Akobo Minerals AB, the Scandinavian-based gold producer operating in Ethiopia, has provided an operational update for March 2026.
Akobo delivered a strong March, producing approximately 7.5 kg of gold. This brings total Q1 2026 production to approximately 23 kg, the highest quarterly production achieved to date. Operations at the Segele mine remained stable throughout March, with continued production from existing underground workings.
Key highlights
- Gold production in March: approx. 7.5 kg (USD 1 million)
- Gold production Q1 2026: approx. 23 kg
- Cumulative doré production to date: approx. 96 kg
- Stock of blended material available for processing: approx. 600 tonnes
Vertical shaft development
The month also saw good progress on the vertical shaft. Hard rock has now been reached, and final collar work is being completed to stabilise the headgear infrastructure. Once this work is completed, shaft sinking will continue at a faster pace in hard rock. From this depth onwards, the shaft diameter is reduced, enabling quicker cycle times in drilling, blasting, and mucking operations. There are currently an estimated 75 metres remaining to the bottom of the shaft.
Community project
The Company’s current community project focuses on improving water supply to the local village. The project is expected to deliver significant health and sanitation benefits. The necessary infrastructure is now in place, and the water station will be owned and operated by the community. This will reduce reliance on bottled water, improve hygiene and sanitation, and deliver positive environmental impacts through lower plastic waste.
Fuel supply
Due to the ongoing conflict in the Middle East, Ethiopia has been affected by reduced fuel supply. The situation remains challenging, and the company is monitoring developments closely while preparing contingency plans. Operations have not been stopped, but the situation may change rapidly. In a worst‑case scenario, some diesel‑intensive operations may be temporarily suspended until secure supply is re‑established.
Export approval
Export permission was approved in March by the National Bank of Ethiopia under the current framework, where 50% of export proceeds are retained in USD and 50% are converted to local currency. The Company has received indications that this framework may change to 100% USD retention, similar to the current regime for the export of services in Ethiopia. Akobo is now working on the practical arrangements for its first export, an important operational milestone.
