Akobo Minerals

Earnings Release • Mar 27, 2025

Akobo Minerals announces fourth quarter preliminary results 2024

Akobo Minerals announces fourth quarter preliminary results 2024

OSLO, 27 March 2025:Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO,

OTC: AKOBF), the Scandinavian-based Ethiopian gold producer, today reported its

fourth quarter results 2024. The company had its first revenue generating

quarter with an income of SEK 10.6 million (not including 2,3 kg gold produced

in December, smelted beginning of January). The company covered a large part of

its operating cost in the quarter, holding a cash position of SEK 28.3 million.

LATEST KEY EVENTS

First-ever revenue achievement

· The company has recorded its first quarter with revenues in its 15-year

history

Record gold price impact

· The unprecedented high gold price has significantly boosted Segele's cash

flow potential

Sutton Global collaboration strengthening

· Progress on vertical shaft design, preparation, and site establishment is

moving forward

Leadership transition

· Helge Rushfeldt will pursue new opportunities. Kobus Byleveldt, with 40

years of mining expertise, has joined from Sutton Global and is already actively

contributing in Ethiopia

New General Manager appointment at Etno Mining

· Tamiru Hailu Zemedehun has succeeded Tesfaye Medhane, who has made

significant contributions to the development of the Segele mine and the growth

of Etno Mining

Production update

· Production in the first two months of the year was lower than anticipated.

However, there is no need to reevaluate overall ambitions

Financial positioning

· Continued efforts are underway to support the development of the vertical

shaft, with a focus on securing the necessary funding for this critical project,

while also evaluating additional funding options to support expansion and long

-term growth

FOURTH QUARTER FINANCIAL PERFORMANCE OVERVIEW

· Result for the period: SEK -48.2 million

· Year-to-date result: SEK -176.9 million

· Cash flow for the period: SEK 21.8 million

· Cash at the end of the period: SEK 28.3 million

· Total equity at the end of the period: SEK -96.2 million

· Total external long-term debt at the end of the period: SEK 281.6 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 Q4 2024

presentation (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250327_2

)

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, 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 (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med

ium=Press+Release&utm_campaign=New+OTCQX+Company) (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/. 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.