Akobo Minerals reports January gold production and details on new vertical mine shaft

12 Feb 2025 08:00 CET

Oslo, Norway, 12.02.25, Akobo Minerals AB (publ) ("Akobo" or the "Company")
(Euronext Growth Oslo: AKOBO), a Scandinavian-based Ethiopian gold producer,
provides an operational update for January 2025 and details on the new vertical
mine shaft with a 100-ton-per-day capacity.

· Gold production: Slightly more than 2 kg of doré gold bar was produced in
January, bringing total gold production to 17 kg to date. This was in line with
expectations, as tunnel operations were temporarily halted from mid-December
2024 to mid-January 2025 for essential safety improvements. Both tunnels are now
fully operational.
· Increased production ahead: Stoping (mining the ore body) has commenced from
the Western Winze, while the Eastern Winze is nearing completion for its
prospect drive to start at the new 575 level. Going forward, mainly ore will be
mined, marking a shift toward more stable production. It is important to
highlight that underground mining in a deposit like Segele, which exhibits a
strong nugget effect, naturally results in month-to-month production variations.
While short-term fluctuations can occur, long-term production expectations
remain unchanged.
· All-time high gold price: The recent record gold price is expected to
positively impact future cash flow from the Segele mine.

Establishment of a vertical shaft at Segele

Due to the compact and highly concentrated nature of the orebody, Akobo Minerals
has decided to establish a vertical shaft to improve access and increase
underground hoisting capacity. This infrastructure upgrade will significantly
accelerate production, aligning it more closely with the processing plant's
capacity. Additionally, the vertical shaft will enable activation of the Carbon
-in-Leach (CIL) circuit, increasing gold recovery rates from approximately 60%
to 93%.

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Key features of the vertical shaft:

· Phase 1: Initial shaft depth of 60 meters, with infrastructure capable of
extending to 120 meters.
· Timeline: Expected completion within 12 to 16 weeks from commencement.
· Design: Approximately 3 meters in diameter, accommodating cages,
ventilation, water pumping, and electrical infrastructure.
· Hoisting system:
· Double-cage arrangement for personnel and ore transport.
· Hoisting capacity of approximately 3 tonnes per hoist, with a total
capacity of up to 100 tonnes per day, depending on underground ore availability.
· Electrically powered winder, backed by a dedicated diesel generator with
redundancy from the process plant's power system.

· Manufacturing and installation: Headgear, control, and winch rooms will be
manufactured in South Africa and shipped to Segele for assembly and
commissioning.

The transition to a vertical shaft represents a shift aimed at improving long
-term production efficiency.

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 producer, 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 mining industry.

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) (OTC: AKOBF) is traded on the
OTC Pink Market.

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.

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