Akobo Minerals successfully processes first low-grade ore through Segele processing plant
OSLO, 02 August 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 leading gold exploration and mining company based in
Scandinavia with operations in Ethiopia, is pleased to announce the successful
processing of the first low-grade ore through the Segele processing plant,
resulting in the production of the initial gold concentrate.

This achievement marks the final phase of commissioning for the processing
plant, validating its functionality under operational conditions. It is
important to note that the processed ore is from the low-grade development phase
of the Westen Winze and does not represent any high-grade material. The company
continues to focus on testing and optimizing the plant's capabilities with low
-grade ore, as part of its measured approach towards full production.

The gradual ramp-up of production remains a strategic priority, reflecting the
company's deliberate efforts to ensure operational stability and efficiency.
Concurrently, development work in the Eastern Winze progresses, including side
shaft development towards the Westen Winze.

While acknowledging the early stages of this process, Akobo Minerals anticipates
continued advancements in plant optimization and operational readiness in
preparation for future phases, including the introduction of higher-grade ores.
Akobo Minerals continues its collaboration with our partners to enhance system
efficiencies and increase production capacities in the coming months.

For more information

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 boutique 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 the leading gold exploration company in
Ethiopia through more than 14 years of on-the-ground activity, which has now
been enhanced further with the development 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.