Akobo Minerals AB (publ) (EURONEXT: AKOBO) today reported its fourth quarter
2021 results. Akobo Minerals is still in a project development phase and
consequently had no income in the fourth quarter. The net profit for the period
was SEK 0.22 million due to significant positive foreign exchange effects. In
total, the company had a net loss of SEK 9.8 million for the financial year
2021. The company has no external debt and a strong cash position of SEK 33
million.
Jørgen Evjen, CEO of Akobo Minerals, said: "The fourth quarter of 2021 continued
in the same way as previous quarters, with operations pushing ahead full steam.
There were positive developments in all areas of our company, included ongoing
drilling combined with extensive mine preparations and ESG work."
"After receiving our mining license at the end of Q3, we have considerably
advanced the development of our mine operations. The metallurgical test work
looked very good with a gold recovery grade expected to be around 97.2%,
achieved using tried and tested industry-standard methods. We decided early upon
an operating philosophy of using contract underground mining and a turnkey EPCM
contract to source and build the processing plant. Qualified bidder lists have
been created for both our mining and processing plant contracts, with many
expressions of interest received. We have engaged world-class consultants on our
team that will secure timely and correct choices of partners to develop our
Segele mine," Evjen added..
He concluded: "2022 is well underway and as usual we are in full activity mode,
gearing up for gold production from Segele by the end of the year. All
preparations for safe and sound mining operations are underway and we are all
very eager to move the project forward."
IMPORTANT EVENTS IN FOURTH QUARTER
· Increased low-cost drilling capacity following the acquisition of three
second-hand drill rigs
· Shortlisted for prestigious ESG award for Ethiopian gold exploration project
· Commencement and completion of environmental studies in Akobo
· ESG training of all company staff
· Results from metallurgical test work point to increased revenue potential
· Segele gold mineralization continues at depth, with high grade intersections
intercepted at 170 metres
· First drill program completed at Joru
EVENTS AFTER THE PERIOD
· Lifting of the country's state of emergency
· Airstrip completed and maiden trip undertaken
· Hiring of Dr Cathryn MacCallum as Head of ESG
· Intersection of visible gold at 205 metres. Indication that high-grade gold
mineralisation continues 50m further down dip than previously known
· Shortlisting of plant provider and contract miner
· Bonanza-grade results from ALS - updated resource estimate expected towards
end of March following major delays at ALS labs in Ireland due to COVID
· MoU signed with Oromia Bank
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.
Folow the livestream presentation and Q&A from this
link. (https://inqrate.com/xtravideos/akobo-minerals-q4-21-presentasjon/)
For more information, please contact:
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn: www.linkedin.com/company/akobominerals
Twitter: @akobominerals
Web: https://akobominerals.com
About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold exploration company, with ongoing
exploration and boutique mining developments in the Gambela region and Dima
district of southwest Ethiopia. Operations were established in 2009 by people
with long experience from both the public mining sector in Ethiopia and the
Norwegian oil service industry. Following mineral discoveries, the company is
engaged in mining studies to advance the project to production, alongside
exploration core drilling.
Akobo Minerals is transforming itself to support an increased pace of core
drilling. At both its key targets - in Segele and Joru - the company has
released exceptionally high-grade gold results in the Segele deposit, while core
drilling and trenching at Joru have intersected both high-grade gold zones and
large wide zones near the surface. The company has an excellent partnership with
national authorities and places ESG at the heart of its activities - including a
ground-breaking community program.
Akobo Minerals has a clear strategy aimed at building a portfolio of gold
resources through high-impact exploration and mining, while adhering to a lean
business operation. The company is headquartered in Oslo and is listed on the
Euronext Growth Oslo Exchange under the ticker symbol, AKOBO.
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.