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Company’s existing gold loan facility.
Monetary Metals initially provided funding in November 2022 to support
development of the Segele project and has remained a committed partner
throughout. A first amendment was completed in February 2024. Following
continued operational progress and updated development plans, the parties have
now signed a Memorandum of Understanding (MoU) outlining revised terms intended
to provide Akobo with greater financial flexibility. This MoU is subject to
closing conditions as listed below.
Key elements of the MoU
· Interest rate on the outstanding loan reduced to the original 22% per annum
· Payment-in-kind (PIK) provisions for a 90-day period with no cash interest
payments
· Interest-free grace period of 180 days, with no interest accrued or paid
· First repayment scheduled to begin in early 2026
· Loan maturity extended to 30 June 2027
· Standstill agreement in place until 31 August 2025, during which no default
or enforcement actions will be taken
Main closing conditions to be fulfilled by 31 August 2025
· Finalisation and approval of an updated mine plan and economic model
· Minimum new funding of USD 3.5 million, through equity, debt or other
instruments, including convertible structures at Akobo’s discretion
· Approval of the revised loan terms by Monetary Metals’ bondholders (already
obtained)
· Signing of a definitive Second Restructuring Agreement
Additional terms include the issuance of new warrants to Monetary Metals,
increasing their entitlement from 2% to 3% of Akobo’s fully diluted market
capitalisation. Monetary Metals will also maintain a board observer seat until
the loan is fully repaid.
This agreement is part of Akobo’s broader strategy to secure a long-term
financial foundation. It reflects the constructive partnership between the
Company and its lenders, and a joint commitment to achieving a sustainable path
forward that benefits all stakeholders.
Operationally, the processing plant is active, gold production has commenced,
and geological data continues to support the presence of high-grade
mineralisation. Sutton Global has been engaged to oversee the next phase of
development, with a focus on enhancing underground access and production
efficiency through the vertical shaft project.
CEO Jørgen Evjen commented: “We appreciate the continued support from Monetary
Metals and their confidence in our long-term plans. With the right partners, a
strong operational team, and the project fundamentals in place, we are focused
on putting the final pieces together to unlock the full value of Segele.”
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act. This information is considered to
be inside information pursuant to the EU Market Abuse Regulation and was
published by Jørgen Evjen, CEO, on the date and time provided herein.
For more information, contact
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn:
www.linkedin.com/company/akobominerals (https://protect.checkpoint.com/v2/http
://www.linkedin.com/company/akobominerals.YzJlOnNjaGpkdGFzOmM6bzoxMGRjOGE2MTZm
MDIwYTc1M2VhODk0MjA0YzI4NGU2MTo2OjljYTI6MDY2NmFjNzRjN2JiMmU5NzM1YmYxMmE3MWQ1OTc2M
GI4ZmJmZTZjZmUzNGM0OTM4NDRlMjNkMTQ5OTQzZmRmOTpwOlQ6Tg)
Web:
www.akobominerals.com (https://protect.checkpoint.com/v2/http://www.akobominer
als.com/.YzJlOnNjaGpkdGFzOmM6bzoxMGRjOGE2MTZmMDIwYTc1M2VhODk0MjA0YzI4NGU2MTo2O
mMwNTc6NDJjMmY0ODRlMmM1ZmE5MWRkZDYzMjcyOWM2ZThlNGU5MTNmMDQ1Y2VlN2ZmZTI4ZDQxNjUwYz
Q2ZDFmZTA3MDpwOlQ6Tg)
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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