Akobo Minerals : Q1 Presentation 2024

Q1 Operational update

AKOBO MINERALS AB (publ) 27.06.2024

Euronext - AKOBO

OTCQX - AKOBF www.akobominerals.com

Disclaimer

This document has been used during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given, express or implied, as to the accuracy of the information contained in this document.

Some of the statements made in this document contain forward-looking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Akobo Minerals AB Mining's business.

This presentation includes information from the Segele Mineral Resource Estimate released by Akobo Minerals AB on the 22nd of April 22, 2022. Akobo Minerals AB confirms that it is not aware of any new information or data which materially affects the information contained in the press release regarding the Segele Mineral Resource (22/4/2022). All material assumptions and technical parameters underpinning the estimate are relevant and have not materially changed.

The information that relates to Mineral Resources is based on information compiled by Mr. Michael Lowry who is a member of the Australasian Institute of Mining and Metallurgy and is a full-time employee of SRK Consulting (Australasia) Pty Ltd. Mr. Lowry has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Lowry consents to the inclusion in the report of the matters based upon his information and context in which it appears.

2

Table of contents

I Introduction

1. Operational update
   III Q & A

3

Operational update highlights

• Completion of Tailings Storage Facility (TSF), Diesel infrastructure, Electrical work and Piping
• Phased commissioning started at site by Universal Power Africa and Solo Resources
• Successful synchronization, testing and operation of all generators
• Mill commissioned and running, conveyer belts and crusher in process today
• Ore body to be reached in Eastern Winze shortly
• Engagement of industry leading contractor DRA Global to enhance mining operations efficiency and reduce operational risks
• Sourcing and logistics setup in place with 3rd party procurement enterprises, Airland Logistics, and DRA Global
• License received from Ethiopian Petroleum and Energy Authority for own fuel sourcing and transportation
• Fuel agreement signed with National Oil Company (NOC) for direct sourcing and improved reliability
• Successful restructuring of debt obligations with Monetary Metals, converting all former convertible debt to equity
• Updated mine plan forecasts $20M USD revenue in early months of full production and $9M USD EBITDA improvement in first 12 months

Completion of processing plant

construction

Robust support and collaboration with

the Ministry of Mines and other

governmental bodies

Targeting commencement of first low-

grade ore production by July

4

Akobo Minerals is an exploration and mining company

Akobo Minerals is a Scandinavian-basedgold exploration mining company

Exploration and mining licenses held in the Gambella region and Dima Woreda, Ethiopia

The leading gold exploration company in Ethiopia through more than 14 years of on-the-groundactivity

Akobo Minerals has built a strong local foothold, based upon the principles of good ethics, transparency and communication

Uniquely positioned to become a major player in the future development of the very promising Ethiopian mining industry

Listed on Euronext Growth in Oslo, Norway

Exploration and mining operations in Ethiopia

5

… with significant gold production potential

182 km2 exploration license

• An attractive gold-mining jurisdiction 710 km from Addis
• Ambition of developing world class deposits of 1.5 to 2 Moz
• Several targets identified with high volume potential

16 km2 mining license

• Potential for significant cash flow from the Segele deposit

• Large enough license to bring adjacent targets into production

Plant, machines and equipment

• Modern processing plant constructed

• Very low-cost drilling operations with own drilling rig

Segele Mineral Resource estimate by SRK

• Indicated Mineral Resources alone of 41.000 oz gold @ 40,6g/t

• Inferred and Indicated Mineral Resource of 68.811oz gold @ 22,7g/t

• Still open at depth with near mine targets

High margin gold production

• Estimated free cash flow of USD 50 million from the Segele mine, based upon current Resource estimate
• Refinery agreement signed with MKS PAMP
• 1 out of 11 LMBA approved refineries, responsible for handling the gold from Segele and ensuring conversion from gold to cash

6

Doing It Right - an integral and vital part of the company

Award winning ESG program developed with Sazani Associates - Sustainable Natural Resource Management Plan

Winner of the INDABA ESG Nature award in 2023

2 times runner up as ESG explorer of the year at M&M London

Technology-driven solutions that enable communities to build sustainable & eco- friendly buildings and enterprises

Partners

7

Environmental Social and Governance

Akobo Minerals continues to stand out as a junior exploration and mining company that sees ESG as an essential and embedded part of its operations, demonstrated through:

• Co-developingthe tailings plan and to include innovate solutions such as constructed wetlands;
• Trialing viability of using tailings, from both geochemical and engineering perspective, in the production of construction materials
• Establishing an indigenous tree nursery to be used to rehabilitate and improve the local environment around the mine site as a precursor to rehabilitating areas damaged through artisanal mining activity
• Inputting into decision making regarding different mining methods, to make sure social and environmental considerations are included from the outset
• Ongoing proactive stakeholder engagement and support of community led initiatives such as the women's associations Solar Grain Mill
• Ongoing environmental monitoring of air, noise surface and ground water quality
• Participation in high-level events, such as Global Session of the UN Science Policy Business Forum on the Environment

8

Looking forwards

• Completed and submitted our annual report to the Ethiopian Environmental Protection Agency
• Initiated development of a mine closure plan and registered with the Science Based Targets initiative to support a zero- carbon economy
• Hiring of environmental performance coordinator to oversee mining and processing environmental monitoring
• Evaluating all fuel tankers for direct fuel transport from the Ethiopian National Oil Company.
• Expanded collaboration with Lynx ESG Data platform, enhancing training and ensuring accurate social, environmental, and engagement data recording. Exploring additional use for monitoring social complexities and security issues
• Develop partnership with Jimma University, Addis Ababa University, and Oslo University to map wildlife in Gambella, hosting ecology researchers and contributing to biodiversity mapping.

9

Table of contents

I Introduction

1. Operational update
   III Q & A

10