Akobo Minerals

Regulatory Filings • Oct 8, 2024

Akobo Minerals announces first gold bar produced from the Segele mine

Akobo Minerals announces first gold bar produced from the Segele mine

OSLO, 08 October 2024:Akobo Minerals

AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med

ium=Press+Release&utm_campaign=New+OTCQX+Company) (Euronext and Frankfurt:

AKOBO) (OTCQX:AKOBF).

Akobo Minerals, a Scandinavian-based gold exploration and mining company with

operations in Ethiopia, is pleased to announce the successful production of the

first gold bar from its Segele Mine. This significant milestone marks the

beginning of gold production as the company moves forward with its operational

plans.

[image]

First Segele gold bar

The 1.4 kg gold bar was smelted from approximately 170 tons of lower-grade

material collected and processed from development tunnels, located on the edge

of the Segele ore body. This initial batch yielded an average grade of 8 grams

per ton. While the results are very promising, it is too early to provide a

definitive recovery rate or the gold purity grade, as the process is still in

its early stages. We anticipate mining higher-grade ore once stoping activities

begin.

Importantly, the tailings generated from this initial processing phase will be

stored and later reprocessed through Carbon-in-Leach (CIL) tanks once these are

fully operational. This additional step will allow us to maximize recovery and

ensure maximum extraction of gold from our mineral resources.

Next, we will continue blasting and stockpiling material from the Segele mine,

followed by further production batches. As production progresses, we expect both

an increase in the gold content from the mine and improved recovery rates from

the processing plant.

This achievement brings us closer to our goal of establishing Akobo Minerals as

a leading gold producer in the region. We look forward to providing further

updates as production continues to ramp up.

For further information, please 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 mining company,

currently holding an exploration license covering 182 km2 and a mining license

covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. The company has

established itself as a leading gold exploration company in Ethiopia through

more than 14 years of on-the-ground activity, which has now been enhanced

further with the startup of its Segele mine.

Akobo Minerals' Segele mine has an Inferred and Indicated Mineral Resource of

68,000 ounces, yielding a world-class gold grade of 22.7 g/ton. Still open to

depth, the gold mineralised zone continues to expand and will have a positive

impact on future resource estimates and the life expectancy of the mine. 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 the company places environment and social

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

industry-leading, extended shared value program.

Akobo Minerals has built a strong local foothold based on 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. The company is headquartered in Oslo and is publicly listed on

the Euronext Growth Oslo Exchange and the Frankfurt Stock Exchange under the

ticker symbol AKOBO. For US investors, Akobo Minerals

AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med

ium=Press+Release&utm_campaign=New+OTCQX+Company) (OTCQX: AKOBF) is traded on

the OTCQX Best Market, adhering to high financial standards, best practice

corporate governance, and compliance with U.S. securities laws. Additionally,

the company has a professional third-party sponsor introduction, and investors

can access current financial disclosures and Real-Time Level 2 quotes for the

company on www.otcmarkets.com.

Akobo Minerals places great emphasis on meeting and exceeding industry

standards, fully complying with all aspects of the JORC code, 2012. For detailed

information on their adherence to this code, please refer to

https://www.jorc.org/. Akobo Minerals' unwavering commitment to ethical

practices, community engagement, and environmental responsibility positions them

as a formidable force in the evolving landscape of the Ethiopian mining sector.