Akobo Minerals - Operational Update for January 2026

10 Feb 2026 10:18 CET

Oslo, Norway, 10 February 2026 - Akobo Minerals AB (publ) ("Akobo" or the
"Company") (Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer
operating in Ethiopia, is pleased to provide an operational update for January
2026.

Akobo's strong fourth-quarter performance has continued into the new year.
January delivered solid production performance and continued progress in
vertical shaft development, supported by stable operations and disciplined cost
control.

The Company is benefiting from historically high gold prices, which have a clear
and positive impact on cash flow and financial capacity. Higher gold prices
increase revenue per ounce produced, while the Company's cost base remains
largely unchanged in the short term, resulting in stronger operating margins and
improved free cash flow.

The Company's gold loan is not affected in any way that changes its structure,
repayment profile or underlying economics. As the loan is repaid in ounces, the
key determinant of repayment remains production performance. The gold loan,
amounting to approximately 9,500 ounces, represents a limited share of the
Company's approximately 69,000-ounce mineral resource, and higher gold prices
further enhance cash flow and repayment capacity within the agreed timeframe to
mid-2027.

The current development plan, including the decision to sink the shaft to its
final depth in one continuous phase, does not trigger any need for amendments to
the loan agreement. A successful site visit was conducted during the period with
Akobo Minerals' Chairman and a senior representative from Monetary Metals.

Production and Operations

· Gold production in January: approx. 8 kg (USD 1.2 million)
· Cumulative doré production to date: approx. 81 kg
· Stock of blended material available for processing: approx. 500 tonnes, with
an estimated in-situ value USD 1.6 million at current gold price levels

Operations at the Segele mine remained stable throughout January, with continued
production from existing underground workings alongside ongoing development
activities targeting new high-grade areas within the mine. The current depth of
the eastern winze is approximately 84 metres, while the western winze has
reached approximately 65 metres.

The current stock of blended material provides operational flexibility, ensuring
stable throughput and consistent gold recovery. The processing plant is
currently operating without capacity constraints, running in batch mode towards
the end of each month. Once the new vertical shaft is fully operational, the
plant is expected to transition to continuous 24/7 operation to handle higher
and more consistent tonnage.

Vertical Shaft Development

· The foundation for the headgear is in its final stage
· Installation of the temporary winch and headgear is ongoing
· The main headgear is in transit to site
· Conveyance equipment for underground operations, including rails and ore
buggies, is in preparation for shipping
· The shaft sinking team is back on site and prepared to resume sinking, with
approximately 80 metres remaining to the final level

[image]

Head gear civils works complete for shaft sinking, dry-run testing completed on
CIL tanks, power connected to the vertical shaft, construction of processing dam
for future use, winch installed and ready for operation in vertical shaft.

For more information, contact

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14

Mail: jorgen@akobominerals.com

LinkedIn:
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About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold producer and explorer with over 15
years of active operations in Ethiopia. The Company holds an exploration licence
covering 182 km² and a mining licence covering 16 km² in the Gambela region and
Dima Woreda.

The Segele mine hosts an Indicated and Inferred Mineral Resource of
approximately 69,000 ounces at a high average grade of 22.7 g/t gold. The
mineralised system remains open at depth, supporting further resource growth and
mine life extension. In addition, the Company's exploration licence hosts
multiple high-quality targets with significant resource-building potential.

Akobo Minerals places ESG principles at the core of its operations, maintaining
strong relationships with local communities and government authorities. The
Company is committed to sound ethics, transparency and responsible mining
practices.

Akobo Minerals is headquartered in Oslo and is listed on Euronext Growth Oslo
and the Frankfurt Stock Exchange under the ticker AKOBO. In the United States,
the Company's shares trade on the OTC Pink Market under the symbol AKOBF.

The Company fully complies with the JORC Code (2012) and places strong emphasis
on meeting recognised industry standards.

More information:
Access the news on Oslo Bors NewsWeb site