Akobo Minerals reports record Q2 2026 results

Akobo Minerals AB (publ), the Scandinavian gold producer operating the high-grade Segele underground mine in Ethiopia, announced its strongest quarterly performance since production began in October 2024. The second quarter of 2026 marked record gold output, robust earnings, and significant debt reduction, underscoring the company’s solid growth trajectory.

During Q2 2026, Akobo Minerals produced approximately 37 kilograms of doré gold at an exceptional average grade of 38.5 g/t, ranking Segele among the world’s highest-grade underground gold mines. This achievement contributed to cumulative gold production of around 134 kilograms since operations started.

Preliminary management accounts indicate revenues of approximately SEK 57.3 million (US$6.1 million) and an EBITDA of about SEK 40.7 million (US$4.3 million), reflecting strong cash generation that supported ongoing mine development and substantial debt repayments to Monetary Metals. At quarter-end, cash reserves stood at SEK 31.5 million (US$3.4 million).

• Record quarterly gold production of approximately 37 kg doré, the highest to date.
• Outstanding average recovered grade of 38.5 g/t gold, confirming the premium quality of the Segele deposit.
• Resumption of production in June after temporary disruptions earlier in the quarter.
• Debt reduction with approximately US$3.4 million repaid to Monetary Metals.

Post-period developments

• Estimated 35 kg of gold production in Q3, bringing total output since start-up to around 169 kg.
• 700 tonnes of stockpiled ore available for processing.
• Mining progressing with additional mineralisation identified beyond the current resource model, including observations during vertical-shaft development.
• Further repayments to Monetary Metals totaling approximately US$3.0 million in September, raising 2026 repayments to about US$7.0 million.
• Verdant Capital appointed as financial adviser to support refinancing of existing debt, with preparations for the official launch underway.
• Continued onboarding with an LBMA-approved refinery and preparations for the first gold export shipment.

Akobo Minerals remains committed to advancing the Segele mine’s development and maximizing value for stakeholders through disciplined operations, strong financial management, and exploration of new mineralisation opportunities.

Financial review

All figures in SEK million – unaudited quarterly figures.

• The Ethiopian Birr weakened significantly during 2025. Although exchange rates stabilised during 2026, movements in the ETB/USD exchange rate continue to impact the translation of financial figures reported in SEK.
• 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. They 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 inventory movements.
• Long-term debt values fluctuate with gold price movements, while higher gold prices generally improve underlying cash flow generation and debt-servicing capacity.

Gold doré production