Akobo Minerals Closes NOK 11 Million Convertible Loan

14 May 2025 14:52 CEST

Oslo, Norway, 14 May 2025 - Akobo Minerals AB (publ) ("Akobo" or the "Company")
(Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer operating in
Ethiopia, announces that it has successfully closed a convertible loan financing
of approximately NOK 11 million from existing shareholders.

The convertible loan was initiated to strengthen the Company's working capital
position following lower-than-expected gold production during March and April
2025. The target raise was NOK 5-10 million, and the final amount raised,
approx. NOK 11 million (divided on NOK 10.2 million and EUR 100,000), reflects
continued support from long-term shareholders.

The convertible loan carries an annual interest rate of 30% and has a 24-month
maturity. Conversion into shares may be initiated by either the Company or the
lenders or occur automatically at maturity. Conversion pricing is based on
either the volume-weighted average share price with a 30% discount, or the price
of any new share issue, also with a 30% discount.

The financing strengthens the Company's short-term liquidity while also securing
the flexibility to explore and secure the optimal structure for financing the
upcoming vertical shaft project, whether through offtake arrangements, equity
issuance, or a strategic partnership.

Combined with the revised terms of the Company's gold loan agreement with
Monetary Metals (as announced on 13 May 2025), this convertible loan provides a
sound platform for moving into the next development phase. The planned vertical
shaft has the potential to increase production capacity tenfold, marking a
significant transformation of Akobo Minerals' operational profile.

Please visit the Company's website for an updated company presentation:
https://akobominerals.com/investors/reports-documents/

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act. This information is considered to
be inside information pursuant to the EU Market Abuse Regulation and was
published by Jørgen Evjen, CEO, on the date and time provided herein.

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/.

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