Akobo Minerals (AKOBO) Q4 2025 earnings summary

Executive summary

• Achieved strongest quarter ever with $3.2 million in revenue and second consecutive positive EBITDA of $1.4 million in Q4 2025, with gold production of 21.5 kg at 22.2 g/t and cumulative output reaching 73 kg since start-up.

• January–February production estimated at 15.5 kg, maintaining high grades of up to 25.0 g/t and strong alignment with resource estimates.

• Vertical shaft development fully funded and underway, designed to increase capacity up to 50 kg gold/month, with headgear fabrication and civil works progressing.

• All remaining convertible bonds converted into equity, simplifying and strengthening capital structure.

• Cash and gold ore balance at end of February approximately $6 million, reflecting positive operational cash flow.

Financial highlights

• Q4 2025 revenue reached $3.2 million (SEK 29.8 million), with EBITDA of $1.4 million (SEK 12.9 million), both record highs.

• Cash and gold doré balance at end February was approximately $6 million.

• Q4 operating income was SEK 29.6 million, but result after financial items was a loss of SEK 71.2 million, mainly due to interest expenses and FX adjustments.

• Cash flow from operating activities in Q4 was SEK 5.4 million; net cash flow for the quarter was SEK 1.9 million.

• Additional stockpile of 500 tons at 20 g/t valued at $1.6 million.

Outlook and guidance

• Vertical shaft development to increase capacity from 10–20 tons/day to 100–150 tons/day, targeting up to 50 kg gold/month, with full ramp-up potentially yielding $8 million/month in sales at current gold prices.

• CIL plant upgrade expected to boost gold recovery above 90% by year-end.

• Ongoing recruitment of a senior exploration manager to drive future resource growth and new discoveries.

• Q1 expected to deliver positive operational cash flow.

• Priorities for 2026: maintain stable production, advance vertical shaft, and prepare for increased capacity post-commissioning (targeted for Aug/Sep 2026).