Akobo Minerals (AKOBO) Q1 2026 earnings summary

Executive summary

• Achieved record gold production of 23 kg in Q1 2026, the strongest quarter to date, with stable mining and processing at Segele and cumulative doré production reaching 96 kg by end of March.

• Operations normalized after temporary shutdowns due to fuel shortages, with production and cash flow resuming strongly by end of May.

• Transitioned from exploration to consistent production over 1.5 years, becoming the first modern international gold producer in Ethiopia since 1993.

• Received export approval from the National Bank of Ethiopia, enabling direct gold export and improved foreign currency management.

• Continued investment in site infrastructure and ESG initiatives, including community water projects and environmental controls.

Financial highlights

• Q1 2026 revenue reached SEK 32.1 million, a significant increase year-over-year, with monthly gold production averaging 7–8 kg and generating approximately $1 million in revenue per month at current gold prices.

• EBITDA improved to SEK 14.0 million in Q1 2026, with break-even achieved at around 5 kg/month gold production.

• Net income for Q1 2026 was SEK 4.7 million, a turnaround from a loss of SEK 55.3 million in Q1 2025.

• Cash position at end of June estimated at USD 4.2 million; cash at end of Q1 2026 was SEK 22.1 million.

• Long-term debt increased to SEK 414.1 million, primarily a gold loan linked to gold price movements.

Outlook and guidance

• Q2 2026 is projected to be another record quarter with estimated production of 35 kg, bringing total to 131 kg by end of June.

• Shaft development is progressing, with first lateral access expected by September–October and production ramp-up in October–November.

• Priorities include maintaining stable production, advancing the vertical shaft, executing the first gold export, and strengthening operational and financial discipline.

• Plans to scale production further, targeting up to 80 kg per month as underground mining phases expand.

• Gilo license approval received, pending final verification, enabling further exploration and development.