Oslo, Norway, 10 August 2026 – Akobo Minerals AB (publ) (“Akobo” or the “Company”) (Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer operating in Ethiopia, provides an operational update.
July was a strong operational month, with all parts of the operation performing well. Mining and processing activities continued according to plan, supporting steady gold production and ongoing development work.
Shaft development progressed well during the latter part of the month. While some softer ground conditions were encountered at the beginning of the period, these challenges were successfully managed. The rock is currently considered competent, and normal shaft development is underway.
Key highlights
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Doré gold production in July: approximately 9 kg
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Cumulative doré gold production to date: approximately 143 kg
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Stockpile available for processing: approximately 985 tonnes
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Remaining vertical shaft development: approximately 57 metres
During the month, Akobo appointed Verdant Capital, an Africa-focused financial advisory firm with experience in the mining sector and in Ethiopia, as financial advisor to support the refinancing of the Company's existing debt facilities. The process is focused on establishing a long-term debt financing solution and is being undertaken with support from existing lenders. Verdant IMAP’s recent track record in the mining sector includes a USD 65 million debt financing and gold offtake agreement for Heath Goldfields in Ghana with Trafigura, and the acquisition of the Batlhako Chrome Mine in South Africa on behalf of Vishnu Chemicals.
We also hosted engineering students from Addis Ababa University, providing them with an opportunity to gain hands-on experience from a producing mine. The visit included exposure to processing operations, underground mining activities, safety systems, and other aspects of modern mining operations.
Mining engineering students gaining hands-on experience with the team at Prospect Drives 3 and 4.
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.
About Verdant IMAP
Verdant IMAP is a leading pan-African investment bank specialising in mergers and acquisitions (M&A) and private capital markets. Combining international investment banking experience with a deep understanding of local markets, Verdant IMAP helps clients access global capital and strategic partnerships to drive growth and transformation across the continent. Verdant IMAP has extensive experience in the Metals & Mining sector in Africa.Verdant IMAP is the IMAP partner firm for its region. IMAP, established in 1973, is a global M&A partnership with over 600 professionals across 51 countries and completing around 300 transactions per year is consistently ranked among the top 5 advisors worldwide for mid-market transactions. www.verdant-cap.com