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Akobo Minerals AB reports 1Q22 results

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Global Mining Review,

Akobo Minerals AB has reported its 1Q22 results. The company is still in a project development phase and consequently had no income in the first quarter.

The net loss for the period was SEK 0.373 million, affected by positive foreign exchange effects. The company has no external debt and a strong cash position of SEK 21 million.

Jørgen Evjen, CEO of Akobo Minerals, comments:

“The first quarter of 2022 proved to be a very positive start to the year, with many highlights. Our exploration team has been effective in completing the Segele infill and extension drill program, and our mining team made great advances in its work, all while having a strong ESG focus. Everything is moving forward as planned.

“The 100th hole at Segele was drilled and marked the completion of our current drill program. As we now know from the updated mineral resource estimate received after the end of the first quarter, it has been highly successful, with a gold concentration so high it is rarely seen in the industry. With visible gold seen at a record depth of 280 m, the ore is still open and will secure additional life-of-mine. In addition, promising new targets have been identified in the vicinity of the Segele ore.

“We have worked tirelessly to advance the development of our mine operations. Negotiations with both plant providers and mining contractors were our main focus. Simultaneously, we worked on infrastructure, geotechnical drilling, and camp upgrades. With the support and cooperation of the government and local authorities, solid progress is being made.

“As we have finished the immediate drilling of the Segele ore, we are now looking forward to seeing how we can develop a wider exploration program. We have many targets to explore, both in the vicinity of Segele, but also in the wider area of the license. With the arrival of our new drill rigs we can be flexible and opportunistic in our approach. Even with our great results to date, we have only scraped the surface of a potential new gold district. The road towards mining looks robust, while realistic. The combination will be unique and strong. We are delivering on our strategy of becoming an exploration company supported by boutique mining cash flow.”

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