Akobo Minerals

Earnings Release • Sep 30, 2025

Akobo Minerals announces second quarter preliminary results 2025

Akobo Minerals announces second quarter preliminary results 2025

OSLO, 30 September 2025: Akobo Minerals AB (publ), (Euronext and Frankfurt:

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

reported its second quarter results 2025. The company reported revenues of SEK

9.6 million and an EBITDA of SEK -3.1 million. The company covered part of its

operating costs in the quarter, holding a cash position of SEK 7.0 million. The

company expects revenues to continue increasing in the third quarter and

anticipates delivering positive cash flow from operations for the first time.

LATEST KEY EVENTS

· The gold price continued to remain historically high, surpassing USD

3,700/oz.

· July production delivered a world-class average grade of 45 g/t, with gold

purity above 90%.

· Mining Progress and Vertical Shaft Development:

· Two new large shaking tables installed and successfully tested.

· Headgear for the new vertical shaft, identified as the long-lead item, is

in production.

· Heavy machinery has arrived on site to support the start of vertical shaft

work.

· The vertical shaft team has mobilised, with preparatory work in progress.

· Johnny Swanepoel from Sutton Global joined as the new Operations Manager at

the Segele site. Johnny brings extensive experience in mining and processing,

with a proven track record of maximizing gold recovery and ensuring high purity

from ore.

· Ethiopian Investment Holdings (EIH) became a shareholder in Akobo Minerals

through a USD 3 million private placement, subscribing for 15 million new shares

at USD 0.20 per share. As the sovereign investment arm of the Federal Democratic

Republic of Ethiopia, EIH supports strategic projects in the mining sector,

contributing to employment, foreign exchange generation, and national economic

growth.

· Akobo completed its financial restructuring by amending and restating the

loan agreement with Monetary Metals and converting remaining convertible bonds

into shares. Key elements include:

· Interest rate reduced from 30% to 22% per annum, with an interest-free

period from 15 August 2025 to 15 February 2026.

· Quarterly repayments beginning in March 2026, with loan maturity extended

to 31 July 2027.

· Gold loan limit set at 10,490.1 troy ounces before default.

· Issuance of new warrants to Monetary Metals, increasing their entitlement

from 2% to 3% of Akobo's fully diluted market capitalisation, with a strike

price of USD 0.20 per share on new warrants.

· Conversion of the two remaining convertible bonds into shares.

SECOND QUARTER FINANCIAL PERFORMANCE OVERVIEW*

· Revenue for the period: SEK 9.6 million

· Revenue YTD: SEK 14.1 million

· EBITDA for the period: SEK -3.1 million

· EBITDA YTD: SEK -13.1 million

· Cash flow for the period: SEK -0.7 million

· Cash flow YTD: SEK -21.9 million

· Cash at the end of the period: SEK 7.0 million

· Total equity at the end of the period: SEK -182.3 million

· Total external long-term debt at the end of the period: SEK 346.5 million

*Q2 2025 report not reconciled with the 2024 annual accounts exchange rate

adjustments

Akobo Minerals will host a webcast, in English, for all shareholders and

interested parties today at 12:00 CET. There will be a Q&A session following the

management presentation.

The webcast will be available at: Akobo Minerals Q2 2025

presentation (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250930_1

)

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.