Update on Bekisopa Iron Ore Project

Akora Resources Ltd (ASX:AKO) has received confirmation of support from the Malagasy Ministry of Mines for the development of its Bekisopa Iron Ore Project. The Minister of Mines in Madagascar, Dr Olivier Herindrainy Rakotomalala, and his delegation have expressed their backing for the project's advancement through the current Pre-Feasibility Study and towards the Final Investment Decision.

Executive Commentary

During our meetings the department confirmed it was open and welcoming to foreign business and would continue to work closely with AKORA to ensure the Bekisopa Project received appropriate support to ensure favourable economic, environmental, and social outcomes for all stakeholders, particularly the regions communities. AKORA looks forward to working with the Malagasy Minister of Mines and welcomes this progress and support.

Summary of Bekisopa Iron Ore Project

Akora Resources Ltd (ASX:AKO) has secured support from the Malagasy Ministry of Mines for the development of its Bekisopa Iron Ore Project. The Minister of Mines in Madagascar, Dr Olivier Herindrainy Rakotomalala, and his delegation have expressed their backing for the project's advancement through the current Pre-Feasibility Study and towards the Final Investment Decision. The company's flagship Bekisopa Iron Ore Project has a 194.7 million tonne (mt) Inferred JORC Resource with very low impurities able to produce a premium-priced +68% Fe concentrate. Akora is advancing plans to produce up to 2Mt per annum over the first five years of a 60% Fe average grade direct shipping ore for shipping to steelmakers. The Pre-Feasibility Study is due for completion and announcement in early 2025, and the company is working on the necessary steps and timing for upgrading the current Bekisopa exploration permits and granting the exploitation permit for the project. Akora remains optimistic about the project's potential and is committed to working closely with the Malagasy Ministry of Mines to ensure the project's success.