Akobo Minerals (AKOBO) investor relations material

Executive summary

• Achieved record quarterly gold production of 37 kg doré in Q2 2026, with cumulative output reaching 134 kg and sales of USD 6.1 million for the quarter and USD 17.7 million in total.

• Production momentum continues into Q3, with at least 35 kg doré expected, bringing total production to approximately 170 kg.

• Production resumed in June after temporary disruptions from a national diesel shortage.

• Vertical shaft development progressing, with preparations for first direct gold export and expansion of site accommodation and community engagement initiatives.

• Transitioning from a development company to a junior producer, with two years of consistent output.

Financial highlights

• Q2 2026 revenue rose to SEK 57.3 million, up from SEK 9.6 million in Q2 2025, with EBITDA margin reaching up to 71% and EBITDA of SEK 40.7 million.

• Cash position at end of Q2 was USD 3.0 million, with SEK 31.5 million in cash at period end.

• Significant debt reduction, with USD 7.0 million repaid to Monetary Metals in 2026.

• Net result after financial items for Q2 2026 was SEK 47.3 million, compared to a loss of SEK 24.6 million in Q2 2025.

• Long-term debt at Q2 2026 was SEK 390.8 million, primarily a gold loan linked to gold price movements.

Outlook and guidance

• Q3 doré production estimated at 35 kg, with 700 tonnes of stockpiled ore available for processing.

• First gold export expected soon, with export approvals, offshore accounts, and LBMA-approved refinery in place.

• Debt restructuring and refinancing of high-cost debt targeted for completion by year-end or early Q1 2027, with Verdant Capital appointed as adviser.

• Anticipated lower investments as vertical shaft nears completion, with material improvement in unit costs and cash flow expected.

• Dividend potential exists post-debt repayment, possibly from 2028.