Akobo Minerals provides operational update from the Segele mine

02 Sep 2024 08:00 CEST

OSLO, 02 September 2024: Akobo Minerals
AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_me
d
ium=Press+Release&utm_campaign=New+OTCQX+Company) (Euronext and Frankfurt:
AKOBO) (OTCQX:AKOBF).

Akobo Minerals, a prominent gold exploration and mining company based in
Scandinavia with operations in Ethiopia, is pleased to provide an operational
update from its Segele mining activities, reporting that the company has reached
several critical milestones.

Daily ore production has commenced at the Segele mine. Since intersecting the
ore body in the second tunnel two weeks ago, Akobo Minerals has been
consistently producing and stockpiling ore. Currently, the company is in the
early phases of ore extraction, advancing toward areas expected to contain high
-grade material. Early results are promising, with substantial visible gold
observed.

[image]

Visible gold produced from the Segele mine

The processing plant at Segele has successfully been commissioned and is
currently in the ramp-up phase. Although commissioning typically takes several
months, Akobo Minerals has expedited the process, achieving significant progress
within a short timeframe. Feedback from experts and consultants indicates that
the plant is in excellent condition. The focus is now on fine-tuning the
processes to maximize gold recovery and minimize losses. The first batch of very
low-grade ore has been successfully processed through the entire plant, from
crushing to smelting. While the gold yield was low, as anticipated, this marks a
significant milestone, demonstrating the plant's operational efficiency.

[image]

Smelting of first Segele gold from very low-grade ore

Looking ahead to September, Akobo Minerals expects to continue and expand ore
production from the mine and run the processing plant in batches to secure
maximum gold recovery. The gold will then be further processed at our partner
MKS PAMP's refinery in Switzerland and then sold in the gold spot market.

Akobo Minerals remains optimistic about the future of the Segele mine and is
well-positioned to scale up production in the coming months. With the end of the
rainy season, we anticipate more stable and efficient working conditions, which
will further enhance our operations.

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 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_me
d
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.

More information:
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