Akobo Minerals Operational Update – Strong Momentum

Akobo Minerals AB (“Akobo”), a Scandinavian-based Ethiopian gold producer, provides an operational update covering the latest mining and processing activities at the Segele mine in Ethiopia.

Highlights

• Strong production momentum; daily blasting increased to two rounds, enabling 15–20 tons of ore per day
• Production volume expected to reach 400–500 tonnes per month going forward
• Successful new chemical-free gravity processing setup commissioned; expected improved purity and recovery, in addition to deferral of new tailings storage facility (TSF)
• Two ore headings in operation from mid-May, accessing high-grade ore zones
• Estimated ~10 kg of gold production for May and June, sufficient to cover operating costs
• Smelting to be undertaken with Sutton Global experts at site end of June

Mining

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

We have reconfigured our processing plant, together with Sutton Global, to run on pure gravity separation, completely chemical-free. This green recovery process significantly reduces our environmental footprint and lowers production costs. It also allows us 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 optimize 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.