Akobo Minerals Ab · OSL:AKOBO
Akobo Minerals Ab — Q3 2025 Earnings Presentation
19 slides from Akobo Minerals Ab's earnings presentation, Dec 10, 2025
Slide 1: Third quarter 2025 presentation
Third quarter 2025 presentation AKOBO MINERALS AB (publ) 10th December 2025 Euronext – AKOBO www.akobominerals.com
Slide 2: Disclaimer
Disclaimer This document has been used during an oral presentation. Therefore, this document is incomplete without the oral explanations, comments and supporting instruments that were submitted during the referred presentation. To the extent permitted by law, no representation or warranty is given,
Slide 3: Akobo Minerals – Snapshot
Akobo Minerals – Snapshot ▪ Segele is a high-grade gold deposit developed from pure greenfield to a producing mine over a 15-year period ▪ One of the few junior companies to progress from discovery to production, now operating with positive cash flow from operations ▪ First international gold produc
Slide 4: Latest key events
Latest key events ▪ Positive EBITDA for the first time in company history ▪ USD 730k ▪ Q3 production of ▪ ~ 21.0 kg 65 kg of gold doré produced ▪ ~ 29.7 g/t ▪ ~ USD 2.4m Q4 expected to deliver positive ▪ Oct–Nov production cash flow from operations ▪ ~ 13.5 kg ▪ ~ 21.0 g/t ▪ ~ USD 1.9m ▪ Cash and go
Slide 5: Stable operations today — significant uplift enabled by the vertical shaft
Stable operations today — significant uplift enabled by the vertical shaft 150.0 • Stable production maintained while shaft development continues • Close mining areas require a controlled blasting approach 71.5 51.5 • Higher output is technically possible but not pursued during 20.5 30.5 21.0 20.0 s
Slide 6: Ethiopia – positive investment climate
Ethiopia – positive investment climate ▪ Government reforms supporting mining, foreign investment and export- led growth ▪ Mining recognised as a core pillar in national economic development ▪ Constructive dialogue with government to finalise the two remaining enabling elements for the mining indust
Slide 7: Vertical shaft development
Vertical shaft development ▪ Development progressing and on budget ▪ Planned operational readiness end Q1 2026, followed by a ramp-up period until mid-2026 ▪ Significant operational leverage as fixed costs remain largely unchanged at higher throughput ▪ During ramp-up, both winzes and the shaft will
Slide 8: Current operations – mining & processing
Current operations – mining & processing Mining Operations • Consistent mining activity maintained across all working days • Development advancing in the eastern winze, opening access to deeper ore zones • Continued focus on optimising ore blending to ensure stable plant feed and gold output • Ongoi
Slide 9: Current operations – site, infrastructure and community
Current operations – site, infrastructure and community Site and Infrastructure • Preparations for grid connection progressing, enabling long-term reduction in diesel use • Camp upgrades ongoing, supporting a workforce of more than 200 employees • Laboratory and office buildings nearing completion,
Slide 10: Exploration strategy and next steps
Exploration strategy and next steps Exploration Restart ▪ Renewed focus on exploration, with mining operations providing 10km (approximate) the platform for long-term value creation ▪ Gilo licence approved by the Ministry of Mines and Gambella region; awaiting final sign-off from the local administr
Slide 11: Looking ahead
Looking ahead ▪ Completion of the vertical shaft, enabling higher and more stable production ▪ Controlled ramp-up supported by improved haulage efficiency ▪ Access to deeper zones and additional ore bodies ▪ Restart of near-mine drilling and initiation of the Gingibil–Joru drill program ▪ Continued
Slide 12: Financial performance overview
Financial performance overview All figures in mSEK P&L Development Equity & Debt Development 22.8 396.1 349.8 282.8 316.3 10.6 9.6 6.9 4.5 Q4-24 Q1-25 Q2-25 Q3-25 -3.1 Q4-24 Q1-25 Q2-25 Q3-25 -3.9 -9.9 -96.2 -12.7 -157.8 -182.3 -192.4 -14.5 -14.4 -15.9 Revenues Op. ex EBITDA Equity Debt ▪ The compan
Slide 13: Corporate structure and top shareholders
Corporate structure and top shareholders Corporate structure and listing Transparent corporate structure Top shareholders Rank Shares % Name 1 20 190 224 8,80 % Bernhd. Brekke A/S ▪ Stock listed on Euronext Growth in Oslo and 2 20 039 017 8,73 % ATOLI AS Frankfurt Stock exchange (ticker AKOBO) Akobo
Slide 14: Financial update
Financial update 14 &) AKOBOMINERALS
Slide 15: Key metrics
Key metrics God dor) 150 55 100 210 Accurate 150 208 205 sus Averanearade (a) 169 95 27 210 Meters iled (Ro+DDH) 383 0 3 ‘Accurate 9975 20308 20328 m7 aasre man mgr Meters Weaning 433 788 Channel samoing for HMC panna 433 788 Rockehip Sameing 50 5 Sarrpes Anais 50 5 Detaled mapping savareKibmete " A
Slide 16: Income statement – Group
Income statement – Group Comments to figures • SEK 22.8 million gold doré produced • SEK 3.2 million in other expenses mainly relate to consulting services such as accounting, auditing and legal both in Norway and Sweden, including SEK 0.9 million legal expenses related to EIH share issue • SEK 7 mi
Slide 17: Balance sheet – Group
Balance sheet – Group Comments to figures • Fixed assets are capitalised exploration costs and local mining equipment in Ethiopia • Long term debt is the 9,240 ounces gold loan from Monetary Metals and the NOK 36.9m convertible loans • Convertible loans have been converted in Q4 17
Slide 18: Cash flow – Group
Cash flow – Group Comments to figures • Cash flow from operating activities relates to all entities • Cash flow from investing activities relates only to operational activities capitalised in Ethiopia • Translation differences relates to changes in foreign exchange values on bank deposits 18
Slide 19: Q&A
Q&A 19 19