AKORA RESOURCES LIMITED — Capital/Financing Update 2021

Apr 26, 2021

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27 April 2021

The Manager Company Announcements Office ASX Limited Level 4, Exchange Centre 20 Bridges Street Sydney NSW 2000

Dear Sirs

ANALYTICAL RESULTS FROM 2020 DRILL PROGRAMME

Pursuant to the requirements of Listing Rules, please find attach an announcement authorised by the AKORA board of directors.

Yours faithfully

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JM Madden Company Secretary

For further information please contact:

Paul G Bibby Managing Director Mobile: +61(0) 419 449 833 Website: www.akoravy.com

AKORA DELIVERS FURTHER OUTSTANDING DRILL RESULTS WITH IRON ORE PRODUCT GRADES UP TO 66.9% FE

All assay and processing trial results for drill holes 9 to 12 from the 2020 drilling programme have been received and show outstanding intersections and product grades for the southern area of the Bekisopa Iron Ore Project.

Highlights – Assay Results

• Assays confirm continuation of significant, near surface, high-grade iron mineralisation in a shallow dipping mineralisation zone and confirms 4km strike

• Iron mineralisation is outcropping and is at least 45m true thickness, across three drill holes (BEKD9-BEKD11), and importantly increasing in thickness with depth.

• Significant continuous iron mineralisation intercepts from surface, with 25.2m @ 61.4% Fe including 13.6m @ 63.5% Fe

Highlights – Processing Results

• Iron mineralisation in the southern area upgrades extremely well at a coarse crush size of minus 2mm.

• Product grades up to 66.9%Fe achieved after crushing to minus 2mm and wet low intensity magnetic separation (LIMS), with potential for a high quality premium DSO fines product

• Iron recoveries up to 90.6% with average mass yields of 70% for the massive magnetite

• Like the northern and central areas previously reported (See ASX Announcement dated 13 April 2021), drilling has confirmed continuity of iron mineralisation at depth in the southern area, with thickness increasing to the west.

• The next ~4000m drilling campaign is designed to deliver an initial resource estimate reportable under JORC guidelines and is expected by the end of 2021;

AKORA Resources Managing Director, Paul Bibby commented on the results, “Assays for the final 4 drill holes of the 12-drill hole programme conducted in 2020 have been received and clearly indicate the significant potential for Bekisopa to be a high-grade iron ore project.”

“The results show extensive iron mineralisation intercepts from surface with mineralisation increasing in thickness with depth. The laboratory results again show that the Bekisopa project has the potential to deliver an extremely high-grade iron ore product. The product grade of 66.9% Fe is outstanding along with the excellent iron recovery at 84%. More importantly, the Bekisopa product results have been achieved after only minimal processing by crushing to 2mm followed by magnetic separation. The final product grade is exceptional and believed better than comparable iron ore projects. Our outlook for the coming JORC Resource estimate is very positive and we will continue to deliver on our stated strategy to progress Bekisopa toward a significant high grade, low-cost iron ore project.”

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Introduction

Akora Resources Limited (ASX: AKO) is pleased to report on the remainder of the assay results delivered from the drilling campaign conducted in 2020 (see ASX Announcement, dated 17 December 2021) following on from results from the first 8 drill holes reported in 2021 (see ASX Announcement, dated 13 April 2021).

The laboratory results from the remaining 4 drill holes at Bekisopa (drill holes 9 to 12), all located in the southern area of the project, have been received for both the chemical assay and mineral processing (Low Intensity Magnetic Separation (LIMS) test work). The laboratory analytical analysis was completed respectively by ALS Laboratories in Ireland and Western Australia.

The results confirm the previous interpretation of a broad, shallow (15°) westerly dipping iron mineralised zone with a true thickness of at least 45 metres, increasing to the west. The mineralised zone outcrops and is continuous from surface. Simple coarse crushing and wet LIMS test work generated outstanding recoveries of up to 90.6%Fe and delivered product grades of up to 66.9%Fe. These final laboratory results confirmed the excellent qualities of the Bekisopa mineralisation and highlight the potential for low capital and operating costs and high-grade iron ore product.

Discussion

In summary, the drilling has confirmed the previous interpretation of an outcropping zone of massive and coarse disseminated magnetite +/- hematite in the southern area of the project area, starting at surface and continuous to the limit of drilling to date (see Figures in Appendix 1). The mineralisation corresponds with the magnetic anomalies set out in the plan in Appendix 1 (ie., the stacked profiles of total magnetic intensity). The magnetics data suggests semi-continuous mineralisation over at least 6km strike with drilling to date confirming 4kms of this strike length.

The new results show very high-grade massive mineralisation is present in each of the lateritised surficial, totally oxidised weathered, transitional and fresh rock zones. This outcome clearly suggests the potential for large scale mineralisation at depth and to the west.

The modelling from the ground magnetic survey has been proven by the drilling programme and the drilling campaign proposed for this year will enable the Company to deliver a JORC resource by the end of the year.

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Significant Iron Intercepts

Results from the remaining 4 drillholes, BEKD9 to BEKD12, show the following significant iron intercepts:

Note: Bold text represents overall intercepts, normal text sub-intercepts; blue text intercepts averaging over 50% Fe.

Note:Bold text	represents	overall in	tercepts, nor	mal text s	ub-interce	pts;blue t	extinterc	epts averaging over 50% Fe.
Hole Number	From (m)	To (m)	Interval (m)	Fe (%)	SiO2 (%)	Al2O3 (%)	P (%)	Comments
BEKD09	0.0	49.3	49.3	39.3	21.7	3.3	0.10	composite zone
incl.	0.0	11.3	11.3	51.3	14.8	4.7	0.03	weathered zone
and	11.3	49.3	38.0	35.7	23.7	2.9	0.12	transition and fresh rock zone
incl.	42.8	47.3	4.5	60.3	4.3	1.0	0.20	fresh rock zone
BEKD010	0.0	37.2	37.2	47.5	17.0	3.2	0.08	composite zone
incl.	0.0	6.7	6.7	53.7	13.6	3.3	0.04	weathered zone
incl.	0.0	3.2	3.2	61.3	7.2	3.7	0.10	lateritised zone
also incl.	6.7	37.2	30.5	46.2	17.8	3.2	0.09	transition zone
incl.	13.1	36.7	23.6	51.1	13.4	2.9	0.10	transition zone
incl.	32.8	36.7	3.9	63.6	3.2	1.0	0.08	transition zone
BEKD11	0.0	28.3	28.3	58.7	6.7	2.1	0.09	composite zone
incl.	0.0	25.2	25.2	61.4	4.9	1.9	0.08	composite zone
incl.	0.0	11.6	11.6	58.9	7.7	3.0	0.08	weathered zone
incl.	0.0	4.4	4.4	62.4	4.1	2.6	0.08	lateritised zone
also incl.	11.6	25.2	13.6	63.5	2.6	0.9	0.09	transition zone
BEKD12	0.0	1.5	1.5	56.0	8.5	4.9	0.12	lateritised zone

The locations, cross sections and assay intervals are shown on the plan and cross sections in Appendix 1 whilst drill hole details and other element assays are shown in Appendix 3.

The drill core chemical analysis, field testing and observations, in combination with the drill core intercepts, confirm the following:

• There is a broad, shallowly dipping iron mineralised zone with a true thickness (including eroded parts) of at least 45 metre, across drill holes 9, 10 and 11 in the south of the permit area, with intersection averages between 39% and 59% Fe

• Drillhole BEKD12 did not intersected significant mineralisation and suggests the mineralisation may be dipping to the east rather than to the west in this area (see figure in Appendix 1) and therefore, this location remains a valid target

• There is a slight elevation in grade within the weathered zone, probably due to weathering of the country rock. This is illustrated by the general increase in average grade at shallower depths (see cross-section in Appendix 1)

• There are several bands of massive magnetite-hematite, which grade greater than 60%Fe, in both oxidised and fresh rock:

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• 25.2m @ 61.4% Fe in the oxidised (lateritised) zone in drillhole BEKD11

• o 13.6m @ 63.5% Fe in transition zone in drillhole BEKD11

• 3.2m @ 61.3% Fe in the oxidised (lateritised) zone in drillhole BEKD10

• 3.9m @ 63.6% Fe in the transition zone in drillhole BEKD10

• The massive mineralisation continues at depth

• The iron mineralisation tested to date in the south of the permit area has been confirmed as being relatively flat lying, dipping at about 15° to the west as shown on the cross-section in Appendix 1.

• Total true width is currently shown to be at least 45m in the southern area tested to date (including eroded parts) and appears to be increasing in thickness to the west

• Preliminary mineral processing test work on the southern area indicates mineralisation is capable of producing a high-grade iron ore product grading up to 66.9%Fe (average 66.5%Fe) from the massive magnetite at a relatively coarse crush size of 2mm

• Wet LIMS trials recovered up to 90.6% of the iron (average 78%) for a mass recovery of 70% from the massive magnetite iron mineralisation

• The Company proposes to conduct additional processing trials to maximise the iron content and recovery in the product fraction by recovering hematite and goethite that appears to remain in the non-magnetic fraction

Mineral Processing

First pass mineral processing test work was conducted at the ALS Iron Ore Technical Centre in Perth to examine the processing characteristics of the iron mineralisation. These unoptimized trials were performed on various crushed splits from the drill core extracted during the crushing process for preparing the analytical pulps.

Splits were collected after the core was crushed to minus 10mm to simulate a potential lump product, and then after the core was crushed to minus 2mm. The 10 and plus 2mm samples were treated using the LIMS equipment in the dry mode, which effectively separates the feed material into magnetic and non-magnetic fractions using a drum magnet. The minus 2mm LIMS test were conducted in the wet mode.

The minus 2mm fractions from the southern area (massive and coarse disseminated mineralisation) returned excellent results as shown in the table below:

Magnetic Fraction	Magnetic Fraction Grade %	Magnetic Fraction Grade %	Magnetic Fraction Grade %	Magnetic Fraction Grade %	Iron Recovery	Calc Head	Mass Recovery	Iron Mineralisation
Sample	Fe	Si O2	Al2O3	P	%	Fe%	%	Type
BEKMETF02	66.5	1.7	0.6	0.05	90.6	58.2	79.4	Massive
BEKMETF04	66.9	2.0	2.2	0.02	83.9	60.0	75.3	Massive
BEKMETF05	65.1	2.6	0.6	0.05	58.9	61.0	55.1	Massive
BEKMETF12	59.3	7.1	1.7	0.05	59.3	38.7	54.1	Coarse Disseminated
Average	64.5	3.4	1.3	0.04	73.2	55.2	66.0

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Magnetic fraction, -2mm, 900 gauss magnetic drum separation, wet LIMS (Est Head = head grade estimated from combination of individual samples, Calc Head = head grade back calculated from combined magnetics and non-magnetics assays)

The first pass, unoptimized processing results are outstanding and indicated that the mineralisation should be readily upgraded to a DSO fines product through conventional crushing to minus 2mm and magnetic separation.

It is important to note that the Bekisopa magnetite mineralisation is very different from that seen elsewhere. Australian BIF magnetites are energy intensive as the magnetite is required to be ground to less than 50 microns to produce a product grade equivalent to that at Bekisopa. The Bekisopa DSO fines product has very low phosphorous (0.03-0.06% P), low SiO2 and low Al2O3.

The iron recoveries are excellent, even for the surficial lateritised material, and it appears that some iron is reporting to the non-magnetic fractions due to being in the form of much lower magnetic intensity minerals hematite and goethite, as suggested by the iron assays of the non-magnetic fractions varying from 14.4% Fe to 55.9% Fe (average 33.9%). Further testing will be performed to maximise recovery of these iron fractions into the iron ore product stream.

The high-grade magnetic products are shown as Figures 1 to 4.

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Figure 1

Product from BEKMETF02, a composite of fresh rock (to slightly weathered along fractures) massive mineralisation from BEKD09 and BEKD10. The LIMS product grade is 66.5% Fe at a 91% recovery and a mass yield of 79%.

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Figure 2

Product from BEKMETF04, a composite of surficial (lateritised) massive material from BEKD09, BEKD10 and BEKD11. The LIMS product grade is 66.9% Fe at an 84% Fe recovery and a mass yield of 75%.

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Figure 3
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Product from BEKMETF05, a composite of weathered in-situ massive material from BEKD09 and BEKD11. The LIMS product grade is 65.1% Fe at a 59% Fe recovery and a mass yield of 55%.

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Figure 4
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Product from BEKMETF12, a composite of weathered and transitional coarse disseminated material from BEKD09, BEKD10 and BEKD11. The LIMS product grade is 59.3% Fe (from a head grade of 39% Fe) at an 83% Fe recovery and a mass yield of 54%.

The individual samples are discussed in more detail in Appendix 2.

The dry LIMS results for the 10mm and plus 2mm processing trials are shown below. These results confirm that a coarse crush to minus 2mm is required to liberate the iron minerals and achieve a high-grade iron ore product.

The table below summarises LIMS results for the plus 2mm crush.

Magnetic Fraction	Magnetic Fraction Grade	Magnetic Fraction Grade	Magnetic Fraction Grade	Magnetic Fraction Grade	Iron Recovery	Est Head	Calc Head	Mass Recovery
Sample	Fe %	SiO2 %	Al2O 3%	P %	%	Fe %	Fe %	%
BEKMET02	57.8	4.9	1.1	0.15	97.4	58.2	58.2	94.8
BEKMET04	65.8	2.6	2.0	0.07	76.1	61.0	60.0	75.1
BEKMET05	60.3	6.4	1.1	0.10	70.0	60.9	61.0	70.0
BEKMET12	47.0	15.8	2.6	0.12	94.5	40.8	38.7	82.9
Average	57.7	7.4	1.7	0.11	84.5	55.2	54.5	80.7

Magnetic fraction, +2mm, 900 gauss magnetic drum separation, dry LIMS (Est Head = head grade estimated from combination of individual samples, Calc Head = head grade back calculated from combined magnetics and non-magnetics assays)

Composite, +2mm, surficial, lateritised, massive magnetite mineralisation sample BEKMET02 generated an outstanding result delivering a 65.8% Fe product at 76% recovery and a mass recovery of 75%.

Results of the minus 10mm LIMS test work are shown below.

This coarser crush of the half drill core section, taken from the ~63mm diameter drill core, provides an indication of the potential upgrading to produce a lump iron product.

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Magnetic Fraction	Magnetic Fraction Grade	Magnetic Fraction Grade	Magnetic Fraction Grade	Magnetic Fraction Grade	Iron Recover y	Est Head	Calc Head	Mass Recovery
Sample	Fe %	SiO2 %	Al2O3 %	P %	%	Fe %	Fe %	%
BEKMET02	58.5	4.6	1.2	0.14	97.0	58.2	58.2	95.0
BEKMET04	61.5	5.5	3.4	0.05	81.4	61.0	60.0	81.2
BEKMET05	61.6	5.0	1.0	0.09	67.6	60.9	61.0	67.6
BEKMET12	47.5	15.3	2.8	0.11	94.2	40.8	38.7	82.2
Average	57.3	7.6	2.1	0.10	85.1	55.2	54.5	81.5

Magnetic fraction, +2mm, 900 gauss magnetic drum separation, dry LIMS (Est Head = head grade estimated from combination of individual samples, Calc Head = head grade back calculated from combined magnetics and non-magnetics assays)

Conclusions

Assay results from the drilling in southern area of Bekisopa has shown significant near surface high-grade iron mineralisation extending at depth.

This massive magnetite mineralisation readily upgrades to a 66% iron, a premium grade iron ore product, after only crushing to minus 2mm and magnetic separation, these are outstanding outcomes.

For further information please contact:

Paul G Bibby Managing Director Phone +61(0) 419 449 833 www.akoravy.com

Peter Taylor Investor Relations Phone +61(0) 412 036 231 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, Tratramarina and Ambodilafa, iron ore projects in Madagascar, in all totalling 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.

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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.

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APPENDIX 1

Bekisopa Cross Sections and Plans with Results to date

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Bekisopa Drilling Plan Showing Cross Section Locations
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Cross Section BEKD09, 10 & 11

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Cross Section BEKD12

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APPENDIX 2

Details of Minus 2mm Mineral Processing Test work

BEKMETF02

This sample is a composite from logged massive to semi-massive mineralisation from the southern area. It was collected from unweathered to slightly weathered (mainly along fracture planes) drill core in drill holes BEK09 and BEK10.

Approximately 100g of individual samples were combined into a single combined sample with an estimated head grade of 58.2% Fe using the average of individual samples used:

Sample	Hole	From	To	Fe %
O7832	BEKD09	40.08	41.90	57.34
O7833	BEKD09	41.90	42.85	36.43
O7834	BEKD09	42.85	43.75	63.09
O7835	BEKD09	43.75	44.65	62.91
O7836	BEKD09	44.65	45.60	60.96
O7837	BEKD09	45.60	46.46	57.86
O7838	BEKD09	46.46	47.30	56.31
O7843	BEKD09	50.06	50.95	45.82
O7937	BEKD10	32.80	33.60	65.90
O7938	BEKD10	33.60	34.50	65.63
O7939	BEKD10	34.50	35.34	66.66
O7941	BEKD10	35.34	36.00	60.58
O7942	BEKD10	36.00	36.70	57.47
**Average **				58.23

The back-calculated head grade of the sample is 58.2% Fe as shown in the table below:

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Fe SiO2 Al2O3 P
LIMS FRACTION Wt. Fe Fe SiO2 SiO2 Al2O3 Al2O3 P P
@ 900G WEIGHT DISTn. Grade DISTn. Grade DISTn. Grade DISTn. Grade DISTn.
(g) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mags 635.6 79.4 66.5 90.6 1.68 22.2 0.60 36.7 0.054 30.1
N-Mags 165.4 20.6 26.4 9.4 22.60 77.8 3.98 63.3 0.482 69.9
Calc'd HEAD 801.0 100.0 58.2 100.0 6.00 100.0 1.30 100.0 0.142 100.0
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The above result produced an outstanding iron product, grading 66.5% Fe at 90.6% Fe recovery and at a 79.4% mass yield from a simple 2mm crush followed by magnetic separation.

Silica and alumina were low as was phosphorous, with most of the P reporting to the nonmagnetic fraction.

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BEKMETF04

This sample is a composite from logged massive to semi-massive mineralisation from the southern area. It was collected from the surficial (lateritised) zone comprising weathered drill core from drillholes BEKD09, BEKD10 and BEKD11.

Approximately 100g of individual samples were combined into a single combined sample with an estimated head grade of 61.0% Fe using the average of individual samples used:

Sample	Hole	From	To	Fe %
O7785	BEKD09	0.00	1.00	57.67
O7786	BEKD09	1.00	2.03	59.65
O7787	BEKD09	2.03	3.30	58.69
O7902	BEKD10	0.00	1.00	58.98
O7903	BEKD10	1.00	2.05	60.86
O7904	BEKD10	2.05	3.20	63.66
S2813	BEKD11	0.00	0.70	64.47
S2814	BEKD11	0.70	2.40	63.93
**Average **				60.99

The back-calculated head grade of the sample is 60.0% Fe as shown in the table below:

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Fe SiO2 Al2O3 P
LIMS FRACTION Wt. Fe Fe SiO2 SiO2 Al2O3 Al2O3 P P
@ 900G WEIGHT DISTn. Grade DISTn. Grade DISTn. Grade DISTn. Grade DISTn.
(g) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mags 460.2 75.3 66.9 83.9 2.03 20.2 2.15 38.6 0.023 36.8
N-Mags 151.3 24.7 39.0 16.1 24.40 79.8 10.40 61.4 0.120 63.2
Calc'd HEAD 611.5 100.0 60.0 100.0 7.56 100.0 4.19 100.0 0.047 100.0
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The metallurgical test work again generated an outstanding iron product grading 66.9% Fe at 83.9% Fe recovery and at a 75.3% mass yield from a simple 2mm crush followed by magnetic separation.

The phosphorous was low with most of the P reporting to the non-magnetic fraction. Silica and alumina were both low and sulphur is also low at 0.01%, probably due to weathering of any sulphides present.

BEKMETF05

This sample is a composite from logged massive and coarse disseminated mineralisation from the southern area. It was collected from weathered but in-situ mineralisation in drill core from drillholes BEKD09 and BEKD11.

Approximately 100g of individual samples were combined into a single combined sample with an estimated head grade of 60.9% Fe using the average of individual samples used:

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Sample	Hole	From	To	Fe %
O7807	BEKD09	18.30	19.80	45.37
O7808	BEKD09	19.80	20.46	45.02
S2827	BEKD11	11.63	12.63	65.13
S2829	BEKD11	14.13	15.00	64.01
S2830	BEKD11	15.00	16.00	61.28
S2831	BEKD11	16.00	17.00	63.56
S2832	BEKD11	17.00	18.00	65.22
S2833	BEKD11	18.00	18.80	63.07
S2834	BEKD11	18.80	19.60	61.99
S2835	BEKD11	19.60	20.44	63.04
S2836	BEKD11	20.44	21.25	61.75
S2837	BEKD11	21.25	22.20	61.40
S2838	BEKD11	22.20	23.20	63.89
S2839	BEKD11	23.20	24.20	64.17
S2841	BEKD11	24.20	25.23	64.66
**Average **				60.90

The back-calculated head grade of the sample is 61.0% Fe as shown in the table below:

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Fe SiO2 Al2O3 P
LIMS FRACTION Wt. Fe Fe SiO2 SiO2 Al2O3 Al2O3 P P
@ 900G WEIGHT DISTn. Grade DISTn. Grade DISTn. Grade DISTn. Grade DISTn.
(g) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mags 462.1 55.1 65.1 58.9 2.59 32.4 0.58 35.4 0.050 29.2
N-Mags 376.2 44.9 55.9 41.1 6.64 67.6 1.30 64.6 0.149 70.8
Calc'd HEAD 838.3 100.0 61.0 100.0 4.41 100.0 0.90 100.0 0.094 100.0
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Again, the metallurgical test work generated an outstanding iron product, grading 65.1% Fe at 58.9% Fe recovery and mass yield at a 55.1% from a simple 2mm crush followed by magnetic separation. The phosphorous was low with most of the P reporting to the non-magnetic fraction. Sulphur was low in this sample at 0.15%, probably due to weathering of any sulphides present.

The non-magnetic product from this LIMS trial is high in iron, suggesting a component of the less magnetic hematite and/or goethite may be present. Mineralogy and further test work will be performed to determine how to effectively capture these iron minerals into the saleable product.

BEKMETF12

This sample is a composite from logged coarse disseminated mineralisation from the southern area. It was collected from oxidised and transitional drill core, grading to slightly weathered in places.

Approximately 100g of individual samples were combined into a single combined sample with an estimated head grade of 40.8% Fe using the average of individual samples used:

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Sample	Hole	From	To	Fe %
O7821	BEKD09	31.46	32.70	11.50
O7822	BEKD09	32.70	33.70	17.95
O7823	BEKD09	33.70	34.46	37.92
O7824	BEKD09	34.46	35.34	17.57
O7825	BEKD09	35.34	36.10	40.80
O7826	BEKD09	36.10	36.85	24.63
O7827	BEKD09	36.85	37.68	27.40
O7828	BEKD09	37.68	38.25	48.18
O7829	BEKD09	38.25	39.00	27.81
O7830	BEKD09	39.00	39.90	31.71
O7831	BEKD09	39.90	40.80	36.52
O7919	BEKD10	15.80	17.00	50.97
O7921	BEKD10	17.00	18.00	56.54
O7922	BEKD10	18.00	19.00	45.38
O7923	BEKD10	19.00	20.00	50.82
O7924	BEKD10	20.00	21.00	52.90
O7925	BEKD10	21.00	22.00	58.27
O7926	BEKD10	22.00	23.00	58.12
O7927	BEKD10	23.00	24.00	58.87
O7928	BEKD10	24.00	25.00	54.20
O7929	BEKD10	25.00	26.25	42.57
O7930	BEKD10	26.25	27.10	61.90
O7931	BEKD10	27.10	27.90	51.79
O7932	BEKD10	27.90	28.90	41.41
O7933	BEKD10	28.90	29.88	43.78
O7934	BEKD10	29.88	31.43	36.36
O7935	BEKD10	31.43	32.10	35.26
O7936	BEKD10	32.10	32.80	35.46
S2842	BEKD11	25.23	26.44	51.04
S2843	BEKD11	26.44	27.44	23.68
S2844	BEKD11	27.44	28.30	32.59
**Average **				40.77

The back-calculated head grade of the sample is 38.7% Fe as shown in the table below:

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Fe SiO2 Al2O3 P
LIMS FRACTION Wt. Fe Fe SiO2 SiO2 Al2O3 Al2O3 P P
@ 900G WEIGHT DISTn. Grade DISTn. Grade DISTn. Grade DISTn. Grade DISTn.
(g) (%) (%) (%) (%) (%) (%) (%) (%) (%)
Mags 851.1 54.1 59.3 82.9 7.05 17.9 1.65 23.7 0.054 24.1
N-Mags 722.5 45.9 14.4 17.1 38.10 82.1 6.25 76.3 0.200 75.9
Calc'd HEAD 1573.6 100.0 38.7 100.0 21.31 100.0 3.76 100.0 0.121 100.0
----- End of picture text -----

This metallurgical sample resulted in very good iron product grading 59.3% Fe at 82.9% Fe recovery with mass yield at a 54.1% from a simple 2mm crush followed by magnetic separation from a 38.7%Fe feed grade.

The phosphorous was low with most of the P reporting to the non-magnetic fraction. Sulphur was very low in this sample at 0.02% S, probably due to weathering of any sulphides present.

15 | P a g e

APPENDIX 3

Drill Hole Details and Intercepts Table

==> picture [454 x 168] intentionally omitted <==

----- Start of picture text -----

Hole Number Northing (m) Easting (m) Elevation (m) Azimuth (Deg) Inclination (Deg) Tot. Depth (m) From To Interval Fe % SiO2 % Al2O3 % CaO % K2O % Na2O % MgO % P % S % Style Location Oxidation
BEKD09 586749.33 7608150.00 862.81 90 -60 100.46 0.0 49.3 49.3 39.3 21.7 3.3 3.1 0.3 0.1 11.8 0.10 0.54 M,CD South C
incl. 0.0 11.3 11.3 51.3 14.8 4.7 0.6 0.1 0.0 4.2 0.03 0.01 M,CD South O
and 11.3 49.3 38.0 35.7 23.7 2.9 3.8 0.4 0.1 14.0 0.12 0.69 M,CD South T,F
incl. 42.8 47.3 4.5 60.3 4.3 1.0 0.8 0.6 0.0 3.5 0.20 3.55 M South F
BEKD10 586798.55 7608149.51 865.33 90 -60 100.43 0.0 37.2 37.2 47.5 17.0 3.2 1.7 0.2 0.1 6.8 0.08 0.23 M,CD South C
incl. 0.0 6.7 6.7 53.7 13.6 3.3 1.2 0.1 0.0 3.7 0.04 0.01 M,CD South O
incl. 0.0 3.2 3.2 61.3 7.2 3.7 0.1 0.1 0.0 1.0 0.10 0.01 M South L
also incl. 6.7 37.2 30.5 46.2 17.8 3.2 1.7 0.2 0.1 7.5 0.09 0.28 M,CD South T
incl. 13.1 36.7 23.6 51.1 13.4 2.9 1.5 0.2 0.1 5.5 0.10 0.33 M,CD South T
incl. 32.8 36.7 3.9 63.6 3.2 1.0 0.1 0.3 0.0 1.7 0.08 1.89 M South T
BEKD11 586848.77 7608150.06 868.22 90 -60 100.44 0.0 28.3 28.3 58.7 6.7 2.1 0.6 0.1 0.0 2.0 0.09 0.28 M,CD South C
incl. 0.0 25.2 25.2 61.4 4.9 1.9 0.2 0.1 0.0 1.2 0.08 0.29 M,CD South C
incl. 0.0 11.6 11.6 58.9 7.7 3.0 0.4 0.0 0.0 1.8 0.08 0.05 M,CD South O
incl. 0.0 4.4 4.4 62.4 4.1 2.6 0.1 0.0 0.0 0.8 0.08 0.06 M South L
also incl. 11.6 25.2 13.6 63.5 2.6 0.9 0.0 0.1 0.0 0.7 0.09 0.49 M South T
BEKD12 586898.98 7607599.67 868.86 90 -60 100.42 0.0 1.5 1.5 56.0 8.5 4.9 0.0887 0.1 0.0 0.5 0.12 0.08 M,CD South L
Notes:
Co-ordinates: UTM WGS84 Zone 38 South, Surveyed by DGPS
Style: M = Massive to Semi Massive, CD = Coarse Disseminated, D = Disseminated
Oxidation: O = Oxidised, F = Fresh, L = Laterite, T = Transition, C = Composite
Sulphur: Red = Some assays within interval greater than upper assay limit of 5% S
----- End of picture text -----

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AUSTRALASIAN CODE FOR THE REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES

BEKISOPA PROJECT

Section 1 Sampling Technique and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling (eg cut channels, random	Historical Pit and Trench Sampling Shown on Sections:
techniques	chips, or specific specialised industry standard	• All trenches and pits were located by GPS but are historic in nature (work undertaken by
	measurement tools appropriate to the minerals under	BRGM between 1958 and 1962 and by UNDP between 1976 and 1978). Most of these
	investigation, such as down hole gamma sondes, or	trenches and pits are still open although partially in-filled with scree and vegetation. In
	handheld XRF instruments, etc). These examples should	total, BRGM completed 564 pits for 1,862 linear metres excavated, 3,017m3of trenching
	not be taken as limiting the broad meaning of sampling.	and 572m diamond drilling in 22 holes. UNDP completed an additional 238 pits for 897
	• Include reference to measures taken to ensure sample	linear metres and 101m diamond drilling in 2 holes. They collected a total of 854 samples,
	representivity and the appropriate calibration of any	710 from pits and 144 from drill-holes.
	measurement tools or systems used.	• In the BRGM work, trench samples were collected as 1m horizontal channels from as close
	• Aspects of the determination of mineralisation that are	to the base of the channel as possible. If lithology changed within the 1m sample, two or
	Material to the Public Report.	more samples were collected based on each lithology encountered. Pit samples were
	• In cases where ‘industry standard’ work has been done this	collected as 1m vertical channels. Each channel was 20cm wide by 10cm deep.
	would be relatively simple (eg ‘reverse circulation drilling	• Samples collected by BRGM were crushed and ground to minus 0.15mm in country and
	was used to obtain 1 m samples from which 3 kg was	then a 200g split was sent to either BRGM in Paris or Dakar or to Department of Mines for
	pulverised to produce a 30 g charge for fire assay’). In	Madagascar in Antananarivo for analyses for Fe, SiO2, Al2O3and P. Detailed of assay
	other cases more explanation may be required, such as	techniques are not available but Assay work by BRGM is generally to a high standard. The
	where there is coarse gold that has inherent sampling	analyses for P were considered to be suspect as the levels detected by BRGM in both Paris
	problems. Unusual commodities or mineralisation types	and Dakar averaged about 0.05% but the levels detected by the Department of Mines in
	(eg submarine nodules) may warrant disclosure of detailed	Madagascar averaged about 0.19%. Recent work has confirmed P is low for high grade
	information.	iron mineralisation and the BRGM results are now considered to be more accurate than
		the Departmental work.
		• Samples collected by UNDP were obtained and prepared in a similar manner except
		channels were 10cm wide and 10cm deep. The samples were crushed to minus 1mm in
		the field and then a 200g split (riffle split) was sent to the laboratory Denver du Service
		Géologique in Antananarivo. A 50 - 70g split was subsequently assayed at the same

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Criteria		JORC Code explanation	Commentary
			laboratory. They were assayed for Fe by boiling the pulp for 5 hours in a hydrochloric acid
			concentrate followed by calcining at 1,000˚C and dissolution in a 480 nano-molar
			orthophenanthroline solution and analysis for iron using a Technicon auto-analyser. It is
			noted that this method can slightly under-estimate iron content but that standards were
			generally within 1% Fe of expected values. Iron, aluminium and titanium were analysed by
			a double attack using the three-acid reagent (nitric, hydrochloric and sulphuric) followed
			by calcination at 1,000°C and determination of iron, aluminium and titanium in a solution
			of 480 nano-molar orthophenanthroline, 540nM eriochrome cyanine and 540nM
			hydrogen peroxide respectively followed by analysis using the Technicon auto-analyser.
			Phosphorous was analysed by boiling the pulp in nitric acid for 5 hours followed by cleaning
			using sulphuric acid prior to dissolution in 660nM sulphomolybdic acid and analysis using
			the Technicon auto-analyser.
			• Drilling was conducted in the same two campaigns and sampled were collected and
			analysed as for the channel and samples.
			Akora Sampling:
			• No new surface sampling has been undertaken.
Drilling		• Drill type (eg core, reverse circulation, open-hole hammer,	• All drilling is diamond core drilling using either NTW (64.2mm inner diameter) or HQ
techniques		rotary air blast, auger, Bangka, sonic, etc) and details (eg	(77.8mm inner diameter) coring equipment. BEKD01 was drilled 100% NTW, the
		core diameter, triple or standard tube, depth of diamond	remainder of the holes were collared using HQ and changed to NTW between 10m and
		tails, face-sampling bit or other type, whether core is	27m downhole. Core is not orientated. The first three drillholes (BEKD01-03) were not
		oriented and if so, by what method, etc).	surveyed but the remainder were surveyed every 10m using a Reflex EZ-Gyro gyroscopic
			multishot camera. No surveys varied more than 5° from the collar survey in either azimuth
			or declination.
Drill	sample	• Method of recording and assessing core and chip sample	• Average core recovery was 97%. The first 8.5m of BEKD01 (vertical) only returned 52%
recovery		recoveries and results assessed.	recovery and between 21.4m and 25.4m in BEKD12 returned zero percent recovery (not in
		• Measures taken to maximise sample recovery and ensure	iron formation). All other intervals gave good recovery, with close to 100% in fresh rock.
		representative nature of the samples.

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Criteria	JORC Code explanation	Commentary
	• 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 geologically	• A set of standard operating procedures for drilling and sampling were prepared by the
	and geotechnically logged to a level of detail to support	company and Vato Consulting, who supervised the programme, and these were adhered
	appropriate Mineral Resource estimation, mining studies	to at all times.
	and metallurgical studies.	• During drilling, checks and verifications of the accurate measurement of penetration depth
	• Whether logging is qualitative or quantitative in nature.	of drill hole cores were made and observations and recording of the colour of the water /
	Core (or costean, channel, etc) photography.	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 enough
	intersections logged.	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.
		• In drill-holes BEKD01 to BEKD08 (53.25m), pXRF readings were collected at 25cm intervals
		to obtain a preliminary estimation of total Fe content. The pXRF machine became
		inoperable after that.
		• Density measurements were made using both the Archimedes method (mainly fresh rock)
		and the Caliper Vernier (mainly regolith) methods.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or	• A set of standard operating procedures for drilling and sampling were prepared by the
techniques and	all core taken.	company and Vato Consulting, who supervised the programme, and these were adhered
sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	to at all times. • All core was fitted together so that a consistent half core could be collected, marked up

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Criteria		JORC Code explanation	JORC Code explanation				Commentary
		• For	all sample types,	the nature,	quality	and	with a “top” line (line perpendicular to dip and strike, or main foliation), sample intervals
		appropriateness of the sample preparation			technique.		decided and marked up and the core subsequently split in half using a core saw, separating
		• Quality control procedures adopted for all sub-sampling					samples into the marked-up intervals. If the core was clayey, it was split in half using a
		stages to maximise representivity of samples.					hammer and chisel. The intervals were nominally 1m but smaller intervals were marked if
		• Measures taken to ensure that the			sampling is		a change in geology occurred within the 1m interval.
		representative of the in situ		material collected, including			• The half core sample intervals were put into polythene bags along with a paper sample tag.
		for	instance results for	field duplicate/second-half			This was then sealed using a cable tie and placed into a second polythene bag with a second
		sampling.					paper tag and this was sealed using staples.
		• Whether sample sizes are appropriate to the grain size of					• The samples were subsequently transferred to the sample preparation facility in
		the	material being sampled.				Antananarivo (OMNIS) where they underwent the following preparation:
							o Sorting and weighing of samples
							o Drying at 110-120°C until totally dry
							o Weighing after drying
							o Jaw crushing to 1cm
							o Collect a 100g sub-sample of 80% passing 1cm material and store this (for
							drillholes BEKD04 to BEKD12 only)
							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 1cm, 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 assaying				• One of the 100g minus 75 micrometre samples was sent to accredited laboratories ALS in
assay data	and	and	laboratory procedures used and		whether	the	Ireland or ALS in Perth for determination of total iron and a standard “iron suite” of
laboratory		technique is considered partial or total.					elements by XRF analyses using techniques ME-XRF21u for standard iron-ore XRF analysis
tests		• For	geophysical tools, spectrometers, handheld			XRF	and method ME-GRA05 for LOI analysis.

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Criteria			JORC Code explanation	Commentary	Commentary
			instruments, etc, the parameters used in determining the	•	OREAS standards OREAS40 / OREAS401 / OREAS404 / OREAS701 were included at a density
			analysis including instrument make and model, reading		of one in 40 samples.
			times, calibrations factors applied and their derivation,	•	Blanks were included at a density of one in 40 samples.
			etc.	•	Duplicates from the sample preparation laboratory were included at a rate of 2-4
			• Nature of quality control procedures adopted (eg		duplicates per 100 samples.
			standards, blanks, duplicates, external laboratory checks)	•	It was found that some of the samples did not pass the ALS grinding tests and hence all
			and whether acceptable levels of accuracy (ie lack of bias)		samples were subsequently re-ground to ensure >80% passing 75 micrometres.
			and precision have been established.
Verification		of	• The verification of significant intersections by either	•	All standards, duplicates and blanks were examined as received and all passed the quality
sampling and			independent or alternative company personnel.		assurance tests.
assaying			• The use of twinned holes.	•	All mineralised intervals were checked by a consultant geologist.
			• Documentation of primary data, data entry procedures,	•	No twinning was undertaken as this is the first reliable drilling into the project.
			data verification, data storage (physical and electronic)	•	All data was entered by in country consultants and checked by Australian based
			protocols.		consultants.
			• Discuss any adjustment to assay data.	•	No data adjustment has been made.
Location		of	• Accuracy and quality of surveys used to locate drill holes	•	All drill hole collars have been accurately picked up post drilling using a DGPS.
data points			(collar and down-hole surveys), trenches, mine workings	•	The grid system used is UTM, WGS84, Zone 38 Southern Hemisphere
			and other locations used in Mineral Resource estimation.	•	Topographic control is country wide data only. An accurate topographic survey will be
			• Specification of the grid system used.		undertaken prior to any resource estimation.
			• Quality and adequacy of topographic control.
Data	spacing		• Data spacing for reporting of Exploration Results.	•	Data spacing is not systematic at this stage as this is the first drill campaign and is
and			• Whether the data spacing and distribution is sufficient to		considered to be “proof of concept” drilling and is testing specific geological targets.
distribution			establish the degree of geological and grade continuity		However, when used in conjunction with the magnetics data, it can be seen that
			appropriate for the Mineral Resource and Ore Reserve		mineralisation is likely to be semi-continuous.
			estimation procedure(s) and classifications applied.	•	All samples have been assayed as individual, less than 1m long intervals. Composites of
			• Whether sample compositing has been applied.		selected intervals have been tested using wet and dry, low intensity magnetic separation
					(LIMS).
Orientation		of	• Whether the orientation of sampling achieves unbiased	•	The ironstone unit has a strong north-south trend and drilling is oriented to the east. The
data		in	sampling of possible structures and the extent to which		outcrops, trenches and magnetics all show a steep to shallow westerly dip and hence the
relation		to	this is known, considering the deposit type.		drill direction is considered to be optimal. The southernmost drillhole, BEKD12, may have

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Criteria		JORC Code explanation	Commentary
geological		• If the relationship between the drilling orientation and the	drilled down dip and thus missed the mineralisation.
structure		orientation of key mineralised structures is considered to	• No sample bias is evident.
		have introduced a sampling bias, this should be assessed
		and reported if material.
Sample		• The measures taken to ensure sample security.	• Chain of Custody procedures were 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 techniques	• No audit has been conducted.
reviews		and data.

22 | P a g e

23 | P a g e

AUSTRALASIAN CODE FOR THE REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES

BEKISOPA PROJECT

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	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 negotiations on August 5th 2020 to acquire the remaining 25% of the Bekisopa tenements from Cline Mining and on completion of the transfer of shares AKO will hold 100% of the Bekisopa tenements. The Akora Iron Ore projects consist of 12 exploration permits in three geographically distinct areas, and their current good standing (as provided by AKO) is seen in Table 3.1 below. A legal report has been prepared for Akora. TableError! No text of specified style in document..1: Licence Details Tenement Holders Permit ID Permi t Type Numbe r of Blocks Granting Date Expiry Date Submissio n Date Actual Status Last Payment of Administratio n Fees Date of last Payment UEM 16635 PR 144 23/09/2005 22/09/20 15 04/09/201 5 under renewalprocess 2018 27/03/201 8 UEM 16637 PR 48 23/09/2005 23/09/20 15 04/09/201 5 under renewalprocess 2018 27/03/201 8 UEM 17245 PR 160 10/11/2005 09/11/20 15 04/09/201 5 under renewalprocess 2018 27/03/201 8 RAKOTOARISOA 18379 PRE 16 11/01/2006 11/01/20 14 27/03/201 2 under transformation to PR 2018 27/03/201 8 RAKOTOARISOA 18891 PRE 48 18/11/2005 17/11/20 13 27/03/201 2 under transformation to PR 2018 27/03/201 8 MRM 6595 PR 98 20/05/2003 19/05/20 13 08/03/201 3 under renewalprocess 2018 27/03/201 8 MRM 13011 PR 33 15/10/2004 14/10/20 14 07/08/201 4 under renewalprocess 2018 27/03/201 8 MRM 21910 PR 3 23/09/2005 22/09/20 15 12/07/201 5 under substance extension and renewalprocess 2018 27/03/201 8 IOCM 10430 PR 64 04/03/2004 03/03/20 14 28/11/201 3 under renewalprocess 2019 28/03/201 9 26532 PR 768 16/10/2007 03/02/20 19 relinquished 2016 35828 PR 80 16/10/2007 03/02/20 19 relinquished 2018 27/03/201 8 27211 PR 128 16/10/2007 23/01/20 17 20/01/201 7 under renewalprocess 2018 27/03/201 8 35827 PR 32 23/01/2007 23/01/20 17 20/01/201 7 under renewalprocess 2018 27/03/201 8 RAZAFINDRAVO LA 3757 PRE 16 26/03/2001 25/11/20 19 Transfer from IOCM Gerant to AKO 2019 28/03/201 9
					TableEr	ror! No text of sp	ecified style in d	ocument..1: Lic	ence Details
	Project ID	Tenement Holders	Permit ID	Permi t Type	Numbe r of Blocks	Granting Date	Expiry Date	Submissio n Date	Actual Status	Last Payment of Administratio n Fees	Date of last Payment
	Tratramari na	UEM	16635	PR	144	23/09/2005	22/09/20 15	04/09/201 5	under renewalprocess	2018	27/03/201 8
		UEM	16637	PR	48	23/09/2005	23/09/20 15	04/09/201 5	under renewalprocess	2018	27/03/201 8
		UEM	17245	PR	160	10/11/2005	09/11/20 15	04/09/201 5	under renewalprocess	2018	27/03/201 8
		RAKOTOARISOA	18379	PRE	16	11/01/2006	11/01/20 14	27/03/201 2	under transformation to PR	2018	27/03/201 8
		RAKOTOARISOA	18891	PRE	48	18/11/2005	17/11/20 13	27/03/201 2	under transformation to PR	2018	27/03/201 8
	Ambodilaf a	MRM	6595	PR	98	20/05/2003	19/05/20 13	08/03/201 3	under renewalprocess	2018	27/03/201 8
		MRM	13011	PR	33	15/10/2004	14/10/20 14	07/08/201 4	under renewalprocess	2018	27/03/201 8
		MRM	21910	PR	3	23/09/2005	22/09/20 15	12/07/201 5	under substance extension and renewalprocess	2018	27/03/201 8
	Bekisopa ~~•~~	IOCM	10430	PR	64	04/03/2004	03/03/20 14	28/11/201 3	under renewalprocess	2019	28/03/201 9
			26532	PR	768	16/10/2007	03/02/20 19		relinquished	2016
			35828	PR	80	16/10/2007	03/02/20 19		relinquished	2018	27/03/201 8
			27211	PR	128	16/10/2007	23/01/20 17	20/01/201 7	under renewalprocess	2018	27/03/201 8
			35827	PR	32	23/01/2007	23/01/20 17	20/01/201 7	under renewalprocess	2018	27/03/201 8
		RAZAFINDRAVO LA	3757	PRE	16	26/03/2001	25/11/20 19		Transfer from IOCM Gerant to AKO	2019	28/03/201 9
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

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Criteria	JORC Code explanation	Commentary	Commentary
			Akora prospectus. Airborne magnetics was flown for the government by Fugro and has since
			been obtained, modelled and interpreted by Cline Mining and Akora.
Geology	• Deposit type, geological setting and style of	•	The tenure was acquired by AKO during 2014 and work since then has consisted of:
	mineralisation.		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 current programme of 1095.5m diamond core drilling in 12 drill-holes.
		•	There was until recently debate as to which of the following two options the near surface
			mineralisation is due to:
			o Weathering of a typical Algoma style magnetite-quartzite type banded iron
			formation (BIF); or
			o More closely reflects the actual mineralisation at deeper levels and is only
			moderately altered by weathering effects, such as converting some of the
			magnetite to hematite and/or limonite-goethite.
		•	The recent drilling has shown beyond doubt that the second of these is in fact the case, 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.

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Criteria JORC Code explanation	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary	Commentary
	• 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 including a tabulation of the following information for all Material drill holes: o Easting and northing of the drill hole collar; o Elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar; o Dip and azimuth of the hole; o Down hole length and interception depth; and o Hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• All drill information is		presented in the table below:
	Drillhole ID	Easting (WGS84 Z38S)	Northing (WGS84 Z38S)	Elevation (mAMSL)	Azimuth (Degrees)	Declin ation (°)	Total Depth (m)	Core Recov (%)
									e
	BEKD01	586,079.1	7,612,149.6	881.6	000	-90	80.54	93
	BEKD02	586,159.7	7,611,698.8	878.8	090	-60	80.48	98
	BEKD03	586,348.6	7,611,999.9	872.5	090	-60	100.47	99
	BEKD04	586,448.8	7,610,800.2	869.8	090	-60	100.49	98
	BEKD05	586,368.9	7,610,799.0	862.5	090	-60	100.45	98
	BEKD06	586,549.3	7,610,800.7	871.3	090	-60	60.40	97
	BEKD07	586,722.9	7,609,300.5	842.3	090	-60	70.50	97
	BEKD08	586,822.7	7,609,300.5	853.7	090	-60	100.44	98
	BEKD09	586,749.3	7,608,150.0	862.8	090	-60	100.46	99
	BEKD10	586,798.6	7,608,149.5	865.3	090	-60	100.43	97
	BEKD11	586,848.8	7,608,150.1	868.2	090	-60	100.44	98
	BEKD12	586,899.0	7,607,599.7	868.9	090	-60	100.42	97
	Total						1095.52	97

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Criteria		JORC Code explanation	Commentary	Commentary
			•	Geological interpretation and cross sections of drillholes BEKD01 to BEKD08 are presented in the
				associated press release.
			•	Significant assay results are included in the attached press release.
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 (eg 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 important in	•	The cross sections in the associated press release clearly show the relationship between downhole
between		the reporting of Exploration Results.		mineralisation width and true width. This varies from the intercepts being approximately true
mineralisation widths and intercept lengths		• If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.		width to the intercept widths being approximately 1.5 times the true width. Some of the true widths are still not clear and require additional drilling to confirm dips but dips are generally steep (60-80°W) in the north and shallow (20-40°W) is the south.
		• If it is not known and only the down hole lengths
		are reported, there should be a clear statement
		to this effect (eg ‘down hole length, true width
		not known’).
Diagrams		• Appropriate maps and sections (with scales) and	•	A plan and interpreted cross sections are included in the associated press release that clearly
		tabulations of intercepts should be included for		show the relationship of the drilling to the mineralisation.
		any significant discovery being reported These
		should include, but not be limited to a plan view

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Criteria	JORC Code explanation	Commentary	Commentary
	of drill hole 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
reporting	Exploration Results is not practicable,		the associated press release – Appendix 1
	representative reporting of both low and high	•	All significant drill intercepts and all drill hole information are included as Appendix 3
	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 not		defines the iron rich mineralisation and was used as a guide to planning drillholes.
exploration data	limited to): geological observations; 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 work	•	This programme has confirmed the geological model and provided impetus for additional
	(eg tests for lateral extensions or depth		drilling.
	extensions or large-scale step-out drilling).	•	Three main targets exist:
	• Diagrams clearly highlighting the areas of		o Near surface “DSO” material
	possible extensions, including the main		o The overall mineralisation system with large tonnage potential at lower grades
	geological interpretations and future drilling		o The high grade bands and lenses of magnetite which may be able to be separated
	areas, provided this information is not		at a coarse crush and provides a deeper “DSO” style target.
	commercially sensitive.	•	A programme has also been designed to test the near surface mineralisation that may enable
			a JORC Mineral Resource Estimate for the near surface mineralisation.
		•	A programme of drilling to obtain a JORC resource for the deeper mineralisation has been
			designed.

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AUSTRALASIAN CODE FOR THE REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES BEKISOPA PROJECT

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

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AUSTRALASIAN CODE FOR THE REPORTING OF EXPLORATION RESULTS, MINERAL RESOURCES AND ORE RESERVES

BEKISOPA PROJECT

Section 4 Estimation and Reporting of Ore Reserves

(Criteria listed in section 1, and where relevant in sections 2 and 3, also apply to this section.)

Not applicable

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