Akobo Minerals announces Q1 2026 results

In Q1 of 2026, Akobo Minerals AB, a Scandinavian-based gold producer operating in Ethiopia, celebrated its most successful period yet. The company reached a milestone by producing approximately 23 kilograms of gold, marking the highest quarterly output in its history.

The positive momentum was fueled by stable mining and processing operations at the Segele site and significant progress in underground and vertical shaft development. Investments in infrastructure, from camp expansions to improved water and sanitation, supported the growing activities. Additionally, the company received export approval from the National Bank of Ethiopia, paving the way for broader market access.

However, the journey was not without hurdles. In April, operations faced a temporary slowdown due to fuel shortages in Ethiopia, which impacted production. Despite this, by late May, fuel deliveries resumed, underground conditions stabilized, and full-scale mining activities were back on track. The vertical shaft development advanced steadily, even as softer rock sections required additional ground support. By June, cumulative gold doré production surpassed 100 kilograms, reaching approximately 131 kilograms.

Leadership also saw a boost with Ermias Eshetu joining the board, bringing valuable expertise in Ethiopian financial markets and governance. As fuel supply conditions stabilized, Akobo Minerals entered the next quarter with cautious optimism, ready to build on its record-breaking quarter and navigate the challenges ahead.

Financial Review

All figures in SEK million – unaudited quarterly figures.

•  The Ethiopian Birr weakened significantly during 2025, with a depreciation of approximately 20% – 30% against major currencies, materially impacting the translation of financial figures in the audited accounts.
• Quarterly figures presented during the year are based on preliminary management accounts and exchange rates, and have not been restated to reflect year-end audited FX and consolidation adjustments, and are therefore not directly comparable to audited annual financial statements.
• Revenue figures by quarter are estimated based on gold production volumes and prevailing gold prices, and may differ from actual sales recognised in the period due to the timing of gold sales and export processes.
• Long-term debt values fluctuate with gold price movements, while higher gold prices improve underlying cash flow generation.

Gold doré production