OSLO, 30 September 2026: Akobo Minerals AB (publ) (“Akobo” or the “Company”) (Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer operating the Segele underground gold mine in Ethiopia, one of the world's highest-grade underground gold mines, today announced its results for the second quarter of 2026.
Akobo Minerals delivered its strongest quarter since production commenced at Segele in October 2024, achieving record gold production, record EBITDA and substantial debt repayment while continuing to invest in future growth.
Gold production reached approximately 37 kilograms during the quarter at an average recovered grade of 38.5 g/t, among the highest grades reported by any operating underground gold mine globally.
Based on preliminary management accounts, the Company generated revenues of approximately SEK 57.3 million (USD 6.1 million) and EBITDA of approximately SEK 40.7 million (USD 4.3 million). The strong cash generation supported continued mine development and substantial repayments to Monetary Metals while maintaining a solid liquidity position.
Cash at the end of the quarter amounted to SEK 31.5 million (USD 3.4 million).
IMPORTANT EVENTS IN THE SECOND QUARTER 2026
- Approximately 37 kg of doré gold produced during the quarter, representing the Company's highest quarterly production to date.
- Average recovered grade of 38.5 g/t gold during Q2 2026, highlighting the exceptional grade profile of the Segele deposit.
- Approximately 134 kg cumulative doré gold production achieved since commencement of operations.
- Production resumed during June following temporary operational disruptions earlier in the quarter.
- Approximately USD 3.4 million repaid to Monetary Metals during the quarter.
POST-PERIOD DEVELOPMENTS
- Estimated 35 kg of doré production in Q3, bringing cumulative production since start-up to approximately 169 kg.
- Approximately 700 tonnes of stockpiled ore available for processing.
- Approximately 25 m development remaining to first lateral where first hoisting of ore will happen.
- Mining continued in areas outside the current block model, with indications of additional mineralisation beyond the existing resource model.
- Mineralisation was also observed during vertical-shaft development. These observations require further geological evaluation and are not included in the current Mineral Resource estimate.
- Approximately USD 3.0 million repaid to Monetary Metals during September, bringing total repayments during 2026 to approximately USD 7.0 million.
- Verdant Capital appointed as financial adviser to support refinancing of existing debt facilities. Preparations for official launch underway.
- Onboarding with LBMA-approved Refinery and preparations for the first gold export continued.
FINANCIAL REVIEW
All figures in SEK million – unaudited quarterly figures
|
Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
Q2 2026 |
|
|
Revenue |
9.6 |
22.8 |
29.8 |
32.1 |
57.3 |
|
EBITDA |
-3.1 |
6.9 |
12.9 |
14.0 |
40.7 |
|
Net change in cash |
-0.7 |
24.1 |
-1.0 |
-8.1 |
9.4 |
|
Cash at end of period |
7 |
31.2 |
30.2 |
22.1 |
31.5 |
|
Total Equity |
-182.3 |
-192.4 |
-219.7 |
-223.8 |
-201.5 |
|
Long-term Debt |
349.8 |
396.1 |
401.9 |
414.1 |
390.8 |
- The Ethiopian Birr weakened significantly during 2025. Although exchange rates stabilised during 2026, movements in the ETB/USD exchange rate continue to impact the translation of financial figures reported in SEK.
- Quarterly figures presented during the year are based on preliminary management accounts and exchange rates and have not been restated to reflect year-end audited FX and consolidation adjustments. They are therefore not directly comparable to audited annual financial statements.
- Revenue figures by quarter are estimated based on gold production volumes and prevailing gold prices and may differ from actual sales recognised in the period due to the timing of gold sales and inventory movements.
- Long-term debt values fluctuate with gold price movements, while higher gold prices generally improve underlying cash flow generation and debt-servicing capacity.
Gold doré production
|
Q2 2025 |
Q3 2025 |
Q4 2025 |
Q1 2026 |
Q2 2026 |
|
|
Gold doré (kg) |
10.0 |
21.0 |
21.5 |
23.0 |
37.0 |
|
Accumulated (kg) |
30.5 |
51.5 |
73.0 |
96.0 |
134.0 |
|
Avg. recovered grade (g/t) |
29.7 |
21.0 |
22.2 |
20.8 |
38.5 |
|
Avg. LBMA spot gold price (USD/oz) |
3,279 |
3,456 |
4,135 |
4,873 |
4,506 |
Akobo Minerals will host a live webcast in English today at 10:00 CEST, including a presentation of the results followed by a Q&A session.
Webcast link: Akobo Minerals Q2 2026 presentation
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 producer and explorer with over 16 years of active operations in Ethiopia. The Company holds an exploration licence covering 182 km² and a mining licence covering 16 km² in the Gambela region and Dima Woreda.
The Segele mine hosts an Indicated and Inferred Mineral Resource of approx. 69,000 ounces at a high average grade of 22.7 g/t gold. The mineralised system remains open at depth, supporting further resource growth and mine life extension. In addition, the Company’s exploration licence hosts multiple high-quality targets with significant resource-building potential.
Akobo Minerals places ESG principles at the core of its operations, maintaining strong relationships with local communities and government authorities. The Company is committed to sound ethics, transparency and responsible mining practices.
Akobo Minerals is headquartered in Oslo and is listed on Euronext Growth Oslo and the Frankfurt Stock Exchange under the ticker AKOBO. In the United States, the Company’s shares trade on the OTC Pink Market under the symbol AKOBF.
The Company fully complies with the JORC Code (2012) and places strong emphasis on meeting recognised industry standards.