OSLO, 09 March 2023: Akobo Minerals AB (publ) (ticker: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today reported its fourth quarter 2022 results.
As the company is still in the project development phase prior to production start-up, there was no income during the fourth quarter of the year. The net loss for the quarter was SEK 34.2 million. The company has a loan of USD 8.5 million (repayable as 5,000 ounces of gold) and a cash position of SEK 56.3 million.
KEY COMPANY HIGHLIGHTS
IMPORTANT EVENTS
Fourth quarter of 2022
After the quarter closed
FINANCIAL PERFORMANCE OVERVIEW
*Including a loan of USD 8.5 million (through a loan of 5,000 ounces of gold)
Commenting on the company’s fourth quarter 2022 performance, Jørgen Evjen, CEO of Akobo Minerals, stated: “We had an exceptionally busy end to the year and this has continued into 2023 as we build towards initial gold production – and with it the start of cash flow generation.
“During the quarter, we secured an innovative USD 8.5 million gold loan – repayable against 5,000 ounces of gold – allowing us to complete the processing plant and further develop our mining work. There have been delays both from the general activity in Ethiopia and in receiving plant equipment from South Africa, but we will shorty receive an ultra-small processing plant from our partner Solo, in order to commence some gold production work as per our original schedule.”
Evjen concluded: “From securing finance and solving operational and logistics issues, through to taking on new local employees and further developing our ESG initiatives, we have had an extensive list of activities to manage. But our employees – and partners – have dealt admirably with all challenges, which augurs well for us with first pouring of gold within reach.”
Akobo Minerals will host a webcast, in English, 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 at: Akobo Minerals Q4 2022 presentation
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
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration and boutique mining company, currently holding an exploration license covering 182 km2 and with an ongoing mine development in the Gambela region and Dima Woreda, Ethiopia. The company has established itself as the leading gold exploration company in Ethiopia through more than 12 years of on-the-ground activity.
Akobo Minerals holds a 16 km2 mining license and is working to start up mining of its very promising Segele target. It has an Inferred and Indicated Mineral Resource of 68.000 ounces yielding a world-class gold grade of 22.7 g/ton, combined with an estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open to depth, the gold mineralised zone continues to expand and will have a positive impact on future resource estimates and mine 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 has an excellent relationship with local communities all the way up to national authorities and we place environment and social governance (ESG) at the heart of our activities – as demonstrated by a planned industry-leading extending shared value program.
Akobo Minerals has built a strong local foothold based upon the principles of sound ethics, transparency, and communication, and 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.
Akobo Minerals has a clear strategy aimed at building a portfolio of gold resources through high-impact exploration and mining, whilst adhering to a lean business operation. The company is headquartered in Oslo and is listed on the Euronext Growth Oslo Exchange and Frankfurt Stock Exchange under the ticker symbol, AKOBO.
230309 – Akobo Minerals Q4 Report 2022 – FINAL