Akobo Minerals Reports Positive Smelting Result from Latest Batch
Oslo, Norway, 9 May 2025 – Akobo Minerals AB (publ) (“Akobo” or the “Company”) (Euronext Growth Oslo: AKOBO), a Scandinavian-based Ethiopian gold producer, provides 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:
Left side: Right side:
High grade area ranging from 4g/t to 666g/t Low grade area ranging from 1g/t to 3g/t
These differences highlight both the opportunity and challenge of mining such a deposit. 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.
For more information, contact
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: [email protected]
LinkedIn: www.linkedin.com/company/akobominerals
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 (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/.