Good morning, and welcome to Akobo Minerals' first quarter of 2026 presentation. I will take you through the latest developments of the company and the operations.

I'll just start with a short introduction for any new viewers and not familiar with Akobo Minerals. We're a Scandinavian-based gold producer and explorer.

You can see from the right-hand side here on the map, we're based out of Ethiopia when it comes to our operating assets, on the border of South Sudan, called the Segele Mine in the Akobo River area. Very nice and peaceful place to work.

We've been there for 15 years, and still still trying to expand and use this area as a hub for the future of the company. You can see here, we are operating a gold mine, a Segele Mine.

It's a high-grade operation. Looking at the category here on the right-hand bottom side, you can see a bit what we're talking about.

The average grade of an underground mine is about 5 to 8 g per ton. What you would call a high-grade deposit is above 8 g per ton, while our Segele Mine is around 22 to 40 g per ton.

It's a really high-grade bonanza mine. It's a production that's been ongoing for 1 and 1/2 year now.

We have a steady production of around 7 to 8 kilos a month from current winzes or tunnels that go from the surface into the underground orebody. If you look at that from a revenue perspective, at current gold price around $4,000 per ounce, we're talking about around $1 million per month.

Our EBITDA break-even is around 5 kilos per month. Of course, that will vary with the gold price also.

We have some processing advantage here. We do gravity processing.

You can see here that we get 86% gravity recovery. That's without using a carbon-in-leach or CIL system.

We also do have a very high grade, or not grade, but purity of of the gold we're producing. We're around 22 to 23 carat doré bars produced at site.

We're We have a very good plant setup with a strong team that delivers high-quality gold doré bars out of our own processing plant. Just on the corporate side, we have transitioned from a discovery to production during these 15 years.

That's a huge milestone in itself. We're currently a flagship project in Ethiopia, being the first modern mine or international gold mine to establish itself in Ethiopia since 1993, and we're listed today on Euronext Growth in Oslo, the stock exchange.

More back to production and operations. Q1, strongest quarter to date.

We produced around 23 kilos. At that point, we had 96 kilos of doré produced year to date.

That is end of March. If you look at the graphics on the left-hand side here, you can see that we've consistently improved month, no, quarter by quarter.

If you look within the the red square here, obviously, gold price is affecting the revenue side and the EBITDA side. Also, you can see here on the development in number of kilos produced, it's increasing quarter by quarter.

We get to the end here by adding a Q2 '26 estimate, which we expect to be another record quarter, beating previous quarters with quite a significant amount. We're expecting around 35 kilos to be produced now in Q2.

That includes 8 kilos now for June. For those of you who've been following us, knowing that we had a a temporary shutdown of operations for a couple of months due to diesel and fuel supply issues in Ethiopia, this is a very strong quarter, and and I must say that the team has been exceptional in producing and delivering this.

By the end of Q Q2, which is around today, we should have produced around 131 kilos all in all. We do still actually have a significant stockpile at site, 650 tons.

It's a lower grade ore, but still very high compared to what you see normally, going back to the previous slide, around 10 g per ton. When it comes to our cash position, we have around $4.2 million, which includes the June production estimate, in cash and cash and liquidity positions.

During the quarter one and quarter two, we started repaying Monetary Metals on the debt facility, and we have paid back around $4.1 million during the last two quarters. We also see that given the development of the company and the production and the cash flow, and what we see going forward with the new vertical shaft, there is an opportunity for us to restructure the current debt we have.

We have initiated the process. We think it's possible to lower the interest rate and also extend the maturity profile, so that will fit better with the current operations and our ambition and our interest in expanding our operations in Ethiopia, and also within the current license area.

Just to highlight, you can see here the average grade that we're producing at, it's consistent high-grade around 20 g per ton, seeing it up to 30 g per ton in Q2. That supports the narrative and what we've been telling and saying all along and what we believe is in the ground.

It's a high-grade mineral resource, and and we see it every day when we're producing. On the operations side, we've had stable mining operations, and we have continued access to ore.

It's not always the fact that you have access to ore when you're developing, but the nature of this orebody is is in such a way that it's within the boundaries of the ore model and the orebody. It's it is gold spread out consistently through the deposit, it's it's possible to access ore more or less everywhere.

As we said, we have a strong processing performance: high grades, recovery, and purity. Going then down to the development highlights, we have completed around 50%, almost, of the 120-meter planned shaft, the new vertical shaft, around 65 m remaining.

We have 7 to 10 m left to get to the first lateral drive, Level 1, that will give us access to the ore. We do not know when we hit the orebody, but we see that the orebody is extending beyond what the geological model is saying, we might hit it sooner rather than later.

Only time will tell there. We do have to do more ground support now in the beginning of the shaft.

We've hit some softer sections that will not delay as such, but it's part of mining operations. It means that you can't blast that aggressively while you're actually fixing and supporting these areas.

As I said, we have indications of mineralization beyond the current model, this is exciting. From the mining, we've gone beyond the current model, and we see it, we do have now an underground surveying on on on way to site to see what this looks like.

It'll be exciting to see what kind of surveying and results we get there. For the future, we we do need our TSF, the tailings storage facility, and that construction is progressing well.

I'm very happy to see that before we can start any CIL production later, we need a TSF up and going. On the exploration side, trenching, geological work is advancing, and that's what we'll call ahead of the next exploration phase.

We do have some good indications that the Jilow license is soon to be finalized. You can see here from the bottom that the operations, again, resumed following fuel shortage, production at site has been normalized, and the Jilow license here, it's been approved by the local administration in the area called Abobo, and it's just pending final verification to make sure that the coordinates are correct.

Then hopefully, within a very short period, it will be finalized and approved, and then we can start really looking into how to attack that area and and and develop that over the next 2, 5, 10, 15 years. We've also delivered a water supply system to the local village, and it's been handed over.

That's been a a big milestone getting fresh water to the local village, something they've never had before. Just to summarize, operations are normalized, and we do have indications of the mineralization extending beyond the current ore model, so that will be exciting to see.

Shaft development timeline: we're advancing, we've split this into three phases, we're continuing the sinking, and as I said, we're progressing then dependent on ground conditions. Depending on that, it will be a bit slower or a bit faster.

We need to stabilize where we need to, and we can't take any kind of risk when it comes to developing this shaft. We expect then to access the Lateral 1 September-October and get headgear and main winch installations done and commissioning of the hoisting system, and at that point, we'll see initial ore hoisting from the Lateral 1 access.

Where it will hit the orebody, we do not know. We think it will be sooner rather than later when based upon what we've seen, but that's too difficult to to say exactly.

This is the timeframe we're working on. Then going all the way down and the Lateral 2 access and production ramp-up will happen in October-November, and then this shaft will be in production.

I think it's important to to mention now that Akobo now has an established operating model with clear path to scale. We've been producing consistently for 1 and 1/2 year.

We see stable grades, recovery, and purity. We've also demonstrated the ability to convert gold production into US dollar cash flow by repaying Monetary Metals and international suppliers out of local currency converted into to to US dollars in Ethiopia.

That says also something about the development of the financial sector and the reforms happening in Ethiopia, a lot of positive news coming out of Ethiopia these days. When you look at the shaft, the processing plant, and design capacity, there's no There is no bottleneck there.

The plant and the hoisting capacity system can do 4,000 tons a month. If you do 20 g per ton on average, that should give us a potential of doing 80 kilos a month of gold production.

We do have the gravity recovery in operation with the CIL to increase the recovery from 86% up to maybe 90-plus, 90-something. It's really not an issue with the the technical side.

The capacity is there. What we have to work on, and which is work in progress, is to get the mining underground, to get enough areas to work on simultaneously.

We need number of active faces to support the tonnage to be hauled out. That's the main work now, is is to plan for that.

The financial performance, operating leverage: you see here an improvement on the sales and and EBITDA side. It's driven by some higher production volumes, but also, of course, a strong gold price seen lately, especially in Q1.

You can see the EBITDA is achieved as revenue increased. We do have a relatively fixed cost, even though we have added some more in Q1 related to the development of the shaft, obviously.

That is requiring a bit more more money going into the operations. Just so that it's said, the sales figures do not necessarily represent the actual sale.

It's the sale might happen the month or the quarter after, depending on, but it's a fairly good estimate based upon what we've seen and and what we're selling to the national bank locally. On the equity and debt development side, it is what it is.

The gold loan is developing, and it's also fluctuating with the the the gold price, and the same goes also then for the cash flow of the deposit, the future cash flow of the deposit. It's still a natural hedge there.

The negative equity, it reflects again the development phase and historic investments in building the Segele operations. Now going forward, we we will see that turning towards more positive equity as operations continue to deliver positive results.

On the corporate structure side, no major changes. Top shareholders still with us, long long-term supporters, and I don't think there's any changes in the top 20.

We still have a Swedish holding company, a Norwegian operating company, and Etno Mining in Ethiopia that holds all the licenses and all the assets. We have around 238 employed locally.

We have a strong team in Addis, a leadership team there, but also a very strong operating team at site. Of course, they're they're the ones delivering all the results every day, it's hard work, and we have a very very good team here.

We just got another strong asset to the company here through Ermias Eshetu. He has been elected a new board member, and he has joined the company.

He has extensive experience from the African financial markets and the Ethiopian markets. It's it's someone I've known for several years, and I'm I'm very happy to have Ermias on board, strengthening our corporate governance side, but also someone that is able to help us locally and help help develop the company on a local basis.

Worth mentioning, we have strong support also from the government, being we're seeing the Ethiopian Sovereign Fund as our fourth-largest shareholder, so that that's a very good thing to see. In general, these days, very strong support to the mining sector, that combined with all the financial and other economic reforms seen in in in Ethiopia, I believe that Ethiopia is going to be a very attractive place to invest and to take part of their future development over the next, well, not even the next few years, but for a very, very long time.

With that, what what are we looking at? How can we build value here?

We're scaling production, we're we're getting cash flow, we are going to increase that cash flow from the from the the new vertical shaft, we're going to reinvest parts of that into growth and development. What does that look like?

We do have, of course, the lateral developments in the current mine and extend that, but also extend that at depth. We know in the current orebody is open at depth.

We see a continued then geological upside and open potential potential here. We do have a lot of targets still within the near area of the mine.

Then going further, we are, of course, now going to extend the platform, especially with the new Jilow license that we expect to be awarded very soon, but also the Gingebele-Jor corridor within the existing license area. That's something we're targeting and and we've been working on for quite some time now, and where we see a big potential.

What will this look like in a few years? It will be a multi-asset company.

Jilow as a second production hub. We're also looking at other exploration targets in Ethiopia, and might have over time selective expansion into new opportunities in Africa.

This is not just about the next six months or not the next year. This is a long-term development plan that will build value step-by-step.

The financial side, I will leave that for you to look at. There is no cash flow this quarter just due to time constraints after the annual reports were delivered here last month.

Let me know if you have any questions with regards to the financials. Let's see if there are any questions here.

I think I've answered most of them. The obvious one is, of course, timeline around the shaft, when we will hit the ore, when we will start hoisting and producing.

Going back to the slide where we where I presented the timeline, we're progressing every day depending on rock stability, depending on how much we can blast every day. We're looking at we're looking at accessing this ore, as we said, in September-October from the lateral drive number one.

At that point, it will be it will be in production, and that combined with the winzes until we shut those down will give us a an increased cash flow from from that point and out. It's all progressing.

It's all there. We do not see any issues on the procurement side, on on the equipment side.

Now it's just a matter of blasting as much as we can within the limits of of the rock and and and and the safety side for for our team. That's really that's really it.

It's It's moving every day. No further questions.

Most of them were related to the shaft, I think we've answered most of that. I'd just like to say thank you all for joining and listening in.

If you have any questions, please reach out, and I will get back to you on that. Thank you.