Akobo Minerals announces results for the first quarter of 2023

OSLO, 08 June 2023: Akobo Minerals AB (publ) (ticker: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today reported its first quarter 2023 results. As the company is still in the project development phase prior to production start-up, there was no income during the first quarter of the year. The net loss for the quarter was SEK 37.8 million with a cash position of SEK 48.6 million.



First quarter of 2023

  • Fabrication and shipping of the main processing plant was completed
  • The two ton/hour ultra-small processing plant arrived in Ethiopia
  • The Segele underground mine main box cut was completed
  • Two smaller entries into the upper part of the ore body commenced
  • Gold was confirmed in the first drill hole at the third Segele mineralised zone
  • Core drilling started on the Gingibil target a few kilometres southeast of Segele
  • Secured NOK 22.475 million in funding through a convertible loan
  • Engagement with gold refineries began to establish refinery agreements
  • Company awarded the Indaba ESG Nature award in Cape Town, South Africa
  • Several ESG community-facing initiatives began


After the quarter closed

  • First gold produced from the Gingibil quartz vein system by way of bulk sampling
  • Construction of the main processing plant began
  • The two ton/hour ultra-small plant was made fully operational
  • The largest underground accessway – the incline shaft – has advanced 37m in length
  • The two smaller entries into the upper part of the ore body – The Eastern and Western Winzes – are well advanced and are now 26m and 26m in length, respectively
  • Challenging weather conditions – historically heavy rain and flooding – impacted progress
  • Overall progress somewhat slower than planned
  • Agreement in progress to be signed with LBMA approved refinery



  • The result for the period: SEK -37.8 million
  • The result for the year-to-date: SEK -37.8 million
  • Cash flow for the period: SEK -7.7 million
  • Cash at the end of the period: SEK 48.6 million
  • Total equity at the end of the period: SEK 0.4 million
  • Total external debt at the end of the period: SEK 124.7 million
  • Convertible loan of SEK 53 million will be converted to equity beginning of July 2023



  • A 'de-risked' project
  • Significant cash flow to be generated
  • Excitement around latest exploration activity following promising initial findings
  • Ambition of developing world class deposits of 1.5 to 2 M oz
  • Potential for shareholder dividend once loan is repaid
  • Segele is the first new gold mine in Ethiopia since Legadembi in 1994
  • Company has a first mover advantage, with expansion opportunities identified


Commenting on the company’s first quarter 2023 performance, Jørgen Evjen, CEO of Akobo Minerals, stated: “Despite a number of challenging issues like logistics and poor weather, we have been able to maintain the momentum that we created towards the end of 2022.”

“All our efforts are focused on getting our full-scale processing plant up and running and with it our first sizeable quantities of gold.”

Evjen concluded: “I am looking forward to soon delivering first cash flow for Akobo Minerals, and repaying the faith that all of our stakeholders have shown in our business over the years.”


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 Q1 2023


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 boutique 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 13 years of on-the-ground activity, which has now been enhanced further with the development 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, combined with an estimated all-in sustaining cost (AISC) of USD 243 per ounce. 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.


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 the Frankfurt Stock Exchange – both under the ticker symbol, AKOBO.

Akobo Minerals Q1 Report 2023 – FINAL
Akobo Minerals Q1 Presentation 2023 – FINAL