Akobo Minerals announced an update on exploration progress in its license area in southwest Ethiopia. Drilling of near-mine targets around Segele resumed after a short hiatus. During this time the company received most of the remaining assays from the various targets that were drilled around Segele.

Following the resource drill program at Segele, the company undertook a geological review of the deposit and has built a new geology model of the area. This work can be summarised as follows: The geology of Segele can be divided in to three mafic-ultramafic units, these are bounded by east-west shear zones with varying dip but consistent strike; The mineralisation is hosted by the lowest of these mafic-ultramafic units and is situated just below the lower shear zone; The mineralisation does not follow but is sitting in the footwall of the lower shear zone at an angle - with the mineralisation following the strike of the regional foliation; There is, however, a very pronounced ribbon-shape to the mineralisation and the mineralised 'ribbons' plunge at about 45-degrees to the north. This advance in understanding of the controlling structures allows for more precise mining but also allows the company to better target new exploration holes to extend or discover new mineralisation.

New mineralisation was found due west of the main Segele mineralisation (first announced 3/5/2022). The gold is coarse grained with a very high nugget effect. It is hosted in a fault breccia with minor quartz veining and is continuous between drill holes.

Follow-up drilling is planned to take place in the next few months in order to investigate a mineable tonnage. Trenching exposed a potential host rock unit adjacent to an ultramafic horizon, a geological setting that is very common in the main Segele mineralisation. Drill testing was undertaken using the company's Diamec 262 drill rig and six holes measuring 671 meters in total were drilled at the target.

Several horizons with potentially gold bearing alteration rock were intersected, although no viable mineralisation was found. In order to complement previous work in the Segele area, a limited soil sampling programme was undertaken. In total, 259 samples were collected on a grid west and southwest of the Segele mineralisation.

The samples will be assayed for gold and multi-element analysis by ALS Minerals, Ethiopia.