Akobo Minerals announces results for the fourth quarter of 2022

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.



  • A ‘de-risked’ project
  • Significant cash flow to be generated
  • Excitement around new exploration activity following promising initial findings
  • Ambition of developing world class deposits of 1.5 to 2 Moz
  • Potential for dividend following repayment of loan
  • Akoko Minerals is the first new gold producer in Ethiopia since Legadembi in 1994
  • Company has a first mover advantage, with expansion opportunities identified



Fourth quarter of 2022

  • The first parts of the processing plant arrived at the site
  • The contract miner, IW Mining, deployed to the site and broke ground at the Segele mine
  • The company secured a 5,000-ounce gold loan, equal to USD 8.5 million
  • Agreement was reached to cease all artisanal activity in the mining concession
  • A memorandum of understanding (MOU) was agreed with Dima Polytechnic to improve local access to technical and vocational training
  • Indigenous tree seeds have been collected and a community tree nursery began
  • The company was shortlisted for a Mines and Money ESG Award
  • A peace agreement was signed between the Ethiopian government and the Tigray People’s Liberation Front


After the quarter closed

  • Some delay expected in startup of processing plant, which also impacts liquidity
  • Positive dialogue with main shareholders to address potential liquidity constraints through issuance of additional loan
  • New exploration target discovered at Gindaba – perhaps the most significant finding up to date
  • A two tons/hour ultra-small plant is packed and ready to be sent to Ethiopia by air freight for early gold production
  • Fabrication and shipping of the main processing plant was completed
  • The foundation design for the mine was signed-off and building work started
  • The underground mine boxcut was completed
  • Two smaller entries into the upper part of the ore body were commenced
  • Engagement with gold refineries began in order to establish offtake agreements
  • Gold was confirmed in the first drill hole at the third mineralised zone, about 130 metres west of the main Segele mineralisation
  • Both the Governor of the National Bank of Ethiopia and the Ethiopian Minister of Mines were replaced – though the program of continuous improvements in the regulatory framework are expected to continue
  • Key ESG community-facing initiatives began:
  • A Women and Youth Association was registered
  • Artisanal and small-scale mining and solar technology teaching materials were prepared
  • Community Ecobrick production started
  • A MOU was signed with Jimma University for ecological monitoring in Akobo Minerals’ project area
  • An education programme was approved by the Gambella Regional Government
    • The company was nominated for and awarded the Mining Indaba ESG Nature Award





  • Operating loss for the quarter of SEK 34.2 million
  • Operating loss for the year of SEK 53.8 million
  • Cash flow for the quarter of SEK 45.9 million*
  • Cash in bank at the end of the quarter of SEK 56.3 million
  • Total equity at the end of the quarter of SEK 25.2 million
  • Total external debt at the end of the quarter of SEK 95.1 million*

*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

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 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
230309 – Akobo Minerals Q4 Presentation 2022 – FINAL