Akobo Minerals announces third quarter results 2024

10 Dec 2024 08:30 CET

OSLO, 10 December 2024:Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO,
OTCQX: AKOBF), the Scandinavian-based Ethiopian gold exploration and mining
company, today reported its third quarter results 2024. As the company is still
in the project development phase prior to production start-up, there was no
income during the third quarter of the year. The net loss for the period was SEK
48.4 million with a cash position of SEK 6.5 million.

LATEST KEY EVENTS

· Record-high gold prices, improving the value of the Segele resource and
revenue potential
· Strengthened the management team with senior personnel from Sutton Global
· Secured a convertible loan of NOK 25.5 million to enhance financial
flexibility
· Achieved total gold production of 12.8 kg by November
· Initial sales to the National Bank of Ethiopia valued at approximately USD
2,400 per ounce
· November's production exceeded expectations, covering all operational
expenses for the month
· Completed first raise blasting and commenced stoping activities
· Preparing for the first export of gold
· Hosted a high-profile inauguration ceremony with Ethiopia's Prime Minister
· Actively promoted Ethiopia's mining industry at the MINTEX conference in
Addis Ababa

THIRD QUARTER FINANCIAL PERFORMANCE OVERVIEW

· Result for the period: SEK -48.4 million
· Year-to-date result: SEK -128.7 million
· Cash flow for the period: SEK -12.8 million
· Cash at the end of the period: SEK 6.5 million
· Total equity at the end of the period: SEK -53.1 million
· Total external long-term debt at the end of the period: SEK 217.6 million

Akobo Minerals will host a webcast, in English, for all shareholders and
interested parties today at 10:00 CET. There will be a Q&A session following the
management presentation.

The webcast will be available at: Akobo Minerals Webcast Q3
2024 (https://channel.royalcast.com/landingpage/hegnarmedia/20241210_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 reputable Scandinavian-based gold exploration and mining
company. The company currently holds an extensive exploration license
encompassing 182 square kilometres and a 16 square kilometres mining license,
with an active mining operation in the Gambela region and Dima Woreda, Ethiopia.
Akobo Minerals has emerged as the foremost gold exploration company in
Ethiopia, boasting over 14 years of dedicated on-the-ground experience.

What sets Akobo Minerals apart is its strong commitment to fostering positive
relationships with local communities, extending all the way to national
authorities. This commitment is underscored by the company's unwavering
dedication to environmental and social governance (ESG), as evidenced by their
ground-breaking shared value program.

Akobo Minerals has firmly established its presence in the region by upholding
the principles of ethical conduct, transparency, and open communication. This
foundation positions the company to embrace new opportunities and ventures as
they emerge, making it a key player in the burgeoning Ethiopian mining industry.

Akobo Minerals has charted a clear course for its future growth, with a strategy
centered around amassing a portfolio of valuable gold resources through high
-impact exploration and mining activities, all while maintaining an efficient
and streamlined business operation.

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 (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&
u
tm_med%20%20ium=Press+Release&utm_campaign=New+OTCQX+Company)) AB (https://www.o
t
cmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_med%20%20ium=Press+R
e
lease&utm_campaign=New+OTCQX+Company)) (OTCQX: AKOBF) is traded on the OTCQX
Best Market, adhering to high financial standards, best practice corporate
governance, and compliance with U.S. securities laws. Additionally, the company
has a professional third-party sponsor introduction, and investors can access
current financial disclosures and Real-Time Level 2 quotes for the company on
www.otcmarkets.com.

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 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.

More information:
Access the news on Oslo Bors NewsWeb site

634225_241210_Akobo_Minerals_Q3_2024_Presentation_FINAL.pdf
634225_241210_Akobo_Minerals_Q3_Report_2024_FINAL.pdf