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Second quarter 2026 - 01.04.26 – 30.06.26 AKOBO MINERALS AB (publ) 30 September 2026 Euronext – AKOBO 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 Minerals’ business. This presentation includes information from the Segele Mineral Resource Estimate released by Akobo Minerals on the 22nd of April 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’. 2 Disclaimer
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3 Production and financial update 21 22 23 37 35 52 73 96 134 169 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 est. Gold doré (kg) Accumulated (kg) 2,4 3,2 3,5 6,1 5,2 0,7 1,4 1,5 4,3 3,4 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 est. Sales USD EBITDA USD • Sales and EBITDA figures translated based on average quarterly ETB/SEK and USD/SEK rates. • Figures are based on preliminary management accounts and are not directly comparable to audited financial statements due to year-end FX adjustments. Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 est. Avg. recovered grade (g/t) 29.7 21.0 22.2 20.8 38.5 30.0 Avg. LBMA spot price (USD/oz) 3,279 3,456 4,135 4,873 4,506 4,300 Q2 – RECORD QUARTER • Record quarterly doré production of approx. 37 kg • Record quarterly average recovered grade of approx. 38.5 g/t • Approx.134 kg total doré produced • Record sales of USD 6.1m • Accumulated sales of USD 17.7m • Approx. USD 3.4m repaid to Monetary Metals Q3 – CONTINUED STRONG PRODUCTION • Estimated 35 kg of doré produced in Q3, including estimate of 10 kg for September • Estimated 169 kg total doré production, including estimate of 10 kg for September STOCKPILE • Approx. 700 tonnes of ore at ~20 g/t end of September CASH POSITION • Approx. USD 3.0m in estimated cash and gold inventory value • Approx. USD 3.0m repaid to Monetary Metals in September • Approx. USD 7.0m repaid to Monetary Metals in 2026 CAPITAL STRUCTURE • Debt restructuring preparations continuing with Verdant Capital • Official launch expected in October
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4 Current operations and key approvals Operations • Production continuing from existing mining areas • Vertical shaft development progressing • Ball mill operational following repairs • Tailings retesting indicates recovery upside • Strong processing performance and normal site operations • Expansion of site accommodation underway • Mining engineering students at site for training • Malaria spraying and prevention at camp and in surrounding communities • First payment to the community fund completed - yearly Licences and approvals • Mining licence renewal process ongoing • Gilo exploration licence progressing towards issuance, with the final ESIA review ongoing • Preparations for the first gold export progressing with an LBMA-approved refinery
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April 2026 production was positively impacted by processing higher ore volumes in anticipation of the diesel shortage, which subsequently led to a production halt in May.5 Strong production at exceptional grades since October 2024 Increasing production and exceptional grades provide a strong operating foundation for the next phase of development First Segele gold doré bar 3 10 2 2 1 1 1 6 1 7 8 7 5 8 7 9 7 7 27 10 9 16 10 24 12 16 6 5 29 30 28 30 18 20 21 21 25 25 19 19 31 100 100 26 10 October 11 November 12 December 01 January 02 February 03 March 04 April 05 May 06 June 07 July 08 August 09 September 10 October 11 November 12 December 01 January 02 February 03 March 04 April 06 June 07 July 08 August 2024 2025 2026 Monthly gold production (kg) Average recovered grade (g/t)
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6 Strong cash generation and increasing financial flexibility • Strong EBITDA generated despite limited hoisting capacity • ~USD 7.0m debt repaid year-to-date 2026 • Material improvement in unit costs and cash flow expected with the new shaft FOR ILLUSTRATION Q1 – Q3 30% 43% 44% 71% 65% Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Cash generation funds investment and debt repayment USD million 3.3 Opening cash +9.2 EBITDA –2.5 Investment –7.0 Debt service 3.0 Closing cash Improving operating leverage EBITDA Margin Investments going forward • Vertical shaft and underground development • Expecting lower investments going forward as shaft nears completion Next financial steps • Refinancing high-cost debt • Reduce financing costs • Extend maturity profile • Increase financial flexibility
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7 The vertical shaft unlocks higher capacity, flexibility and deeper access Current status • Visible gold observed during shaft development • Approx. 25 metres remaining to first production level • Current focus is on gold extraction from the first lateral while shaft sinking continues • Ground support installed in line with development requirements • Progress continues, although ground conditions may influence development rates Production impact • Increased hoisting capacity • Faster access to deeper mining levels • More operating flexibility • Foundation for future production growth Exploration impact • Direct access to depth extensions • Cost-effective underground drilling platform • Potential to expand resources below current mine plan Further exploration and development Area covers approx. the 40,000 ounces of Indicated Mineral Resource with 40 g/t in average • Open at depth with gold mineralisation confirmed below current resource limits • Multiple geological indicators suggest a larger mineralised system than currently defined • Parallel zones and extensions remain largely unexplored • The shaft is designed to support both increased mining capacity and deeper exploration of the Segele system
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8 Indications of mineralisation beyond parts of the current resource model • Mining has continued beyond parts of the current block model • Gold mineralisation has been observed during vertical-shaft development east of the mineral resource • Underground surveying and geological evaluation are underway • The findings will improve the understanding of the geometry and potential continuity of the mineralised system These observations require further geological evaluation and are not included in the current Mineral Resource estimate. Towards vertical shaft
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9 Akobo 2.0 - transitioning from producer to growth company Foundation in place Strong local and federal government support, reinforced by EIH’s ownership Export approval secured from the National Bank of Ethiopia Offshore account with Standard Bank approved and operational Approval to retain 70% of export proceeds in USD Near term value drivers • Resource growth potential from ongoing mine development • First gold export • Vertical shaft development • Award of the Gilo exploration licence • Balance sheet restructuring • Additional growth and exploration opportunities
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10 Financial performance and operational leverage P&L DEVELOPMENT EQUITY & DEBT DEVELOPMENT FINANCIAL IMPROVEMENT ▪ Revenue growth driven by higher gold production and a strong gold price environment ▪ EBITDA improved significantly as production increased and fixed costs were spread across higher volumes ▪ Q2 demonstrates the operational leverage and economies of scale available at Segele as production increases 22,8 29,8 32,1 57,3 - 15,9 - 16,9 - 18,1 - 16,6 6,9 12,9 14,0 40,7 Q3-25 Q4-25 Q1-26 Q2-26 Revenues Op. ex EBITDA All figures in mSEK – unaudited quarterly figures - 192,4 -219,7 -223,8 -201,5 396,1 401,9 414,1 390,8 Q3-25 Q4-25 Q1-26 Q2-26 Equity Debt BALANCE SHEET ▪ Significant debt reduction achieved during 2026 ▪ Monetary Metals gold loan at 9,444 oz ▪ Continued improvement in equity driven by positive earnings and cash generation ▪ Further balance sheet strengthening expected through debt repayment and refinancing • The Ethiopian Birr depreciated materially during 2025, impacting the translation of financial figures into SEK. • Quarterly figures presented during the year are based on preliminary management accounts and exchange rates, and have not been restated to reflect year-end audited FX and consolidation adjustments, and are therefore not directly comparable to audited annual financialstatements
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11 Income statement – Group Comments to figures • SEK 57.3 million in gold-related revenue (doré production) • SEK 3.8 million in other expenses mainly relate to consulting services such as accounting, auditing and legal both in Norway and Sweden • SEK 6.9 million in other expenses mainly relate to mining activities in Ethiopia • Other interest income/expense relates to FX adjustments, interest Monetary Metals loans, and adjustment of gold loan value due to fluctuation in the gold price
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12 Balance sheet – Group Comments to figures • Fixed assets primarily consist of capitalised exploration costs and mining equipment at the Segele operation in Ethiopia • Long-term debt consists of a 9,444 ounces gold loan from Monetary Metals, which is linked to gold price movements • Cash during the quarter includes development activities and debt servicing (USD 3.4 million)
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13 Cash flow – Group
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14 Corporate structure and ownership Corporate structure and listing Akobo Minerals AB (Sweden) Abyssinia Resources Development AS (Norway) ETNO Mining PLC (Ethiopia) ▪ Successfully transitioned from discovery to production ▪ Ethiopia’s first modern international gold producer since 1993 ▪ Listed on Euronext Growth Oslo (AKOBO) ▪ ~3,000 shareholders with strong Norwegian investor base ▪ Ethiopian Sovereign Fund as shareholder ▪ The share is available for trading through platforms including: ▪ Avanza Bank ▪ Nordnet Bank AB ▪ Saxo Bank ▪ Interactive Brokers (IBKR) ▪ Swissquote ▪ Charles Schwab ▪ Fidelity Transparent corporate structure Top shareholders Ra nk Shares % Name 1 20 190 224 8,80 % Bernhd. Brekke A /S 2 19 915 435 8,68 % ATOLI AS 3 16 948 284 7,38 % ESMAR AS 5 16 516 113 7,20 % GH HOLDING AS 4 15 000 000 6,54 % ETHIOPIAN INVESTMENT HOLDING 6 14 427 363 6,29 % GÅSØ NÆRINGSUTVIK LING AS 7 9 999 499 4,36 % NAUTILUS INVEST AS 8 9 736 669 4,24 % PIR INVEST HOLDING AS 9 8 661 543 3,77 % B FINANS AS 10 4 791 884 2,09 % HILA AS 11 4 618 509 2,01 % EIDCO AS 12 4 047 283 1,76 % PREDICHEM AS 13 3 666 666 1,60 % LINDVARD INVEST AS 15 3 630 339 1,58 % A v anza B ank A B 14 3 574 210 1,56 % K anoka Invest A S 16 2 586 510 1,13 % JK VISION AS 17 2 457 486 1,07 % TORSEN TANKERS & TOWERS AS 18 2 382 263 1,04 % KINGFISHER AS 19 2 378 558 1,04 % HARTO INVEST AS 20 2 367 666 1,03 % TURTLE INVEST AS 167 896 504 73,15 % T op 20 shareholders 61 621 488 26,85 % Remaining shareholders 229 517 992 100,00 % TOTAL
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15 15 Q & A