Akobo Minerals - Third quarter 2021 results

Akobo Minerals - Third quarter 2021 results

25 Nov 2021 08:43 CET

Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its third quarter 2021
results. Akobo Minerals is in a project development phase and consequently had
no income in the third quarter. The net loss for the period was SEK 5.1 million,
and SEK 10,1 million for the first three quarters. The company has no external
debt and a strong cash position of SEK 47 million.

"The third quarter of 2021 has been another transformative quarter for the
company with

several new milestones achieved. We had our first trading day at the Euronext
Growth exchange, enabling increased liquidity in the share. Further we both
applied for and received our large scale mining license for extracting gold and
associated minerals from the Segele deposit.

As envisaged, Akobo Minerals is now an exploration company to be supported by
mining operations. With the scoping study for Segele finalised we have now a
much better understanding of the economics of the future mining operation. It is
an exceptional deposit; world class gold grade of 20,9 gram/ton combined with an
estimated all-in sustaining cost (AISC) of 243 USD per ounce. The potential for
a high margin mine operation is clear." says Jørgen Evjen, CEO of Akobo
Minerals.

"Akobo Minerals has solidified its position as a leading exploration company in
Ethiopia and is now ready to continue to build a solid gold mining operation
based upon the same principles.

We are already busy planning for start-up of our mining operations next year. A
lot needs to be done, but I am confident our organisation will deliver. Looking
forward to the next chapter in Akobo Minerals journey."

IMPORTANT EVENTS IN THE THIRD QUARTER

· Applies for and is awarded a large-scale mining license for gold and
associated minerals
· Listed on Euronext Growth
· Completes its Segele scoping study with very favorable project economics
· Peacocke and Simpson awarded contract for metallurgical testwork at the
Segele project
· Continued High Grade Intersections at Joru, and Segele
· Sources the first drill rig from Midroc

Events after the period

· Sources the second drill rig from Midroc
· TS Environment contracted for Environmental studies in Akobo
· Receives very positive results from metallurgical testwork, potential for
greater than previously expected revenue generation
· Segele gold mineralization continues at depth with high grade intersections
intercepted at 170 meters
· 1st drill program completed at Joru - rig to be moved to Segele

Akobo Minerals will host a webcast for all shareholders and interested parties
today at 13:00 CET. There will be a Q&A session following the management
presentation.

The webcast will be available through https://inqrate.com/xtravideos/akobo
-minerals-q3-21-presentasjon/

For more information contact

Jørgen Evjen, CEO
Mob.: (+47) 92 80 40 14
Mail: [email protected]

About Akobo Minerals:

Akobo Minerals, is a Norway-based gold exploration company, currently with
ongoing exploration and small-scale mine development in the Gambela region and
Dima Woreda, southwest Ethiopia. The operations were established in 2009 by
people with long experience from the public mining sector in Ethiopia and from
the Norwegian oil service industry. Akobo Minerals holds a mining licence and an
exploration license over key targets in the area. Economic mineralisation was
discovered and the company is engaged in mining studies to advance the project
to production, alongside exploration core drilling. Akobo Minerals is
transforming its organisation to support an increased pace of core drilling. At
both the key targets Segele and Joru the company has so far released
exceptionally high-grade gold results including the Segele deposit with an
Inferred Mineral Resource of 78ktons at 20.9g/t.?A scoping study for Segele
includes an up-front capital expenditure of USD $8m and all-in sustaining cost
of USD $243 per ounce of gold produced. Core-drilling and trenching at Joru have
intersected both high-grade gold zones and large wide zones near surface. The
company has an excellent partnership with national authorities and places ESG at
the heart of its activities - a ground-breaking community program is being
planned.

Important information:

This release is not for publication or distribution, directly or indirectly, in
or into Australia, Canada, Japan, the United States or any other jurisdictions
where it would be illegal. It is issued for information purposes only and does
not constitute or form part of any offer or solicitation to purchase or
subscribe for securities, in the United States or in any other jurisdiction. The
securities referred to herein have not been, and will not be, registered under
the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), and may
not be offered or sold in the United States absent registration or pursuant to
an exemption from registration under the U.S. Securities Act. Akobo Minerals
does not intend to register any portion of the offering of the securities in the
United States or to conduct a public offering of the securities in the United
States. Copies of this publication are not being, and may not be, distributed or
sent into Australia, Canada, Japan or the United States.

More information:
Access the news on Oslo Bors NewsWeb site

547798_Akobo_Minerals_Q3_Presentation_2021_FINAL.pdf
547798_Akobo_Minerals_Q3_Report_2021_FINAL.pdf

Source

Akobo Minerals AB (publ)

Provider

Oslo Børs Newspoint