Akobo Minerals AB (publ) – Preliminary results of the Subsequent Rights Issue

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Oslo, Norway – 27 March 2024 - Reference is made to the stock exchange announcement published by Akobo Minerals AB (publ) (the "Company") on 13 March 2024, in which the Company announced the commencement of the subscription period in a subsequent rights issue (the "Subsequent Rights Issue") of up to 28,346,785 new shares in the Company (the "New Shares"), each with a quota value of SEK 0.0371599322777818, at a subscription price of NOK 1 per New Share. In aggregate, 53,150,223 subscription rights (the "Subscription Rights") have been issued, whereby fifteen (15) Subscription Rights gives the right to subscribe for eight (8) New Shares.

The subscription period in the Subsequent Rights Issue expired at 13:00 hours (CET) today, 27 March 2024.

Preliminary results indicate that the Company has received subscriptions for 15,377,139 New Shares. The final allocation of the New Shares will take place on 2 April 2024, in accordance with the allocation criteria set out in the prospectus dated 11 March 2024 (the "Prospectus"). The final results of the Subsequent Rights Issue will be published shortly thereafter. Notification regarding allocation of New Shares and the corresponding subscription amount to be paid by each subscriber, are expected to be distributed on or about 2 April 2024.

For more information, please refer to the Prospectus made electronically available at the Company's website: akobominerals.com.

This information is subject to the disclosure requirements in the Market Abuse Regulation (EU 596/2014) and the Norwegian Securities Trading Act section 5-12, and published in accordance with the Continuing Obligations for issuers listed on Euronext Growth Oslo.

This stock exchange announcement was published by Jørgen Evjen, CEO of Akobo Minerals, on 27 March 2024 at 17.05 CET.

For further 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 boutique 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. The company has established itself as the leading gold exploration company in Ethiopia through more than 13 years of on-the-ground activity, which has now been enhanced further with the development 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. Still open to depth, the gold mineralised zone continues to expand and will have a positive impact on future resource estimates and the life expectancy of the mine. The exploration license holds numerous promising exploration resource-building prospects in both the vicinity of Segele and in the wider license area.

Akobo Minerals has an excellent relationship with local communities all the way up to national authorities and the company places environment and social governance (ESG) at the heart of its activities – as demonstrated by a planned, industry-leading, extended shared value program.

Akobo Minerals has built a strong local foothold based on the principles of sound ethics, transparency and communication, and 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 (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.

Important information

Publication, release or distribution of this press release may in certain jurisdictions be subject to legal restrictions and persons in the jurisdictions where this press release has been made public or distributed should be informed of and follow such legal restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer or solicitation to buy or subscribe for any securities in Akobo Minerals AB (publ) in any jurisdiction, either from Akobo Minerals AB (publ) or from anyone else.

This press release is not a prospectus according to the definition in Regulation (EU) 2017/1129 ("the Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. A national prospectus has been prepared by the Company and published on the Company's website.

This press release does not constitute an offer or solicitation to buy or subscribe for securities in the United States. The securities mentioned herein may not be sold in the United States without registration, or without an exemption from registration, under the U.S. Securities Act from 1933 ("Securities Act"), and may not be offered or sold within the United States without being registered, covered by an exemption from, or part of a transaction that is not subject to the registration requirements according to the Securities Act. There is no intention to register any securities mentioned herein in the United States or to issue a public offering of such securities in the United States. The information in this press release may not be released, published, copied, reproduced or distributed, directly or indirectly, wholly or in part, in or to Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, the United States or any other jurisdiction where the release, publication or distribution of this information would violate current rules or where such an action is subject to legal restrictions or would require additional registration or other measures beyond those that follow from Swedish and Norwegian law. Actions in contravention of this instruction may constitute a violation of applicable securities legislation.