Akobo Minerals

M&A Activity • Feb 21, 2022

Akobo Minerals enters into partnership with Oromia Bank

Akobo Minerals enters into partnership with Oromia Bank

Akobo Minerals (Euronext Oslo - "AKOBO"), the Scandinavian-based Ethiopian gold

exploration and mining company, today announced that it has signed a memorandum

of understanding (MOU) with the Ethiopian commercial bank, Oromia Bank.

Under the terms of the MOU, Akobo Minerals and Oromia Bank, as leaders in their

respective fields, will cooperate to develop domestic services related to

financing new exploration and mining projects, in accordance with international

standards. Together, these services can support the advancement of Ethiopia's

domestic mining industry.

Through their collaboration, Akobo Minerals and Oromia Bank hope to become the

leading industry mining partner offering operational and financial services,

respectively, for new ventures and projects in Ethiopia. Significantly, this co

-operation goes beyond general corporate funding facilities and will also

encompass community funding opportunities and the rollout of services to rural

areas which do not presently have access to modern financial technologies and

services.

Jørgen Evjen, CEO of Akobo Minerals, stated: "By bringing our combined mining

and banking competences and experience to the table, I believe we can together

offer substantial and innovative services that can further the development of

the Ethiopian mining industry and local communities."

He added: "This agreement follows our corporate objective of doing business

locally and supporting the Ethiopian banking industry to become competitive in

its own backyard against foreign financial institutions."

Faysel Yassin, Chief Officer, corporate banking and international trade at

Oromia Bank, said: "We are impressed with the endeavour and commitment that

Akobo Minerals has shown in building a strategic model for both national and

regional success. Our own philosophy mirrors theirs and is why we are sure that

by working together we can do great things for other mining companies that want

to succeed in Ethiopia."

In the coming months, Akobo Minerals and Oromia Bank will work together to put

in place the aspects necessary to build a range of ground-breaking Ethiopian

mining services, as set out in the MOU. However, the commitment of the parties

to fulfil the roles and responsibilities of the MOU does not constitute a

legally binding agreement.

Separate to the domestic mining services MOU, Akobo Minerals is also in

negotiations with Oromia Bank to agree a corporate funding package. This will be

used to underpin a range of future activities including local community-based

environment, social and governance (ESG) initiatives, as well as capital

requirements to support Akobo's mining operations before the end of 2022.

Further details will be made available once any final agreement is reached.

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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

Twitter: @akobominerals

Web: https://akobominerals.com

Faysel Yassin, Chief Officer, corporate banking and international trade at

Oromia Bank

Mob: (+251) 911 46 76 25

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About Oromia Bank

Oromia Bank S.C is a private Commercial Bank established in accordance with 1960

Commercial Code of Ethiopia, by the Licensing and Supervision of Banking

Proclamation No. 592/2008 and started operation in 2008 G.C. Initially, number

of shareholders is 5,000 and now more than 14,000. The main purpose of its

establishment is improving financial accessibility and providing full-fledged

and best quality commercial banking services. Oromia Bank SC was first

established by trade name of Oromia International Bank SC, and rebrands itself

to 'Oromia Bank SC' by changing both trade mark and its trade name in December

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.