Akobo Minerals Records Second-Best Gold Month at Ethiopia’s Segele Mine

Akobo Minerals produced approximately 16 kilograms of doré gold in August 2026 from its Segele underground mine in Ethiopia, making the month the company’s second-highest production month since operations began.

The Scandinavian-based gold producer reported an average grade of 26 grams per tonne (g/t) in August, significantly above the average grade recorded across its production to date.

The latest output brings cumulative production at Segele to approximately 158 kilograms, with an average grade of 24 g/t since startup, according to the company’s September 8 operational update.

The August grade also highlights the high-grade nature of the Segele deposit, although monthly production figures remain subject to the mine’s development and batch-processing schedule.

High grades, but development remains the focus

Akobo’s processing plant continues to operate in batch campaigns rather than continuously, meaning monthly processed volumes can fluctuate depending on the timing of processing campaigns.

The company ended August with approximately 700 tonnes of ore stockpiled and available for processing.

Meanwhile, development of the mine’s vertical shaft continued, although progress was slower than planned as crews worked through softer and more difficult rock conditions.

Around 54 metres of vertical shaft development remain.

The next major step is the development of the first lateral into the orebody. Akobo expects work to begin from the eastern winze before subsequently advancing from the vertical shaft.

The company plans to develop from both directions, which it says should help reduce the overall development period.

Once the first lateral is completed, Akobo expects to begin hoisting gold-bearing ore through the shaft.

Mine development could change production capacity

The shaft development is important to Segele’s next stage because the company is moving from initial production toward a more developed underground mining operation.

In addition to the shaft, Akobo is advancing geological modelling and mine planning, while preparing surface infrastructure around the shaft area.

Work is also underway on a new treatment-water storage dam and tailings storage facility, both of which are intended to support the mine’s future operations.

The company holds an exploration licence covering 182 square kilometres and a mining licence covering 16 square kilometres in Dima Woreda, Gambela Region.

High-grade resource remains open at depth

Akobo reports an Indicated and Inferred Mineral Resource of approximately 69,000 ounces of gold, with an average grade of 22.7 g/t.

The company says the mineralised system remains open at depth, leaving scope for further exploration and potential resource expansion.

For now, the August production figure provides evidence of strong grades at Segele, but the more important operational test will be whether shaft development can progress sufficiently to support more consistent underground production.

Akobo Minerals is listed on Euronext Growth Oslo and the Frankfurt Stock Exchange under AKOBO, and trades in the United States on the OTC Pink Market under AKOBF.

Source: EBR