Annuncio • Jun 25
Akobo Minerals AB (publ) Elect Ermias Geletew Eshetu as Ordinary Members of the Board of Directors Akobo Minerals AB (publ) at its annual general meeting held on 25 June 2026, approved elect Ermias Geletew Eshetu as ordinary members of the board of directors. Annuncio • Apr 17
Akobo Minerals AB Provides Operational Update on Segele Mine Akobo Minerals AB (publ) provided an operational update related to the current fuel supply situation and its impact on the Segele mine. Disruptions in global fuel supply, including reduced tanker traffic through the Strait of Hormuz, have constrained fuel availability in Ethiopia, which relies on imported diesel. Against this background, and as a precautionary measure, the Company will temporarily scale back operations at Segele, while maintaining readiness to resume operations as soon as reliable diesel deliveries are restored. This measure is implemented in a structured and controlled manner. Based on the latest information, the Company expects a diesel shipment to reach site in early May. The situation is monitored continuously, and the Company is prepared to rapidly remobilise operations once reliable diesel deliveries are confirmed. The situation does not affect the Company's mineral resources, underground infrastructure or long-term development plans for the Segele mine. The Company has sufficient liquidity to manage the temporary disruption in the short term and continues to maintain a constructive dialogue with key stakeholders. Akobo will provide further updates as appropriate. Annuncio • Apr 11
Akobo Advances Vertical Shaft Development and Prepares for First Export Akobo reported good progress on the vertical shaft. Hard rock has now been reached, and final collar work is being completed to stabilise the headgear infrastructure. Once this work is completed, shaft sinking will continue at a faster pace in hard rock. From this depth onwards, the shaft diameter is reduced, enabling quicker cycle times in drilling, blasting, and mucking operations. There are currently an estimated 75 metres remaining to the bottom of the shaft. Export permission was approved in March by the National Bank of Ethiopia under the current framework, where 50% of export proceeds are retained in USD and 50% are converted to local currency. The Company has received indications that this framework may change to 100% USD retention, similar to the current regime for the export of services in Ethiopia. Akobo is now working on the practical arrangements for its first export, an important operational milestone. Annuncio • Dec 20
Akobo Minerals AB (publ), Annual General Meeting, Jun 18, 2026 Akobo Minerals AB (publ), Annual General Meeting, Jun 18, 2026. New Risk • Dec 11
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr118m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr118m free cash flow). Negative equity (-kr192m). Earnings have declined by 51% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (kr437.2m market cap, or US$43.3m). Annuncio • Nov 08
Akobo Minerals AB (publ) Announces Operational Update for October 2025 Akobo Minerals AB (publ) provides the following operational update for October 2025. Doré gold production for October is approximately 7.0 kilograms, exceeding the monthly target of 5 kilograms. Cumulative doré production to date is approximately 58 kilograms. Steady operational performance continues at the Segele mine, with production well balanced against ongoing work on the vertical shaft .Gold price still at record high levels. Mobilization and site preparation for the vertical shaft have commenced. Headgear fabrication is on schedule, with load testing planned for early November and packing and shipment to site expected by the end of the month. Of the total 60 meters planned in phase 1 of the shaft development, 15 meters have been completed, with an additional 15-20 meters expected before reaching hard rock - keeping the project on schedule. Ongoing camp upgrades are underway to improve the quality of life for site personnel. Works include the construction of multiple ablution blocks, upgrades to the catering kitchen, and installation of a potable water treatment plant to reduce plastic use on site. Annuncio • Nov 01
Akobo Minerals AB (Publ) Announces Resignation of Helge Rushfeldt as Member of the Board of Directors, Effective November 01, 2025 Akobo Minerals AB (publ) has been informed that Helge Rushfeldt has decided to resign from his position as a member of the Board of Directors, effective from 01 November 2025. The resignation follows increased professional commitments related to his position as Project Manager at Blue Moon Metals and their Norwegian Nussir project. New Risk • Oct 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 22% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Negative equity (-kr182m). Earnings have declined by 56% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Revenue is less than US$5m (kr17m revenue, or US$1.8m). Market cap is less than US$100m (kr493.5m market cap, or US$49.0m). Annuncio • Aug 12
Akobo Minerals AB (publ) announced that it has received $3 million in funding from Ethiopian Investment Holdings Akobo Minerals AB announced that it has completed a private placement and issued 15,000,000 shares at a price of $0.2 per share for aggregate gross proceeds of $3,000,000 on August 11, 2025. The transaction included participation from Ethiopian Investment Holdings resulting in a total 7.4% stake in the company. Annuncio • Jul 25
Akobo Minerals AB (publ) to Report Fiscal Year 2025 Results on May 30, 2026 Akobo Minerals AB (publ) announced that they will report fiscal year 2025 results on May 30, 2026 Annuncio • Jul 11
Akobo Minerals Provides an Operational Update for June 2025 Akobo Minerals AB (publ) pleased to share its final operational update for June 2025. Total doré gold production to date: Approximately 30 kilograms. Contribution from May and June: Doré gold bars: Approximately 10 kilograms, ~9,2 kilograms from the past six weeks of production~0.9 kilograms from the first two weeks of May. High-grade material stockpile: ~200 tonnes from June remains to be processed. Average grade: Estimated at 30 g/t. Annuncio • Jul 02
Akobo Minerals AB (publ) Provides an Operational Update Following the Latest Smelting Activity at the Segele Mine Akobo Minerals AB (publ) provided an operational update following the latest smelting activity at the Segele mine. First successful smelt completed with the new gravity setup, covering part of the production from the second half of May and throughout June: 7.1 kilograms of dore produced; Average grade of 30 g/t (not accounting for material sent to tailings for later processing); Purity level of 83%, representing a solid improvement from latest processing; A good portion of coarse gold and stockpiled material from June production remains to be smelted; The upgraded gravity recovery system is now fully operational, with improvements by Sutton Global contributing to enhanced recovery and purity. From fine panning and magnetic separation to acid washing and shiny dore bars. Mining and processing activities at Segele continue according to plan, with ongoing operations in high-grade zones. The team is currently blending ore from different areas to maintain a stable feed into the processing plant. These measures are supporting consistent production and continued optimisation of operations. Annuncio • Jun 25
Akobo Minerals AB (Publ) Elects Wondwossen Zeleke Tessema as Ordinary Members of the Board of Directors Akobo Minerals AB (publ) at its annual general meeting held on 25 June 2025, elected Wondwossen Zeleke Tessema as ordinary members of the board of directors. Annuncio • Jun 20
Akobo Minerals AB (publ) Provides an Operational Update Covering the Latest Mining and Processing Activities at the Segele Mine in Ethiopia Akobo Minerals AB (publ) provided an operational update covering the latest mining and processing activities at the Segele mine in Ethiopia. Since mid-May, operations have shifted from development mining to production mining. Two separate working areas are extracting high-grade ore in line with the block model. High-grade gold has also been encountered and is being mined in structures outside the current resource model. Processing company have reconfigured processing plant, together with Sutton Global, to run on pure gravity separation, completely chemical-free. This green recovery process significantly reduces environmental footprint and lowers production costs. It also allows to postpone the construction of a new tailings storage facility (TSF), in addition to improving recovery and purity. The new gravity circuit setup was successfully commissioned in May. It is designed to accommodate the future vertical shaft and provides sufficient capacity to defer construction of a new TSF, reducing near-term capital expenditure until sufficient cash flow from the new shaft is able to fund it. This is expected to be happen in early 2026. The plant now combines a cyclone unit and a Falcon concentrator with a shaking table, together forming a solid and well-proven gravity-based technology widely used in the industry. Smelting Smelting is temporarily on hold to optimise recovery and to ensure that the new gravity setup is working as expected. The next smelting will be conducted with metallurgical experts from Sutton Global, who are expected on site in the last week of June. Current gravity concentrate supports a total production estimate of ~10 kg for May-June. Annuncio • May 16
Akobo Minerals AB (publ) announced that it has received NOK 11 million in funding On May 14, 2025, Akobo Minerals AB (publ) closed the transaction. Annuncio • May 10
Akobo Minerals AB (Publ) Reports Positive Smelting Result from Latest Batch Akobo Minerals AB (publ) provided an operational update highlighting improved smelting results from a recent production batch and ongoing efforts to access higher-grade zones at the Segele mine. Gold production in March and April yielded a total of 1 kilogram, which fell below expectations. A small smelting conducted on 5 May, covering three days of production, resulted in the recovery of 445 grams of gold. The average grade was approximately 9 grams per tonne (g/t), supported by increased production following recent operational changes and improved access to additional areas in the mine. This outcome marks a clear improvement and represents an encouraging step toward achieving production levels more consistent with the Segele deposit's long-term potential. The Segele deposit is characterised by variability in gold grade due to its nuggety mineralisation. To illustrate this, the image below shows the area currently being mined, with figures and data from the SRK block model: While the overall average grade of all mined material since production began remains high--close to 20 g/t--the short-term predictability of gold output is affected by the inherent variability of the ore body. The Company continues to work with three active headings underground and is focused on increasing daily tonnage through process improvements. A key development in this effort is the planned vertical shaft, which will provide more reliable and consistent access to high-grade sections of the ore body. This is expected to significantly enhance both production stability and overall efficiency. New Risk • Apr 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 13% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr95m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-kr96m). Earnings have declined by 64% per year over the past 5 years. Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr263.4m market cap, or US$24.0m). New Risk • Mar 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr95m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr95m free cash flow). Negative equity (-kr96m). Earnings have declined by 64% per year over the past 5 years. Shareholders have been substantially diluted in the past year (116% increase in shares outstanding). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (kr252.1m market cap, or US$24.0m). Annuncio • Feb 12
Akobo Minerals AB (Publ) Provides an Operational Update for January 2025 and Details on New Vertical Mine Shaft Akobo Minerals AB (publ) provided an operational update for January 2025 and details on the new vertical mine shaft with a 100-ton-per-day capacity. Increased production ahead: Stoping (mining the ore body) has commenced from the Western Winze, while the Eastern Winze is nearing completion for its prospect drive to start at the new 575 level. Going forward, mainly ore will be mined, marking a shift toward more stable production. It is important to highlight that underground mining in a deposit like Segele, which exhibits a strong nugget effect, naturally results in month-to-month production variations. While short-term fluctuations can occur, long-term production expectations remain unchanged. All-time high gold price: The recent record gold price is expected to positively impact future cash flow from the Segele mine. Due to the compact and highly concentrated nature of the orebody, Akobo Minerals has decided to establish a vertical shaft to improve access and increase underground hoisting capacity. This infrastructure upgrade will significantly accelerate production, aligning it more closely with the processing plant's capacity. Additionally, the vertical shaft will enable activation of the Carbon-in-Leach (CIL) circuit, increasing gold recovery rates from approximately 60% to 93%. Key features of the vertical shaft; Phase 1: Initial shaft depth of 60 meters, with infrastructure capable of extending to 120 meters. Timeline: Expected completion within 12 to 16 weeks from commencement. Design: Approximately 3 meters in diameter, accommodating cages, ventilation, water pumping, and electrical infrastructure. Hoisting system: Double-cage arrangement for personnel and ore transport. Hoisting capacity of approximately 3 tonnes per hoist, with a total capacity of up to 100 tonnes per day, depending on underground ore availability. Electrically powered winder, backed by a dedicated diesel generator with redundancy from the process plant's power system. Manufacturing and installation: Headgear, control, and winch rooms will be manufactured in South Africa and shipped to Segele for assembly and commissioning. The transition to a vertical shaft represents a shift aimed at improving long-term production efficiency. Annuncio • Dec 05
Akobo Minerals AB (Publ) Announces Production Guidance for the Month of November 2024 Akobo Minerals AB (publ) announces production guidance for the month of November 2024. For the month company estimated total production of 8 kg of gold in November. This includes 6.5 kg of gold already smelted and approximately 1.5 kg of additional gold processed but not yet smelted. Annuncio • Oct 08
Akobo Minerals AB (Publ) Announces First Gold Bar Produced from the Segele Mine Akobo Minerals AB (publ) announced the successful production of the first gold bar from its Segele Mine. This significant milestone marks the beginning of gold production as the company moves forward with its operational plans. The 1.4 kg gold bar was smelted from approximately 170 tons of lower-grade material collected and processed from development tunnels, located on the edge of the Segele ore body. This initial batch yielded an average grade of 8 grams per ton. While the results are very promising, it is too early to provide a definitive recovery rate or the gold purity grade, as the process is still in its early stages. The company anticipates mining higher-grade ore once stoping activities begin. Importantly, the tailings generated from this initial processing phase will be stored and later reprocessed through Carbon-in-Leach (CIL) tanks once these are fully operational. This additional step will allow to maximize recovery and ensure maximum extraction of gold from mineral resources. Next, company will continue blasting and stockpiling material from the Segele mine, followed by further production batches. As production progresses, The company expects both an increase in the gold content from the mine and improved recovery rates from the processing plant. This achievement brings closer to company's goal of establishing Akobo Minerals as a leading gold producer in the region. New Risk • Sep 27
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr160m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr160m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Negative equity (-kr4.6m). Earnings have declined by 75% per year over the past 5 years. Shareholders have been substantially diluted in the past year (257% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr355.6m market cap, or US$33.8m). Annuncio • Sep 19
Akobo Minerals AB Reports Good Progress in the Segele Mine Development Akobo Minerals AB announced significant progress in the development of the Segele mine. The completion of the crosscut between the Western and Eastern tunnels marks a major milestone, paving the way for the commencement of first stoping activities into the richest part of the Segele ore body. In the recent development phase, the mining team successfully reached the orebody in both the Western and Eastern tunnels. The completion of the crosscut is a crucial achievement, as it connects the two tunnels and enhances several aspects of the mining operation. This crosscut not only provides a secondary exit, thereby improving safety, but also optimizes ventilation and logistics, laying the groundwork for the transition from mine development to focusing on stoping. Stoping is a critical process in underground mining, involving the extraction of ore from a series of large inclined openings, known as stopes, which are created in the orebody. Essentially, stoping creates voids or spaces where the ore has been removed. The strategic positioning of the crosscut between the Trial Stope and Stope 01 provides the company with the flexibility to investigate both stopes in parallel rather than in sequence. This parallel approach allows for the possibility of prioritizing Stope 01, which is located in the richest part of the ore body. Annuncio • Sep 02
Akobo Minerals AB Provides Operational Update from the Segele Mine Akobo Minerals AB provided an operational update from its Segele mining activities, reporting that the company has reached several critical milestones. Daily ore production has commenced at the Segele mine. Since intersecting the ore body in the second tunnel two weeks ago, Akobo Minerals has been consistently producing and stockpiling ore. Currently, the company is in the early phases of ore extraction, advancing toward areas expected to contain high-grade material. Early results are promising, with substantial visible gold observed. The processing plant at Segele has successfully been commissioned and is currently in the ramp-up phase. Although commissioning typically takes several months, Akobo Minerals has expedited the process, achieving significant progress within a short timeframe. Feedback from experts and consultants indicates that the plant is in excellent condition. The focus is now on fine-tuning the processes to maximize gold recovery and minimize losses. The first batch of very low-grade ore has been successfully processed through the entire plant, from crushing to smelting. While the gold yield was low, as anticipated, this marks a significant milestone, demonstrating the plant's operational efficiency. Looking ahead to September, Akobo Minerals expects to continue and expand ore production from the mine and run the processing plant in batches to secure maximum gold recovery. The gold will then be further processed at their partner MKS PAMP's refinery in Switzerland and then sold in the gold spot market. Akobo Minerals remains optimistic about the future of the Segele mine and is well-positioned to scale up production in the coming months. With the end of the rainy season, they anticipate more stable and efficient working conditions, which will further enhance their operations. Annuncio • Aug 02
Akobo Minerals AB (publ) Successfully Processes First Low-Grade Ore Through Segele Processing Plant Akobo Minerals AB (publ) announced the successful processing of the first low-grade ore through the Segele processing plant, resulting in the production of the initial gold concentrate. This achievement marks the final phase of commissioning for the processing plant, validating its functionality under operational conditions. It is important to note that the processed ore is from the low-grade development phase of the Westen Winze and does not represent any high-grade material. The company continues to focus on testing and optimizing the plant's capabilities with low-grade ore, as part of its measured approach towards full production. The gradual ramp-up of production remains a strategic priority, reflecting the company's deliberate efforts to ensure operational stability and efficiency. Concurrently, development work in the Eastern Winze progresses, including side shaft development towards the Westen Winze. While acknowledging the early stages of this process, Akobo Minerals anticipates continued advancements in plant optimization and operational readiness in preparation for future phases, including the introduction of higher-grade ores. Akobo Minerals continues its collaboration with partners to enhance system efficiencies and increase production capacities in the coming months. Annuncio • Jul 23
Akobo Minerals Reports Successful Commissioning of Segele Gold Processing Plant Akobo Minerals announced that the Segele processing plant is now operational. This milestone represents a significant advancement for the company's operations in Ethiopia. The commissioning process has successfully activated the majority of the Segele plant, allowing Akobo Minerals to process a substantial amount of ore efficiently and safely. Last week, the first phase of commissioning was completed, with Gekko Systems and Solo Resources overseeing the setup of the milling, grinding, Falcon concentrator, InLine Leach Reactor, and furnace in the gold room. The final phase, the activation of the InLine Leach Reactor (ILR), was completed by Gekko Systems. The company anticipates an extraction efficiency of 76% from the concentrator and ILR system. Akobo Minerals appreciates the strong support and interest from the Ethiopian Government in the Segele project. The company recently hosted a delegation, including Deputy Prime Minister Temesgen Tiruneh, Minister of Mines Habtamu Tegegne, and Gambella President Omod Ojulu, who were on-site to oversee the first run of operations. In line with a phased approach to optimize both operational efficiency and cost -effectiveness, the commissioning of the CIL (Carbon in Leach) system will be deferred until production volumes are increased. This strategy ensures that the plant operates in a cost-effective manner while allowing the team time to familiarize themselves with the initial phase of the plant. Tailing from the current ore will be stored and reprocessed once the CIL tanks are operational. The plant is designed with the capability to produce 4,000 ounces of gold per month, with an expected recovery rate of 96%. Additionally, its modular design allows for future upgrades as the Segele mine and adjacent targets are developed, ensuring the plant remains adaptable to evolving operational needs. Currently, the company is blasting and mining ore from the Western winze and expects to process low-grade ore through the plant in the coming weeks. New Risk • Mar 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 105% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Negative equity (-kr17m). Earnings have declined by 90% per year over the past 5 years. Shareholders have been substantially diluted in the past year (105% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr104.6m market cap, or US$10.0m). Annuncio • Feb 29
Akobo Minerals AB (publ) has filed a Follow-on Equity Offering in the amount of NOK 28.346785 million. Akobo Minerals AB (publ) has filed a Follow-on Equity Offering in the amount of NOK 28.346785 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 28,346,785
Price\Range: NOK 1
Transaction Features: Rights Offering New Risk • Feb 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr95.7m (US$8.95m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr150m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Negative equity (-kr17m). Earnings have declined by 90% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (kr95.7m market cap, or US$8.95m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). New Risk • Dec 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr150m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr150m free cash flow). Negative equity (-kr17m). Earnings have declined by 90% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (kr289.6m market cap, or US$26.6m). New Risk • Sep 08
New major risk - Negative shareholders equity The company has negative equity. Total equity: -kr36m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Negative equity (-kr36m). Earnings have declined by 93% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (kr317.0m market cap, or US$29.7m). Annuncio • Sep 07
Akobo Minerals AB (publ) announced that it has received NOK 34.4 million in funding Akobo Minerals AB announced a private placement to issue a 20% unsecured convertible loan at an issue price of NOK 34,400,000 per loan for the gross proceeds of NOK 34,400,000 on September 6, 2023. The transaction included participation from existing investors. The loan bears 20% interest rate and matures 2 years from the date of closing. The Loan may be converted into shares on a quarterly basis or at the maturity date, subject to certain conditions being met and conversion price of NOK 7 per share. The transaction included participation from board of directors who have contributed for NOK 4,700,000. The loan matures on September 6, 2025. Annuncio • Aug 22
Akobo Minerals AB (publ) announced that it expects to receive NOK 30 million in funding Akobo Minerals AB announced a private placement to issue 20% convertible loan for the gross proceeds of NOK 30,000,000 on August 21, 2023. The transaction will include participation from from a group of major shareholders and certain other stakeholders. The loan bears 20% coupon rate and matures 2 years from the date of issuance with conversion price of NOK 7 per share. The transaction is expected to close the financing by the end of the month. New Risk • Jul 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr147m free cash flow). Earnings have declined by 88% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (kr314.8m market cap, or US$31.2m). Annuncio • Jun 28
Akobo Minerals AB (publ) Appoints Helge Rushfeldt as Head of Mining Operations, Effective July 1, 2023 Akobo Minerals AB (publ) announced that Helge Rushfeldt will join Akobo Minerals' executive management group from 1st of July 2023 as head of mining operations. With more than 20-year experience from the Norwegian mining industry, Rushfeldt brings a wealth of knowledge and expertise to the Akobo team as it transitions from development to production. Rushfeldt has been a consultant to the Norwegian mining and minerals industry for the last 10years. He has also worked at many of Norway's major mines and mineral processing facilities including Titania AS, Norwegian Talc AS and Hustadmarmor AS. His scope of activity has ranged from production management to exploration projects via financing towards production. Rushfeldt was vice president, then president, of the Norwegian Mining Association between 2012 and- 2015. He is the co-author of a Norwegian book on health, safety and environment in the mining industry, published in 2020. He holds a Master of Science in Mineral Processing from the Norwegian University of Science and Technology (NTNU) in Trondheim, Norway. Rushfeldt has been a board member at Akobo Minerals since late 2021. He recently spent two weeks on-site in Ethiopia learning more about the project and building relationships with the operations team. Now that Rushfeldt is a member of the management team, he will step down as member of the board once a qualified replacement is found. Annuncio • Feb 04
Akobo Minerals Hits Gold in First Drill Hole At New Mineralisation Akobo Minerals announced that it has hit visible gold in its first drill hole at the third mineralisation style 140 meters from main Segele. Following the recent announcement of the discovery of the third mineralisation style, the exploration team has continued work to understand the host structure by mapping and sampling. This work has led to three trenches being dug where the host rock was uncovered. Following the trench work, the team developed the first drill hole which intersected 5cm of mineralisation with visible gold at 30 meters down hole depth. However the hole also intersected an artisanal ("kofari") mining pit where 1-1.5m of potentially mineralised material had been mined in direct contact with the gold-bearing intersection. Following this very encouraging result, a second hole has already been started and will target the mineralisation about 5 m below the first intersection. The trenches have been examined in detail in the last few days and gives the company a good understanding of the structural geology that controls the gold mineralisation. The current drill program will be adapted to target the structures in the host lithology based on these results. If the current drill program is successful, this mineralisation will immediately be accessible for mining and it will be a direct addition to the mine life of the Segele mine. Since the process plant and mine is already under construction the lead times from discovery to extraction can be very short, essentially mining can start as soon as the mineralisation is defined and deemed economic. The close proximity of this new discovery to the active mining area and processing plant enables a quick assessment of economic factors and possible fast-track to production. Annuncio • Dec 16
Akobo Minerals Makes A Third Gold Discovery At Segele Akobo Minerals AB announced that it has made a new gold discovery at Segele. This is the third distinct style of gbold mineralisation in the area. The exploration team is not resting on its success and has continued with its core exploration work, while drilling has been focusing on sterilisation and geotech work related to the Segele mine. The exploration has yielded new gold discoveries and better understanding of the geological structure of the area. The more work do the more certain are of the long-term potential within license area. The exploration team is currently working on building the understanding of the host structure by mapping and sampling in advance of drill testing the new targets. The overall picture looks highly encouraging with regards to the potential of feeding more ore through the processing pla On the more technical side, the new gold occurrence is located 140m due west of the main Segele mineralisation and represents a third distinct style of gold mineralisation identified. The first style is the main Segele ore consisting of high- and bonanza-grade orogenic gold deposit. The free gold is hosted by metamorphosed ultramafics overprinted by calc silicate alteration. The second gold mineralization discovered a few months back is found some 100 metres west of Segele and is coarse grained with a very high nugget effect. It is hosted in a fault breccia with minor quartz veining and is continuous between drill hole. The new mineralisation is comprised of coarse-grained gold hosted in an ultramafic schist on the edge of a metaperidotitic rock unit. The target units have been traced on surface for a strike length exceeding 100m, but mineralisation has only been confirmed at one location so far. Up until now this style of gold mineralisation has only been observed in hand samples and the fact that we have found the source of the mineralisation is a great step forward. In addition to the targeting the new mineralisation, will start drilling out previously identified areas closer to the Segele main ore body where artisanal miners have exposed gold mineralisation and grab samples from pits have shown very high gold content. This area is now available for further exploration. anticipate that drilling will start as soon as enough data has been gathered to accurately plan a drill program, likely in January 2023. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Carl Eide was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Sep 15
Akobo Minerals Announces Positive Results in Ethiopian Gold Exploration Activity Akobo Minerals announced an update on exploration progress in its license area in southwest Ethiopia. Drilling of near-mine targets around Segele resumed after a short hiatus. During this time the company received most of the remaining assays from the various targets that were drilled around Segele. Following the resource drill program at Segele, the company undertook a geological review of the deposit and has built a new geology model of the area. This work can be summarised as follows: The geology of Segele can be divided in to three mafic-ultramafic units, these are bounded by east-west shear zones with varying dip but consistent strike; The mineralisation is hosted by the lowest of these mafic-ultramafic units and is situated just below the lower shear zone; The mineralisation does not follow but is sitting in the footwall of the lower shear zone at an angle - with the mineralisation following the strike of the regional foliation; There is, however, a very pronounced ribbon-shape to the mineralisation and the mineralised 'ribbons' plunge at about 45-degrees to the north. This advance in understanding of the controlling structures allows for more precise mining but also allows the company to better target new exploration holes to extend or discover new mineralisation. New mineralisation was found due west of the main Segele mineralisation (first announced 3/5/2022). The gold is coarse grained with a very high nugget effect. It is hosted in a fault breccia with minor quartz veining and is continuous between drill holes. Follow-up drilling is planned to take place in the next few months in order to investigate a mineable tonnage. Trenching exposed a potential host rock unit adjacent to an ultramafic horizon, a geological setting that is very common in the main Segele mineralisation. Drill testing was undertaken using the company's Diamec 262 drill rig and six holes measuring 671 meters in total were drilled at the target. Several horizons with potentially gold bearing alteration rock were intersected, although no viable mineralisation was found. In order to complement previous work in the Segele area, a limited soil sampling programme was undertaken. In total, 259 samples were collected on a grid west and southwest of the Segele mineralisation. The samples will be assayed for gold and multi-element analysis by ALS Minerals, Ethiopia. Annuncio • Jun 22
Akobo Minerals AB (publ) Announces Board Appointments Akobo Minerals AB (publ) at its Annual General Meeting on June 21, 2022, Carl Eide was elected as a new ordinary Board member. Bjorn Anders Fossum was elected as a new deputy Board member. Annuncio • May 10
Akobo Minerals Reaches Fundamental Milestone on the Way to Gold Production Akobo Minerals announced that it has reached an agreement with the South African company Solo Resources (Pty) Ltd. for delivery of a processing plant for production of gold at the Segele Mine. Commissioning expected to start by end of first quarter 2023; The plant will be tailored to process the highly gold rich Segele Mine ore with an Inferred and Indicated Mineral Resource Estimate of 69 kOz gold @22.7 grams per tonne. The plant is designed to process 10 tons of mass per hour, with the possibility of upgrading to 20 tons of mass per hour. Current dimensions will be able to process 4,000 ounces of gold per month · With an all-in production cost of USD 243 per ounce this small boutique mining operation will be able to generate significant cash flow. Akobo Minerals has been engaged in targeted exploration for gold in Ethiopia for more than 10 years. After solid discoveries in Segele, the company has previously announced that it will produce the gold from this area on its own. Now the company confirms that mining will start and that it has signed an agreement with Solo Resources, which is one of the most experienced suppliers of processing plants in Africa. The company has more than 30 years of experience and has completed a total of 31 projects, of which 11 small and medium-sizedgold processing plants in Africa. Annuncio • May 03
Akobo Minerals AB Provides an Update from Ongoing Exploration Activities with New Encouraging Findings Akobo Minerals AB provided an update from ongoing exploration activities with new encouraging findings. A new gold mineralisation zone has been discovered near the Segele mineral resource including a visible gold intersection The company has drill tested two new targets around Segele, both within 500m distance Preparation ongoing for a soil geochemical sampling program between Segele and Joru Preparation ongoing for a ground geophysical survey over the Segele mine license area. After much work on the successful Segele Mineral Resource estimate activity has for the moment switched focus to exploration and geotechnical drilling in preparation for the mine construction. The exploration team has tested two new targets and drilling of a geology cross section. Testing a wider part of the geology will help build better geological knowledge as well as finding nearby gold targets. The new mineralisation zone was discovered about 100m west of Segele. Currently 1,800 samples are with ALS for assaying, from both the new targets around Segele and the final results from Joru. The style of the new gold mineralisation is a fault hosted quartz-vein system with visible gold. The system has been intersected in several drill holes with visible gold observed in one hole. Work is ongoing to better evaluate the potential of this mineralisation style with analysis of drill cores which were previously overlooked. Further investigation is needed to determine whether this mineralisation will be economic to mine or if it will add any significant tonnage to the Segele mine. In addition to the new mineralisation zone, the company has tested two targets near the Segele main mineralisation, both these targets are south of the mineral resource estimate; Trench 37 is about 260m south east of Segele while Trench 32/33 is about 500m south east. T37 was tested with 6 holes for 671.1m while T32/33 was tested with 3 holes and 328.9m. Assays are pending. The regional exploration activity was postponed during the intensive resource drilling campaign at Segele. However, Akobo Minerals is still committed to continuing making significant gold discoveries in the Akobo area. To that end the company is launching a soil geochemical sampling program as well as a ground geophysical survey over key areas of the Akobo license. The soil geochemistry program will focus in the Nechdingay area between Segele and Joru and will encompass a total of over 1,600 samples. The first stage will be followed up by sampling around known gold anomalies from previous sampling while the latter parts will aim to extend the coverage to areas west of Nechdingay as well as north of Joru. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Director Helge Rushfeldt was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Apr 23
Akobo Minerals Reports Significant Gold Mineral Resource Increase and Classification Upgrade Which Underpins Strong Mine Economics Akobo Minerals announced that it has released its updated Mineral Resource estimate for the Segele deposit. The increase in ounces is derived from an increase in the tonnage and better than expected average gold grade than previously indicated in press release of 19.04.22. At time of the previous press release the indications were that the company would see a drop in average gold grade. However, after improvements to the estimation method and after the application of a higher cut-off grade to match the planned underground mining methodologies, the average grade shows a more similar average grade as seen in the previous resource estimate from April 2021. In addition to the increase in the Mineral Resources, the classification of parts of the mineralisation has been upgraded from Inferred to Indicated, increasing the confidence in the figures. The average grade of 40.6 g/t for Indicated Mineral Resources will have a positive impact on the cash flow potential for the mine operations as this part of the resource is assumed to be possible to access in the early stages of the mine operations. The updated Mineral Resources for the Segele deposit are tabulated in Table 1, and is based upon all relevant assays related to the Segele infill and extension drill program. The Mineral Resources are reported above a 2.65g/t Au cut off. The increase in Mineral Resources is due to the results of the Segele drilling campaign completed in March 2022. A total of 99 drill holes have been added to the database, and the results returned several spectacular high-grade and bonanza intersections that are incorporated into the present estimate. The updated Mineral Resource estimate now covers gold mineralization in a series of narrow stacked lodes that extends from surface to approx. 280m vertical depth and the Indicated Mineral Resources stretching from approx. 20m to 110m below surface. The mineralisation covered in this Mineral Resource estimate is still open at depth and several deep boreholes have confirmed that the gold zone is continuing. It must be assumed that this can lead to new gold resources, which in turn will lead to a longer life of the mine than expected. Annuncio • Apr 20
Akobo Minerals AB (Publ) Receives More Assay Results Akobo Minerals announced that it has released a new set of infill drilling assays from its Segele mine development project. The results are intended to allow for an upgrade of the resource classifications in the ongoing resource estimate. New infill drilling results including: 136.5 g/t over 2.3m, including 580g/t over 0.5m; 114.7g/t over 13.1m, including 686g/t over 2.0m; 53.6g/t over 5.2m, including 446g/t over 0.4m; 46.6g/t over 3.0m, including 136.0 over 1m; Numerous other significant intercepts have been released over the past 12 months; All results released to date will be used in the resource estimation, including the results in this press release; The mineralisation is still open at depth. The latest drill hole database is now being analysed by Akobo Minerals' geologists and resource estimation experts at SRK in Perth, Australia. From the results seen so far Akobo Minerals expects that parts of the previous inferred mineral resource will be upgraded to indicated resources. Indicated resources have a much higher confidence and such an upgrade would be a strong validation of the company's revenue and cash flow potential. However, the results do not lead Akobo Minerals to expect an increase in the gold endowment of the new resource estimate as previously indicated. The infill drilling results show a higher degree of lower grade ore body than previously estimated in the first Segele minerals resource estimate. Total tonnage is expected to increase, but the related increase in gold resources will be offset by a lower average grade. The updated resource is being built on a significantly expanded knowledge base and the resulting resource estimation will bring the company closer to its stated goal of becoming an exploration company supported by small scale mining. The increased understanding of the Segele geology is a key asset to Akobo Minerals as this knowledge is being put in to use in the continued exploration around Segele. Akobo Minerals released the result of its first Segele Mineral Resource Estimate in April 2021 (Inferred Mineral Resource totalling 52,410oz at an average grade of 20.9g/t). The resource estimate covered gold mineralization in a narrow high-grade shoot from 30m at the shallowest to 130m at the deepest. These new assays and visible gold observed recently (2nd March 2022) have demonstrated that the high-grade gold mineralization extends to at least 400m down plunge and quite possibly deeper. Assay results have not yet been received for large amounts of the 400m down-plunge extension and hence the updated mineral resource estimate will not cover all of the known mineralization. Annuncio • Apr 06
Akobo Minerals AB (Publ) Announces Updates on Key Activities Akobo Minerals announced that SRK (Australasia) has started to update the resource estimate for Segele. As previously stated, the plan is to mine the first gold at Segele before the end of the year. To achieve that, three main elements must be in place. 1) A high confidence mineral resource estimate, 2) a turn-key industry standard processing plant and 3) a professional mining operation. Considerable progress has been made in all these areas over the last few weeks. 1. Mineral Resource Update - After much delay from ALS Ireland, the latest Drill hole database has now been sent to resource estimation experts at SRK in Perth, Australia. Akobo Minerals expects that parts of the previous inferred mineral resource will be upgraded to indicated resources. Indicated resources have a much higher confidence and such an upgrade would be a strong validation of the company's revenue potential. Additionally, it is expected that new inferred mineral resources will be added. The results will be released as soon as they are available. 2. Processing Plant Heads of Agreement - Akobo Minerals is close to finalizing an agreement with a Processing Plant contractor with a long track record of successful delivery of gold processing plants. 3. Contract Mining Negotiations - Following a successful bidding process, Akobo Minerals is finalizing its options for the mining operation including final negotiation with experienced Contract Mining Companies. Akobo Minerals has several options on the table including operations by contractors and experienced miners who are currently engaged in similar operations to those planned at Segele and have excellent track record working with major and junior mining companies. With these three activities close to completion, the company is confident that it can release a cash flow model of the Segele mine to illustrate the expected return on investment. Annuncio • Mar 03
Akobo Minerals AB (publ) Hits Visible Gold At New Record Depth Akobo Minerals announced that it has intersected visible gold at 282 metres vertical depth, as well as seeing signs of further potential gold mineralisation in several sections along this latest hole. All indicators point to a belief that the Segele mine can be sustained for much longer than previously envisaged. The previous deepest intersection of gold mineralisation was at 239 metres vertical depth. This new intersection is part of an ambitious wildcat resource extension hole and demonstrates that the Segele gold mineralisation is now greater than 400m 'down plunge' from the surface outcrops. In essence, this means that there seems to be more gold down to much greater levels than previously believed. The success of this hole is testament to the excellent predictive skills and structural understanding developed by the company's geologists. Their competence is allowing detailed prediction of the gold mineralisation for additional discoveries and will be critical to successful production. Akobo's mine development activities are based on its scoping study which envisages a 27-month mine life based purely on the first resource estimate from April 2021 determined by independent mining consultants, SRK. As announced previously, since the release of the scoping study, in addition to the visible gold observations the company has encountered bonanza grade intersections and numerous occurrences of potential host rocks which are demonstrably down-dip from the resource estimate. Annuncio • Feb 18
Akobo Minerals AB Hits More Bonanza Gold Grade Zones Akobo Minerals AB released preliminary results of new resource estimates from its Segele mine development project that demonstrate bonanza gold grade results. Specifically, the results, from laboratory testing, inspection, certification and verification solutions company, ALS (Ireland), show: New resource extension significant intercepts: 24.4g/t over 5.88m (including 142g/t over 0.7m, and 44.8g/t over 0.7m) and 17.8g/t over 4.38m (including 67g/t over 0.7m). New infill drilling results including: 56.0g/t over 6m and 23.0g/t over 1.7m. In July 2021, the company also released results including 45.3g/t over 0.48m and 13.8g/t over 1.43m; The mineralisation is still open at depth. Explaining Gold Grade: For underground mining, the World Gold Council defines high quality results as between 8 and 10 grams per tonne, and low quality as between 1 and 4 grams per tonne. There is no exact definition of what is considered as high or low grade. The list below is therefore an estimate as to what may be expected. Underground Mine: Low grade 0 - 5 gold grams per tonne; Average grade 5 - 8 gold grams per tonne; High grade 8 + gold grams per tonne; 'Bonanza' grade 31.1 grams per tonne. Results from an additional 30 holes (approximately 2000 samples) are expected to be delivered within 10 days and will include all samples needed to perform an updated resource estimate. There have been major delays at the ALS laboratory in Ireland lately, affecting the delivery of results and Akobo Minerals' ability to issue a full resource update. Once the outstanding results are received, the data will be handed to SRK (Australasia) to complete the mineral resource update. The company released the result of its first Segele mineral resource estimate in April 2021, with an inferred mineral resource totaling 52,410oz at an average grade of 20.9g/t. That resource estimate covered a gold mineralization in a narrow high-grade shoot from 30m at the shallowest to 130m at the deepest. These new assays have demonstrated that the high-grade gold mineralization extends to at least 240m below the surface - and quite possibly deeper. Annuncio • Feb 04
Akobo Minerals Gears Up for Gold Production Start-Up with Opening of Rural Ethiopian Airstrip Akobo Minerals announced details of the first ever flight to land at a new airstrip which it has funded and built in Dima. The Super King Air 350twin-turboprop aircraft carried representatives from Akobo Minerals and the Ethiopian Civil Aviation Authority on the inaugural flight and is a seminal moment in the ongoing development of local business and community activities. Built over the course of just 70 days for design, approval and construction, the 1100-metre-long airstrip lies only a couple of kilometres from Akobo Minerals' mining operation and can accommodate aircraft carrying up to 40 passengers. It will allow the company to bring in goods and personnel more effectively, allow for any medical evacuation and, not least, provide a secure transportation route of gold to Addis Ababa prior to onward distribution to international buyers once gold production commences in a few months. Until now, the nearest airstrip has been located in Jima, at least a six-hour journey by road. Annuncio • Jan 14
Akobo Minerals AB (Publ) Intersects Visible Gold At 205 Meters Depth Akobo Minerals AB (publ) announced that it has intersected visible gold at 205 meters hole depth as part of its extension drilling program at Segele. In addition to the visible gold previously reported, this latest result indicates that the high-grade mineralisation continues 50m further down dip than reported on the 4th November 2021. This discovery underpins the company's belief that the Segele project can sustain a significantly longer mine-life than envisaged in the Scoping Study (27th September 2021). In addition to the visible gold observations, since the release of the Scoping Study, the company has encountered several intersections of potential host rocks which are demonstrably down-dip from the resource estimate. The combination of the host rocks and visible gold is in-line with the general plunge of the mineralisation as seen in the resource model. The visible gold now seen in hole SEDD87 along with the previously reported intersections with visible gold in SEDD53 and SEDD55 (released 4th November 2021) extend the known gold mineralisation over 100m to the Northwards down-dip of the mineral resource estimate (6th April 2021). The Company has further holes planned in the northern extension as it continues to test the down-plunge extensions. Annuncio • Nov 24
Akobo Minerals Maintains Fast Development Pace at Segele with Ongoing Successful Extension Drilling Akobo Minerals maintained its fast development pace at Segele with ongoing successful extension drilling, hints of new mineralisation targets and production planning well underway. During the first part of 2021, the Segele project was accelerated by the resource estimate, award of the mining licence and the scoping study. Since receiving the mining licence, resource extension drilling, surface exploration and multidisciplinary project development work has been ongoing to advance the project towards gold production. The fast pace of development has continued since, resulting in a need to release a summary of all the results achieved; The Segele project has so far an Inferred Mineral Resource of 52,410 ounces gold with an average world class grade of 20.9 gram gold per ton - industry avg. of 2-4 g/t; The Segele scoping study envisages a very high-margin operation with an operating cost (AISC) estimated to be 243 USD per ounce of gold produced - industry avg. of 1,000 USD/oz; Ground breaking mining license agreement awarded with right to hold funds offshore and repatriate profits from the same accounts; Since the SRK Resource Estimate a total of 4,739 meters in 28 holes of deep core drilling has been completed; Holes range from 123m in depth to 250m in depth; Visible gold seen in 15 of 28 holes; A total of 1044 samples from Segele and 1171 samples from Joru are pending assays; High assay results from 370 samples from artisanal pits around the resource estimate have shown 88.0g/t, 8.9g/t, 12.9g/t and 6.15g/t. New drilling is planned to follow up these results; Request for Expressions of Interest sent out to potential contract mining firms · Quotes for processing plants being collected; Gold production planning ongoing including: Infill drilling to allow detailed mine planning; Sourcing a geotechnical specialist; Sourcing a tailings storage facility designer; Assessments of manpower and training requirements; Environmental and Social baseline study fieldwork completed From the ongoing core drilling the company continue to intersect visible gold deeper than the samples used in the Mineral Resource Estimate. Also mine planning is underway to establish optimum ways to extract the mineralisation. The April 2021 inferred resource estimate was calculated using a total of 32 holes of a total length of 3,159m of drilling at relatively shallow depths. Because the extension drilling campaign now targets mineralisation at much greater depths, the current resource extension drilling requires longer holes to reach the same mineralisation. Going forward the focus will be more on exploring new and shallower mineralized targets instead of only drilling deeper holes. Newly analysed data from artisanal pits indicates possible new targets to the South of the Segele Mineral Resource estimate. The positive assay results from artisanal pits is an exciting development for the company geologists who have been anticipating the discovery of new gold mineralisation. The reliability of these grab sample results is relatively diminished when compared to the drilling. To upgrade company's understanding of these new targets, scout drilling has been scheduled for drilling within the next 2-3 months. If the scout drilling and related mining studies is found to be successful, these new targets may provide additional ore to the planned Segele processing plant. In an important step towards production, Akobo Minerals has started the selection and contracting process for potential contract mining firms. It is anticipated that the contract will be awarded in two stages; underground access and stoping (ore extraction). The first process plant quote has been received and it is anticipated that additional quotes will be received before the end of the calendar year. Looking forward it is anticipated that there will be two rigs working on Segele extension drilling and infill drilling, and a third rig drilling at new Segele mineralisation. Upon receipt of infill drilling results, resource estimation and mine planning will be carried out - major parts of the delivery of the Prefeasibility study. Within first quarter of 2022, the company intends to award contracts for mining activities and processing plant production. Annuncio • Sep 29
Akobo Minerals Completes Its Segele Scoping Study Akobo Minerals continues to deliver on its timetable and promises. After 10 years of exploration work culminating in a JORC compliant Maiden Resource Estimate earlier this year, followed recently by grant of a large scale gold mining license, company now release company scoping study for the Segele deposit. The scoping study indicates what the potential economics of mining the Segele deposit can look like. The study has been completed with contributions from highly respected geologists, engineers and ESG practitioners (SRK Consulting, Sazani Associates, Goshawk Network Technologies and Borrego Sun). The result confirms that the mineralization at Segele can be mined and processed with an estimated All In Sustaining Cost ("AISC") of 243 USD per ounce, while the total life of mine operational expenditure, excluding royalties, is estimated at 137 USD per ounce. Total capital expenditure for setting up the mine plant to start production is estimated at 8 million USD, equaling an average of 153 USD per ounce for the current resource estimate of 52.410 ounces. This average will go down as more resources are added over time. Akobo Minerals is planning to mine the gold mineralisation using methods such as shrinkage stoping or similar. These rocks will be brought to surface using an incline shaft that will take 11 months to build. At peak production, just under 6,000 tonnes of rock per month will be mined and this material will be passed into an industry standard crushing and gravity circuit, with cyanidation where Akobo Minerals is planning to mine the gold mineralisation using methods such as shrinkage stoping or similar. These rocks will be brought to surface using an incline shaft that will take 11 months to build. At peak production, just under 6,000 tonnes of rock per month will be mined and this material will be passed into an industry standard crushing and gravity circuit, with cyanidation where necessary. The company plans to purchase a plant capable of processing 20 tonnes per hour, but operated at 10 tonnes per hour initially allowing for expansion. The plant is expected to extract 90% of all gold in the mineralization, this will be confirmed by the ongoing metallurgical testwork. The scoping study has focused only on the mineralization covered in the SRK mineral resource estimate (6th April 2021) allowing for an anticipated mine life of 27 months. Ongoing exploration has identified additional mineralization at depth which leaves open the opportunity to extend mine life. As with all anticipated underground mining operations, not all ore can be mined or exploited and as such the scoping study estimates an extraction percentage 81%, the grade will be diluted by 5% and ore loss is expected to be 8%. These figures are in-line with or better than industry standards. A sustainable natural resources management plan is planned alongside mining. Such a plan may allow Akobo Minerals to contribute to the United Nations Sustainable Development Goals. The scoping study is the first phase in the process of developing a business plan for mining at Segele and has an accuracy of between 30 to 50%. Akobo Minerals has already begun a Prefeasibility study
which typically has an accuracy of +/- 25%. The Prefeasibility study will involve a resource upgrade, selection of mining method, detailed plant design and it allows for publication of cash flow models and ore reserves. Annuncio • Mar 04
Akobo Minerals AB (Publ) Announces Update on the Maiden Mineral Resource Estimate for the Segele Gold Target Akobo Minerals AB announced that SRK Consulting (Australasia) Pty Ltd. has begun their work on the maiden mineral resource estimate for the Segele gold target. SRK is a world leading specialist within exploration and mining consultancy and has experience from working on over 20,000 projects worldwide out of their 45 global offices. The maiden mineral resource estimate is a first step towards reaching Akobo Minerals goal of defining 1,5 million to 2 million ounces gold. The completion of this work with SRK will be an important milestone demonstrating the company's ability to perform JORC compliant resource definition in addition to the discovery of new deposits. Akobo Minerals has now added additional world-class resource definition capacity which will be used at Segele, Joru and other targets to reach the corporate objectives. Annuncio • Feb 24
Akobo Minerals Announces New Bonanza Grade Intersections from Diamond Drilling at Segele Akobo Minerals announced that they have received new assay results back from the ALS Ireland laboratory regarding the Segele gold target. Many high grade assays have been returned, including new significant intersections of 131g/t over 2.5m and 17g/t over 13m. These results complement previous bonanza and high grade assay results including 340g/t over 21m and 115g/t over 5m announced previously. The Segele gold target was first discovered by Akobo Minerals geologists and previous assays from diamond-drilling have demonstrated a narrow (approx. 20m wide) gold zone. The gold is predominantly present as large grains easily visible to the naked eye (coarse-gold type mineralization). To date over 4,350m of diamond drilling has been completed at site, of which only 3160m has so far been assayed. Several intersections in the core which remains to be assayed contains exciting levels of visible gold. The depth extension remains open. The Segele gold target is just one target in the 100% owned 182km2 exploration license under investigation by Akobo Minerals. The next priority target for drilling, Joru, is prospective for low grade- high tonnage mineralization and RC drilling has returned results including: 3.1g/t over 2m and 3.1g/t over 1m. In addition to Segele and Joru, Akobo geologists believe a large number of gold exploration targets exist in this unexplored region of Ethiopia. Annuncio • Feb 17
Akobo Minerals Announces Gold Intersected at the Deepest Point Yet at the Segele Gold Target Akobo Minerals - Gold intersected at the deepest point yet at the Segele gold target. The Segele gold target was first discovered by Akobo Minerals geologists and previous assays from diamond-drilling have demonstrated high- and bonanza-grade results within a narrow (approx. 20m wide) gold zone. The gold is predominantly present as large grains easily visible to the naked eye (coarse-gold type mineralization). Gold was recently intersected at the deepest point yet at Segele, with mineralization still open at depth. Field geologists from Akobo Minerals observed visible gold grains in their two latest holes at the deepest point yet at the Segele target. Whereas previously the gold had been observed along a mineralization length of 160m, the observations from the latest holes demonstrate that the mineralization extends down to a minimum 185m along the line of the mineralization. Gold is visible in 22 of the last 39 holes. This is highly encouraging and continues to support their geological expectations for the area. Although the grades at these intersections will not be known until assaying has been completed, these results demonstrate that the mineralization is still open at depth. The observed mineralization complements previous bonanza- and high-grade assay results including 340g/t over 21m and 115g/t over 5m and many other intersections (announced previously). Drilling is ongoing at the Segele project and further assay results are expected imminently. To date over 4.160m of diamond drilling has been completed at site, of which only 1.945m has so far been assayed. The company expects further assay results to be received soon which will be announced to the market after Quality Control assessments are complete. Akobo Minerals intends to start work on its Maiden Mineral Resource Estimate imminently after receipt of the next assay results. The Segele gold target is just one target in the 100% owned 182km2 exploration license under investigation by Akobo Minerals. The next priority target for drilling, Joru, is prospective for low grade- high tonnage mineralization and RC drilling has returned results including: 3.1g/t over 2m and 3.1g/t over 1m. In addition to Segele and Joru, Akobo geologists believe a large number of gold exploration targets exist in this unexplored region of Ethiopia. 
