Akobo Minerals reports November gold production of 8 kg, covering costs

03 Dec 2024 11:34 CET

OSLO, 3 December 2024: Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO),
a Scandinavian-based Ethiopian gold exploration and mining company, is pleased
to announce an estimated total production of 8 kg of gold in November. This
includes 6.5 kg of gold already smelted and approximately 1.5 kg of additional
gold processed but not yet smelted. Combined with October's production, the
estimated total for the past two months reaches close to 11 kg.

November month marks a significant milestone as the company has successfully
covered its operational expenses for the first time. While we may continue to
see some variation in production as we further scale operations, this is an
important first step in achieving stable and sustainable performance.

Production highlights

· November production: Estimated 8 kg of gold produced in November, consisting
of 6.5 kg smelted and an estimated 1.5 kg awaiting smelting
· October production: 2.8 kg of gold smelted in October
· First gold bar sale: The first gold bar, weighing 1.4 kg, was sold to the
National Bank of Ethiopia (NBE) in exchange for local currency (ETB) at an
approximate value of USD 2,500 per ounce
· Operational cost coverage: November's production successfully exceeded
expectations and covered all operational expenses for the month
· Mining operations: First raise blasting was completed, and stoping
activities commenced, allowing access to higher-grade ore zones.

Looking ahead
Our focus remains on optimizing throughput and minimizing gold loss as we ramp
up operations further. The introduction of stoping activities into high-grade
zones positions Akobo Minerals for consistent, high-grade production in the
coming months.

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. With over 14
years of active operations on the ground, the company has established a strong
foothold in Ethiopian gold exploration, now further strengthened 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 The mineralized
zone remains open at depth, supporting future resource estimates and extending
the mine's 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 maintains strong relationships with local communities and
government authorities, placing ESG principles at the core of its operations.
The company's commitment to sound ethics, transparency, and stakeholder
engagement is evident through its industry-leading extended shared value
program.

Akobo Minerals 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