Name of the Project
Segele gold project.

Location
Ethiopia.

Project Owner/s
Scandinavian gold exploration and mining company Akobo Minerals.

Project Description
Akobo Minerals’ Segele mine has an inferred and indicated mineral resource of 68 000 oz, yielding a world-class gold grade of 22.7 g/t.

Akobo has been focusing on the comprehensive development of the Eastern winze deposit, which is crucial for facilitating future production. The primary emphasis has been on the development of the prospect drive, which will connect the Eastern and Western winzes.

By concentrating on this drive, the company aims to establish a solid foundation for more effective operations. The strategic positioning of the Eastern winze at a lower elevation further assists in efficient stoping operation, ensuring optimal conditions for future ore extraction.

The crosscut between the two winzes will increase ore extraction rates; facilitate the startup of stoping; increase safety, as there will be two exits from the mine; and support efficient ventilation.

The deposits will be accessed using an inclined shaft from the surface and will be mined using shrinkage stoping, post room-and-pillar, and narrow-vein stull mining or cut-and-fill, depending on the dip and orientation of the orebody.

Potential Job Creation
None stated.

Net Present Value/Internal Rate of Return
None stated.

Capital Expenditure
Total capital expenditure for establishing the mine plant is estimated at $8-million.

Planned Start/End Date
The processing plant was commissioned in July 2024. Akobo produced first gold concentrate at the project in August 2024. Akobo produced its first gold bar from the Segele mine in October 2024.

Latest Developments
Akobo Minerals has said that record-high gold prices in the global market are improving the value of its Segele resource and revenue potential prior to its reaching full production.

The company is testing and optimising Akobo’s processing plant capabilities using low-grade ore as part of a measured approach towards achieving full production from higher-grade ore.

Akobo is now preparing for its first gold export shipment.

Additionally, the company has completed first raise blasting and started stoping activities on site, which paves the way for higher-grade ore mining and production ramp-up.

Key Contracts, Suppliers and Consultants
Peacocke and Simpson (metallurgical testwork); IW Mining (mining contractor); and Solo Resources (processing plant).

Contact Details for Project Information
Akobo Minerals, tel +47 92 80 40 14 or email info@akobominerals.com.