Akobo Minerals announces half-year 2022 results
OSLO, 25 August 2022: Akobo Minerals AB (publ) (EURONEXT: AKOBO), the Scandinavian-based Ethiopian gold exploration and boutique mining company, today reported its half-year 2022 results. As the company is still in the project development phase prior to production start-up in early 2023, there was no income in the first half of the year. The net loss for the period was SEK 2.4 million. The company has no external debt, with a cash position of SEK 5.9 million.
Jørgen Evjen, CEO of Akobo Minerals, said: “As Akobo Minerals works towards our goal of commencing gold production in early 2023, I am pleased that we have met all the necessary milestones we had set ourselves for the first half of the year.
“On the operational front, we appointed Solo Resources as our partner for the delivery of our processing plant for production of gold. As importantly, in the second quarter we worked on the details of an agreement with IW Mining to operate our underground mine - and signed-off on the deal shortly after the period closed. With the two elements in place, we can move forward with purpose in the second half of the year.”
Evjen concluded: “The first half of the year also saw us announce an updated mineral resource estimate which looks highly positive, as well as an extension to our exploration license. When combined with the announcement that we secured a convertible loan of USD 5 million and signed a mandate letter with an international debt arranger, the entire Akobo Minerals team can be proud of its efforts to date as we look to build a successful exploration and mining operation in Ethiopia.”
Important events in the first half of 2022
- Awarded an extension of our exploration license
- Visible gold was discovered at a record depth
- Solo Resources was contracted for delivery of the gold processing plant
- The mineral resource estimate update by SRK demonstrated an increased grade and tonnage forecast
- A new mineralization zone was discovered, with a visible gold intersection
Events after the period
- Contract signed with IW Mining to operate the underground mine
- Secured a convertible loan of USD 5 million
- Signed mandate letter with debt arranger
- First parts of processing plant ready to be shipped
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 Q2-22 presentation 25.august - inQrate (https://inqrate.com/xtravideos/akobo-minerals-q2-22-presentasjon-25-august/)
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 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 yielding a world-class gold grade of 22.7 gr/ton, combined with an estimated all-in sustaining cost (AISC) of 243 USD per ounce. Still open to depth, the gold mineralized 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 it places environment, social and environment (ESG) at the heart of its activities – as demonstrated by a planned industry-leading community 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, while adhering to a lean business operation. The company is headquartered in Oslo and is listed on the Euronext Growth Oslo Exchange under the ticker symbol, AKOBO.
Important information
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.