Akobo Minerals initiates process to raise up to NOK 30 million in a convertible loan

21 Oct 2024 08:30 CEST

OSLO, 21 October 2024: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO),
a Scandinavian-based Ethiopian gold exploration and mining company, has
initiated a process to secure a convertible loan of up to NOK 30 million. The
loan already has strong interest from major shareholders, underscoring the
continued support for Akobo Minerals.

The company has now entered a new phase, actively producing gold. The first gold
bar has already been produced, and the company is well positioned to increase
daily production as it approaches some of the richest sections of the Segele
deposit, which boasts an average grade of 75 grams per ton. While Akobo Minerals
is making strong progress towards covering its operating expenses, the company
recognizes the need for additional financing to sustain this momentum and
support longer-term strategic goals, in addition to evaluating ongoing external
funding process.

The company is seeking to raise up to NOK 30 million through a 2-year
convertible loan. This loan offers a 20% annual interest rate and the
opportunity to convert the loan into equity at a 15% discount under specified
terms and conditions. The financing is expected to be completed by the end of
the month.

Following discussions with major shareholders and other stakeholders, the final
terms and conditions, including the allocation and participation in the loan,
will be confirmed by the Board of Directors prior to completion of the
financing.

This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act and the EU Market Abuse Regulation
(MAR).

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: 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_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:
Access the news on Oslo Bors NewsWeb site

629954_241021_Akobo_Minerals_Company_Presentation_FINAL.pdf