Akobo Minerals announces third quarter results 2024
OSLO, 10 December 2024: Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO, OTCQX: AKOBF), the Scandinavian-based Ethiopian gold exploration and mining company, today reported its third quarter results 2024. As the company is still in the project development phase prior to production start-up, there was no income during the third quarter of the year. The net loss for the period was SEK 48.4 million with a cash position of SEK 6.5 million.
LATEST KEY EVENTS
- Record-high gold prices, improving the value of the Segele resource and revenue potential
- Strengthened the management team with senior personnel from Sutton Global
- Secured a convertible loan of NOK 25.5 million to enhance financial flexibility
- Achieved total gold production of 12.8 kg by November
- Initial sales to the National Bank of Ethiopia valued at approximately USD 2,400 per ounce
- November's production exceeded expectations, covering all operational expenses for the month
- Completed first raise blasting and commenced stoping activities
- Preparing for the first export of gold
- Hosted a high-profile inauguration ceremony with Ethiopia's Prime Minister
- Actively promoted Ethiopia’s mining industry at the MINTEX conference in Addis Ababa
THIRD QUARTER FINANCIAL PERFORMANCE OVERVIEW
- Result for the period: SEK -48.4 million
- Year-to-date result: SEK -128.7 million
- Cash flow for the period: SEK -12.8 million
- Cash at the end of the period: SEK 6.5 million
- Total equity at the end of the period: SEK -53.1 million
- Total external long-term debt at the end of the period: SEK 217.6 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 Webcast Q3 2024
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 reputable Scandinavian-based gold exploration and mining company. The company currently holds an extensive exploration license encompassing 182 square kilometres and a 16 square kilometres mining license, with an active mining operation in the Gambela region and Dima Woreda, Ethiopia. Akobo Minerals has emerged as the foremost gold exploration company in Ethiopia, boasting over 14 years of dedicated on-the-ground experience.
What sets Akobo Minerals apart is its strong commitment to fostering positive relationships with local communities, extending all the way to national authorities. This commitment is underscored by the company's unwavering dedication to environmental and social governance (ESG), as evidenced by their ground-breaking shared value program.
Akobo Minerals has firmly established its presence in the region by upholding the principles of ethical conduct, transparency, and open communication. This foundation positions the company to embrace new opportunities and ventures as they emerge, making it a key player in the burgeoning Ethiopian mining industry.
Akobo Minerals has charted a clear course for its future growth, with a strategy centered around amassing a portfolio of valuable gold resources through high-impact exploration and mining activities, all while maintaining an efficient and streamlined business operation.
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 (OTCQX: AKOBF) is traded on the OTCQX Best Market, adhering to high financial standards, best practice corporate governance, and compliance with U.S. securities laws. Additionally, the company has a professional third-party sponsor introduction, and investors can access current financial disclosures and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
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 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.