Akobo Minerals (AKOBO) Q3 2025 earnings summary

Executive summary

• Achieved first-ever positive EBITDA in Q3 2025, with SEK 6.9 million (USD 730,000), driven by 21 kg gold production at an average grade of 29.7–30 g/t and revenues of USD 2.4 million, marking transition to production and positive cash flow.

• Operations remain stable, with cumulative gold production reaching 71.5 kg by Q3 2025 and a cash and gold ore balance of USD 4.3 million at end of November.

• Financial restructuring completed, including a USD 3 million equity investment and improved loan terms, with no additional financing required for current development plan.

• First international gold producer in Ethiopia since 1993, supported by strong government backing and a favorable investment climate.

• Vertical shaft project advanced, with headgear shipped, infrastructure work ongoing, and operational readiness expected by end Q1 2026.

Financial highlights

• Q3 2025 sales reached USD 2.4 million (SEK 22.8–22.9 million) from 21 kg gold production at 29.7–30 g/t; Q4 sales estimated at USD 2.8 million with 20 kg target.

• Cash and gold ore balance at end-November was USD 4.3 million; end-Q3 cash balance SEK 24.1–31.2 million.

• Accumulated gold production reached 71.5 kg by Q3 2025.

• Debt increased to SEK 392–396.1 million, reflecting gold loan revaluation and new financing.

• Additional stockpile valued at USD 1.1 million, with plans to increase to 1,000 tons.

Outlook and guidance

• Vertical shaft development on track, with operational readiness by end Q1 2026 and ramp-up to 50 kg/month by mid-2026.

• Shaft commissioning expected to enable monthly revenues of USD 5–7 million by mid-2026.

• Quarterly gold production expected to rise to 150 kg, with potential sales of USD 20 million per quarter depending on gold price.

• CIL commissioning by end of 2026 could increase output to 80 kg/month.

• Exploration activities to ramp up in 2026, focusing on Gilo and near-mine drilling, with a structured multi-year pipeline.