Slides
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Second quarter 2025 presentation AKOBO MINERALS AB (publ) 30th September 2025 Euronext – AKOBO OTC – AKOBF www.akobominerals.com
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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, express or implied, as to the accuracy of the information contained in this document. Some of the statements made in this document contain forward-looking statements. To the extent permitted by law, no representation or warranty is given, and nothing in this document or any other information made available during the oral presentation should be relied upon as a promise or representation as to the future condition of Akobo Mining’s business. This presentation includes information from the Segele Mineral Resource Estimate released by Akobo Minerals AB on the 22nd ofApril 2022. Akobo Minerals AB confirms that it is not aware of any new information or data which materially affects the information contained in the press release regarding the Segele Mineral Resource (22/4/2022). All material assumptions and technical parameters underpinning the estimate are relevant and have not materially changed. The information that relates to Mineral Resources is based on information compiled by Mr Michael Lowry who is a member of the Australasian Institute of Mining and Metallurgy and is a full-time employee of SRK Consulting (Australasia) Pty Ltd. Mr Lowry has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Disclaimer 2
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Akobo Minerals – an Ethiopian gold producer 3 Operating in Ethiopia ▪ Exploration and mining licenses in the Gambella region and Dima Woreda ▪ Over 15 years of continuous, on-the-ground presence ▪ Strong local foothold based on ethics, transparency, and communication ▪ Listed on Euronext Growth, Oslo ▪ Segele mine in commercial production Strategic advantages ▪ 166 km² exploration license with high discovery potential ▪ High-grade gold production underway at Segele ▪ Segele Mineral Resource (SRK, April 2022) ▪ Indicated: 41,000 oz @ 40.6 g/t ▪ Total: 68,811 oz @ 22.7 g/t ▪ Resource remains open at depth with near-mine targets identified ▪ Modern processing plant and in-house drilling capacity Growth and cash flow potential ▪ 16 km² mining license with room for expansion ▪ Segele expected to generate substantial cash flow ▪ Pipeline of near-mine and regional exploration targets ▪ Well positioned to become a leading player in Ethiopia’s mining sector
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Latest key events 4 45 kg produced end August Preparations for September smelting ongoing Q3 expected to deliver positive cash flow from operations ▪ Production of 8 kg in July and 7 kg in August, totaling 15 kg ▪ July achieved ~ 45 g/t grade and >90% purity; all-time average ~20.9 g/t and ~ 80% purity ▪ Gold price remains strong at >USD 3,700/oz ▪ EIH became a shareholder with a USD 3 million investment ▪ Financial restructuring with MM completed; convertible loans converted ▪ Appointment of Johnny Swanepoel (Sutton Global) as Operations Manager ▪ Fabrication of vertical shaft headgear started ▪ End of rainy season
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Fabrication ▪ Identified as a long-lead item for vertical shaft construction ▪ Fabrication underway having finalised design Logistics ▪ Planning for delivery in progress; to be fabricated, assembled, disassembled, and packed into 2 x 40ft containers (vs 60+ containers for plant and mine) Shipping ▪ To be shipped from Durban to Djibouti; expected arrival in Ethiopia by year-end Oversight ▪ Close follow-up by team in South Africa; Sutton Global leads project, Go Mine fabricates ▪ All activities currently in progress; visits at Go Mine conducted Headgear development 5
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Headgear design 6 Headgear and top part of shaft Elevator coach Elevator
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Team ▪ Shaft sinking team mobilising; specialised team from Zimbabwe involved Site Preparation ▪ Heavy machinery mobilized ▪ Top area to be flattened ▪ Civils work preparation for head gear and shaft Procurement ▪ Solid amount of rebar and cement in progress for shaft construction Blasting Plan ▪ First 12 m of overburden to be removed ▪ Next stage – blasting down to 60 m, then extending to 100 m later Access to Orebody ▪ Shaft will provide efficient access to the whole resource, supporting long-term production Incline shaft development 7 Pictures for illustration, taken from a different project
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Incline shaft design 8
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Production and sales development 9 Operational ambition: minimum 5 kg gold/month to cover ongoing costs until vertical shaft is operational 15 5 10 20 15 20 30 50 Q4-24 Q1-25 Q2-25 Q3-25 est KG gold produced Accumulated 1,0 0,4 1,0 2,2 1,0 1,4 2,4 4,6 Q4-24 Q1-25 Q2-25 Q3-25 est Gold sales mUSD Accumulated ▪ Gold spot price based on LBMA Good Delivery standard (minimum 99.5% purity) ▪ Final price achieved is based upon purity of gold delivered ▪ 15% premium when delivering more than 10kg to NBE ▪ Sales settled in local currency until export commences ▪ Daily rates found here; ▪ https://nbe.gov.et/exchange/gold-purchasing-rate/ ▪ Q3 estimate based upon reaching minimum target of 5 kg ▪ Not always exact correlation between sales and production on per quarter ▪ Sales value changes with gold price, USD/ETB and USD/ SEK
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Development of gold loan and free cash flow with increased gold price 10 FOR ILLUSTRATION 20 25 30 35 40 45 50 30 60 90 120 150 180 210 2 000 2 500 3 000 3 500 4 000 4 500 5 000 Value gold loan FCF Assumptions and rough estimates ▪ Ounces gold loan 10 000 ▪ Ounces produced 60 000 ▪ Total cost, USD/oz 1 500 ▪ Gold price from 2.000 USD/oz to 5.000 USD/oz ▪ Figures in USD million Illustration ▪ Free cash flow from the deposit grows faster than the value of a gold-backed loan when the gold price increases Natural hedging ▪ The increases in gold price affects both cash flow and loan value, providing inherent risk mitigation Take away ▪ The illustration demonstrates that operational cash generation comfortably supports repayment of the gold loan
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EIH Investment - Historic milestone for Ethiopia and Akobo ▪ Private placement of USD 3m ▪ 15m shares issued @ USD 0.20 ▪ 7,38% ownership before conversion of loans ▪ 6,5% ownership after conversion of loans Monetary Metals - Strong partner in funding, operations and stakeholder engagement ▪ Interest cut from 30% → 22% ▪ Interest-free period Aug 2025 – Feb 2026 ▪ Repayments from March 2026, maturity July 2027 ▪ Warrants increased (2% → 3%, strike USD 0.20 on new warrants) ▪ The loan can increase to a max of 10,490.1268 troy ounces before default Convertible Loans – Supportive long-term shareholders ▪ NOK 36.5 million converted to equity from two loans ▪ NOK 1.74 (USD 0.17) subscription price in the NOK 25.5 convertible ▪ NOK 1.43 (USD 0.14) subscription price in the NOK 11 million convertible loan ▪ 26 383 292 new shares issued ▪ 229 517 992 number of shares after EIH transaction and conversion of loans Latest financial restructuring 11 Continued focus on improving capital structure and flexibility
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Current mining operations Production Status ▪ Consistent mining operations maintained ▪ Focus on blending high- and low-grade material ▪ Development of new underground areas underway ▪ Eastern winze extension to access deeper ore, increasing blending flexibility Processing Plant Status ▪ Plant improvements and optimisations ongoing ▪ Plant cleanup completed; significant gold recovery achieved ▪ Conversion to pure gravity recovery complete ▪ Two new shaking tables installed and operational ▪ Optimized smelting techniques consistently achieving high grade doré bars ▪ Additional smelting equipment including new high speed induction furnace is in process ▪ September batch processing and smelting planned; targeting >5 kg 12
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Environmental Monitoring ▪ Wastewater ▪ TSF detoxified; water levels continuously monitored; chemical-free leaching ensures safe wastewater ▪ Noise & Air ▪ Air quality (PM2.5/PM10) and noise levels monitored to meet Ethiopian and WHO standards ▪ Compliance ▪ EPA audit completed; corrective actions implemented; environmental lab procurement underway Health & Safety ▪ Healthcare ▪ On-site clinic delivers quality care; collaboration with local health services strengthened ▪ Hygiene & Safety ▪ Improved camp hygiene; 100% PPE compliance maintained; all incidents documented and addressed ▪ Emergency Preparedness ▪ Civil unrest response plan developed ESG, Health and Safety 13
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Surface Mineralisation ▪ Gold observed in quartz–carbonate–sulphide zones (Wolleta) and quartz–feldspar veins (West Gindibab to Joru); potential low- grade, large-volume targets Data Management ▪ Geological data updated and mapped for the exploration license area Geological Mapping ▪ 70 traverses (~3 km each) completed across 16 km²; northern license map updated Sampling ▪ 78 rock chip samples collected and analysed; confirmed gold mineralisation and supported further evaluation Yearly License Renewal ▪ 166 km² exploration license renewed by Ministry of Mines Exploration 14
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Mining Operations ▪ Advance vertical shaft development (headgear construction & shaft sinking) ▪ Ensure consistent mining operations ▪ Optimising recovery and gold purity ▪ Expand mine access to additional ore zones Exploration & Development ▪ Expand exploration work with trenching, sampling, and surface mapping ▪ Recruit new international Exploration Manager to strengthen technical capacity ▪ Refine exploration strategy and project development Corporate & Financial ▪ Open offshore bank account to facilitate international payments ▪ Secure Gilo license and export permit ▪ Strengthen financial position through positive operational cash flow Focus going forward 15 Continue stable, risk- reduced operations Advancing the vertical shaft Unlocking value from both existing and new exploration areas
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Financial performance overview 16 P&L Development Equity & Debt Development ▪ The company had revenues of SEK 9.6 million and an EBITDA of SEK -3.1 million for the quarter, covering part of its operational expenses ▪ Operational related cost from Ethiopia is now booked as operational expense in the income statement 10,6 4,5 9,6 -16,7 -14,5 -14,5 -12,7 -16,7 -3,9 -10,0 -3,1 Q3-24 Q4-24 Q1-25 Q2-25 Revenues Op. ex EBITDA All figures in mSEK -53,1 -96,2 -157,8 -182,3 218,6 282,8 316,3 346,5 Q3-24 Q4-24 Q1-25 Q2-25 Equity Debt
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17 Corporate structure and listing Akobo Minerals AB (Sweden) Abyssinia Resources Development AS (Norway) ETNO Mining PLC (Ethiopia) ▪ Stock listed on Euronext Growth in Oslo and Frankfurt Stock exchange (ticker AKOBO) ▪ Trading on the US based OTC Pink Market platform (ticker AKOBF) ▪ The company is backed by a strong group of Norwegian shareholders in addition to the Ethiopian Sovereign Fund and approx. 3,000 retail shareholders ▪ The company holds 9,240 ounces gold loan from US based investors Monetary Metals Transparent corporate structure Top shareholders* Corporate structure and top shareholders Rank Shares % Name 1 19 399 530 9,55 % ATOLI AS 2 17 553 012 8,64 % Bernhd. Brekke A/S 3 15 000 000 7,38 % Ethiopian Investment Holding 4 14 587 128 7,18 % ESMAR AS 5 14 555 908 7,17 % GH HOLDING AS 6 12 392 591 6,10 % NAUTILUS INVEST AS 7 10 826 786 5,33 % GÅSØ NÆRINGSUTVIKLING AS 8 9 736 669 4,79 % PIR INVEST HOLDING AS 9 8 661 543 4,26 % B FINANS AS 10 4 791 884 2,36 % HILA AS 11 3 666 666 1,81 % LINDVARD INVEST AS 12 3 338 354 1,64 % PREDICHEM AS 13 3 250 543 1,60 % Kanoka Invest AS 14 2 861 685 1,41 % EIDCO AS 15 2 609 775 1,28 % Avanza Bank AB 16 2 586 510 1,27 % JK VISION AS 17 2 287 476 1,13 % TURTLE INVEST AS 18 2 137 662 1,05 % CHRISTIANSEN 19 2 093 725 1,03 % TORSEN TANKERS & TOWERS AS 20 1 955 808 0,96 % KINGFISHER AS 154 293 255 75,96 % Top 20 shareholders 48 841 445 24,04 % Remaining shareholders *Not including 26 383 292 shares from the ongoing conversion of the two convertible loans
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18 Financial update
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Key metrics 19
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Income statement – Group 20 Comments to figures • SEK 9.6 million gold produced • SEK 2.9 million in other expenses mainly relate to consulting services such as accounting, auditing and legal both in Norway and Sweden • SEK 4 million in other expenses mainly relate to mining activities in Ethiopia • Personnel costs are primarily salaries for fixed employees in all countries • Other interest income/expense relates to FX adjustments, interest on convertible and Monetary Metals loans, and adjustment of gold loan value due to fluctuation in the gold price
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Balance sheet – Group 21 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
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Cash flow – Group 22 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
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23 23 Q & A