Akobo Minerals

Akobo Minerals

First half year 2021 results

Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its first half year 2021 results. Akobo Minerals is in a project development phase and consequently had no income in the first half. The net loss was SEK 5.6 million, compared to a loss of SEK 5 million in the first half of 2020, as the project activity has ramped up as planned.

 “The first half year of 2021 has really been a breakthrough for the company with many milestones achieved along the way. Our operational and financial strategies have fallen into place by becoming an exploration company to be supported by small scale mining activities.

Akobo Minerals has now established itself as a leading exploration company in Ethiopia. We have worked diligently for many years to achieve this, by being transparent and responsible in all our undertakings. We have built a highly competent organisation in Ethiopia over the last year, worked closely with local and federal authorities, delivered on our promises and last but not least we have had some amazing results during the first half year of 2021.” says Jørgen Evjen, CEO of Akobo Minerals.

“We believe that Akobo Minerals now is well established for future growth in our exploration activity, and in engaging with small scale mining operations. Our organisation is well prepared, and with already 2 drill rigs operational, and soon a 3rd rig in operation, we will be able to dramatically increase the size of the geological database, and this will feed into updating our next resource estimate. The mineralisation is already there, we need to document it.

For the small scale mining, all necessary studies are being performed, and dialogue with the Ministry of Mines and Petroleum is ongoing. We hope to be able to release more information to the market in the very near future about both increased activity, economics of the Segele small scale mining and also application for the mining license. So far all indications points towards a potential high cash flow operation to be realised.”

IMPORTANT EVENTS IN THE FIRST HALF YEAR

  • Registered on Euronext NOTC
  • Bonanza Grade intersections discovered at Segele
  • ESG study started with Sazani Associates
  • First Maiden resource estimate Segele released
  • Start of core drilling at Joru
  • Appointment of new General Manager in Etno Mining
  • Local hiring and strengthening of Etno Mining mid management
  • Successful capital raise of 50mNOK
  • Scoping study for mining at Segele started
  • 1.527 meters drilled in first half year vs 975 last year
  • 1.143 assays analysed in first half year vs 526 last year

Events after the period

  • Listing on Euronext Growth
  • Second drill rig in field, sourced from Midroc
  • Erik Haugane elected new board member
  • Segele gold mineralization continues at depth
  • High grade intersections drilled at Joru

Akobo Minerals will host a webcast for all shareholders and interested parties today at 10:00 CET. There will be a Q&A session following the management presentation.

The webcast will be available through https://inqrate.com/xtravideos/akobo-minerals-presentation-q2-21/.

For more information contact 

Jørgen Evjen, CEO 
Mob.: (+47) 92 80 40 14 
Mail: jorgen@akobominerals.com 

About Akobo Minerals:  

Akobo Minerals is a Norway-based gold exploration company, currently with ongoing exploration in the Akobo region in Gambela southwest Ethiopia through its wholly owned Ethiopian subsidiary Etno Mining Plc. The operations were established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds an exploration license in the Akobo area and our team of geologists have worked extensively over the last 11 years to identify several potential primary gold targets. Akobo Minerals has ongoing drilling programs at its key targets Segele and Joru which so far have shown exceptionally high-grade gold results including the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t. Core-drilling and trenching at Joru have intersected both high-grade gold zones and large wide low grade zones near surface.

Important information: 

This release is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Japan, the United States or any other jurisdictions where it would be illegal. It is issued for information purposes only and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Akobo Minerals does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into Australia, Canada, Japan or the United States.