protect.checkpoint.com/v2/___http://www.akobominer

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About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold producer and explorer, 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 15 years of

active operations on the ground, the company has established a strong foothold

in Ethiopian mining industry.

Akobo Minerals' Segele mine has an Inferred and Indicated Mineral Resource of

69,000 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, the company is traded on the OTC Pink Market (OTC:

AKOBF).

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/.