Akobo Minerals

Investor Presentation • Sep 30, 2025

Second quarter 2025 presentation

AKOBO MINERALS AB (publ) 30th September 2025

Euronext – AKOBO OTC – AKOBF www.akobominerals.com

Disclaimer

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.

This presentation includes information from the Segele Mineral Resource Estimate released by Akobo Minerals AB on the 22nd of April 2022. 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 (22/4/2022). All material assumptions and technical parameters underpinning the estimate are relevant and have not materially changed.

The information 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'.

Akobo Minerals – an Ethiopian gold producer

Operating in Ethiopia

• Exploration and mining licenses in the Gambella region and Dima Woreda
• Over 15 years of continuous, on-the-ground presence
• Strong local foothold based on ethics, transparency, and communication
• Listed on Euronext Growth, Oslo
• Segele mine in commercial production

Strategic advantages

• 166 km² exploration license with high discovery potential
• High-grade gold production underway at Segele
• Segele Mineral Resource (SRK, April 2022)
  • Indicated: 41,000 oz @ 40.6 g/t
  • Total: 68,811 oz @ 22.7 g/t
• Resource remains open at depth with near-mine targets identified
• Modern processing plant and in-house drilling capacity

Growth and cash flow potential

• 16 km² mining license with room for expansion
• Segele expected to generate substantial cash flow
• Pipeline of near-mine and regional exploration targets
• Well positioned to become a leading player in Ethiopia's mining sector

Latest key events

• Production of 8 kg in July and 7 kg in August, totaling 15 kg
• July achieved ~ 45 g/t grade and >90% purity; all-time average ~20.9 g/t and ~ 80% purity
• Gold price remains strong at >USD 3,700/oz
• EIH became a shareholder with a USD 3 million investment
• Financial restructuring with MM completed; convertible loans converted
• Appointment of Johnny Swanepoel (Sutton Global) as Operations Manager
• Fabrication of vertical shaft headgear started
• End of rainy season

45 kg produced end August

Preparations for September smelting ongoing

Q3 expected to deliver positive cash flow from operations

Headgear development

Fabrication

• Identified as a long -lead item for vertical shaft construction
• Fabrication underway having finalised design Logistics
• Planning for delivery in progress; to be fabricated, assembled, disassembled, and packed into 2 x 40ft containers (vs 60+ containers for plant and mine)

Shipping

▪ To be shipped from Durban to Djibouti; expected arrival in Ethiopia by year -end

Oversight

• Close follow -up by team in South Africa; Sutton Global leads project, Go Mine fabricates
• All activities currently in progress; visits at Go Mine conducted

Headgear design

Incline shaft development

Team

▪ Shaft sinking team mobilising; specialised team from Zimbabwe involved

Site Preparation

• Heavy machinery mobilized
• Top area to be flattened
• Civils work preparation for head gear and shaft

Procurement

▪ Solid amount of rebar and cement in progress for shaft construction

Blasting Plan

• First 12 m of overburden to be removed
• Next stage blasting down to 60 m, then extending to 100 m later

Access to Orebody

▪ Shaft will provide efficient access to the whole resource, supporting long-term production

Pictures for illustration, taken from a different project

Incline shaft design

Production and sales development

• Q3 estimate based upon reaching minimum target of 5 kg
• Not always exact correlation between sales and production on per quarter
• Sales value changes with gold price, USD/ETB and USD/ SEK

1	Sept Sept 1 Sept 1 Sept	allinon bank a f a long but had been	and a free alone of the base them been and
23	95.73	115.7374	16794.4337
22	91.39	110.7053	16064.2409
21	86.84	105.6733	15334.0481
20	82.08	100.6412	14603.8554

• Gold spot price based on LBMA Good Delivery standard (minimum 99.5% purity)
• Final price achieved is based upon purity of gold delivered
• 15% premium when delivering more than 10kg to NBE
• Sales settled in local currency until export commences
• Daily rates found here;
• https://nbe.gov.et/exchange/gold-purchasing-rate/

Operational ambition: minimum 5 kg gold/month to cover ongoing costs until vertical shaft is operational

Development of gold loan and free cash flow with increased gold price

210

Assumptions and rough estimates

• Ounces gold loan 10 000
• Ounces produced 60 000
• Total cost, USD/oz 1 500
• Gold price from 2.000 USD/oz to 5.000 USD/oz
• Figures in USD million

FOR ILLUSTRATION

Illustration

▪ Free cash flow from the deposit grows faster than the value of a gold-backed loan when the gold price increases

Natural hedging

▪ The increases in gold price affects both cash flow and loan value, providing inherent risk mitigation

Take away

▪ The illustration demonstrates that operational cash generation comfortably supports repayment of the gold loan

Latest financial restructuring

EIH Investment - Historic milestone for Ethiopia and Akobo

• Private placement of USD 3m
• 15m shares issued @ USD 0.20
• 7,38% ownership before conversion of loans
• 6,5% ownership after conversion of loans

Monetary Metals - Strong partner in funding, operations and stakeholder engagement

• Interest cut from 30% → 22%
• Interest-free period Aug 2025 Feb 2026
• Repayments from March 2026, maturity July 2027
• Warrants increased (2% → 3%, strike USD 0.20 on new warrants)
• The loan can increase to a max of 10,490.1268 troy ounces before default

Convertible Loans – Supportive long-term shareholders

• NOK 36.5 million converted to equity from two loans
• NOK 1.74 (USD 0.17) subscription price in the NOK 25.5 convertible
• NOK 1.43 (USD 0.14) subscription price in the NOK 11 million convertible loan
• 26 383 292 new shares issued
• 229 517 992 number of shares after EIH transaction and conversion of loans

Continued focus on improving capital structure and flexibility

Current mining operations

Production Status

• Consistent mining operations maintained
• Focus on blending high- and low-grade material
• Development of new underground areas underway
• Eastern winze extension to access deeper ore, increasing blending flexibility

Processing Plant Status

• Plant improvements and optimisations ongoing
• Plant cleanup completed; significant gold recovery achieved
• Conversion to pure gravity recovery complete
• Two new shaking tables installed and operational
• Optimized smelting techniques consistently achieving high grade doré bars
• Additional smelting equipment including new high speed induction furnace is in process
• September batch processing and smelting planned; targeting >5 kg

ESG, Health and Safety

Environmental Monitoring

• Wastewater
  • TSF detoxified; water levels continuously monitored; chemical-free leaching ensures safe wastewater
• Noise & Air
  • Air quality (PM2.5/PM10) and noise levels monitored to meet Ethiopian and WHO standards
• Compliance
  • EPA audit completed; corrective actions implemented; environmental lab procurement underway

Health & Safety

• Healthcare
  • On-site clinic delivers quality care; collaboration with local health services strengthened
• Hygiene & Safety
  • Improved camp hygiene; 100% PPE compliance maintained; all incidents documented and addressed
• Emergency Preparedness
  • Civil unrest response plan developed

Exploration

Surface Mineralisation

▪ Gold observed in quartz–carbonate–sulphide zones (Wolleta) and quartz–feldspar veins (West Gindibab to Joru); potential lowgrade, large-volume targets

Data Management

▪ Geological data updated and mapped for the exploration license area

Geological Mapping

▪ 70 traverses (~3 km each) completed across 16 km²; northern license map updated

Sampling

▪ 78 rock chip samples collected and analysed; confirmed gold mineralisation and supported further evaluation

Yearly License Renewal

▪ 166 km² exploration license renewed by Ministry of Mines

Focus going forward

Mining Operations

• Advance vertical shaft development (headgear construction & shaft sinking)
• Ensure consistent mining operations
• Optimising recovery and gold purity
• Expand mine access to additional ore zones

Exploration & Development

• Expand exploration work with trenching, sampling, and surface mapping
• Recruit new international Exploration Manager to strengthen technical capacity
• Refine exploration strategy and project development

Corporate & Financial

• Open offshore bank account to facilitate international payments
• Secure Gilo license and export permit
• Strengthen financial position through positive operational cash flow

Continue stable, riskreduced operations

Advancing the vertical shaft

Unlocking value from both existing and new exploration areas

Financial performance overview

All figures in mSEK

• The company had revenues of SEK 9.6 million and an EBITDA of SEK -3.1 million for the quarter, covering part of its operational expenses
• Operational related cost from Ethiopia is now booked as operational expense in the income statement

P&L Development Equity & Debt Development

Corporate structure and top shareholders

Corporate structure and listing	Transparent corporate structure		Top shareholders*
		Rank	Shares	%	Name
		1	19 399 530	9,55 %	ATOLI AS
▪ Stock listed on Euronext Growth in Oslo and		2	17 553 012	8,64 %	Bernhd. Brekke A/S
Frankfurt Stock exchange (ticker AKOBO)	Akobo Minerals AB	3	15 000 000	7,38 %	Ethiopian Investment Holding
	(Sweden)	4	14 587 128	7,18 %	ESMAR AS
		5	14 555 908	7,17 %	GH HOLDING AS
▪ Trading on the US based OTC Pink Market platform		6	12 392 591	6,10 %	NAUTILUS INVEST AS
(ticker AKOBF)		7	10 826 786	5,33 %	GÅSØ NÆRINGSUTVIKLING AS
	Abyssinia Resources	8	9 736 669	4,79 %	PIR INVEST HOLDING AS
	Development AS	9	8 661 543	4,26 %	B FINANS AS
▪ The company is backed by a strong group of	(Norway)	10	4 791 884	2,36 %	HILA AS
Norwegian shareholders in addition to the		11	3 666 666	1,81 %	LINDVARD INVEST AS
Ethiopian Sovereign Fund and approx. 3,000 retail		12	3 338 354	1,64 %	PREDICHEM AS
shareholders		13	3 250 543	1,60 %	Kanoka Invest AS
	ETNO Mining PLC	14	2 861 685	1,41 %	EIDCO AS
	(Ethiopia)	15	2 609 775	1,28 %	Avanza Bank AB
▪ The company holds 9,240 ounces gold loan from		16	2 586 510	1,27 %	JK VISION AS
US based investors Monetary Metals		17	2 287 476	1,13 %	TURTLE INVEST AS
		18	2 137 662	1,05 %	CHRISTIANSEN
		19	2 093 725	1,03 %	TORSEN TANKERS & TOWERS AS
		20	1 955 808	0,96 %	KINGFISHER AS
			154 293 255	75,96 %	Top 20 shareholders

48 841 445 24,04 % Remaining shareholders

Financial update

Key metrics

		2024	2025
SEGELE	Q1	Q2	Q3	Q4	Q1	Q2
Meters drilled (RC+DDH)		353		401	143
Accumulated	19,975	20,328	20,328	20,729	20,872	20,872
Meters Trecnhing					433	788
Channel sampling for HMC panning					433	788
Rockchip Sampling					50	5
Samples Analysis					50	5
Detailed mapping (square Kilometer)					11
Assays samples generated (incl QAQC)					79
Accumulated	9,732	9,732	9,732	9,732	9,811	9,811
Indicated Resources ounces	41,000	41,000	41,000	41,000	41,000	41,000
Avg grams per ton Indicated	40.6	40.6	40.6	40.6	40.6	40.6
Inferred Resources ounces	27,000	27,000	27,000	27,000	27,000	27,000
Total Resources ounces	68,000	68,000	68,000	68,000	68,000	68,000
Avg grams per ton total	22.7	22.7	22.7	22.7	22.7	22.7
GINGIBIL	Q1	Q2	Q3	Q4	Q1	Q2
Meters drilled (RC+DDH)
Accumulated	1,885	1,885	1,885	1,885	1,885	1,885
Detailed mapping (square Kilometer)						12
Rockchip Sampling						78
Sampling Analysis						78
Accumulated	158	158	158	158	158	158

JORU	Q1	Q2	Q3	Q4	Q1	Q2
Meters drilled (RC+DDH)
Accumulated	3,586	3,586	3,586	3,586	3,586	3,586
Assays samples generated (incl QAQC)		-
Accumulated	3,908	3,908	3,908	3,908	3,908	3,908
CORPORATE	Q1	Q2	Q3	Q4	Q1	Q2
Cash balance SEK	29,852,150	19,382,804	6,552,092	28,333,602	7,773,519	7,046,634
Share issue SEK	33,323,479	15,082,657
Convertible loan SEK	6,000,000			24,773,250		10,647,851
Long term loan SEK
Change cash SEK	22,791,895	-10,469,346	-12,830,712	21,781,510	-21,174,293	-726,885
Employees in total end quarter	179	200	219	223	237	226
Gold price end quarter	2,214	2,325	2,658	2,609	3,118	3,287

Income statement – Group

Amount in SEK	Q2-2025	Q2-2024	YTD Q2-2025	YTD Q2-2024
Other Operating income	9,623,717		14,102,023
Cost of goods	-4.477		-652,444	-27,550
Operating Income	9,619,240		13,449,580	-27,550
Other external expenses	-6,888,333	-11,139,653	-14,389,023	-15,961,158
Personnel costs	-5,807,350	-5,049,966	-12,108,580	-11,509,609
Total operating expenses	-12,695,683	-16,189,619	-26,497,604	-27,470,767
Other interest income and similar profit/loss items	5,734,928	163,844	-2,145,682	355,513
Interest expense and similar profit/loss items	-27,219,534	-15,183,614	-64,643,997	-53,140,202
Result after financial items	-24,561,049	-31,209,389	-79,837,703	-80,283,006
Result for the year	-24,561,049	-31,209,389	-79,837,703	-80,283,006

Comments to figures

• SEK 9.6 million gold produced
• SEK 2.9 million in other expenses mainly relate to consulting services such as accounting, auditing and legal both in Norway and Sweden
• SEK 4 million in other expenses mainly relate to mining activities in Ethiopia
• Personnel costs are primarily salaries for fixed employees in all countries
• Other interest income/expense relates to FX adjustments, interest on convertible and Monetary Metals loans, and adjustment of gold loan value due to fluctuation in the gold price

Balance sheet – Group

Amount in SEK Accumulated	Q1-2025	Q2-2025
Capitalised expenditure for development and similar work	58,040,874	58,040,874
Plant and machinery	69,729,133	69,793,910
Equipment, tools, fixtures and fittings	14,162,832	14,740,377
Total Fixed Assets	141,932,839	142,575,161
Trade receivables	1,480,194	1,481,246
Other Receivables	6,079,253	14,986,111
Prepaid expenses and accrued income	1,237,566	1,440,622
Cash and Bank	7,773,519	7,046,634
Total Current Assets	16,570,532	24,954,613
Total Assets	158,503,371	167,529,774
Share capital	6,991,073	6,991,150
Share premium reserve	278,689,291	278,689,291
Balanced result	-388,137,976	-388,137,976
Result of the year	-55,276,654	-79,837,703
Total Equity	-157,734,266	-182,295,238
Long term debt	288,107,440	308,202,378
Long term convertible loans	26,214,238	38,313,982
Total Long Term Debt	314,321,677	346,516,360
Trade payables	359,309	1,469,850
Current tax liability	1,688,615	1,696,143
Other liabilities	-834,143	-537,766
Accrued expenses and deferred income	702,179	680,425
Current liabilities	1,915,960	3,308,652
Total Debt	316,237,638	349,825,013
Total Equity and Debt	158,503,371	167.529.774

Comments to figures

• Fixed assets are capitalised exploration costs and local mining equipment in Ethiopia
• Long term debt is the 9,240 ounces gold loan from Monetary Metals and the NOK 36.9m convertible loans

Cash flow – Group

Amount in SEK	Q2-2025	YTD Q2-2025
Before changes in working capital	-11,954,000	-21,925,580
Changes in accounts receivables and other receivables	136,089	869,543
Changes in accounts payable and other liabilities	1,356,035	-10,405,644
Cashflow from operating activities	-10,461,876	-31,461,681
Investment in tangible non-current assets	-642,322	-818,890
Cashflow from investing activities	-642,322	-818,890
Long term debt	10,377,313	10,377,313
Cashflow from financing activities	10,377,313	10,377,313
Cashflow net	-726,885	-21,903,258
Translation difference in cash and cash equivalents		2,079
Cash flow for the period	-726,885	-21,901,179

Comments to figures

• Cash flow from operating activities relates to all entities
• Cash flow from investing activities relates only to operational activities capitalised in Ethiopia
• Translation differences relates to changes in foreign exchange values on bank deposits