Akobo Minerals announces fourth quarter preliminary results 2024

27 Mar 2025 08:30 CET

OSLO, 27 March 2025:Akobo Minerals AB (publ), (Euronext and Frankfurt: AKOBO,
OTC: AKOBF), the Scandinavian-based Ethiopian gold producer, today reported its
fourth quarter results 2024. The company had its first revenue generating
quarter with an income of SEK 10.6 million (not including 2,3 kg gold produced
in December, smelted beginning of January). The company covered a large part of
its operating cost in the quarter, holding a cash position of SEK 28.3 million.

LATEST KEY EVENTS

First-ever revenue achievement

· The company has recorded its first quarter with revenues in its 15-year
history

Record gold price impact

· The unprecedented high gold price has significantly boosted Segele's cash
flow potential

Sutton Global collaboration strengthening

· Progress on vertical shaft design, preparation, and site establishment is
moving forward

Leadership transition

· Helge Rushfeldt will pursue new opportunities. Kobus Byleveldt, with 40
years of mining expertise, has joined from Sutton Global and is already actively
contributing in Ethiopia

New General Manager appointment at Etno Mining

· Tamiru Hailu Zemedehun has succeeded Tesfaye Medhane, who has made
significant contributions to the development of the Segele mine and the growth
of Etno Mining

Production update

· Production in the first two months of the year was lower than anticipated.
However, there is no need to reevaluate overall ambitions

Financial positioning

· Continued efforts are underway to support the development of the vertical
shaft, with a focus on securing the necessary funding for this critical project,
while also evaluating additional funding options to support expansion and long
-term growth

FOURTH QUARTER FINANCIAL PERFORMANCE OVERVIEW

· Result for the period: SEK -48.2 million
· Year-to-date result: SEK -176.9 million
· Cash flow for the period: SEK 21.8 million
· Cash at the end of the period: SEK 28.3 million
· Total equity at the end of the period: SEK -96.2 million
· Total external long-term debt at the end of the period: SEK 281.6 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 Q4 2024
presentation (https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20250327_
2
)

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, 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
68,000 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, Akobo Minerals
AB (https://www.otcmarkets.com/stock/AKOBF/quote?utm_source=Press+Release&utm_me
d
ium=Press+Release&utm_campaign=New+OTCQX+Company) (OTC: AKOBF) is traded on the
OTC Pink Market.

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/. 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

642329_250327_Akobo_Minerals_Q4_2024_Presentation_FINAL.pdf
642329_250327_Akobo_Minerals_Q4_Report_FINAL.pdf