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 grade 0 – 5 gold grams per tonne
• Average grade 5 – 8 gold grams per tonne
• High grade 8 + gold grams per tonne
• ‘Bonanza’ grade 31.1 grams per tonne

Table 1: Significant intersections from the Segele gold deposit (calculated using a 1g/t low cut-off, maximum 1m internal waste and no high-cut)

*: 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.