Oslo, Norway, 08 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, provides an operational update.
August delivered approximately 16 kg of doré gold at an average grade of 26 g/t, making it the Company's second-best production month to date. Cumulative gold production has now reached approximately 158 kg since start-up. The grade achieved is exceptionally high by international underground mining standards and underlines the high-grade nature of the Segele deposit. The combination of high grades and solid operational performance supported strong gold production from the Segele mine.
As previously communicated, the processing plant continues to operate in batch campaigns rather than continuously. As a result, monthly processed tonnage and stockpile levels may vary depending on the timing of each processing campaign.
Key highlights
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Doré gold production: approximately 16 kg @ 26 g/t
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Doré gold production to date: approximately 158 kg @ 24 g/t
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Stockpile available for processing: approximately 700 tonnes
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Remaining vertical shaft development: approximately 54 metres
Development of the vertical shaft continued during the month. Progress was slower than planned as work focused on carefully advancing through challenging softer rock conditions.
An important next step is the start-up of the first lateral into the orebody. This is expected to commence from the eastern winze and subsequently from the vertical shaft, allowing development to progress from both directions and reducing overall development time. Once the first lateral is completed, the Company will commence hoisting gold-bearing ore from the shaft.
At the same time, substantial progress was made across a range of parallel activities that are equally important for the successful commissioning of the shaft. These included mine planning, geological model updates and surface works around the shaft area, including levelling and infrastructure preparation to support future shaft operations and logistics.
Site work is also progressing on key infrastructure supporting future operations, including a new treatment water storage dam and the new tailings storage facility.
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 more than 15 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, Dima Woreda.
The Segele mine hosts an Indicated and Inferred Mineral Resource of approximately 69,000 ounces at an average grade of 22.7 g/t gold. The mineralised system remains open at depth, supporting further resource growth and potential mine life extension. In addition, the Company’s exploration licence hosts multiple high-quality targets with significant resource potential.
Akobo Minerals places ESG principles at the core of its operations and maintains 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 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 complies with the JORC Code (2012) and places strong emphasis on internationally recognised industry standards.