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    AKOBO   SE0015193412


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Akobo Minerals : First-half year 2021 results

08/26/2021 | 02:01am EST
Akobo Minerals - First-half year 2021 results

Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its first-half year
2021 results. Akobo Minerals is in a project development phase and consequently
had no income in the first half. The net loss was SEK 5.6 million, compared to a
loss of SEK 5 million in the first half of 2020, as the project activity has
ramped up as planned.

 "The first half year of 2021 has really been a breakthrough for the company
with many milestones achieved along the way. Our operational and financial
strategies have fallen into place by becoming an exploration company to be
supported by small scale mining activities. 

Akobo Minerals has now established itself as a leading exploration company in
Ethiopia. We have worked diligently for many years to achieve this, by being
transparent and responsible in all our undertakings. We have built a highly
competent organisation in Ethiopia over the last year, worked closely with local
and federal authorities, delivered on our promises and last but not least we
have had some amazing results during the first half year of 2021." says Jørgen
Evjen, CEO of Akobo Minerals. 

"We believe that Akobo Minerals now is well established for future growth in our
exploration activity, and in engaging with small scale mining operations. Our
organisation is well prepared, and with already 2 drill rigs operational, and
soon a 3rd rig in operation, we will be able to dramatically increase the size
of the geological database, and this will feed into updating our next resource
estimate. The mineralisation is already there, we need to document it.

For the small scale mining, all necessary studies are being performed, and
dialogue with the Ministry of Mines and Petroleum is ongoing. We hope to be able
to release more information to the market in the very near future about both
increased activity, economics of the Segele small scale mining and also
application for the mining license. So far all indications points towards a
potential high cash flow operation to be realised."

o	Registered on Euronext NOTC
o	Bonanza Grade intersections discovered at Segele
o	ESG study started with Sazani Associates
o	First Maiden resource estimate Segele released
o	Start of core drilling at Joru
o	Appointment of new General Manager in Etno Mining 
o	Local hiring and strengthening of Etno Mining mid management
o	Successful capital raise of 50mNOK
o	Scoping study for mining at Segele started 
o	1.527 meters drilled in first half year vs 975 last year
o	1.143 assays analysed in first half year vs 526 last year

Events after the period
o	Listing on Euronext Growth 
o	Second drill rig in field, sourced from Midroc
o	Erik Haugane elected new board member
o	Segele gold mineralization continues at depth
o	High grade intersections drilled at Joru

Akobo Minerals will host a webcast for all shareholders and interested parties
today at 10:00 CET. There will be a Q&A session following the management

The webcast will be available through

For more information contact 
Jørgen Evjen, CEO 
Mob.: (+47) 92 80 40 14 
Mail: jorgen@akobominerals.com 

About Akobo Minerals:  
Akobo Minerals is a Norway-based gold exploration company, currently with
ongoing exploration in the Akobo region in Gambela southwest Ethiopia through
its wholly owned Ethiopian subsidiary Etno Mining Plc. The operations were
established in 2009 by people with long experience from the public mining sector
in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds an
exploration license in the Akobo area and our team of geologists have worked
extensively over the last 11 years to identify several potential primary gold
targets. Akobo Minerals has ongoing drilling programs at its key targets Segele
and Joru which so far have shown exceptionally high-grade gold results including
the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t.
Core-drilling and trenching at Joru have intersected both high-grade gold zones
and large wide low grade zones near surface.
Important information: 
This release is not for publication or distribution, directly or indirectly, in
or into Australia, Canada, Japan, the United States or any other jurisdictions
where it would be illegal. It is issued for information purposes only and does
not constitute or form part of any offer or solicitation to purchase or
subscribe for securities, in the United States or in any other jurisdiction. The
securities referred to herein have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may
not be offered or sold in the United States absent registration or pursuant to
an exemption from registration under the U.S. Securities Act. Akobo Minerals
does not intend to register any portion of the offering of the securities in the
United States or to conduct a public offering of the securities in the United
States. Copies of this publication are not being, and may not be, distributed or
sent into Australia, Canada, Japan or the United States.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange

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Johan Sj÷berg Chief Executive Officer
Hans Olav Torsen Chairman
J°rn Berle Christiansen Director
Tore Ingemar Hallberg Director
Svein E. Johansen Director
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