Akobo Minerals AB (publ): Conversion of convertible loans

Issuer

Akobo Minerals AB (publ)

Oslo, 23 September 2025: The board of directors of Akobo Minerals AB (publ)
("Akobo" or the "Company") hereby announces that it has decided to convert the
Company's previously announced convertible loans of NOK 25.5 million and NOK 11
million (divided on NOK 10.2 million and EUR 100,000) (the "Conversion"), in
accordance with the terms of the loan agreements. The Conversion will result in
the issuance of 26,383,292 new shares in the Company (the "New Shares"), each
with a quota value of SEK 0.03716 (rounded off), by way of a directed set-of
issue. The subscription price will be NOK 1.74 (USD 0.17) per New Share in the
NOK 25.5 convertible loan and NOK 1.43 (USD 0.14) per New Share in the NOK 11
million convertible loan. The subscription price has been decided based on the
terms of the convertible loan agreements, including the subscription price in
the directed share issue to Ethiopian Investment Holdings as announced on 11
August 2025. A separate stock exchange notice will be published once the share
capital increase pertaining to the issuance of such New Shares has been
registered with the Swedish Companies Registration Office.

For more information, please contact:

Jørgen Evjen, CEO, Akobo Minerals

Mob: (+47) 92 80 40 14

Mail: [email protected]

LinkedIn: www.linkedin.com/company/akobominerals

Web: www.akobominerals.com

About Akobo Minerals

Akobo Minerals is a Scandinavian-based gold producer, 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 15 years of active
operations on the ground, the company has established a strong foothold in
Ethiopian mining industry. 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 (OTC: AKOBF) is traded on
the OTC Pink Market. 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/.

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