Akobo Minerals

Legal Proceedings Report • Mar 20, 2023

Akobo Minerals announces the start of core drilling at Gindibab

Akobo Minerals announces the start of core drilling at Gindibab

OSLO, 20 March 2023:?Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO),

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

today announced the start of core drilling on a new target at Gindibab. The core

drilling at the Gingibil quartz vein swarm in the Gindibab area, lies

approximately six kilometres southeast of Akobo Minerals' Segele gold mine,

which will soon be producing the company's first gold.

Key highlights

· Early indications point to this being the most exciting target so farwithin

Akobo Minerals' license area

· Individual veins up to 3m wide have been observed in the quartz vein swarm

and looks to be hosting significant amounts of visible gold

· The quartz vein swarm has been traced over a strike length exceeding 700

metres, with individual gold-bearing veins close to 100 metres long

· This latest phase of activity supports our ambition of developing a million

-ounce world class deposit

[A rocky area with trees

Description automatically generated with low confidence][A picture containing

person, hand, holding, piece

Description automatically generated]

Gold bearing quartz vein at Gingibil. A 2mm large gold grain in a hand sample

from one of the Gingibil quartz veins.

Jørgen Evjen, CEO of Akobo Minerals, said: "The company has been excited at the

prospect of starting this core drilling since our exploration team made the

initial discovery of visible gold in this quartz vein just recently.

"The core drilling program will initially focus on defining individual quartz

veins and test their depth extensions in order to gather data for evaluation of

the target potential. If signs are positive, the next phase of activity will be

to extend the drill program to evaluate the potential for a larger scale mining

operation, including any open pit potential."

He concluded: "The company recently stated that we have nine priority gold

targets within our license area, but this is by far the most encouraging

exploration site we have found to date - and could well be a defining step in

our ambition to develop a million-ounce world class deposit."

The Gingibil quartz vein swarm is a very recent discovery, made by the company's

exploration team towards the end of 2022. The geology is characterised by

schistose host rocks - primarily quartz feldspar schist and variously sheared

gabbros. Within these rocks a large number of quartz veins - locally up to three

metres thick - are hosted. Initial visual indications point towards significant

amounts of visible gold. The geology team has identified three different types

of quartz veins in the area, ranging from highly mineralised early veins to late

-stage barren veins.

To date, the quartz vein swarm has been traced over a strike length exceeding

700 metres, with individual gold-bearing veins close to 100 metres long. Visible

gold has been found in several of the major veins along the entire strike

length, either by direct observation or by surface sampling and panning.

In addition to the core drilling program the company intends to do bulk sampling

to test the gold grades of the various quartz veins to help establish the

viability of future mining.

Bulk sampling will be greatly assisted by the abundant loose quartz vein

material on surface around the veins where thousands of tonnes of material have

been deposited by long term geological processes. Typically, such loose material

has a very good potential for easy, low-cost mining.

The discovery of significant amounts of visible gold has justified the public

release of this information as it may have important implications for the

valuation of the company. The results announced here constitute "Exploration

Results" as defined by the JORC code and as such Akobo Minerals does not have

sufficient information to determine the true economic value of the Gingibil

target. An evaluation of the value of the target will only be possible after

drilling, bulk sampling, resource estimation and an assessment of the cost of

extraction.

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 USD 243 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 and Frankfurt Stock Exchange under the ticker

symbol, AKOBO.

Akobo Minerals fully meets and complies with all parts of the JORC code, 2012.

For further information, see https://www.jorc.org/

Competent Person for Exploration Results

The Competent Person who has overall responsibility for the exploration results

is Dr Matt Jackson BSc PhD MAusIMM. Dr Jackson is a Chartered Professional of

the Australasian Institute of Mining and Metallurgy which is a Recognized

Professional Organization ("RPO") included in a list promulgated by the

Australian Securities Exchange ("ASX") from time to time. He is a full time

employee of Akobo Minerals AB and has sufficient experience that is relevant to

the style of mineralization and type of deposit under consideration and to the

activity being undertaken 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'. Dr Jackson consents to the inclusion in the

report of the matters based on his information in the form and context in which

it appears.