Beskrivning
| Land | Sverige |
|---|---|
| Lista | Euronext Growth Oslo |
| Sektor | Råvaror |
| Industri | Gruvdrift & metaller |
Oslo, Norway, 5 May 2025 - Akobo Minerals AB (publ) ("Akobo" or the "Company") (Euronext Growth Oslo: AKOBO), a Scandinavian-based Ethiopian gold producer, provides its operational update for April 2025.
Gold production for the months of April and March amounted to 1 kilogram at an average grade of around 3 grams per tonne, which is below the Company's expectations. Total cumulative production has now reached 19.6 kilograms. The average grade across all mined material remains high at close to 20 grams per tonne, continuing to place the Segele mine among the highest-grade underground gold operations globally. As previously communicated, the Segele deposit is characterised by a nuggety nature, resulting in significant grade variability. This remains a key factor affecting the short-term predictability of gold output.
The lower-than-expected production during March and April has caused a near-term liquidity requirement in order for the Company to meet its requirements as a going concern. To address this, the Company is preparing to engage with existing shareholders to secure short-term funding. The evaluation of available alternatives towards securing appropriate financial solutions long-term is continuing.
The mine is currently operating with three active headings for ore extraction, most of which are expected to access high-grade zones. Increasing daily tonnage has proven more challenging than anticipated due to constraints within the current tunnel infrastructure. In the short term, the Company is working to improve production levels from existing tunnels through the introduction of additional blasting shifts and by optimising underground cycle times. These tonnage constraints are expected to be resolved through the planned commissioning of a vertical shaft, which will improve access and provide greater operational flexibility.
In parallel with operational improvements, and as part of evaluating available alternatives, Akobo Minerals has initiated discussions with providers of non-equity financial instruments. These efforts are focused on securing non-dilutive financing, such as offtake and streaming agreements, which provide upfront payments in exchange for future gold deliveries at a discount to prevailing market prices. These initiatives are being pursued in close collaboration with Sutton Global and the Company's lender, Monetary Metals. Other funding alternatives, such as a standard equity raise or potential strategic partnership, will also be evaluated depending on the attractiveness of available solutions.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act. This information is considered to be
inside information pursuant to the EU Market Abuse Regulation and was published
by Jørgen Evjen, CEO, on the date and time provided herein.
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
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/.