Akobo Minerals Reports Positive Smelting Result from Latest Batch

09 May 2025 08:40 CEST

Oslo, Norway, 9 May 2025 - Akobo Minerals AB (publ) ("Akobo" or the "Company")
(Euronext Growth Oslo: AKOBO), a Scandinavian-based Ethiopian gold producer,
provides an operational update highlighting improved smelting results from a
recent production batch and ongoing efforts to access higher-grade zones at the
Segele mine.

Gold production in March and April yielded a total of 1 kilogram, which fell
below expectations. A small smelting conducted on 5 May, covering three days of
production, resulted in the recovery of 445 grams of gold. The average grade was
approximately 9 grams per tonne (g/t), supported by increased production
following recent operational changes and improved access to additional areas in
the mine. This outcome marks a clear improvement and represents an encouraging
step toward achieving production levels more consistent with the Segele
deposit's long-term potential.

The Segele deposit is characterised by variability in gold grade due to its
nuggety mineralisation. To illustrate this, the image below shows the area
currently being mined, with figures and data from the SRK block model:

[image]

Left side: Right side:

High grade area ranging from 4g/t to 666g/t   Low grade area ranging from 1g/t
to 3g/t

These differences highlight both the opportunity and challenge of mining such a
deposit. While the overall average grade of all mined material since production
began remains high-close to 20 g/t-the short-term predictability of gold output
is affected by the inherent variability of the ore body.

The Company continues to work with three active headings underground and is
focused on increasing daily tonnage through process improvements. A key
development in this effort is the planned vertical shaft, which will provide
more reliable and consistent access to high-grade sections of the ore body. This
is expected to significantly enhance both production stability and overall
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 (https://protect.checkpoint.com/v2/___htt
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Web:
www.akobominerals.com (https://protect.checkpoint.com/v2/___http://www.akobomine
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als.com/___.YzJlOnNjaGpkdGFzOmM6bzoxMGRjOGE2MTZmMDIwYTc1M2VhODk0MjA0YzI4NGU2MTo2
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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 15 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 (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/.

More information:
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