Oslo, Norway — On 8 January 2026, Akobo Minerals AB closed 2025 with its best quarter ever, driven by steadily rising gold output at the Segele underground mine in western Ethiopia and an accelerated shaft-development program that company executives expect will unlock a new wave of production from August–September 2026.
The update marks a pivotal moment for the Scandinavian junior, listed only three years ago on Euronext Growth Oslo. By reporting record production, revenue and EBITDA in the final quarter of 2025—and by funding the next phase of expansion from existing cash and operating inflows—the company is positioning itself as a rare example of a small-cap miner that can self-finance growth while meeting aggressive timelines.
Akobo disclosed these developments in its December 2025 operational update, released simultaneously on Cision and the Euronext news wire. Management highlighted two key milestones: quarterly output of roughly 21.5 kg of doré gold and a new vertical shaft that had already reached 38 m on the reporting date Akobo operational update.
The company confirmed that the planned production uplift is scheduled for late-summer 2026, a timeline fully funded from “existing cash resources and operational cash flow,” according to filings on Euronext’s website Euronext filing.
A Record Quarter in Context
Akobo began steady gold pours from Segele in early 2024 using small winzes—steeply inclined shafts that provide quick access to shallow ore—and a 20-tonne-per-day gravity plant. By the end of December 2025, cumulative doré production had reached about 73 kg, while December alone yielded roughly 8 kg valued near US $1 million. Management ended the year with 600 tonnes of blended ore stockpiled at an estimated in-situ value of US $1.6 million.
These figures represent the strongest financial quarter the young miner has posted, with improvement across production, revenues and EBITDA, Akobo noted in the update. Although the company did not publish absolute earnings figures, the statement marks the fourth consecutive period of performance gains since first gold was poured.
Operational Drivers
The Segele mine—located in Ethiopia’s Gambela region, 750 km southwest of Addis Ababa—anchored December’s achievements. Underground crews kept ore flowing by blending high-grade zones with lower-grade material, a strategy that balances cash flow with reserve preservation. Akobo’s most recent resource estimate outlines 69,000 ounces at an average grade of 22.7 g/t, making Segele one of Africa’s richer small deposits.
During the quarter, the firm decided to accelerate vertical-shaft construction after a series of technical assessments with mining consultant Sutton. Executives justified a single 120-m sinking campaign—rather than a staged approach—as the best way to maintain continuous output from existing winzes, avoid future bottlenecks and provide an additional 80 m of face before lateral development.
Project Status and Next Steps
At the time of the update, the vertical shaft had advanced to 38 m, with headgear foundations nearing completion and other surface infrastructure reportedly ahead of schedule. Once finished, the shaft will be the deepest small-scale underground access in Ethiopia, enabling more efficient people and equipment movement and opening fresh exploration horizons below the current resource envelope.
Akobo foresees tangible benefits from the deeper access by August–September 2026, when management projects a step-change in throughput and gold output. The company says it can finance the build from treasury and operational cash, mitigating the need for debt or equity that could dilute shareholders. That stance appears credible given the rally in bullion prices—spot gold traded near US $2,080 an ounce as 2026 opened—and the miner’s modest but growing production base.
Engagement and ESG
Beyond the mine gates, Akobo reported ongoing engagement with Ethiopia’s Ministry of Mines, focusing on workforce training, knowledge transfer and environmental stewardship. Although the December update offered limited detail on ESG metrics, the company reiterated its commitment to maintaining “industry-leading environmental, social and governance principles,” consistent with Norwegian regulatory expectations and the standards of its European shareholder base.
Market Standing
Akobo Minerals holds a 16 km² mining licence and a 182 km² exploration licence in the under-explored Southwestern Ethiopia Shield. The company is publicly traded in Oslo and Frankfurt and offers over-the-counter access for U.S. investors. With more than 15 years of exploration data and recent production breakthroughs, the firm continues to position itself as a first mover in a country eager to diversify its export base beyond agriculture.
Strategic Significance for Ethiopia
Should Akobo meet its late-2026 production goals, Segele could become a template for similar high-grade, small-footprint mines across Ethiopia’s Precambrian terranes. The mine’s scale—manageable, modular and relatively low-cost—aligns with government ambitions to attract mid-tier foreign investment without the infrastructural burdens associated with mega-projects. The vertically integrated approach of funding growth internally offers a model for capital discipline in an industry often criticised for cost overruns.
Analysis: What Could Go Right—and Wrong
While the December numbers validate Akobo’s operational trajectory, several variables will determine whether the company can translate momentum into sustained profitability:
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Technical risk: Shaft sinking to 120 m is routine by global standards but significant in a region with limited underground-mining precedent. Geotechnical surprises could delay completion or raise costs.
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Regulatory landscape: Ethiopia has made strides in mining reform, yet the permitting and fiscal regimes remain evolving. Continuity in policy will be pivotal for Akobo and future entrants.
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Market conditions: The strategy partly hinges on robust gold prices. A prolonged downturn could compress margins and strain self-funding plans.
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Logistics: Segele’s remote setting requires reliable transport corridors for consumables and bullion. Upgrades in regional road infrastructure have helped, but seasonal weather patterns pose ongoing challenges.
Success would hand Ethiopia a showcase operation and give Akobo a springboard to test other prospects along its 182 km² holding. For investors, the December update offers evidence that the company is executing on milestones without external financing, an increasingly rare dynamic in junior mining.
Looking Ahead
Management has not disclosed quarterly guidance for 2026, but if December’s 8 kg of doré represents a steady-state baseline, incremental gains from shaft deepening could push annual output well beyond the roughly 25–30 kg level implied by 2025 data. The next critical milestones will be continued shaft progress, installation of hoisting equipment and first lateral development headings at depth—all of which the company says remain on track.
With construction fully funded and a targeted ramp-up window now defined, the coming 18 months will test the scalability of Akobo’s integrated approach. Success would underscore Ethiopia’s emergence on the African gold map and cement the Scandinavian explorer’s transition to a cash-generating producer.
Sources
- https://news.cision.com/akobo-minerals-ab/r/akobo-minerals—operational-update-for-december-2025,c4289720
- https://live.euronext.com/en/products/equities/company-news/2026-01-08-akobo-minerals-operational-update-december-2025
