Akobo Minerals secures NOK 22.475 million in funding through a convertible loan

20 Mar 2023 08:00 CET

OSLO, 20 March 2023:?Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO),
the Scandinavian-based Ethiopian gold exploration and boutique mining company,
today announced that it has issued an unsecured convertible loan (the "Loan") of
NOK 22.475 million (approx. USD two million) from new and existing investors to
fund the final phase of its Segele mining operation in Gambella, Ethiopia (the
"Project"). The board of directors and management of Akobo Minerals contributed
with NOK 3.8 million of the funds.

Announcing details of the loan, Jørgen Evjen, CEO of Akobo Minerals, said:
"Akobo Minerals is very pleased with the interest gained in the issuance of the
Loan, and the trust provided by new and existing investors. The project is
moving forward and the delivery of all processing plant shipments, except one,
to arrive in Ethiopia by end of March. The ultra small plant delivered by Solo
Resources has already arrived in Addis Ababa and is expected to be operational
within a few weeks."

He added: "Mining operations continue both at the main incline shaft and at the
winzes that will go directly into the orebody. The exploration team are
continuing to work at the exciting new discovery at Gingibil where visible gold
was discovered in recent weeks."

The loan contribution - primarily from major shareholders - has a term of two
years and an interest rate of 15 % p.a. The Loan may be converted into shares on
a quarterly basis or at the maturity date, subject to certain conditions being
met. If converted, the conversion of the Loan will take place by each lender
subscribing for shares through off-setting the Loan amount (including accrued
interest) against a conversion price of NOK 6.90 per Akobo Minerals share. The
actual conversion of the Loan is subject to a resolution at the company's
shareholders' meeting. If the company, for whatever reason, is not able to issue
the required shares to the lenders, the Loan shall be repaid in full, together
with accrued interest.

Further updates on operational activities and exploration targets will be
provided in due course.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.

Advokatfirmaet Schjødt has acted as legal advisor to the company on Norwegian
and Swedish law matters.

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
Twitter: @akobominerals
Web: https://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 with an
ongoing mine development in the Gambela region and Dima Woreda, 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 16 km2 mining license and is working to start up mining
of its very promising Segele target. It has an Inferred and Indicated Mineral
Resource of 68.000 ounces yielding a world-class gold grade of 22.7 g/ton,
combined with an estimated all-in sustaining cost (AISC) of 243 USD per ounce.
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 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 we place environment and social governance (ESG)
at the heart of our activities - as demonstrated by a planned industry-leading
extending shared value program.

Akobo Minerals has built a strong local foothold based upon 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.

Akobo Minerals has a clear strategy aimed at building a portfolio of gold
resources through high-impact exploration and mining, whilst adhering to a lean
business operation. The company is headquartered in Oslo and is listed on the
Euronext Growth Oslo Exchange and Frankfurt Stock Exchange under the ticker
symbol, AKOBO.

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.
Thesecurities 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 UnitedStates. Copies of this publication are not being, and
may not be, distributed or sent into Australia, Canada, Japan or the United
States.

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