AKORA RESOURCES LIMITED — Capital/Financing Update 2021

Nov 16, 2021

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ASX Release

17 November 2021

BEKISOPA DRILLING CAMPAIGN COMPLETED SIGNIFICANT IRON MINERALISATION CONTINUES AT DEPTH

AKORA Resources (“AKORA” or “the Company”) (ASX Code: AKO) is pleased to report to shareholders that the 2021 drilling campaign was completed on 13[th] November 2021. In total 5,110 metres of drilling have been completed since mid-June and a total of 1,027 meters in the last six drill holes, confirming multiple and extensive iron mineralisation is present. In total 51 diamond drill holes have been completed over 2021.

Highlights:

51 drill holes for 5,110 metres drilled in the 2021 drilling campaign with 63 drill holes for 6,200 metres completed over 2020 and 2021.

• ➢ 17 drill holes over 100m deep, downhole

• ➢ Last six drill holes*, BEKD58 to BEKD63 in the south, suggest significant thicknesses of iron mineralisation in this area as these holes ended after passing through iron mineralisation at good depths

BEKD61 ended at 204.33 metres BEKD58 ended at 172.85 metres BEKD59 ended at 186.34 metres

• ➢ Volume of data collected and to be validated along with continuing Covid-impact on logistics from Madagascar (via Europe) to Australia will result in a delay to release of JORC Resource

Webinar invitation Paul Bibby will discuss drilling program results and outlook

Webinar Registration

When: Thursday 18[th] November Time: 12.30pm AEDT/9.30am WA Register to join here: https://us02web.zoom.us/webinar/register/WN_ptL0ZFaTS9GQqfPGqLkV8w

Note: * these drilling results are from the initial drilling logs and need to be confirmed by the geological logging.

Bekisopa 2021 Drilling Campaign Completed

Drilling at AKORA’s flagship Bekisopa prospect was completed on the 13[th] of November almost five months after drilling started in June. The drilling program has been an outstanding success, with assays received to date confirming excellent iron grades near surface and drill logging plus magnetic susceptibility readings identifying good iron mineralisation at depth (see ASX releases 20 July, 17 August, 14 September, 23 September, 19 October, 3 November and 9 November 2021).

The 2021 drilling campaign was expanded from the initial 4000m to around 5000m as the drilling continued to intercept iron mineralisation at surface and at depth along the six-kilometre strike length. The decision to extend the drilling was to maximise the benefit from the costs of mobilising the camp, setting up for drilling, geological logging and associated facilities, and increase the probability that the drilling along and across the six-kilometre strike length could lead to a significant maiden JORC Resource estimation. The additional drilling and analytical work have accelerated the proposed 2022 work programme.

The drilling campaign highlights have been many and completing the mobilisation and drilling continuously over five months without a safety incident and only one day lost for mechanical issues is an excellent outcome. The quality of the drilling with drill hole recoveries averaging 97% and the last 6 holes averaging 99% recovery, indicate good drilling practices and we have been very pleased with the teams we work with in Madagascar.

The drilling team and equipment will be demobilised in the coming days. This will enable the completion of the logging and DGPS pick-up of the drill holes. The extension of the drilling programme and the number of deep drill holes intercepting iron mineralisation, has resulted in a significant increase in related geological logging, magnetic susceptibility measurements and drill core splitting to be completed at site before the samples can be transported to Antananarivo for sample preparation. It is expected that the geological team will be at site until around 25 November to complete the logging of the last drill holes, approximately 1,027 metres of drill core from the last six drill holes remaining to be processed. A significant proportion of those metres being iron mineralisation observed in initial drilling reports. This observed iron mineralisation will require confirmation through geological logging and magnetic susceptibility measurements.

AKORA Resources Managing Director Paul Bibby commented on the Bekisopa Resource drilling campaign:

“I have to say that in all my experience in iron ore exploration and development I have never been more excited with a project as I have become with Bekisopa. The grades, the depth, the extent, the quality of the iron mineralization and how readily upgradable the iron looks to be, has all been even better than what I anticipated.

During one of the most trying periods in decades, we have completed an extensive and hugely successful campaign of drilling discovery and now, with the amount and analysis of the data, I’m confident that AKORA will deliver a good maiden JORC Resource. I must make mention of the Madagascar teams we’ve been working with on site and commend them on their professional attention and the excellent work carried out. I’m looking forward to delivering a very successful year ahead to all AKORA shareholders in 2022.”

Conclusion

The 2021 drilling campaign has been completed successfully, with excellent drilling intercepts, down to 250 metres downhole (approximately 200m below surface) and with downhole width of up to 138 metres (see ASX Announcement 9 November 2021). There have been outstanding very high-grade assay results already reported and significant intercepts, at surface, of 8.2m at 68.2%Fe and 4.5m at 65.5%Fe which is potentially DSO quality.

Due to the extensive body of iron mineralisation being defined through the drilling campaign, particularly in the past months of deep drilling, there is now a substantial backlog of geological logging, magnetic susceptibility measurements, photographing of the drill core and drill core splitting to be completed at the Bekisopa site.

Due to the volume of data collected during the drill campaign, combined with delays during the height of the Covid pandemic affecting logistics from Madagascar into Europe and then to Australia means that despite all efforts the Bekisopa JORC Resource is unlikely to be completed by the end of this year. The board of directors has considered the current schedule and taking into account the Christmas/New Year period, the Company is now expecting the JORC Resource will be released during the first quarter of 2022.

Webinar

Paul Bibby will conduct a Webinar Presentation to outline the highlights of the Bekisopa drilling campaign and the outlook for the Company.

Webinar Registration When: Thursday 18[th] November Time: 12.30pm AEDT/9.30am WA Register to join here: https://us02web.zoom.us/webinar/register/WN_ptL0ZFaTS9GQqfPGqLkV8w

For further information please contact:

Paul G Bibby Peter Taylor Managing Director Investor Relations Phone +61(0) 419 449 833 Phone +61(0) 412 036 231 www.akoravy.com Peter@nwrcommunications.com.au

About AKORA Resources

AKORA Resources (ASX: AKO) is an exploration company engaged in the exploration and development of the Bekisopa Project, the Tratramarina Project and the Ambodilafa Project, iron ore projects in Madagascar, in all totaling some 308 km2 of tenements across these three prospective exploration areas. Bekisopa Iron Ore Project is a high-grade magnetite iron ore project of >4km strike and is the key focus of current exploration drilling and resource modelling.

Competent Person’s Statement

The information in this report that relates to Exploration Targets, Exploration Results, and related scientific and technical information, is based on, and fairly represents information compiled by Mr Antony Truelove. Mr Truelove is a consulting geologist to Akora Resources Limited (AKO). He is a shareholder in Akora Resources Limited, holding 4,545 Shares he purchased in 2011, some 8 years prior to being engaged as a consultant. Mr Truelove is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a Member of the Australian Institute of Geoscientists (MAIG). Mr Truelove has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Truelove consents to the inclusion in this report of the matters based on his information in the form and context in which it appears including sampling, analytical and test data underlying the results.

Competent Person’s Statement

The information in this report that relates to Mineral Processing and related scientific and technical information, is based on, and fairly represents information compiled by Mr Paul Bibby. Mr Bibby is a Metallurgist and Managing Directors of Akora Resources Limited (AKO), as such he is a shareholder in Akora Resources Limited. Mr Bibby is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Bibby has sufficient experience which is relevant to the styles of mineralisation and its processing under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Bibby consents to the inclusion in this report of the matters based on his information in the form and context in which it appears including analytical, test data and mineral processing results.

Authorisation

This announcement has been authorised by the AKORA Resources Board of Directors on 17 November 2021.

JORC Code

Table 1 Section 1 Sampling Techniques and Data BEKISOPA PROJECT

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (e.g., cut channels,	•Diamond core (HQ or NTW) is split in half using a core saw or splitter (if clayey or
techniques	random chips, or specific specialised industry	rubbly). A consistent half of the core is broken with a hammer and bagged prior to
	standard measurement tools appropriate to the	dispatch to the preparation laboratory in Antananarivo. Sample interval is
	minerals under investigation, such as down hole	nominally 1m down hole but with samples terminated at lithological boundaries.
	gamma sondes, or handheld XRF instruments, etc).
	These examples should not be taken as limiting the
	broad meaning of sampling.
	• Include reference to measures taken to ensure
	sample representivity and the appropriate calibration
	of any measurement tools or systems used.
	• Aspects of the determination of mineralisation that
	are Material to the Public Report.
	• In cases where ‘industry standard’ work has been
	done this would be relatively simple (e.g., ‘reverse
	circulation drilling was used to obtain 1 m samples
	from which 3 kg was pulverised to produce a 30 g
	charge for fire assay’). In other cases, more
	explanation may be required, such as where there is
	coarse gold that has inherent sampling problems.
	Unusual commodities or mineralisation types (e.g.,
	submarine nodules) may warrant disclosure of
	detailed information.
Drilling	• Drill type (e.g., core, reverse circulation, open-hole	•All drilling is diamond core drilling using either NTW (64.2mm inner diameter) or
techniques	hammer, rotary air blast, auger, Bangka, sonic, etc)	HQ (77.8mm inner diameter) coring equipment. The holes are generally collared
	and details (e.g., core diameter, triple or standard	using HQ and changed to NTW between 3m and 25m downhole. Core is not
	tube, depth of diamond tails, face-sampling bit, or	orientated. All drillholes are surveyed every 10m using a Reflex EZ-Gyro
	other type, whether core is oriented and if so, by	gyroscopic multi-shot camera. No surveys to date have varied more than 5° from
	what method, etc).	the collar survey in either azimuth or declination.

Criteria	JORC Code explanation	Commentary
Drill sample	• Method of recording and assessing core and chip	•Average core recovery is 97% but may be lower in the rubbly part of the
recovery	sample recoveries and results assessed.	weathered zone. Several one metre intervals returned low recoveries due to
	• Measures taken to maximise sample recovery and	rubbly material. All other intervals gave good recovery, with close to 100% in
	ensure representative nature of the samples.	fresh rock.
	• Whether a relationship exists between sample
	recovery and grade and whether sample bias may
	have occurred due to preferential loss/gain of
	fine/coarse material.
Logging	• Whether core and chip samples have been	•A set of standard operating procedures for drilling and sampling were prepared by
	geologically and geotechnically logged to a level of	the company and Vato Consulting, who supervised the programme, and these
	detail to support appropriate Mineral Resource	were always adhered to.
	estimation, mining studies and metallurgical studies.	•During drilling, checks and verifications of the accurate measurement of
	• Whether logging is qualitative or quantitative in	penetration depth of drill hole cores were made and observations and recording of
	nature. Core (or costean, channel, etc) photography.	the colour of the water / mud rising from the drill hole were made.
	• The total length and percentage of the relevant	•All drill core was logged quantitatively using industry standard practice on site in
	intersections logged.	enough detail to allow mineral resource estimates as required.
		•Logging included: core recovery %, primary lithology, secondary lithology,
		weathering, colour, grain size, texture, mineralisation type (generally magnetite or
		hematite), mineralisation style, mineralisation %, structure, magnetic susceptibility
		(see below), pXRF readings (see below), notes (longhand).
		•All core was photographed both wet and dry and as both whole and half core.
		•All core was geotechnically logged and RQD’s calculated for every sample
		interval.
		•All drill-holes were logged using a magnetic susceptibility meter to enable
		accurate distinction of iron (magnetite) rich units and to potentially differentiate
		between magnetite and hematite rich mineralisation.
		•Density measurements were made using both the Archimedes method (mainly
		fresh rock) and the Caliper Vernier (mainly regolith) methods.
Sub-	• If core, whether cut or sawn and whether quarter,	•A set of standard operating procedures for drilling and sampling were prepared by
sampling	half or all core taken.	the company and Vato Consulting, who supervised the programme, and these
techniques	• If non-core, whether riffled, tube sampled, rotary	were always adhered to.
and sample	split, etc and whether sampled wet or dry.	•All core was fitted together so that a consistent half core could be collected,
preparation	• For all sample types, the nature, quality, and	marked upwith a “top” line(lineperpendicular to dipand strike, or main foliation),

Criteria	JORC Code explanation	Commentary
	appropriateness of the sample preparation	sample intervals decided and marked up and the core subsequently split in half
	technique.	using a core saw, separating samples into the marked-up intervals. If the core
	• Quality control procedures adopted for all sub-	was clayey or rubbly, it was split in half using a hammer and chisel. The intervals
	sampling stages to maximise representivity of	were nominally 1m, but smaller intervals were marked if a change in geology
	samples.	occurred within the 1m interval.
	• Measures taken to ensure that the sampling is	•The half core sample intervals were put into polythene bags along with a paper
	representative of the in-situ material collected,	sample tag. This was then sealed using a cable tie and placed into a second
	including for instance results for field	polythene bag with a second paper tag and this was sealed using staples.
	duplicate/second-half sampling.	•The samples were subsequently transferred at regular intervals to the sample
	• Whether sample sizes are appropriate to the grain	preparation facility in Antananarivo (OMNIS) where they will undergo the following
	size of the material being sampled.	preparation:
		o Sorting and weighing of samples
		o Drying at 110-120°C until totally dry
		o Weighing after drying
		o Jaw crushing to 2mm
		o Riffle split and keep half as a reference sample
		o Collect a 100g sub-sample of 80% passing 2mm material and store
		this
		o Pulverise to minus 75 micrometres
		o Clean ring mill using air and silica chips
		o Riffle split and sub-sample 2 sets of 100g pulps
		o Store reject pulp
		o Conduct a pXRF reading on the minus 75 micrometre pulp
		o Weigh each of the sub-samples (minus 2mm, 2 x minus 75
		micrometres) and store in separate boxes for ready recovery as
		needed
Quality of	•The nature, quality and appropriateness of the	•All assays have been undertaken by ALS in Perth, Australia, using their standard
assay data	assaying and laboratory procedures used and	iron suite. QAQC includes standards, blanks, and duplicates. These are all within
and	whether the technique is considered partial or total.	tolerance limits.
laboratory	•For geophysical tools, spectrometers, handheld XRF
tests	instruments, etc, the parameters used in determining
	the analysis including instrument make and model,
	reading times, calibrations factors applied and their
	derivation,etc.

Criteria	JORC Code explanation	Commentary	Commentary
	•Nature of quality control procedures adopted (e.g.
	standards, blanks, duplicates, external laboratory
	checks) and whether acceptable levels of accuracy
	(i.e. lack of bias) and precision have been
	established.
Verification	•The verification of significant intersections by either	•	As this is the first drilling into the project, no twinning is necessary. All data is
of sampling	independent or alternative company personnel.		entered on site and checked by consultants Vato Consulting before being entered
and	•The use of twinned holes.		into an Excel database and sent to Akora.
assaying	•Documentation of primary data, data entry
	procedures, data verification, data storage (physical
	and electronic) protocols.
	•Discuss anyadjustment to assaydata.
Location of	• Accuracy and quality of surveys used to locate drill	•	All drill hole collars have been provisionally located using a hand-held GPS (+/-5m
data points	holes (collar and down-hole surveys), trenches,		accuracy). Final collars will be picked up at completion of the drilling program.
	mine workings and other locations used in Mineral	•	All 2020 drillholes have been surveyed using DGPS.
	Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• •	The grid system used is UTM, WGS84, Zone 38 Southern Hemisphere Topographic control is country wide data only. An accurate topographic survey will be undertakenprior to anyresource estimation.
Data spacing	• Data spacing for reporting of Exploration Results.	•	Data spacing is planned to be at 200m x 50m drill spacing which is considered
and	• Whether the data spacing, and distribution is		reasonable for the style of mineralisation being intersected. In several areas with
distribution	sufficient to establish the degree of geological and		significant surficial mineralisation, drill-hole density has been closed up to 100m x
	grade continuity appropriate for the Mineral		50m.
	Resource and Ore Reserve estimation procedure(s)	•	All samples are assayed as individual, less than 1m long intervals. Composites of
	and classifications applied.		selected intervals will be tested using wet and dry, low intensity magnetic
	• Whether sample compositing has been applied.		separation(LIMS).
Orientation	• Whether the orientation of sampling achieves	•	The ironstone unit has a strong north-south trend and drilling is generally oriented
of data in	unbiased sampling of possible structures and the		to the east. The outcrops, trenches and magnetics all show a steep to shallow
relation to	extent to which this is known, considering the		westerly dip and hence the drill direction is considered to be optimal. The drilling
geological	deposit type.		in the south was interpreted as being synclinal in nature with tonnage potential
structure	• If the relationship between the drilling orientation		limited to the keel of the syncline. However, it has been found that the structure is
	and the orientation of key mineralised structures is		an orocline and that mineralisation continues at depth in this area. Mineralisation
	considered to have introduced a sampling bias, this		in the SW zone appears to be sheet-like at present but additional drilling is
	should be assessed and reported if material.		required to confirm the true morphologyin this location. A single hole oriented to

Criteria	JORC Code explanation	Commentary
		the west in the far south of the tenement suggests the sequence is dipping to the
		east here, suggesting an anticlinal structure in this area.
		•No sample bias is evident.
Sample	• The measures taken to ensure sample security.	•Chain of Custody procedures are implemented to document the possession of the
security		samples from collection through to storage, customs, export, analysis, and
		reporting of results. Chain of custody forms are a permanent records of sample
		handling and off-site dispatch.
		•The on-site Geologist is responsible for the care and security of the samples from
		the sample collection to the export stage. Samples prepared during the day are
		stored in the preparation facility in labelled sealed plastic bags.
		•The Chain of Custody form contains the following information:
		• Sample identification numbers;
		• Type of sample;
		• Date of sampling;
		• List of analyses required;
		• Customs approval;
		• Waybill number;
		• Name and signature of sampling personnel;
		• Transfer of custody acknowledgement.
		•Samples are delivered to the analytical laboratory by courier. A copy of the Chain
		of Custody form is signed and dated and placed in a sealable plastic bag taped on
		top of the lid of the sample box. Each sample batch is accompanied by a Chain of
		Custody form.
		•One box of samples was incorrectly sent to ALS Ireland and one to ALS Perth
		rather than the other way around. The laboratory subsequently sent the one box
		from Ireland to Perth and the box incorrectly sent to Perth was assayed in Perth.
		No tampering of either of these boxes was observed.
Audits or	• The results of any audits or reviews of sampling	•No audit has been conducted.
reviews	techniques and data.

JORC Code

Table 1 Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section)

Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The Company completed the acquisition of the minority interest in Iron Ore Corporation of Madagascar sarl held by Cline Mining Corporation on 5 August 2020. • The Company holds through Iron Ore Corporation of Madagascar sarl, Universal Exploration Madagascar sarl and a Farm-in Agreement 12 exploration permits in three geographically distinct areas. All administration fees due and payable to the Bureau du Cadastre Minier de Madagascar (BCMM) have been and accordingly, all tenements are in good standing with the government. • The tenements are set out in Table 3.1 below Project ID Tenement Holders Permi t ID Per mit Typ e Num ber of Block s Grantin g Date Expiry Date Submi ssion Date Actual Status Last Payment of Administration Fees Tratramarina UEM 16635 PR 144 23/09/20 05 22/09/2 015 04/09/2 015 under renewalprocess 2021 UEM 16637 PR 48 23/09/20 05 23/09/2 015 04/09/2 015 under renewalprocess 2021 UEM 17245 PR 160 10/11/20 05 09/11/2 015 04/09/2 015 under renewalprocess 2021 RAKOTOA RISOA 18379 PRE 16 11/01/20 06 11/01/2 014 27/03/2 012 under transformation to PR 2021 RAKOTOA RISOA 18891 PRE 48 18/11/20 05 17/11/2 013 27/03/2 012 under transformation to PR 2021 Ambodilafa MRM 6595 PR 98 20/05/20 03 19/05/2 013 08/03/2 013 under renewalprocess 2021 MRM 13011 PR 33 15/10/20 04 14/10/2 014 07/08/2 014 under renewalprocess 2021 MRM 21910 PR 3 23/09/20 05 22/09/2 015 12/07/2 015 under substance extension and renewal process 2021 Bekisopa IOCM 10430 PR 64 04/03/20 04 03/03/2 014 28/11/2 013 under renewalprocess 2021 26532 PR 768 16/10/20 07 03/02/2 019 relinquished 2018
	Project ID	Tenement Holders	Permi t ID	Per mit Typ e	Num ber of Block s	Grantin g Date	Expiry Date	Submi ssion Date	Actual Status	Last Payment of Administration Fees
	Tratramarina	UEM	16635	PR	144	23/09/20 05	22/09/2 015	04/09/2 015	under renewalprocess	2021
		UEM	16637	PR	48	23/09/20 05	23/09/2 015	04/09/2 015	under renewalprocess	2021
		UEM	17245	PR	160	10/11/20 05	09/11/2 015	04/09/2 015	under renewalprocess	2021
		RAKOTOA RISOA	18379	PRE	16	11/01/20 06	11/01/2 014	27/03/2 012	under transformation to PR	2021
		RAKOTOA RISOA	18891	PRE	48	18/11/20 05	17/11/2 013	27/03/2 012	under transformation to PR	2021
	Ambodilafa	MRM	6595	PR	98	20/05/20 03	19/05/2 013	08/03/2 013	under renewalprocess	2021
		MRM	13011	PR	33	15/10/20 04	14/10/2 014	07/08/2 014	under renewalprocess	2021
		MRM	21910	PR	3	23/09/20 05	22/09/2 015	12/07/2 015	under substance extension and renewal process	2021
	Bekisopa	IOCM	10430	PR	64	04/03/20 04	03/03/2 014	28/11/2 013	under renewalprocess	2021
			26532	PR	768	16/10/20 07	03/02/2 019		relinquished	2018

Criteria JORC Code explanation	Commentary	Commentary
			35828	PR	80	16/10/20 07	03/02/2 019		relinquished	2018
			27211	PR	128	16/10/20 07	23/01/2 017	20/01/2 017	under renewalprocess	2021
			35827	PR	32	23/01/20 07	23/01/2 017	20/01/2 017	under renewalprocess	2021
	~~•~~	RAZAFIND RAVOLA	3757	PRE	16	26/03/20 01	25/11/2 019		Transfer from IOCM Gerant to AKO	2021
Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties.	•Exploration has been conducted by UNDP (1976 - 78) and BRGM (1958 - 62). Final reports on both episodes of work are available and have been utilised in the recent IGR included in the Akora prospectus. Airborne magnetics was flown for the government by Fugro and has since been obtained,modelled,and interpreted byCline Miningand Akora.
Geology • Deposit type, geological setting, and style of mineralisation.	• The tenure was acquired by AKO during 2014 and work since then has consisted of: o Data compilation and interpretation; o Confirmatory rock chip sampling (118 samples) and mapping; o Re-interpretation of airborne geophysical data; o Ground magnetic surveying (305-line kilometres); o The 2020 drilling programme of 1095.5m diamond core drilling in 12 drill-holes. o The current programme that to date includes 5,110 in 51 drillholes (BEKD13 to 63) • The recent drilling has shown that the surface mineralisation continues at depth, with at most a 25% increase in grade due to weathering effects. However, it should be noted that some downslope creep of scree from these units may exaggerate apparent width at surface. • The mineralisation occurs as a series of magnetite bearing gneisses and calc-silicates that occur as zones between 50m and 150m combined true width. • The mineralisation occurs as layers of massive magnetite (sometimes altered to hematite) between 1m and 7m true width plus a lower grade zone that consists of lenses, stringers, boudins and blebs of magnetite aggregates that vary from 1cm to 10’s of cm wide within a calc- silicate/gneiss unit (informally termed “coarse disseminated” here). These units sometimes have an outer halo of finer disseminated magnetite (informally termed “disseminated” here). • This wide mineralisation halo provides a large tonnage potential over the 6-7km strike of mapped mineralisation and associated magnetic anomaly within the Akora tenement. • The bands and blebs of massive magnetite aggregates along with preliminary LIMS testwork suggest that a good iron product may be obtained using a simple crush to -2mm followed by magnetic separation.
Drill hole Information • A summary of all information material to the understanding of the exploration results	• All drill information being reported as part of the current press release is presented in the table below:

Criteria	JORC Code explanation	Commentary
	including a tabulation of the following
	information for all Material drill holes:	CollarID	Utm38sX	Utm38sY	Elev_m	Azm_deg	Inc_deg	Length_m
	o Easting and northing of the drill hole	BEKD01	586079.1	7612150	881.57	0	-90	80.54
	collar; o Elevation or RL (Reduced Level – elevation above sea level in metres) of	BEKD02 BEKD03	586159.7 586348.6	7611699 7611000	878.75 872.47	90 90	-60 -60	80.48 100.47
	the drill hole collar;	BEKD04	586448.8	7610800	869.83	90	-60	100.49
	o Dip and azimuth of the hole;	BEKD05	586368.9	7610799	862.45	90	-60	100.45
	o Down hole length and interception	BEKD06	586549.3	7610801	871.29	90	-60	60.4
	depth; and	BEKD07	586722.9	7609301	842.3	90	-60	70.5
	o Hole length.	BEKD08	586822.7	7609300	853.71	90	-60	100.44
	• If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not	BEKD09 BEKD10	586749.3 586798.6	7608150 7608150	862.81 865.33	90 90	-60 -60	100.46 100.43
	detract from the understanding of the	BEKD11	586848.8	7608150	868.22	90	-60	100.44
	report, the Competent Person should	BEKD12	586899	7607600	868.86	90	-60	100.42
	clearly explain why this is the case.	BEKD13	586903.6	7608150	877.32	90	-60	30.3
		BEKD14	586648.6	7608151	858.32	90	-60	107.35
		BEKD15	586899.3	7607999	875.91	90	-60	30.23
		BEKD16	586798.4	7608000	873.45	90	-60	70.3
		BEKD17	587099.9	7608299	893.48	90	-60	50.24
		BEKD18	587108.1	7608450	890.82	90	-60	50.24
		BEKD19	586099.1	7612099	882.88	90	-60	80.32
		BEKD20	586000.7	7612298	854.23	90	-60	80.32
		BEKD21	585902.7	7612500	850.93	90	-60	80.3
		BEKD22	585700.2	7612700	879.09	90	-60	80.24
		BEKD23	586148.7	7611900	889.56	90	-60	53.35
		BEKD24	586097.8	7611899	879.24	90	-60	80.37
		BEKD25	586178.2	7611701	880.68	90	-60	59.32
		BEKD26	586198.3	7611701	882.07	90	-60	49.26
		BEKD27	586219.5	7611701	883.35	90	-60	30.32
		BEKD28	586350.2	7607799	852.28	90	-60	30.27

Criteria	JORC Code explanation	Commentary
		BEKD29	586297.2	7607800	851.5	90	-60	100.32
		BEKD30	586347.6	7607900	853.18	90	-60	30.22
		BEKD31	586299.4	7607900	853.07	90	-60	100.28
		BEKD32	586349.6	7607999	849.42	90	-60	41.22
		BEKD33	586299.3	7608000	851.44	90	-60	55.28
		BEKD34	586349	7608100	843.08	90	-60	50.24
		BEKD35	586298.7	7608100	844.15	90	-60	54.26
		BEKD36	587000.5	7607600	874.57	270	-60	100.34
		BEKD37	586599.8	7610600	873.35	90	-60	50.24
		BEKD38	586548.3	7610600	872.09	90	-60	100.32
		BEKD39	586498.2	7610798	871.69	90	-60	100.34
		BEKD40	586405.9	7610801	866.33	90	-60	100.27
		BEKD41	586398	7611001	876.79	90	-60	80.28
		BEKD42	586427.9	7611000	878.77	90	-60	49.27
		BEKD43	586549	7608151	860*	90	-60	195.61
		BEKD43A	586551	7608151	859*	90	-60	50.64
		BEKD44	586700	7608001	879*	90	-60	115.59
		BEKD45	586603	7608002	871*	90	-60	178.68
		BEKD46	586597	7608300	852*	90	-60	193.59
		BEKD47	586692	7608301	857*	90	-60	139.55
		BEKD48	586801	7608300	862*	90	-60	85.56
		BEKD49	586903	7608297	883*	90	-60	50.62
		BEKD50	586003	7612100	865*	90	-60	138.2
		BEKD51	585900	7612101	848*	90	-60	220.65
		BEKD52	585903	7612299	861*	90	-60	174.12
		NOTE: Holes marked “*” have not been accurately surveyed as			yet and the Company is waiting for drill hole			data for BEKD53 to
		BEKD63
		Results are presented in the main body of this document.

Criteria	JORC Code explanation	Commentary	Commentary
		•	Geological interpretation and cross section of representative drillholes are presented in the
			associated press release.
		•	No new assay results are being reported.
Data	• In reporting Exploration Results, weighting	•	No cuts were used as iron is a bulk commodity.
aggregation	averaging techniques, maximum and/or
methods	minimum grade truncations (e.g., cutting of
	high grades) and cut-off grades are usually
	Material and should be stated.
	• Where aggregate intercepts incorporate
	short lengths of high-grade results and
	longer lengths of low-grade results, the
	procedure used for such aggregation
	should be stated and some typical
	examples of such aggregations should be
	shown in detail.
	• The assumptions used for any reporting of
	metal equivalent values should be clearly
	stated.
Relationship	• These relationships are particularly	•	Drilling is ongoing and only preliminary interpretations are shown.
between	important in the reporting of Exploration
mineralisati	Results.
on widths	• If the geometry of the mineralisation with
and	respect to the drill hole angle is known, its
intercept	nature should be reported.
lengths	• If it is not known and only the down hole
	lengths are reported, there should be a
	clear statement to this effect (e.g., ‘down
	_hole length, true width not known’). _
Diagrams	• Appropriate maps and sections (with	•	A plan and interpreted cross sections are included in the associated press release that clearly show
	scales) and tabulations of intercepts should		the relationship of the drilling to the mineralisation.
	be included for any significant discovery
	being reported These should include, but
	not be limited to aplan view of drill hole

Criteria	JORC Code explanation	Commentary	Commentary
	collar locations and appropriate sectional
	views.
Balanced	• Where comprehensive reporting of all	•	A plan showing all drill hole locations along with interpreted cross-sections are included in the
reporting	Exploration Results is not practicable,		associated press release.
	representative reporting of both low and
	high grades and/or widths should be
	practiced to avoid misleading reporting of
	Exploration Results.
Other	• Other exploration data, if meaningful and	•	AKO has completed ground geophysical surveys using international suppliers. This clearly
substantive	material, should be reported including (but		defines the iron rich mineralisation and was used as a guide to planning drillholes.
exploration	not limited to): geological observations;
data	geophysical survey results; geochemical
	survey results; bulk samples – size and
	method of treatment; metallurgical test
	results; bulk density, groundwater,
	geotechnical and rock characteristics;
	potential deleterious or contaminating
	substances.
Further work	• The nature and scale of planned further	•	This programme is ongoing and further work requirements will be assessed on completion.
	work (e.g., tests for lateral extensions or	•	This programme is designed to enable estimation of a resource under JORC guidelines.
	depth extensions or large-scale step-out
	drilling).
	• Diagrams clearly highlighting the areas of
	possible extensions, including the main
	geological interpretations and future drilling
	areas, provided this information is not
	commercially sensitive.

JORC CODE

Table 1 Section 3 Estimation and Reporting of Mineral Resources (Criteria listed in Section 1, and where relevant in Section 2, also apply to this section)

Not applicable.