Akobo Minerals : 2022 Akobo Minerals Segele Gold Deposit Mineral Resource Update

Cover Page

Final

Segele Gold Deposit Mineral Resource Update

Akobo Basin District, Ethiopia

Akobo Minerals AB

SRK Consulting (Australasia) Pty Ltd  AKM002  June 2022

Inside Cover Page

Final

Segele Gold Deposit Mineral Resource Update

Akobo Basin District, Ethiopia

Prepared for:

Akobo Minerals AB

Södra Allégatan, 13 413 01

Gothenburg

Sweeden

[phone] [e-mail]

Prepared by:

SRK Consulting (Australasia) Pty Ltd

Level 3, 18-32 Parliament Place

West Perth WA 6005

Australia

[phone]

www.srk.com

ABN: 56 074 271 720

Lead Author: Michael Lowry, Principal Consultant Initials: ML

Reviewer: David Slater, Principal Consultant Initials: DS

File Name:

AKM002_Segele Gold Deposit Mineral Resource Update - April 2022_Rev1.docx

Suggested Citation:

SRK Consulting (Australasia) Pty Ltd. 2022. Segele Gold Deposit Mineral Resource Update. Final. Prepared for Akobo Minerals AB: Gothenburg. Project number: AKM002. Issued June 2022.

Cover Image:

Aerial view of the Segele Gold Deposit, looking northwest - Akobo Minerals AB

Copyright © 2022

SRK Consulting (Australasia) Pty Ltd  AKM002  June 2022

Acknowledgments

SRK Consulting (Australasia) Pty Ltd (SRK) would like to acknowledge the assistance of: Dr Matt Jackson (Chief Operating Officer, Akobo Minerals AB)

Mr Johan Sjöberg (Chief Exploration Manager, Akobo Minerals AB)

Mr Bezabh Tamene (Exploration Team Manager, Akobo Minerals AB)

Mr Getaneh Zenebe (Exploration Geologist, Akobo Minerals AB)

Mr Gelana Besasso (Exploration Geologist, Akobo Minerals AB)

Mr Haftom Gebremeskel (Exploration Geologist, Akobo Minerals AB)

Mr Teshome Abera (Technical Manager, Akobo Minerals AB)

in the preparation of the 2022 Segele geological model, Mineral Resource Estimate and this report.

Disclaimer and Notices

Disclaimer: The opinions expressed in this Report have been based on the information supplied to SRK Consulting (Australasia) Pty Ltd (SRK) by Akobo Minerals AB. The opinions in this Report are provided in response to a specific request from Akobo Minerals AB to do so. SRK has exercised all due care in reviewing the supplied information. While SRK has compared key supplied data with expected values, the accuracy of the results and conclusions from the review are entirely reliant on the accuracy and completeness of the supplied data. SRK does not accept responsibility for any errors or omissions in the supplied information and does not accept any consequential liability arising from commercial decisions or actions resulting from them. Opinions presented in this Report apply to the site conditions and features as they existed at the time of SRK's investigations, and those reasonably foreseeable. These opinions do not necessarily apply to conditions and features that may arise after the date of this Report, about which SRK had no prior knowledge nor had the opportunity to evaluate.

Segele Gold Deposit Mineral Resource Update

Contents  Final

Contents

Useful Definitions .......................................................................................................................................................	viii
Executive Summary .....................................................................................................................................................	ix
1	Introduction .........................................................................................................................................................	1
2	Location and tenure ............................................................................................................................................	2
3	Geology and mineralisation ................................................................................................................................	4
3.1	Segele deposit geological summary...................................................................................................................	4
3.2	Regional geology ................................................................................................................................................	4
3.3	Akobo Project local geology .............................................................................................................................	10
3.4	Segele deposit geology and mineralisation ......................................................................................................	10
	3.4.1	Major lithological units.......................................................................................................................	10
	3.4.2	Mafic lithologies.................................................................................................................................	12
	3.4.3	Ultramafic lithologies .........................................................................................................................	15
	3.4.4	Other lithologies ................................................................................................................................	19
	3.4.5	Late stage/young volcanic dyke - 'Vulcanite' ...................................................................................	19
	3.4.6	Alteration ...........................................................................................................................................	20
4	Akobo Gold Project history ...............................................................................................................................	21
5	Project data and validation ...............................................................................................................................	22
5.1	Drilling and sampling programs ........................................................................................................................	22
5.2	Surveying control ..............................................................................................................................................	25
	5.2.1	Topography .......................................................................................................................................	25
	5.2.2	Drill hole collar locations ...................................................................................................................	25
	5.2.3	Downhole surveying ..........................................................................................................................	25
5.3	Laboratory sample preparation and assaying ..................................................................................................	26
5.4	Chain of custody ...............................................................................................................................................	26
5.5	Quality assurance, quality control ....................................................................................................................	27
	5.5.1	Diamond drilling blank sample results ..............................................................................................	27
	5.5.2	Diamond drilling field duplicate sample results .................................................................................	28
	5.5.3	Certified reference material sample results ......................................................................................	30
	5.5.4	Laboratory crush and pulp duplicate sample results ........................................................................	32
	5.5.5	QA/QC summary ...............................................................................................................................	33
5.6	Drill hole logging ...............................................................................................................................................	33
5.7	Geological database .........................................................................................................................................	34
6	Geological modelling ........................................................................................................................................	35
7	Exploratory data analysis .................................................................................................................................	39
7.1	Data flagging ....................................................................................................................................................	39
7.2	Global statistics and domaining........................................................................................................................	39
	7.2.1	Gold domains ....................................................................................................................................	39
	7.2.2	Density domains................................................................................................................................	45
7.3	Sample compositing .........................................................................................................................................	48
7.4	Declustering analysis........................................................................................................................................	49
7.5	Outlier analysis .................................................................................................................................................	50
7.6	Variography ......................................................................................................................................................	54

SRK CONSULTING (AUSTRALASIA) PTY LTD  JUNE 2022  ML/DS

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Segele Gold Deposit Mineral Resource Update

Contents  Final

7.7	Kriging neighbourhood analysis .......................................................................................................................	61
8	Mineral Resource estimation ............................................................................................................................	64
8.1	Block model construction..................................................................................................................................	64
8.2	Estimation parameters......................................................................................................................................	65
8.3	Model validation................................................................................................................................................	69
	8.3.1	Blocks filled .......................................................................................................................................	69
	8.3.2	Visual validation ................................................................................................................................	70
	8.3.3	Global statistic validation...................................................................................................................	71
	8.3.4	Swath plot validation .........................................................................................................................	74
	8.3.5	Theoretical grade tonnage validation ................................................................................................	87
8.4	Default grades ..................................................................................................................................................	90
9	Discussion of relative accuracy and confidence...............................................................................................	91
10	Mineral Resource classification ........................................................................................................................	92
11	Mineral Resource statement.............................................................................................................................	93
11.1	Comparison to the previous Mineral Resource estimate .................................................................................	93
12	Recommendations for further work ..................................................................................................................	96
References	..................................................................................................................................................................	98

Tables

Table 5-1:	Segele deposit exploration summary .....................................................................................................	23
Table 6-1:	Segele Gold Deposit modelled lithology ................................................................................................	35
Table 7-1:	Lithology domain flagging ......................................................................................................................	39
Table 7-2:	Mineralisation domain flagging...............................................................................................................	39
Table 7-3:	Descriptive statistics for gold broken down by strat domain ..................................................................	40
Table 7-4:	Descriptive statistics for density broken down by geozon domains .......................................................	41
Table 7-5:	Descriptive statistics for density broken down by strat domains ............................................................	45
Table 7-6:	Segele composite length analysis statistics of gold samples.................................................................	48
Table 7-7:	Segele composite length analysis statistics of density samples ............................................................	49
Table 7-8:	Segele 2022 variogram models .............................................................................................................	54
Table 8-1:	Segele 2022 block model dimensions....................................................................................................	64
Table 8-2:	Segele 2022 block model variables .......................................................................................................	65
Table 8-3:	2022 Segele resource estimation methodology .....................................................................................	67
Table 8-4:	Segele 2022 resource estimation search parameters ...........................................................................	68
Table 8-5:	Segele 2022 resource estimation sample selection...............................................................................	68
Table 8-6:	Percentage of blocks filled and average gold grade per estimation pass..............................................	69
Table 8-7:	Percentage of blocks filled and average density per estimation pass ...................................................	70
Table 8-8:	Comparison of gold statistics between drill composite sample and estimated blocks...........................	72
Table 8-9: Comparison of density statistics between drill composite sample and estimated blocks .....................	72
Table 11-1: Segele Gold Deposit Mineral Resources as of 22 April 2022 ................................................................	93
Table 11-2: Segele Gold Deposit Mineral Resources as of 6 April 2021 ..................................................................	93
Table 11-3: Comparison between the 2021 and 2022 Segele Gold Deposit Mineral Resource estimates ..............	94

SRK CONSULTING (AUSTRALASIA) PTY LTD  JUNE 2022  ML/DS

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