Akobo Minerals

Earnings Release • Dec 10, 2025

Akobo Minerals announces third quarter preliminary results 2025

Akobo Minerals announces third quarter preliminary results 2025

OSLO, 10 December 2025:Akobo Minerals AB (publ) (Euronext Growth Oslo and

Frankfurt: AKOBO), the Scandinavian-based Ethiopian gold producer and explorer,

today reported its results for the third quarter of 2025.

The company delivered revenues of SEK 22.9 million and achieved its first

positive EBITDA, amounting to SEK 6.9 million. At the end of the quarter, the

cash position was SEK 31.2 million. The company expects the fourth quarter to

continue to deliver positive EBITDA.

IMPORTANT EVENTS IN THE THIRD QUARTER 2025

· First positive EBITDA result in Akobo's history: ~USD 730k

· Gold production: ~21 kg @ 29.7 g/t; revenue ~USD 2.4m

· Cumulative production reached ~51.5 kg since start-up

· Vertical shaft project advanced - design and budget approved; shaft team

mobilised

· Headgear fabrication commenced

· Two new shaking tables installed and commissioned

· Ethiopian Investment Holdings (EIH) invested USD 3 million

· Monetary Metals loan restructured - interest reduced and grace period

extended to February 2026

· Gold prices remained strong, supporting stable cash-flow potential

POST-PERIOD DEVELOPMENTS

Following the quarter end, operational progress and market conditions remained

favourable:

· Stable production in October and November of approximately 13.5 kg at an

average grade of 21.0 g/t, with an estimated value of ~USD 1.9 million

· Cash and unsold gold position remained strong, with a combined value of

approximately USD 4.3 million at the end of November

· Cumulative production reached approximately 65 kg since start-up

· ROM stockpile increased to 385 tons, providing a strong operational buffer

ahead of shaft commissioning; at an assumed grade of 20 g/t, this corresponds to

an indicative in-situ value of approximately USD 1.1 million (not recognised in

the accounts)

· Gold prices reached new all-time highs, strengthening future revenue

potential

· Headgear fabrication was completed and the structure shipped from the

assembly site

· Vertical shaft advanced to 20 metres into hard rock, out of a planned 60

metres

· Infrastructure works for the headgear base commenced, enabling concrete

foundation preparation

· Installation of two water treatment plants continued, improving both process

-water supply and potable water availability on site

· Camp upgrades progressed, enhancing accommodation capacity and general

facilities

· All remaining convertible bonds were converted into shares after the

reporting period

FINANCIAL REVIEW

All figures in SEK million

Q3 2025 YTD 2025

Revenue 22.9 36.9

EBITDA 6.9 -6.1

Cash Flow 24.1 2.2

Cash at end of period 31.2

Total Equity -192.4

Long-term Debt 392.0

*Q3 2025 report not reconciled with the 2024 annual accounts exchange rate

adjustments

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

parties today at 10:00 CET. The webcast will include a presentation of the

results, followed by a Q&A session.

Webcast link: Akobo Minerals Q3 2025

presentation (https://channel.royalcast.com/landingpage/hegnarmedia/20251210_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 and explorer, 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

69,000 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, the company is traded on the OTC Pink Market (OTC:

AKOBF).

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/.