Akobo Minerals announces half year results 2024

OSLO, 27 September 2024: Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO, OTCQX: AKOBF), the Scandinavian-based Ethiopian gold exploration and mining company, today reported its half year results 2024. As the company was still in the project development phase prior to production start-up, there was no income during the first half of the year. The net loss for the period was SEK 80.3 million with an end of period cash balance of SEK 19.4 million. 

KEY EVENTS

• Successfully commissioned the processing plant at Segele
• Produced the first gold from the Segele ore body
• Achieved daily mining operations, consistently moving ore from the mine to the processing plant
• Applied for a new large exploration license, ensuring future growth and sustainability.
• Benefiting from record-high gold prices, significantly boosting future Segele mine cash flow.
• Engaged in ongoing discussions with financial, industrial and strategic partners to investigate potential cooperation
• Ethiopia’s with successful financial reforms, including the floating of the local currency ETB
• Dr. Matt Jackson will move onto a new role outside Akobo Minerals. Dr. Matt Jackson will remain active with Akobo Minerals to provide Strategic Directions for exploration and as the company's Competent Person

FIRST HALF YEAR FINANCIAL PERFORMANCE OVERVIEW

• The result for the year-to-date: SEK -80.3 million
• Cash flow for the period: SEK 12.3 million
• Cash at the end of the period: SEK 19.4 million
• Total equity at the end of the period: SEK -4.6 million
• Total external long-term debt at the end of the period: SEK 185.8 million

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

The webcast will be available at: Akobo Minerals Webcast Q2 2024

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 exploration and mining company, currently holding an exploration license covering 182 km2 and a mining license covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. The company has established itself as the leading gold exploration company in Ethiopia through more than 14 years of on-the-ground activity, which has now been enhanced further with the startup of its Segele mine.

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. Still open to depth, the gold mineralised zone continues to expand and will have a positive impact on future resource estimates and the life expectancy of the mine. 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 the company places environment and social governance (ESG) at the heart of its activities – as demonstrated by a planned, industry-leading, extended shared value program.

Akobo Minerals has built a strong local foothold based on 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. 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 (OTCQX: AKOBF) is traded on the OTCQX Best Market, adhering to high financial standards, best practice corporate governance, and compliance with U.S. securities laws. Additionally, the company has a professional third-party sponsor introduction, and investors can access current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

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.