Akobo Minerals AB (AKOBO: Euronext and Frankfurt), a Scandinavian-based Ethiopian gold exploration and mining company, is pleased to announce final gold production of 10 kg for November 2024, surpassing the earlier estimate of 8 kg. This follows the completion of all smelting operations for the month. Combined with October’s production of 2.8 kg, the total for the past two months is 12.8 kg.

Updated production highlights

• November production: 10 kg of gold smelted
• October production: 2.8 kg of gold smelted

• First gold bar sale: The first gold bar, weighing 1.4 kg, was sold to the National Bank of Ethiopia (NBE) in exchange for local currency (ETB) at an approximate value of USD 2,500 per ounce
• Operational cost coverage: November’s production successfully exceeded expectations and covered all operational expenses for the month
• Mining operations: First raise blasting was completed, and stoping activities commenced, allowing access to higher-grade ore zones.

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold exploration and 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. With over 14 years of active operations on the ground, the company has established a strong foothold in Ethiopian gold exploration, now further strengthened with the startup 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 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 (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.