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9.6 million and an EBITDA of SEK -3.1 million. The company covered part of its
operating costs in the quarter, holding a cash position of SEK 7.0 million. The
company expects revenues to continue increasing in the third quarter and
anticipates delivering positive cash flow from operations for the first time.
LATEST KEY EVENTS
· The gold price continued to remain historically high, surpassing USD
3,700/oz.
· July production delivered a world-class average grade of 45 g/t, with gold
purity above 90%.
· Mining Progress and Vertical Shaft Development:
· Two new large shaking tables installed and successfully tested.
· Headgear for the new vertical shaft, identified as the long-lead item, is
in production.
· Heavy machinery has arrived on site to support the start of vertical shaft
work.
· The vertical shaft team has mobilised, with preparatory work in progress.
· Johnny Swanepoel from Sutton Global joined as the new Operations Manager at
the Segele site. Johnny brings extensive experience in mining and processing,
with a proven track record of maximizing gold recovery and ensuring high purity
from ore.
· Ethiopian Investment Holdings (EIH) became a shareholder in Akobo Minerals
through a USD 3 million private placement, subscribing for 15 million new shares
at USD 0.20 per share. As the sovereign investment arm of the Federal Democratic
Republic of Ethiopia, EIH supports strategic projects in the mining sector,
contributing to employment, foreign exchange generation, and national economic
growth.
· Akobo completed its financial restructuring by amending and restating the
loan agreement with Monetary Metals and converting remaining convertible bonds
into shares. Key elements include:
· Interest rate reduced from 30% to 22% per annum, with an interest-free
period from 15 August 2025 to 15 February 2026.
· Quarterly repayments beginning in March 2026, with loan maturity extended
to 31 July 2027.
· Gold loan limit set at 10,490.1 troy ounces before default.
· Issuance of new warrants to Monetary Metals, increasing their entitlement
from 2% to 3% of Akobo’s fully diluted market capitalisation, with a strike
price of USD 0.20 per share on new warrants.
· Conversion of the two remaining convertible bonds into shares.
SECOND QUARTER FINANCIAL PERFORMANCE OVERVIEW*
· Revenue for the period: SEK 9.6 million
· Revenue YTD: SEK 14.1 million
· EBITDA for the period: SEK -3.1 million
· EBITDA YTD: SEK -13.1 million
· Cash flow for the period: SEK -0.7 million
· Cash flow YTD: SEK -21.9 million
· Cash at the end of the period: SEK 7.0 million
· Total equity at the end of the period: SEK -182.3 million
· Total external long-term debt at the end of the period: SEK 346.5 million
*Q2 2025 report not reconciled with the 2024 annual accounts exchange rate
adjustments
Akobo Minerals will host a webcast, in English, for all shareholders and
interested parties today at 12:00 CET. There will be a Q&A session following the
management presentation.
The webcast will be available at: Akobo Minerals Q2 2025
presentation (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250930_1
)
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
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
AB (OTC Markets | Official site of OTCQX, OTCQB, OTCID and Pink Limited Markets
ium=Press+Release&utm_campaign=New+OTCQX+Company) (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/. Akobo Minerals’ unwavering commitment to ethical
practices, community engagement, and environmental responsibility positions them
as a formidable force in the evolving landscape of the Ethiopian mining sector.
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