Akobo Minerals

Regulatory Filings • Dec 20, 2021

Akobo Minerals significantly increases it drilling capacity by buying 3 second hand Diamec 262 drill rigs

Akobo Minerals significantly increases it drilling capacity by buying 3 second hand Diamec 262 drill rigs

OSLO, 20 December 2021: Akobo Minerals (Euronext Oslo - "AKOBO") announces that

it has acquired 3 second hand Diamec 262 drill rigs including many spare parts

from Protek Norr AB. The agreed tender is 400000 SEK for the following items;

· Three Diamec 262 core drill rigs - two which are operational and one to be

upgraded

· Three electrically powered hydraulic units

· Several spare rotation units

· Spare core winches

· One pallet of spare parts, including hydraulic valve blocks, pipe clamps,

hydraulic motors etc.

The drill rigs are of the same model that is already owned and operated by the

Akobo Minerals drill crew, and has been so for the last 1,5 years with an

outstanding performance.

The acquisition of the drill rigs will enable Akobo Minerals to continue its low

cost operations, and also have the flexibility to expand the exploration program

at a much higher pace. Three drill rigs are in operation already in Akobo; one

is owned and operated by Akobo Minerals and two are sourced from and operated by

Midroc. The drill rig owned and operated by Akobo Minerals has a much lower

operating cost.

Cost efficient and fast core drilling is critical to success in mineral

exploration and Akobo Minerals' ability to operate high production low cost

drilling has been important in the success at Segele. This acquisition enhances

the company's resilience in exploration drilling in addition to expanding

overall capacity. It is anticipated that this development will be of

considerable value in discovering the exciting potential of the licences at the

Akobo Project.

The new drill rigs can also be used in underground mining operations, and have a

capacity to drill down to 300 meters depth. We expect the drill rigs to be

phased into our operations around the middle of 2022, alongside expansion of the

company's competent drill crew.

- ENDS -

About Akobo Minerals

Akobo Minerals is a Norway-based gold exploration company, with ongoing

exploration and small-scale 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.

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: https://akobominerals.com

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.