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July was a strong operational month, with all parts of the operation performing
well. Mining and processing activities continued according to plan, supporting
steady gold production and ongoing development work.
Shaft development progressed well during the latter part of the month. While
some softer ground conditions were encountered at the beginning of the period,
these challenges were successfully managed. The rock is currently considered
competent, and normal shaft development is underway.
Key highlights
·
Doré gold production in July: approximately 9 kg
·
Cumulative doré gold production to date: approximately 143 kg
·
Stockpile available for processing: approximately 985 tonnes
·
Remaining vertical shaft development: approximately 57 metres
During the month, Akobo appointed Verdant Capital, an Africa-focused financial
advisory firm with experience in the mining sector and in Ethiopia, as financial
advisor to support the refinancing of the Company’s existing debt facilities.
The process is focused on establishing a long-term debt financing solution and
is being undertaken with support from existing lenders. Verdant IMAP’s recent
track record in the mining sector includes a USD 65 million debt financing and
gold offtake agreement for Heath Goldfields in Ghana with Trafigura, and the
acquisition of the Batlhako Chrome Mine in South Africa on behalf of Vishnu
Chemicals.
We also hosted engineering students from Addis Ababa University, providing them
with an opportunity to gain hands-on experience from a producing mine. The visit
included exposure to processing operations, underground mining activities,
safety systems, and other aspects of modern mining operations.
[image]
[image]
Mining engineering students gaining hands-on experience with the team at
Prospect Drives 3 and 4.
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 and explorer with more than
15 years of active operations in Ethiopia. The Company holds an exploration
licence covering 182 km² and a mining licence covering 16 km² in the Gambela
region, Dima Woreda.
The Segele mine hosts an Indicated and Inferred Mineral Resource of
approximately 69,000 ounces at an average grade of 22.7 g/t gold. The
mineralised system remains open at depth, supporting further resource growth and
potential mine life extension. In addition, the Company’s exploration licence
hosts multiple high-quality targets with significant resource potential.
Akobo Minerals places ESG principles at the core of its operations and maintains
strong relationships with local communities and government authorities. The
Company is committed to sound ethics, transparency and responsible mining
practices.
Akobo Minerals is headquartered in Oslo and listed on Euronext Growth Oslo and
the Frankfurt Stock Exchange under the ticker AKOBO. In the United States, the
Company’s shares trade on the OTC Pink Market under the symbol AKOBF.
The Company complies with the JORC Code (2012) and places strong emphasis on
internationally recognised industry standards.
About Verdant IMAP
Verdant IMAP is a leading pan-African investment bank specialising in mergers
and acquisitions (M&A) and private capital markets. Combining international
investment banking experience with a deep understanding of local markets,
Verdant IMAP helps clients access global capital and strategic partnerships to
drive growth and transformation across the continent. Verdant IMAP has extensive
experience in the Metals & Mining sector in Africa. Verdant IMAP is the IMAP
partner firm for its region. IMAP, established in 1973, is a global M&A
partnership with over 600 professionals across 51 countries and completing
around 300 transactions per year is consistently ranked among the top 5 advisors
worldwide for mid-market transactions. www.verdant-cap.com
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