Akobo Minerals – Third quarter 2021 results
Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its third quarter 2021 results. Akobo Minerals is in a project development phase and consequently had no income in the third quarter. The net loss for the period was SEK 5.1 million, and SEK 10,1 million for the first three quarters. The company has no external debt and a strong cash position of SEK 47 million.
“The third quarter of 2021 has been another transformative quarter for the company with
several new milestones achieved. We had our first trading day at the Euronext Growth exchange, enabling increased liquidity in the share. Further we both applied for and received our large scale mining license for extracting gold and associated minerals from the Segele deposit.
As envisaged, Akobo Minerals is now an exploration company to be supported by mining operations. With the scoping study for Segele finalised we have now a much better understanding of the economics of the future mining operation. It is an exceptional deposit; world class gold grade of 20,9 gram/ton combined with an estimated all-in sustaining cost (AISC) of 243 USD per ounce. The potential for a high margin mine operation is clear.” says Jørgen Evjen, CEO of Akobo Minerals.
“Akobo Minerals has solidified its position as a leading exploration company in Ethiopia and is now ready to continue to build a solid gold mining operation based upon the same principles.
We are already busy planning for start-up of our mining operations next year. A lot needs to be done, but I am confident our organisation will deliver. Looking forward to the next chapter in Akobo Minerals journey.”
IMPORTANT EVENTS IN THE THIRD QUARTER
- Applies for and is awarded a large-scale mining license for gold and associated minerals
- Listed on Euronext Growth
- Completes its Segele scoping study with very favorable project economics
- Peacocke and Simpson awarded contract for metallurgical testwork at the Segele project
- Continued High Grade Intersections at Joru, and Segele
- Sources the first drill rig from Midroc
Events after the period
- Sources the second drill rig from Midroc
- TS Environment contracted for Environmental studies in Akobo
- Receives very positive results from metallurgical testwork, potential for greater than previously expected revenue generation
- Segele gold mineralization continues at depth with high grade intersections intercepted at 170 meters
- 1st drill program completed at Joru – rig to be moved to Segele
Akobo Minerals will host a webcast for all shareholders and interested parties today at 13:00 CET. There will be a Q&A session following the management presentation.
The webcast will be available through https://inqrate.com/xtravideos/akobo-minerals-q3-21-presentasjon/
For more information contact
Jørgen Evjen, CEO
Mob.: (+47) 92 80 40 14
About Akobo Minerals:
Akobo Minerals, is a Norway-based gold exploration company, currently with ongoing exploration and small-scale mine development in the Gambela region and Dima Woreda, southwest Ethiopia. The operations were established in 2009 by people with long experience from the public mining sector in Ethiopia and from the Norwegian oil service industry. Akobo Minerals holds a mining licence and an exploration license over key targets in the area. Economic mineralisation was discovered and the company is engaged in mining studies to advance the project to production, alongside exploration core drilling. Akobo Minerals is transforming its organisation to support an increased pace of core drilling. At both the key targets Segele and Joru the company has so far released exceptionally high-grade gold results including the Segele deposit with an Inferred Mineral Resource of 78ktons at 20.9g/t. A scoping study for Segele includes an up-front capital expenditure of USD $8m and all-in sustaining cost of USD $243 per ounce of gold produced. Core-drilling and trenching at Joru have intersected both high-grade gold zones and large wide zones near surface. The company has an excellent partnership with national authorities and places ESG at the heart of its activities - a ground-breaking community program is being planned.
This release is not for publication or distribution, directly or indirectly, in or into Australia, Canada, Japan, the United States or any other jurisdictions where it would be illegal. It is issued for information purposes only and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities referred to herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), and may not be offered or sold in the United States absent registration or pursuant to an exemption from registration under the U.S. Securities Act. Akobo Minerals does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this publication are not being, and may not be, distributed or sent into Australia, Canada, Japan or the United States.