Akobo Minerals - Operational Update for October 2026
2026-11-09 07:30:05
Oslo, Norway, 9 November 2026 - Akobo Minerals AB (publ) ("Akobo" or the
"Company") (Euronext Growth Oslo: AKOBO), the Scandinavian-based gold producer
operating the Segele underground gold mine in Ethiopia, one of the world's
highest-grade underground gold mines, provides an operational update for October
2026.
October delivered approximately 12 kg of doré gold at an average processed grade
of 11 g/t, providing a solid start to the fourth quarter. Cumulative gold
production since start-up has now reached approximately 181 kg.
The lower average processed grade in October primarily reflects a higher
proportion of lower-grade development material from cross-drives in the existing
mine, as well as material from previously accumulated tailings. At the same
time, gold mineralisation continues to be observed in development material from
the vertical shaft.
Key highlights
? Doré gold production: approximately 12 kg at an average processed grade
of 11 g/t
? Cumulative doré gold production: approximately 181 kg since start-up
? Average processed grade since start-up: approximately 22 g/t
? Processing stockpile: approximately 1,100 tonnes, including approximately
800 tonnes of development material from the vertical shaft
? Gingibil exploration: Drilling resumed, with the targeted quartz vein
intersected in the first two holes and visible gold observed in both
Mining
During October, the Company also commenced work to assess a potentially
mineralised area west of the current Segele orebody. Initial work is focused on
a shallow area where mineralisation appears to extend from the existing Segele
system. The work is at an early stage and further geological assessment will be
required before conclusions can be drawn regarding its scale or economic
potential.
Vertical shaft development
Development of the vertical shaft continued during October. Ground conditions
remained difficult during the month, although recent observations indicate that
the shaft may now be entering more competent, harder rock. A cubby was
successfully blasted during October, providing a protected area for the
underground mining team during hoisting operations. This is expected to reduce
the need for personnel to travel up and down the shaft during each hoisting
cycle, improving operational efficiency and supporting the continued shaft
-sinking process.
The Company expects to present an updated mine development plan in December,
following completion of the mine plan currently being prepared with external
technical consultants. The updated design will determine the optimal shaft depth
and associated lateral development required to access the orebody efficiently.
Based on the current infrastructure and subject to the final mine design, the
underground operation could extend to approximately 200 metres depth.
The deeper underground infrastructure will also provide an important platform
for further underground exploration aimed at identifying additional mining areas
and extending the Segele mineralised system at depth.
Exploration
Exploration activity during October focused on the Gingibil prospect, located
close to the Segele mine and processing plant and forming part of the broader
prospective trend towards Joru in the southern part of the Company's licence
area.
Drilling at Gingibil resumed towards the end of October. The targeted shallow
quartz vein was successfully intersected in the first drill hole over
approximately 2.5 metres downhole, from 3.0 to 5.5 metres, with coarse-grained
visible gold observed in the drill core. Subsequent drilling in early November
intersected the targeted quartz vein in a second hole, with two quartz vein
intersections totalling approximately 1.3 metres within a 1.9-metre downhole
interval, and visible gold again observed.
The observations from the first two holes are encouraging and further drilling
is planned to assess the continuity and extent of the mineralised structure.
Laboratory assays and further geological interpretation will be required to
determine the gold grade, true thickness, continuity and potential economic
significance of the mineralisation.
[image][image]
Drilling activities at the Gingibil prospect - Coarse-grained visible gold
observed in the targeted quartz vein.
For more information, contact
Jørgen Evjen, CEO, Akobo Minerals
Mob: (+47) 92 80 40 14
Mail: jorgen@akobominerals.com
LinkedIn:
www.linkedin.com/company/akobominerals
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Web:
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About Akobo Minerals
Akobo Minerals is a Scandinavian-based gold producer and explorer with more than
15 years of operations in Ethiopia. The Company holds an exploration licence
covering 182 km2 and a mining licence covering 16 km2 in the Gambela region,
Dima Woreda.
The Segele mine hosts an Indicated and Inferred Mineral Resource of
approximately 69,000 ounces at an average grade of 22.7 g/t gold. The
mineralised system remains open at depth, supporting further resource growth and
potential mine life extension. In addition, the Company's exploration licence
hosts multiple high-quality targets with significant resource potential.
Akobo Minerals places ESG principles at the core of its operations and maintains
strong relationships with local communities and government authorities. The
Company is committed to sound ethics, transparency and responsible mining
practices.
Akobo Minerals is headquartered in Oslo and listed on Euronext Growth Oslo and
the Frankfurt Stock Exchange under the ticker AKOBO. In the United States, the
Company's shares trade on the OTC Pink Market under the symbol AKOBF.
The Company places strong emphasis on internationally recognised industry
standards for exploration, mining and resource reporting.
Pink Market under the symbol AKOBF.\
\
The Company places strong emphasis on internationally recognised industry\
standards for exploration\, mining and resource reporting.\