Akobo Minerals

Regulatory Filings • Apr 19, 2022

Akobo Minerals receives more assay results

Akobo Minerals receives more assay results

OSLO, 19 April 2022: Akobo Minerals (Euronext Oslo - "AKOBO"), the Scandinavian

-based Ethiopian gold exploration and boutique mining company, today announced

that it has released a new set of infill drilling assays from its Segele mine

development project. The results are intended to allow for an upgrade of the

resource classifications in the ongoing resource estimate.

· New infill drilling results including:

· 136.5 g/t over 2.3m, including 580g/t over 0.5m

· 114.7g/t over 13.1m, including 686g/t over 2.0m

· 53.6g/t over 5.2m, including 446g/t over 0.4m

· 46.6g/t over 3.0m, including 136.0 over 1m

· Numerous other significant intercepts have been released over the past 12

months

· All results released to date will be used in the resource estimation,

including the results in this press release

· The mineralisation is still open at depth

The latest drill hole database is now being analysed by Akobo Minerals'

geologists and resource estimation experts at SRK in Perth, Australia. From the

results seen so far Akobo Minerals expects that parts of the previous inferred

mineral resource will be upgraded to indicated resources. Indicated resources

have a much higher confidence and such an upgrade would be a strong validation

of the company's revenue and cash flow potential. However, the results do not

lead Akobo Minerals to expect an increase in the gold endowment of the new

resource estimate as previously indicated. The infill drilling results show a

higher degree of lower grade ore body than previously estimated in the first

Segele minerals resource estimate. Total tonnage is expected to increase, but

the related increase in gold resources will be offset by a lower average grade.

The updated resource is being built on a significantly expanded knowledge base

and the resulting resource estimation will bring the company closer to its

stated goal of becoming an exploration company supported by small scale mining.

The increased understanding of the Segele geology is a key asset to Akobo

Minerals as this knowledge is being put in to use in the continued exploration

around Segele.

Akobo Minerals released the result of its first Segele Mineral Resource Estimate

in April 2021 (Inferred Mineral Resource totalling 52,410oz at an average grade

of 20.9g/t). The resource estimate covered gold mineralization in a narrow high

-grade shoot from 30m at the shallowest to 130m at the deepest. These new assays

and visible gold observed recently (2nd March 2022) have demonstrated that the

high-grade gold mineralization extends to at least 400m down plunge and quite

possibly deeper. Assay results have not yet been received for large amounts of

the 400m down-plunge extension and hence the updated mineral resource estimate

will not cover all of the known mineralization.

The results from SRK on the final resource estimate update will be released as

soon as they are available.

For underground mining, the World Gold Council defines between 8 and 10 grams

per tonne as 'high-quality', and 1 to 4 grams per tonne as 'low-quality'. There

is no exact definition of what is considered as high or low grade. The list

below is therefore a rough guide to what may be expected.

Underground Mine:

· Low grade0 - 5 gold grams per tonne

· Average grade5 - 8 gold grams per tonne

· High grade8 + gold grams per tonne

· 'Bonanza' grade31.1 grams per tonne

Table 1: Significant intersections from theSegelegold deposit(calculated using a

1g/t low cut-off, maximum 1m internal waste and no high-cut)

Hole ID From (m) To (m) True Au g/t

width

(m)

NEW

RESULTS

REPORTED

TODAY:

Resource

Infill

drilling#.

To be

included

in the

upcoming

Segele

Mineral

Resource

Estimate

Update

SEDD57 55.54 56.20 0.66 2.5

SEDD57 58.75 60.35 1.60 4.2

SEDD57 62.60 64.85 2.25 136.5

SEDD58# No

significant

results

SEDD59 60.16 64.60 4.44 12.5

SEDD59 66.47 67.47 1.00 1.6

SEDD59 71.40 72.00 0.60 1.3

SEDD60 No

significant

results

SEDD61 52.10 57.00 4.90 26.3

SEDD61 61.85 63.20 1.35 2.7

SEDD61 66.15 66.85 0.70 1.3

SEDD61 72.30 72.80 0.50 23.2

SEDD62 No

significant

results

SEDD63 63.53 66.53 3.00 46.6

SEDD64 34.60 35.15 0.41 39.3

SEDD65 66.66 79.84 13.18 114.7

SEDD65 83.93 84.80 0.87 6.2

SEDD66 No

significant

results

SEDD67 No

significant

results

SEDD68 37.70 40.10 1.80 3.5

SEDD69 34.20 39.00 3.60 19.6

SEDD69 41.75 42.28 0.40 54.3

SEDD72 37.65 43.56 4.43 16.2

SEDD73 44.35 51.35 5.25 52.6

SEDD74 41.40 54.05 9.49 25.6

SEDD74 47.98 48.94 0.96 1.3

SEDD74 50.90 51.90 1.00 1.5

SEDD74 56.83 57.67 0.84 12.4

SEDD75 48.80 51.00 1.65 10.1

SEDD75 52.80 53.70 0.68 3.2

SEDD76 50.00 54.00 3.00 3.2

PREVIOUSLY

REPORTED

RESULTS

To be

included

in the

upcoming

Segele

Mineral

Resource

Estimate

Update

SEDD32 No

significant

results

SEDD33 98.50 98.90 0.38 3.3

100.30 100.70 0.38 1.1

SEDD34 110.65 112.15 1.43 13.8

SEDD35 No

significant

results

SEDD36 No

significant

results

SEDD37 116.10 117.20 1.05 1.9

SEDD38 131.40 132.30 0.86 9.6

134.30 136.20 1.80 1.7

SEDD39 144.45 145.50 1.00 1.1

147.55 148.05 0.48 45.3

SEDD40 No

significant

results

SEDD41 No

significant

results

SEDD44* 65.10 74.50 6.24 2.2

SEDD46 153.70 155.40 1.70 21.3

163.00 168.60 5.60 5.7

SEDD47 117.20 123.20 6.00 56.0

127.75 128.30 0.55 1.1

SEDD48 No

significant

results

SEDD49 No

significant

results

SEDD50 145.00 147.50 1.66 2.4

SEDD51 159.00 160.00 0.66 8.5

SEDD52 No

significant

results

SEDD53 154.10 155.05 0.63 1.7

157.50 158.15 0.43 1.9

163.25 169.85 4.38 17.8

SEDD54 No

significant

results

SEDD55 165.70 174.55 5.88 24.4

SEDD56 No

significant

results

PREVIOUSLY

REPORTED

RESULTS

Already

included

in the

Segele

Mineral

Resource

Estimate:

SEDD01 32.00 32.80 0.76 17.3

SEDD02 No

significant

results

SEDD03 43.65 50.00 6.03 1070.4

56.00 58.00 1.9 39.9

62.00 64.60 2.47 75.8

SEDD04 No

significant

results

SEDD05 66.30 70.10 3.61 39.7

73.00 74.00 0.95 2.6

80.00 81.00 0.95 22.8

SEDD06 No

significant

results

SEDD07 No

significant

results

SEDD08 No

significant

results

SEDD09 No

significant

results

SEDD10 87.00 88.00 2.85 5.9

93.00 94.00 0.95 8.3

SEDD11 33.30 38.65 5.08 114.8

SEDD12 52.70 53.30 0.58 1.9

60.55 61.85 1.24 2.7

64.20 64.85 0.62 2.7

70.65 71.65 0.95 2.6

SEDD13 57.20 58.25 1.00 3.6

59.70 61.15 1.38 8.1

73.20 74.20 0.95 2.2

78.90 79.60 0.66 1.6

SEDD14 69.30 70.60 1.24 2.5

SEDD18 87.30 90.50 3.04 13.3

94.90 99.85 4.70 2.0

106.05 108.55 2.38 2.0

SEDD19 No

significant

results

SEDD20 No

significant

results

SEDD21 124.90 128.70 3.61 3.0

130.80 133.65 2.71 144.7

134.85 135.40 0.52 13.1

SEDD22 98.80 99.30 0.48 53.7

104.57 105.00 0.41 12.1

SEDD23 77.16 81.16 3.80 44.0

85.16 85.96 0.76 3.5

87.20 88.54 1.27 5.3

SEDD24 No

significant

results

SEDD25 97.20 99.68 2.36 130.5

101.46 102.45 0.94 1.1

104.35 107.70 3.18 35.6

113.60 114.60 0.95 1.1

SEDD26 97.60 98.60 0.95 1.5

SEDD27 No

significant

results

SEDD28 48.20 48.47 0.26 12.4

50.47 54.50 3.83 6.2

58.90 59.90 0.95 1.3

SEDD29 61.52 74.50 12.33 17.6

77.50 84.60 6.74 5.7

SEDD30 No

significant

results

SEDD31 111.90 112.70 0.76 1.5

119.00 119.70 0.67 1.2

121.00 122.00 0.95 1.6

*: Holes SEDD42, 43, and 44 were used for metallurgical testing. Hole SEDD44

only assayed part of the mineralised zone. #: SEDD58 is a resource extension

hole, not infill.

- ENDS -

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and boutique mining

company, currently with ongoing exploration and mine development in the Gambela

region and Dima Woreda, southwest 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 mining licence and is working to start up mining of its

very promising Segele target. 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 the vicinity of Segele, in addition to the lower

grade high volume area of Joru. These areas will continue to be explored.

Akobo Minerals has an excellent relationship with local communities all the way

up to national authorities and it places environment, social and environment

(ESG) at the heart of its activities - as demonstrated by a planned ground

-breaking community program.

Akobo Minerals has built a strong local foothold based upon the principles of

good ethics, transparency, and communication, and is ready to take on new

opportunities and ventures as they arise. Akobo Minerals 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, 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.

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 Matt Jackson consents to the inclusion

in the report of the matters based on his (or her) information in the form and

context in which it appears.

For complete disclosure of technical details, JORC Table 1 can be found at the

company website, www.akobominerals.com

Competent Person for Mineral Resources

This press release includes information from the Segele Mineral Resource

Estimate released by Akobo Minerals AB on the 6th of April 2021 ("Announces

encouraging Maiden Mineral Resource Estimate at Segele"). 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 (5/4/2021). All material assumptions and technical parameters

underpinning the estimate are relevant and have not materially changed.

The information in this press release 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'. Mr Lowry consents to the inclusion in the

report of the matters based upon his information and context in which it

appears.

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.