Overview of Akora Resources' recent project updates

Akora Resources Limited (ASX: $AKO) has recently completed geotechnical and hydrogeological drilling at its Bekisopa and Satrokala iron ore projects in Madagascar. The company has also commenced exploratory drilling at Satrokala. These developments are part of the ongoing Pre-Feasibility Study (PFS) for the start-up Stage 1 Direct Shipping Ore (DSO) operation at Bekisopa, which aims to produce up to 2 million tonnes per annum (Mtpa) of an ~60% Fe average grade lump and fines product for use by blast furnace steelmakers.

Executive Commentary on Project Progress

AKORA Managing Director, Paul Bibby, expressed satisfaction with the progress of the site activities at both the Bekisopa and Satrokala iron ore projects. He highlighted the encouraging results from the geotechnical and hydrogeological drilling programs, emphasizing the positive implications for the Pre-Feasibility Study (PFS) design considerations. Bibby also mentioned the recent engagement with Community leaders, confirming their support for AKORA to continue and progress to mining. He emphasized the company's commitment to advancing the project towards commercialization through the next stages of exploration and technical drilling, as well as detailed environmental and social assessment.

Summary of Project Developments and Outlook

Akora Resources has made significant progress in its iron ore projects, with the completion of geotechnical and hydrogeological drilling providing valuable data for the Pre-Feasibility Study (PFS) design considerations. The preliminary indications suggest favorable conditions, including low competency of the DSO resource and the presence of sub-surface water, which could reduce operational complexities and costs. The company's focus on advancing the PFS work components by late 2024 and reporting in Q1 2025 indicates a clear timeline for the project. Additionally, the commencement of exploratory drilling at Satrokala signifies an exciting development, potentially uncovering a significant new iron ore region in Madagascar. Akora's ambitions to produce high-grade iron ore for steelmaking, along with its plans for near-term cash generation, position the company for further growth and development in the iron ore market.