Akobo Minerals Reports November Gold Production of 8 kg, Covering Costs

Akobo Minerals AB (publ) (Euronext and Frankfurt: AKOBO), a Scandinavian-based Ethiopian gold exploration and mining company, is pleased to announce an 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. Combined with October’s production, the estimated total for the past two months reaches close to 11 kg.

November month marks a significant milestone as the company has successfully covered its operational expenses for the first time. While we may continue to see some variation in production as we further scale operations, this is an important first step in achieving stable and sustainable performance.

Production Highlights

• November production: Estimated 8 kg of gold produced in November, consisting of 6.5 kg smelted and an estimated 1.5 kg awaiting smelting
• October production: 2.8 kg of gold smelted in October
• First gold bar sale: The first gold bar, weighing 1.4 kg, was sold to the National Bank of Ethiopia (NBE) in exchange for local currency (ETB) at an approximate value of USD 2,500 per ounce
• Operational cost coverage: November's production successfully exceeded expectations and covered all operational expenses for the month
• Mining operations: First raise blasting was completed, and stoping activities commenced, allowing access to higher-grade ore zones.

Looking Ahead

Our focus remains on optimizing throughput and minimizing gold loss as we ramp up operations further. The introduction of stoping activities into high-grade zones positions Akobo Minerals for consistent, high-grade production in the coming months.