Akobo Minerals : Presentation Dagens PS Invest – October 2022

Dagens PS Invest

AKOBO MINERALS AB 5th October 2022

Disclaimer

This presentation is for information purposes only and does not constitute an offer or an invitation to buy, subscribe or sell the securities being registered on Euronext Growth (Oslo).

This presentation has not been approved or reviewed by, or registered with, any public authority or stock exchange. This presentation is not a prospectus and does not contain the same level of information or disclosure as a prospectus or similar documents.

This presentation speaks as at the date set out on the cover and is subject to change, completion and amendment without notice. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information contained herein.

Some of the statements contained in this presentation are forward-looking statements, such as statements that describe Akobo Mineral's future plans, intentions, objectives or goals, and specifically include but are not limited to statements regarding the Akobo Gold project, resource estimates, potential mineralization, future financial or operating performance, metal prices, estimated future production, future costs, timing of pre-feasibility study and economic analysis.

Actual results and developments may differ materially from those contemplated by such forward-looking statements depending on, among others, such key factors as the possibility that actual circumstances will differ from the estimates and assumptions used in the potential of the Akobo Gold project, the environmental and social cost of proceeding with the project, uncertainty relating to the availability and costs of financing needed in the future, general business and economic conditions, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of the project, changes in legislation governing emissions into the air and water, waste, and the impact of future legislation and regulations on expenses, capital expenditures and taxation, changes in project parameters, variation in ore grade or recovery rates, delays in obtaining government approvals and necessary permitting, impurities in products and other risks involved in the mineral exploration and development industry.

The forward-looking statements included in this document represent Akobo Mineral's views as of the date of this presentation and subsequent events and developments may cause Akobo Mineral's views to change. Akobo Minerals disclaims any obligation to update forward-looking information except as required by law. Readers should not place undue reliance on any forward-looking statements.

This presentation and the information contained herein is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.

This presentation is subject to Norwegian law, and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as legal venue.

This presentation includes information from the Segele Mineral Resource Estimate released by Akobo Minerals AB on the 22th of April 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

Significant gold production potential - World-leading gold grade

Segele Mineral Resource estimate by SRK

Inferred and Indicated Mineral Resource of 68.811 oz gold @ 22,7g/t Au Indicated Mineral Resources alone of 41.000 oz gold

• 40.6 g/t. Ore body is close to surface and still open at depth

High margin gold production envisaged

All-in Sustaining Costs USD 243 per ounce

Exploration since 1940 with consistent results

Noprevious modern mining undertaken in the region

182 km2 exploration license - recently renewed

An attractive gold-mining jurisdiction 710 km from Addis

16 km2 mining license - recently granted

Potential for significant cash flow from the Segele deposit and large enough to bring adjacent targets into production when discovered

Mine development advancing quickly

Highly experienced contractors for mining and processing

Location of license in Akobo, Ethiopia

3	Source: Company information

Corporate structure and shareholder overview

Corporate structure and listing

Tradable on Avanza and Nordnet

• Listed on Euronext Growth in Oslo (ticker: AKOBO) with a current market capitalization of NOK 300 million (USD 30 million).
• The company is backed by a strong group of active shareholders including 3,000 Swedish shareholders1.
• The company holds no debt
• SpareBank 1 Markets has been engaged to explore potential funding or strategic partnering alternatives for around USD 12 million in connection with the development of the boutique mining operation
• USD 5 million already secured through a convertible bond
• Debt arranger mandated to raise additional USD 8 million

Akobo Minerals AB

(Oslo listed)

100%
Abyssinia Resources		Jørgen Evjen3
Development AS1
99.94%
ETNO Mining plc		Geodev plc2
0.03%

4 Source: Company

1. Former holding company until share swap in 2018 to get access to 3,500 shareholders in Sweden
2. Mandatory second shareholder
3. One share issued to CEO on behalf of Akobo Minerals AB

Lean organizational setup with vast complementary experience

Jørgen Evjen	Johan Sjöberg	Dr. Matt Jackson	Dr. Cathryn MacCallum	Tesfaye Medhane
Chief Executive Officer	Chief Exploration Officer	Chief Operations Officer	Head of ESG	General Manager (Etno)
More than 20 years experience	More than 18 years experience	15 years of mining and	25 years of international	14 years exploration experience
within strategy, finance,	from leading exploration and	exploration experience, a	experience as a socio-economist	in Ethiopia including manager
governance and external	gold mining companies	competent person (JORC) and	with a PhD in sustainable	roles for international mining
relations		Qualified Person (NI 43-101)	livelihoods and global learning	companies

		Local presence and a well-defined plan to scale organization		Local operations level

Strong relationships with local authorities

More than 12 years of on-the-ground experience in Ethiopia and excellent relationships with Ethiopian authorities and local communities

Local management with demonstrated track record

Combination of international experience with Norwegian standards at Yara, Endeavor Mining (Canada) and BHP

Lean and low-cost operations

With low overhead and efficient utilization of local resources

Ramp-up of employees			69	Technical and	10	7	5
							operational		Geologists	Drillers
					41			23	15	4
				39	38			Administration
		32	33	Temp staff		ESG
							and bus. Dev.
17	23	23
							Think locally - act locally - invest locally

5 Source: Company information

Please refer to appendix for more details on management and BoD