Akobo Minerals

Investor Presentation • Aug 26, 2021

Interim presentation

01.01 – 30.06 2021

This document has been used during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in this document.

Some of the statements made in this document contain forward-looking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Akobo Mining's business.

Gold Exploration Company With Significant Gold Reserves Potential

10+ years on-the-ground experience Experienced team and good relationship with local authorities

182 km2 exploration license in Akobo, Ethiopia An attractive gold-mining jurisdiction 710 km from Addis

Located close to new roads and infrastructure For efficient logistics

Modern machines and equipment 2 drill rigs in operation, 3rd in process

Goal of defining 1.5-2 million oz gold With maiden resource estimate recently announced

Maiden resource estimate done by SRK Inferred Mineral Resource 52.410oz @ 20,9g/t Au, and confirms international standard on QAQC

Potential mineralized zone/strike of 15km Identified between our main targets Segele and Joru

Small scale mining opportunity (SSM) License application in process - potential for significant cash flow

Location of License in Akobo, Ethiopia

Exploration Has Identified Two Main Targets

• Total of 5,000m of core and RC drilling completed
• Numerous bonanza grade intersections and open at depth
• Maiden resource estimate of 52,410 of @20.9g/t
• Goal of defining > 0.5 million oz
• In process to establish targeted mining operations

• Total of 2,200m of core and RC drilling completed
• 4-5 km of strike length with several drill ready targets
• Recent assays shows high grade combined with lower grade intersections
• Goal of defining > 1 million oz
• Potential to establish large-scale mining

Overview of License

Map of the License Area License Details

• 182 km2 license in South-Western Ethiopia granted by the Ministry of Mines and Petroleum
• Located 710 km from the capital city Addis Ababa, connected by modern highway
• License expires November 2023
• Work plan with aim to establish JORC compliant resource estimate for the Segele and Joru deposits
  • ‒ Maiden Segele resource estimate delivered
  • ‒ Next step is to apply for mining license
• Additional licenses will be evaluated, both adjacent to existing license and in other areas of interest

Key events first half year 2021

• Registered on Euronext NOTC
• Bonanza Grade intersections discovered at Segele
• ESG study started with Sazani Associates
• First Maiden resource estimate Segele released
• Start of core drilling at Joru
• Appointment of new General Manager in Etno Mining
• Local hiring and strengthening of Etno Mining mid management
• Successful capital raise of 50mNOK
• Scoping study for mining at Segele started

Events after the period

• Listing on Euronext Growth
• Second drill rig in field, sourced from Midroc
• Erik Haugane elected new board member
• Segele gold mineralization continues at depth
• High grade intersections drilled at Joru

Ramp up of activities

Meters drilled acc

• Second drill rig sourced from Midroc and third drill rig in negotiation
  • Expect to drill up to 8.000 new meters by the end of the year to secure enough data to update resources estimate, totaling more than 15.000 meters

• Continued drilling with own drill rig throughout the period

• Activity affected by normal seasonality du to rainy season from April to November
• In Q2 some downtime on rig due to maintenance
• Drilled 41 holes at Segele and 8 holes at Joru

• Detail mapping of the broader Segele area

• Build up of local organization and strengthening of mid management
  • General administration and ESG team in place
  • Operations, maintenance and drill teams in place
  • Staff training in QAQC, HSE, new software etc.

Milestones achieved before time

Source: Company SSM PFS – small scale mining pre feasibility study SSM DFS – small scale mining definitive feasibility study ¹⁰

Scoping Study Progress for SSM at Segele

Main Objectives

• 1: Create economic, OPEX and CAPEX, assessments (Accuracy +/-50%)
• 2: Allow public release of OPEX and CAPEX

Technical Study Steps Complete

• 100% Complete Geology and Resources
• 100% Complete Metallurgy Studies
• 100% Complete Mining Engineering studies
• 100% Complete ESG Studies (rewritten from ESG Review)
• 0% Complete Compile Document
• 0% Complete Peer Review

Aim to release before end of September – so far very promising results and better than expected economics of mining operations

Environment, Society and Governance

• Sazani ESG Review Received work ongoing
• Hired local ESG team
• Sustainable Natural Resources Management Plan –
  • Guiding effective and progressive management of relationships, determining ecosystem services that the community depend up on and how access, control, and ownership of the natural resources is governed.
  • Establishment of a market-based Payment for Ecosystem Services Scheme.
• Future Milestones
  • EIA Fully completed before end of Q4
  • Delivery of SNRMP end Q4
  • SNRMP underway January 2021 onwards

Segele status

Segele

• 4555 m drilled in the first pass in 41 holes
• All assays have been delivered and released to the market
• Last batch of assays show that the mineralisation is open down plunge
• 2rd drill rig from Midroc expected to Segele in near future
• Midroc will continue with resource definition drilling on down plunge extensions, capacity down to 750m
• One drill rig will drill infill holes on known mineralisation to increase the confidence in the resource, and increase the resources

Joru Central Status

Joru

First Detailed Investigation of the Joru Target Joru Core Drilling

• A total of 852 m of core drilling has been completed at the Joru target to date, drilling is ongoing
• Significant Intersections:
  • 28.10g/t over 0.85m and 20g/t over 0.75 in drill hole JODD03
  • 29.10g/t over 1m and 10.90g/t over 0.55m in drill hole JODD06
  • 3.19g/t over 0.9m in drill hole JODD02
  • 4.10g/t over 0.6m in drill hole JODD03
  • 3.10g/t over 1m in drill hole JODD06
  • For more intersections, see Press Release 9th August 2021
• Highly encouraging results
• Continued visible gold observed in un-assayed holes.
• Ongoing scout drilling required to uncover the structure and correlations between .

Income statement – Group

Amount in SEK	2021-01-01- 2021-06-30	2020-01-01- 2020-06-30	2020-01-01- 2020-12-31
Operating income
Net turnover
Other operating income
Operating expenses
Raw materials and consumables		-1,279,278	-3,218,529
Other external expenses	-1,488,333	-1,344,283	-4.972.955
Personnel costs	-2,095,577	-84.197	-1,451,689
Total operating expenses	-3,583,910	-2,707,758	-9,643,173
Result from financial items
Other interest income and similar profit/loss items		-324,262	203,638
Interest expense and similar profit/loss items	-1,994,273	-2,003,762	-1,532,097
Result after financial items	-5,578,183	-5,035,782	-10,971,632
Result for the year before tax	-5,578,183	-5,035,782	-10.971.632
Result for the year	-5,578,183	-5,035,782	-10,971,632

Comments to figures

All P&L related to operations in Sweden and Norway

• Other expenses mainly related to consulting services like accounting, auditors and legal
• Personnel cost mainly salaries for fixed employees
• Interest expenses related to convertible loan interest and FX changes on equity in Ethiopia

All operational costs in Ethiopia is activated in the balance sheet

Balance sheet – Group

		Comments to figures
		• No external debt

mount in SEK	2021-06-30	2020-06-30	2020-12-31
QUITY AND LIABILITIES
quity
are capital	1,279,525	950.052	1,279,525
are premium reserve	78.474.745	44.695.279	78.474.745
alanced result incl. result for the year	-38,489,016	-15,547,855	-34,877,135
uity attributable to the parent company's shareholders	41,265,254	30,097,476	44,877,135
tal equity	41,265,254	30,097,476	44,877,135
ng term liabilities
nvertible loans		3,013,470
urrent liabilities
ade payables	730.449	684,578	897.394
urrent tax liability			38.223
her liabilities	400,034	64.408	850,398
crued expenses and deferred income	215,055	84.425	722,864
	1,345,538	833,411	2,508,879
TAL EQUITY AND LIABILITIES	42,610,792	33,944,357	47,386,014

• Private placement of 50mNOK will be registered and booked in Q3
• Tangible and intangible assets relates to operational activity in Ethiopia

Cash flow – Group

Amount in SEK	2021-01-01- 2021-06-30	2020-01-01- 2020-06-30	2020-01-01- 2020-12-31
Cashflow from operating activities
Before changes in working capital	-3.922.010	-5.299.111	-11,176,222
Changes in accounts receivables and other receivables	121,222	708,300	405,100
Changes in accounts payable and other liabilities	-2.312.308	-2.410.577	-973.727
Cashflow from operating activities	-6.113.096	-7,001,388	-11.744.849
Investment in intangible non-current assets	-6,611,200	5,336,772	4,493,567
Investment in tangible non-current assets	-1,574,333	-34,200	149,722
Cashflow from investing activities	-8,185,533	5,302,572	4,643,289
Amortisation of loans			-2.813.000
New shares issue		11,723,797	34.666.299
Cashflow from financing activities		11.723,797	31,853,299
Cashflow for the period	-14,298,629	10,024,981	24.751.739
Cash and cash equivalents at beginning of year	19,302,549	1,561,131	1,561,131
Translation difference in cash and cash equivalents	1.157.010	-4.784.569	-7.010.321
Cash and cash equivalents at the end of the year	6,160,930	6,801,543	19,302,549
	6.160.930	6.801.543	19.302.549

Comments to figures

• Cash flow from operating activities relates to operations in Sweden and Norway. Other general change in working capital during the period from relates to all entities
• Cash flow from investing activities relates to operational activities activated in Ethiopia
• Translation differences relates to changes in FX on bank deposits

Key metrics

	2020			2021
SEGELE	01	02	03	04	01	02
Meters drilled (RC+CD)	906	୧୦	1,244	1577	670
Accumulated	1,501	1,570	2,814	4,391	5,061	5,061
Assays done	497	29	439	476	132
Accumulated	1,092	1,121	1,560	2,036	2,168	2,168
Inferred Resources ounces	n.a	n.a	n.a	n.a	52,410	52,410
Avg grams per ton	n.a	n.a	n.a	n.a	20.9	20.9
JORU	01	02	03	04	01	Q2
Meters drilled (RC+CD)					260	597
Accumulated	1,327	1,327	1,327	1,327	1,587	2,184
Assays done					559	452
Accumulated	1,327	1,327	1,327	1,327	1,888	2,338
Inferred Reserves ounces	n.a	n.a	n.a	n.a	n.a	n.a
Avg grams per ton	n.a	n.a	n.a	n.a	n.a	n.a
CORPORATE	01	Q2	03	04	Q1	Q2
Cash balance SEK	7,320,440	6,801,543	5,782,420	19,302,549	11,779,672	6,160,930
Share issue SEK	8,331,517	1,869,233		20,000,000
Change cash SEK	-2,572,208	-2,388,130	-1,019,123	-6,479,871	-7,522,877	-5,618,742
Employees total end quarter	17	23	23	32	33	39
Ethiopia	16	22	22	30	31	36
Scandinavia	1	1	1	2	2	3
Gold price end quarter	1,578	1,780	1,8885	1,897	1,707	1,770

Company Highlights

Attractive and well-established mining jurisdiction

Experienced team and attractive corporate setup

Strategy of high-impact exploration and small-scale mining