Akobo Minerals announces fourth quarter preliminary results 2024

Published: 2025-03-27UTC07:30:00

OSLO, 27 March 2025: Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO, OTC: AKOBF), the Scandinavian-based Ethiopian gold producer, today reported its fourth quarter results 2024. The company had its first revenue generating quarter with an income of SEK 10.6 million (not including 2,3 kg gold produced in December, smelted beginning of January). The company covered a large part of its operating cost in the quarter, holding a cash position of SEK 28.3 million.

 

LATEST KEY EVENTS

First-ever revenue achievement

  • The company has recorded its first quarter with revenues in its 15-year history

 

Record gold price impact

  • The unprecedented high gold price has significantly boosted Segele’s cash flow potential

 

Sutton Global collaboration strengthening

  • Progress on vertical shaft design, preparation, and site establishment is moving forward

 

Leadership transition

  • Helge Rushfeldt will pursue new opportunities. Kobus Byleveldt, with 40 years of mining expertise, has joined from Sutton Global and is already actively contributing in Ethiopia

 

New General Manager appointment at Etno Mining

  • Tamiru Hailu Zemedehun has succeeded Tesfaye Medhane, who has made significant contributions to the development of the Segele mine and the growth of Etno Mining

 

Production update

  • Production in the first two months of the year was lower than anticipated. However, there is no need to reevaluate overall ambitions

 

Financial positioning

  • Continued efforts are underway to support the development of the vertical shaft, with a focus on securing the necessary funding for this critical project, while also evaluating additional funding options to support expansion and long-term growth

 

FOURTH QUARTER FINANCIAL PERFORMANCE OVERVIEW

  • Result for the period: SEK -48.2 million
  • Year-to-date result: SEK -176.9 million
  • Cash flow for the period: SEK 21.8 million
  • Cash at the end of the period: SEK 28.3 million
  • Total equity at the end of the period: SEK -96.2 million
  • Total external long-term debt at the end of the period: SEK 281.6 million

 

 

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 2024 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 producer, currently holding an exploration license covering 182 km2 and a mining license covering 16 km2 in the Gambela region and Dima Woreda, Ethiopia. With over 15 years of active operations on the ground, the company has established a strong foothold in Ethiopian mining industry.

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 The mineralized zone remains open at depth, supporting future resource estimates and extending the mine’s 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 maintains strong relationships with local communities and government authorities, placing ESG principles at the core of its operations. The company’s commitment to sound ethics, transparency, and stakeholder engagement is evident through its industry-leading extended shared value program.

Akobo Minerals 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 (OTC: AKOBF) is traded on the OTC Pink Market.

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.

 

 

 

 

VIEW ALL NEWS