Akobo Minerals announces preliminary first quarter results 2026

Published: 2026-06-30UTC06:44:56

OSLO, 30 June 2026: Akobo Minerals AB (publ) (Euronext Growth Oslo and Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold producer and explorer, today announced its results for the first quarter of 2026.

The first quarter of 2026 marked Akobo Minerals’ strongest operational quarter to date, with gold production reaching approximately 23 kilograms.

Based on preliminary management accounts, the Company reported revenues of approximately SEK 32.1 million (USD 3.5 million) and EBITDA of approximately SEK 14 million (USD 1.5 million), reflecting continued improvement driven by higher production levels and favourable gold prices. The Company expects the second quarter to be a significantly stronger quarter, based on current production trends.

Cash at the end of the quarter amounted to SEK 22.1 million (USD 2.3 million).

IMPORTANT EVENTS IN THE FIRST QUARTER 2026

• Gold production of approx. 23 kg, representing the highest quarterly production to date
• Continued stable mining and processing performance across the Segele operation
• Underground development progressed across multiple working areas
• Vertical shaft development advanced, including civil works and preparation for further sinking
• Export approval received from the National Bank of Ethiopia
• Continued investment in site infrastructure, including camp expansion, accommodation units, water and sanitation improvements
• ESG initiatives progressed, including site improvements, community water initiatives and environmental control measures

POST-PERIOD DEVELOPMENTS

• Operations temporarily scaled back in April due to fuel disruptions in Ethiopia
• Gold doré production including estimated June contribution of approx. 35 kg at around 30 g/t 
• Cumulative doré production exceeded 100 kg for the first time, reaching approx. 131 kg
• Diesel deliveries secured and mining and development activities resumed toward the end of May following dewatering and stabilisation of underground conditions, with operations largely normalised by month-end and June entered on a business-as-usual basis
• Following the resumption of shaft development activities, the vertical shaft has progressed to approximately half of the planned 120 metre depth, with around 65 metres remaining, including approximately 7–10 metres to lateral development level 1
• Certain sections of the shaft have required additional ground support due to softer rock conditions, resulting in a slower rate of vertical development in these sections, as part of normal mining practice.
• Fuel supply conditions have stabilised but remain subject to regional factors
• Ermias Eshetu elected as new Board member, bringing extensive experience from Ethiopian financial markets, governance and regulatory environment

FINANCIAL REVIEW

All figures in SEK million – unaudited quarterly figures

•      The Ethiopian Birr weakened significantly during 2025, with a depreciation of approximately 20–30% against major currencies, materially impacting the translation of financial figures in the audited accounts 

•      Quarterly figures presented during the year are based on preliminary management accounts and exchange rates, and have not been restated to reflect year-end audited FX and consolidation adjustments, and are therefore not directly comparable to audited annual financial statements 

•      Revenue figures by quarter are estimated based on gold production volumes and prevailing gold prices, and may differ from actual sales recognised in the period due to the timing of gold sales and export processes 

•      Long-term debt values fluctuate with gold price movements, while higher gold prices improve underlying cash flow generation

Gold doré production

Akobo Minerals will host a live webcast in English today at 10:00 CEST, including a presentation of the results followed by a Q&A session.

Webcast link: Akobo Minerals Q1 2026 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 and explorer with over 15 years of active operations in Ethiopia. The Company holds an exploration licence covering 182 km² and a mining licence covering 16 km² in the Gambela region and Dima Woreda.

The Segele mine hosts an Indicated and Inferred Mineral Resource of approx. 69,000 ounces at a high average grade of 22.7 g/t gold. The mineralised system remains open at depth, supporting further resource growth and mine life extension. In addition, the Company’s exploration licence hosts multiple high-quality targets with significant resource-building potential.

Akobo Minerals places ESG principles at the core of its operations, maintaining strong relationships with local communities and government authorities. The Company is committed to sound ethics, transparency and responsible mining practices.

Akobo Minerals is headquartered in Oslo and is listed on Euronext Growth Oslo and the Frankfurt Stock Exchange under the ticker AKOBO. In the United States, the Company’s shares trade on the OTC Pink Market under the symbol AKOBF.
 

The Company fully complies with the JORC Code (2012) and places strong emphasis on meeting recognised industry standards.