AKORA RESOURCES LIMITED — Capital/Financing Update 2022

Mar 22, 2022

ASX Announcement

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23 March 2022

Bekisopa Maiden Mineral Resource

Highlights

Northern & Central Zones Inferred Resource:

• 43.3 Mt Inferred Resource in the Northern Zone

• ✓ 43.3% Davis Tube Recovery (DTR), average head grade 33.3%Fe,

• ✓ 68.2%Fe concentrate grade at a 75-micron grind size

• 41.2 Mt Inferred Resource in the Central Zone

• ✓ 36.3% DTR from an average head grade of 30%Fe

• ✓ 67%Fe concentrate grade at a 75-micron grind size

• Southern Zone Exploration Target 50-100Mt (average head grade 25-40%) (Mineral Resource to be reported on when outstanding analysis is completed, see Cautionary Statement below)

• Northern & Central Zone Inferred Resource & Southern Zone Exploration Target are the result of drilling on only 1/3 of tenement strike length

• H&S Consultants concluded high-grade outcrop material and the highgrade weathered zones can be selectively mined using conventional shovel, truck, crush and screening operations to produce lump and fines DSO

Commenting on the Resource Estimate AKORA Resources Managing Director,

Paul Bibby, commented that: “This Maiden Resource for only the Northern and Central Zones at 84.5 million tonnes is outstanding given the limited drilling in these areas. As some analysis work in the Southern Zone is still to be completed, H&S Consulting has advised of an Exploration Target of 50 to 100Mt for the Southern Zone at similar concentrate grades. This means the Company has significantly exceeded its initial expectation in the 2020 Prospectus. When all is reported, including the Southern Zone and an assessment of the DSO potential, this will confirm a significant first resource from drilling on only 30% of the 6-kilometer strike at Bekisopa. The potential for significant additional tonnage cannot be underestimated, this is an extremely positive result, achieved within 15 months of listing.”

Cautionary Statement

The board of directors wish to inform shareholders that an Exploration Target is conceptual in nature and accordingly, there has not been sufficient exploration to estimate a Mineral Resource and that further exploration will result in an estimation of a Mineral Resource.

AKORA Resources (“AKORA” or “the Company”) (ASX Code: AKO ) is pleased to provide shareholders with the maiden Mineral Resource for the Northern and Central Zones of the Bekisopa project. Mineral estimation results for the Southern Zone will be reported as soon as complete, the delay due to the late receipt of the final assay and processing trial results.

At the time of preparing the AKORA Resources Prospectus and budgets the Company forecast a 100 million tonnes maiden Mineral Resource from the first 4,000 metres of drilling at Bekisopa. As drilling success progressed it was decided to bring forward additional drilling planned for 2022 into the 2021 campaign to minimize costs and maximise the size of the initial Mineral Resource. The Northern and Central Zones comprise 25 drill holes for some 2,142 metres from a total of some 6,200 drilled metres, and has delivered an 84.5 million tonnes Inferred Resource , exceeding expectations.

The “Maiden Resource Estimates, Bekisopa” report prepared by Mr Simon Tear, H&S Consultants Pty Ltd is attached to this announcement and details the sampling and assaying methodology, the resource estimation procedure and details resource tonnages and recovered magnetic fraction grades.

Figure 1 shows the magnetic anomaly that defines the 6-kilometre strike length on the main Bekisopa tenements and drill hole locations for all drill zones. This shows that only some 30% of the strike length has been drilled, further drilling should expand the resource considerably.

Figure 1. 2020 and 2021 drill hole locations

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Tenement
3757
Northern Tenement
Zone 10430
5 X 5 kms
Central
Zone
Southern
37
Zone
Drill Holes
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The Northern and Central Zone maiden Mineral Resource details are shown in Table 1 and the DTR concentrate grades are shown in Table 2.

Bekisopa Zone	Tonne Mt	DTR %	Head Grade %Fe	Concentrate Grade %Fe	DTR Mt
Northern	43.3	43.3	33.3	68.2	19
Central	41.2	36.3	30.0	67.0	15
Total (Inferred)	84.5	39.9	31.7	67.6	33.7

Table 1.

Bekisopa Maiden Inferred Resource for the Northern and Central Zones.

Bekisopa Zone	Conc Grade %Fe	Conc Grade %SiO2	Conc Grade %Al2O3	Conc Grade **%P **	Conc Grade %S	Conc Grade %TiO2	LOI %
Northern	68.2	1.3	0.7	0.005	0.028	0.20	-2.63
Central	67.0	2.3	0.6	0.005	0.33	0.19	-1.93
Average	67.6	1.8	0.7	0.005	0.18	0.20	-2.29

Table 2.

Bekisopa Maiden Inferred Resource DTR concentrate grade achieved at a relatively coarse 75-micron grind size for the Northern and Central Zones.

Work continues on delivering the Southern Zone Mineral Resource Estimate for which H&S Consulting has indicated an Exploration Target of 50 to 100 million tonnes at an estimated concentrate grade of:

• 67% to 69%Fe at a 30% to 45% DTR with

• 1-2.5% SiO2, 0.2-1.2% Al2O3, 0.001- 0.01 % P2O5, 0.01-0.02% S & -1 to - 2.5% LOI.

H&S Consulting have also noted that “the high-grade outcrop material and the highgrade weathered zones can be selectively mined using conventional shovel, truck, crush and screening operations to produce lump and fines DSO.” These outcomes will be reported on as soon as completed.

Conclusion

The maiden Inferred Resource for the Bekisopa Northern and Central Zones have exceeded expectation at 84.5 million tonnes at a concentrate grade of 67.6%Fe, which represents a premium grade product suitable for Direct Reduced Iron pellet feed demanded for the Green Iron and Steel de-carbonised future.

The Exploration Target for the larger Southern Zone has been estimated by H&S Consultants, as 50 to 100 Mt @ 30% to 45% DTR for a total of 20 to 50Mt of magnetite with a concentrate grade of 67% to 69% Fe, ( see Cautionary Statement in relation to the Exploration Target at the commencement of this Announcement).

It is anticipated that once the final DTR assay results have been received, the Mineral Resources for Bekisopa will be updated to include the Southern zone. In addition, the

update is expected to include the definition of the potential Direct Shipped Ore material.

This extensive maiden Mineral Resource confirms the AKORA Board’s decision to list the company and accelerate the drilling campaigns. The result confirms that Bekisopa is a significant iron ore resource that could deliver high-grade fines and concentrates at relatively coarse sizings after a start-up focused on the high-grade outcrop and weathered zone iron ore.

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 >6km strike and is the key focus of current exploration drilling and resource modelling.

Authorisation

This announcement has been authorised by the AKORA Resources Board of Directors on 23 March 2022.

Competent Person’s Statement

The information in this report that relates to 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 data in this report that relates to Mineral Resource Estimates and Exploration Targets for the Bekisopa deposits is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Tear is a Director of H&S Consultants Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear.

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 Director 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.

Appendix 1.

“INFORMATION REQUIRED AS PER ASX LISTING RULE 5.8.1”

“AKORA Resource – Maiden Resource Estimates, Bekisopa, Madagascar” prepared by Mr Simon Tear, H&S Consultants Pty Ltd.

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22[nd] March 2022

Paul Bibby Akora Resources Limited (by email)

Maiden Resource Estimates, Bekisopa, Madagascar

H&S Consultants Pty Ltd (“H&SC”) was requested by Akora Resources Limited (“AKO”) to complete maiden resource estimates for the Bekisopa Iron Ore Project in southern Madagascar. The target commodity is iron mineralisation as massive magnetite with a secondary option of nearsurface direct shipping oxidised iron material. In 2021/2 AKO drilled 64 diamond exploration holes for approximately 6,212.5m and 3,930 samples on the Southern, Central and Northern target areas, part of a continuous belt of magnetite mineralisation stretching for 5.5km of strike. Due to a significant backlog at the analytical laboratory final results for recovered magnetic fraction are not available for the Southern deposit and hence Mineral Resources are only reported for the Central and Northern deposits. These estimates have been reported in accordance with the JORC 2012 Code and Guidelines. Additional details and maps are supplied in Appendix 1.

The project is located within Paleoproterozoic age rocks in south central Madagascar. The local geology consists of a calc-silicate unit within schists and gneisses. The calc-silicate unit appears to have been a favourable host for deposition of iron mineralisation from metasomatic fluids derived from either magmatic or metamorphic processes. As is normal for high grade metamorphic rocks, the units show evidence of complex deformation including several generations of folding. There is some evidence of an early isoclinal folding and this can be seen in both outcrop and regional scales. The iron mineralisation does not appear to be isoclinally folded but is affected by a later open folding event as seen on the cross sections. The iron mineralisation occurs dominantly as magnetite although some hematite is noted, in particular within near surface environments suggesting this may be due to later alteration/oxidation. A few instances of hematite are also noted in unweathered rocks but this is rare and may be related to alteration around fault zones. The mineralisation has the form of a tabular zone or zones and trends from steeply westerly dipping in the north to moderately westerly dipping in the centre and flat dipping in the south. Faulting is not apparent on a large scale but may be present on a smaller scale that has not been identified with the current drill spacing. Oxidation is variable but generally complete oxidation is between 5 and 20m below surface and partial oxidation (generally around fractured zones only) is variable. There has been some iron

H&S CONSULTANTS Pty. Ltd. ABN 72 155 972 080

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Bekisopa, Resource Estimates, Akora Resources

March 2022

enrichment in the oxidised zone due to removal of host rock material via weathering and there is some potential for direct shipping ore (“DSO”).

AKO has supplied the drillhole databases for the deposit, which H&SC has accepted in good faith as an accurate, reliable and complete representation of the available data. H&SC performed very limited validation of the data but did not detect any obvious problems likely to impact significantly on the resource estimates. The drillhole database for Bekisopa is satisfactory for resource estimation purposes; however, responsibility for quality control resides solely with AKO.

Drill spacing was nominally 200m by 100m in the Northern target area, 200m by 50m in the Central target area and 150m by 50m in the Southern target area. The drilling technique and hole spacing is considered appropriate for the style of mineralisation and the generation of Mineral Resource estimates. Core recovery for the HQ/NTW drilling averaged about 95-96% with no significant relationship between iron grade and recovery. All drillholes were surveyed downhole every 10m using a Reflex EZ-Gyro gyroscopic multi-shot camera. No excessive hole deviations have been recorded. The hole collars were located by DGPS to sub-centimetre accuracy and the topography survey was conducted using PHANTOM 4 Pro type drones, and a pair of LEICA System 1200 dual frequency GPS. An accuracy of 10mm horizontal and 20mm vertical is quoted.

A set of standard operating procedures for drilling and sampling were prepared by the AKO and Vato Consulting, who supervised the programme, and these were always adhered to. All drill core was logged quantitatively using industry standard practice on site in 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 and magnetic susceptibility. 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 weight in air/weight in water (Archimedes method) for mainly fresh rock and the Caliper Vernier method for mainly regolith material.

Sampling consisted of sawn half core under geological control and measured hand-held magnetic susceptibility levels. Sample intervals ranged from 0.33m to 2.84m in length with an average length of 0.84m. The half core sample intervals were put into polythene bags along with a paper sample tag. This was then sealed using a cable tie and placed into a second polythene bag with a second paper tag and this was sealed using staples. The samples were subsequently transferred at regular intervals to the commercial sample preparation facility in Antananarivo (OMNIS) where they underwent sorting and weighing, drying at 110-120°C until totally dry and then weighed, jaw crushed to 2mm, riffle split (1:1) with one half kept as reference. A sub-sample of 100g with 80% passing 2mm was pulverised to minus 75 microns and sent for chemical analysis at a commercial

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laboratory. The sample prep procedure is to industry standard. Residual material from the various sample prep stages are stored for future reference. Sample analysis comprised head assays using the XRF technique for the “Iron Ore Suite” at ALS in Perth and Ireland, with the recovered magnetic fraction analysis completed using a Davis Tube (“DTR”) and XRF analysis of the DTR fraction ie concentrate grades. The sample prep, sample sizes and analytical techniques are considered appropriate for the style of mineralisation and the commodity sought.

QAQC comprised standards, blanks and duplicates with blanks inserted every 40[th] sample, likewise for the standards with lab duplicates inserted at a rate of 2 to 4 per 100 samples. The QAQC programme is to industry standard. The QAQC results indicate no issues with the sampling or assay data.

The geological interpretation for the Mineral Resources was completed on appropriately spaced cross sections for each target area ie 200m for the Central and Northern deposits and 150m for the Southern deposit. A series of strings snapped to the drillholes were used to create a series of surfaces and solids, these included a main mineral zone and subordinate footwall lodes, 2 for the Central zone and 1 for the Northern zone along with surfaces representing the base of high grade oxidised surface mineralisation (“DSO”), the base of regolith/base of complete oxidation and the base of partial oxidation. Design of the mineral solids were based on a combination of logged geology and the sampling with additional input from DTR/head iron grades (nominal DTR cut off of 6-8% was used where data was available). The high grade zone surface was based on proximity to the topographic surface and a nominal head grade iron cut-off grade of 55-60% Fe in conjunction with geological sense. The other oxidation surfaces were based on logged geology, sulphur head assays and geological sense.

Metal grade interpolation used Ordinary Kriging on 570 2m composites for the two areas under consideration. Composites for the mineralisation were extracted from the drillhole database constrained by the mineral wireframes. Elements modelled included DTR and head Fe grades along with concentrate Fe, SiO2, Al2O3, P, S, TiO2 and Loss on Ignition (“LOI). No top cuts were applied to the data due to the relatively low coefficients of variation for each element, generally <0.5, and relatively well-structured data. The distinct high grade surface mineralisation was modelled separately to avoid smearing high grades into the main body of mineralisation.

Block models were orthogonal to the national grid with block sizes for both deposits being 25m by 50m by 5m (X, Y & Z) with no sub-blocking. A 3 pass search strategy was employed for both deposits using initial search radii of 200m by 300m by 20m with a minimum number of 12 data and 4 octants. The search ellipse was expanded to 300m by 450m by 30m with the same number of minimum data and octants and then completed with the same search radii but with a minimum of 6 data and 2 octants. One search domain was used for the Central area and two for the Northern area reflecting a modest change in strike. The wireframe boundaries for the mineralisation act as hard boundaries.

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Density data for the three deposits comprised 5,451 measured values from single selected pieces of drillcore, 10-15cm in length. 2,661 samples were from the partially weathered and fresh rock zones with the remaining samples from the regolith and weathered surface material. Density data for the Central and Northern deposits, 904 and 1,482 samples respectively, was modelled unconstrained using Ordinary Kriging on the sample data. Search parameters were relatively similar to the parameters used for the metal grade interpolation with an additional larger search to ensure the generation of modelled block grades peripheral to the mineralisation.

Block model validation consisted of visual inspection of drillhole assays, composites and block grades in section, statistical comparison of composite values with block grades and grade-tonnage curves. No significant issues were noted.

The new Central and Northern resource estimates are reported from within the relevant mineral wireframes/below the topographic surface, exclusive of the DSO material, using a 15% DTR cut off on a centroid in/out basis. The cut off grade was advised by AKO following its analysis of the assay results and is similar to cut off grades used for similar types of deposits.

The Mineral Resources are classified as Inferred. The classification of the resource estimates is derived from the data point distribution (i.e. the drillhole spacing) with due consideration to other factors like grade continuity (variography), geological understanding and continuity including surface mapping, drilling method and recovery, QAQC and density data. The positive aspects for the resource classification are the geological model, the use of diamond core with >95% recovery, appropriate sampling, sample perp and analytical techniques with appropriate QAQC. The negative aspects for the classification are the are the wide drillhole spacing and the relatively poor variography, the style of mineralisation and the apparent lack of good grade continuity (implies more detailed drilling is required) and the lack density date for the oxidised zones.

The combined Mineral Resource for the Central and Northern deposits of the Bekisopa Iron Ore project are detailed below, along with the concentrate grades of the magnetite product (grind size 75 microns).

Inferred	Mt	DTR %	Fe Head %	Density t/m3		DTR Mt
Total	84.4	39.9	31.6	3.25		33.7

		Concentrate Grades
Fe %	SiO2%	Al2O3%	P %	S %	TiO2%	LOI %

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67.6 1.8 0.6 0.005 0.175 0.2 -2.3

H&SC has assumed the deposits will be extracted by an open pit bulk mining method.

From the geological surveying, drilling campaign assaying and numerous product processing trials there are three potential products from within and across the Bekisopa prospect. Firstly, the highgrade outcrop material and the high-grade weathered zones can be selectively mined using conventional shovel, truck, crush and screening operations to produce lump and fines DSO. Secondly, bulk mining of the iron mineralisation between 30 to 55%Fe head grade and subjecting the material to crushing and screening to a 2mm size followed by magnetic separation to produce a +62%Fe fine product. Thirdly, bulk mining of the iron mineralisation at a nominal +15%Fe head grade using conventional mining practices and then crush and grind to ~75-microns and apply magnetic separation techniques to produce an iron concentrate product grading +67%Fe with the possibility of using higher iron head grades, nominally 25 to 45%Fe, to generate a +69%Fe concentrate feed product, both suitable for Direct Reduction Iron processes.

The Bekisopa project in south central Madagascar is a flat to gently undulating remote and isolated country area of semi-arid grassland.

Future work should comprise a substantial amount of infill drilling to upgrade the Mineral Resources.

Exploration Potential

Exploration potential consists of three components:

1] The new Mineral Resources and the likely mineralisation associated with the Southern area represent approximately 2km of strike of a 5km long zone of magnetite mineralisation. This allows for additional exploration potential along strike for some further 3km of mineralisation. No Exploration Target has been defined

2] Exploration potential exists within the mineral wireframes for the Central and Northern deposits where there has been insufficient drilling to generate data to produce interpolated block grades. An Exploration Target has been identified based on the geological interpretation for both deposits in conjunction with the drilling results, the surface mapping and the magnetic imagery of

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20 to 40 Mt @ 30 to 45% DTR for a total of 10 to 20Mt of magnetite with a concentrate grade of

67 to 69% Fe, 1-2.5% SiO2, 0.2-1.2% Al2O3, 0.001- 0.01 % P2O5, 0.01-0.02% S & -1 to -2.5% LOI

The potential quantity and grade of the Exploration Target referred to above is conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

3] Mineral Resources for the Southern deposit will be reported as a soon as possible once the final DTR assays are available and the data processed in accordance with the appropriate resource estimation methodology. At this stage there is an identified Exploration Target for the Southern deposit based on the drilling results, the surface mapping and the magnetic imagery of:

50 to 100 Mt @ 30 to 45% DTR for a total of 20 to 50Mt of magnetite with a concentrate grade of

67 to 69% Fe, 1-2.5% SiO2, 0.2-1.2% Al2O3, 0.001- 0.01 % P2O5, 0.01-0.02% S & -1 to -2.5% LOI

The potential quantity and grade of the Exploration Target referred to above is conceptual in nature, as there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

Simon Tear

Director and Consulting Geologist H&S Consultants Pty Ltd

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The information in this report that relates to Exploration Results for the Bekisopa deposits is based on information compiled Mr Anthony Truelove who is a Member of the Australian Institute of Geoscientists and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Truelove is a Consultant to and a shareholder in Akora Resources and consents to the inclusion in the presentation Exploration Results in the form and context in which they appear.

The data in this report that relates to Mineral Resource Estimates and Exploration Targets for the Bekisopa deposits is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Tear is a Director of H&S Consultants Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear.

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 Director 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.

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Appendix 1

Prospect Location Map for Bekisopa

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Bekisopa
(supplied by AKO)
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Scenic Shot of the Bekisopa Project Area

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Geology Map for Bekisopa

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Northern
Central
Southern
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(Supplied by AKO)

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Ground Magnetic Map for Bekisopa

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(supplied by AKO)

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Plan View of the Geological Interpretation of the Magnetite Mineralisation at Bekisopa

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Northern
Central
Southern
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(Red zones = main hangingwall mineralisation, footwall lodes can just be seen for the Central and Northern deposits (on the eastern side). Green circles = diamond drillhole collar position)

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Geological cross sections for the three deposits are included below.

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Geological Cross Section for the Central Deposit

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(supplied by AKO)

Geological Cross Section for the Northern Deposit

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(supplied by AKO)

Geological Cross Section for the Southern Deposit

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7 608 000N
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400m
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(supplied by AKO)

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Examples of DTR block grade distribution for the Central and Northern deposits are included below.

DTR Block Grade Distribution for the Central Deposit

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(view looking down to north east) (green circles = drillholes)

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DTR Block Grade Distribution for the Northern Deposit

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Estimation Results

Central						Concentrate Grades	Concentrate Grades	Concentrate Grades
Lode	Tonnes	DTR %	Fe Head %	Fe %	SiO2 %	Al2O3 %	P %	S %	TiO2 %	LOI %	Density t/m3		DTR Tonnes
Main	26,006,750	33.8	27.3	66.4	2.8	0.7	0.005	0.020	0.20	-2.00	2.95		8,798,864
FW Upper	6,768,813	29.1	26.8	67.3	2.1	0.4	0.004	0.670	0.22	-1.52	3.13		1,967,829
FW Lower	8,402,563	50.0	40.8	68.8	1.0	0.4	0.005	1.017	0.16	-2.06	3.63		4,199,685
Total	41,178,125	36.3	30.0	67.0	2.3	0.6	0.005	0.330	0.19	-1.93	3.10		14,966,190

(Use of significant figures does not imply accuracy)(Fe Head = iron head grade)

Northern						Concentrate Grades	Concentrate Grades	Concentrate Grades
Lode	Tonnes	DTR %	Fe Head %	Fe %	SiO2 %	Al2O3 %	P %	S %	TiO2 %	LOI %	Density t/m3		DTR Tonnes
Main	39,878,188	44.1	33.8	68.2	1.3	0.7	0.005	0.030	0.20	-2.66	3.46		17,581,496
FW Lode	3,392,375	33.9	27.3	67.9	1.6	0.7	0.005	0.009	0.20	-2.18	2.90		1,150,558
Total	43,270,563	43.3	33.3	68.2	1.3	0.7	0.005	0.028	0.20	-2.63	3.41		18,731,827

(Use of significant figures does not imply accuracy)(Fe Head = iron head grade)

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Page 24

Bekisopa, Resource Estimates, Akora Resources

March 2022

Grade tonnage data for the combined two deposits is presented in the table below for a series of DTR cut off grades with a graphical representation of the data included below.

Grade Tonnage Data for Bekisopa Central & Northern Deposits

DTR Cut off %	Mt	DTR %	Fe_H %		DTR Mt	Fe_H Mt
15	84.4	39.9	31.6		33.7	26.7
20	84.0	40.0	31.7		33.6	26.7
30	68.0	43.2	33.5		29.4	22.8
40	39.1	49.4	37.9		19.3	14.9
50	14.8	56.9	43.7		8.4	6.4
60	3.6	64.9	49.6		2.3	1.8
70	0.5	72.8	54.2		0.3	0.2

Concentrate Grades

	Concentrate Grades	Concentrate Grades	Concentrate Grades	Concentrate Grades	Concentrate Grades	Concentrate Grades	Concentrate Grades
DTR Cut off %	Fe %	SiO2 %	Al2O3	P %	S %	TiO2 %	LOI %
15	67.6	1.8	0.6	0.005	0.170	0.20	-2.3
20	67.6	1.8	0.6	0.005	0.170	0.20	-2.3
30	67.6	1.8	0.7	0.006	0.163	0.19	-2.4
40	68.1	1.4	0.7	0.007	0.219	0.17	-2.5
50	68.6	1.1	0.6	0.008	0.326	0.14	-2.4
60	69.0	1.0	0.8	0.009	0.163	0.14	-2.3
70	69.3	0.8	1.0	0.010	0.132	0.15	-2.3

Bekisopa Central & Northern Deposits Combined Grade Tonnage Curves

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Page 25

Bekisopa, Resource Estimates, Akora Resources

March 2022

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

90 80
80
70
70
60
60
50
50
40
40
30
30
20
20
10
10
0 0
0 10 20 30 40 50 60 70 80
Recovered Magnetic Fraction DTR Cut Off Grade %
DTR Grade %
Million Tonnes
----- End of picture text -----

Mt DTR Mt DTR %

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Page 26

JORC Code, 2012 Edition – Table 1 Bekisopa Magnetite Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary	Commentary
Sampling	• Nature and quality of sampling (e.g. cut channels, random chips, or	•	Diamond core (HQ or NTW) is split in half using a core saw or splitter
techniques	specific specialised industry standard measurement tools appropriate		(if clayey or rubbly). A consistent half of the core is broken with a
	to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.		hammer and bagged prior to dispatch to the preparation laboratory in Antananarivo. Sample interval is nominally 1m down hole but
	• Include reference to measures taken to ensure sample representivity		with samples terminated at lithological boundaries.
	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 hammer, rotary air	•	All drilling is diamond core drilling using either NTW (64.2mm inner
techniques	blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple		diameter) or HQ (77.8mm inner diameter) coring equipment. The
	or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).		holes are generally collared using HQ and changed to NTW between 3m and 25m downhole. Core is not orientated. All drillholes are
			surveyed every 10m using a Reflex EZ-Gyro gyroscopic multi-shot
			camera. No surveys to date have varied more than 5° from the collar
			survey in either azimuth or declination.
Drill sample	• Method of recording and assessing core and chip sample recoveries	•	Average core recovery is 97% but may be lower in the rubbly part of
recovery	and results assessed.		the weathered zone. Several one metre intervals returned low
	• Measures taken to maximise sample recovery and ensure		recoveries due to rubbly material. All other intervals gave good

27

Criteria	JORC Code explanation	Commentary	Commentary
	representative nature of the samples.		recovery, with close to 100% in 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 geologically and	•	A set of standard operating procedures for drilling and sampling
	geotechnically logged to a level of detail to support appropriate		were prepared by the company and Vato Consulting, who supervised
	Mineral Resource estimation, mining studies and metallurgical studies.		the programme, and these were always adhered to.
	• Whether logging is qualitative or quantitative in nature. Core (or	•	During drilling, checks and verifications of the accurate
	costean, channel, etc) photography.		measurement of penetration depth of drill hole cores were made
	• The total length and percentage of the relevant intersections logged.		and observations and recording of the colour of the water / mud
			rising from the drill hole were made.
		•	All drill core was logged quantitatively using industry standard
			practice on site in 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(mainlyfresh rock)and the Caliper Vernier(mainlyregolith)

28

Criteria	JORC Code explanation	Commentary
		methods.
Sub-sampling	• If core, whether cut or sawn and whether quarter, half or all core	• A set of standard operating procedures for drilling and sampling
techniques	taken.	were prepared by the company and Vato Consulting, who supervised
and sample preparation	• If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique.	the programme, and these were always adhered to. • All core was fitted together so that a consistent half core could be collected, marked up with a “top” line (line perpendicular to dip and
	• Quality control procedures adopted for all sub-sampling stages to	strike, or main foliation), sample intervals decided and marked up
	maximise representivity of samples.	and the core subsequently split in half using a core saw, separating
	• Measures taken to ensure that the sampling is representative of the	samples into the marked-up intervals. If the core was clayey or
	in-situ material collected, including for instance results for field	rubbly, it was split in half using a hammer and chisel. The intervals
	duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	were nominally 1m, but smaller intervals were marked if a change in geology occurred within the 1m interval.
		• The half core sample intervals were put into polythene bags along
		with a paper sample tag. This was then sealed using a cable tie and
		placed into a second polythene bag with a second paper tag and this
		was sealed using staples.
		• The samples were subsequently transferred at regular intervals to
		the sample preparation facility in Antananarivo (OMNIS) where they
		will undergo 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 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

29

Criteria	JORC Code explanation	Commentary	Commentary
			o Store reject pulp
			o Conduct a pXRF reading on the minus 75 micrometre
			pulp
		•	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 assaying and	•	No assaying has been undertaken as yet on the drillholes being
assay data	laboratory procedures used and whether the technique is considered		reported.
and	partial or total.
laboratory tests	• For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their
	derivation, etc.
	• 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) andprecision have been established.
Verification	• The verification of significant intersections by either independent or	•	As assaying has not yet been undertaken, only qualitative
of sampling	alternative company personnel.		descriptions and magnetic susceptibility readings are reported.
and assaying	• The use of twinned holes.
	• Documentation of primary data, data entry procedures, data
	verification, data storage (physical and electronic) protocols.
	• Discuss any adjustment to assay data.
Location of	• Accuracy and quality of surveys used to locate drill holes (collar and	•	All drill hole collars have been provisionally located using a hand-
data points	down-hole surveys), trenches, mine workings and other locations		held GPS (+/-5m accuracy). Final collars will be picked up at
	used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• •	completion of the drilling program. The grid system used is UTM, WGS84, Zone 38 Southern Hemisphere An accurate topographic survey was completed by FuturMap, a local
			surveying consultant. The survey was conducted using PHANTOM 4
			Pro type drones, and a pair of LEICA System 1200 dual frequency
			GPS. An accuracy of 10mm horizontal and 20mm vertical is quoted.

30

Criteria	JORC Code explanation	Commentary	Commentary
Data spacing	• Data spacing for reporting of Exploration Results.	•	Data spacing was planned to be at 200m x 50m drill spacing which is
and	• Whether the data spacing and distribution is sufficient to establish the		considered reasonable for the style of mineralisation being
distribution	degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	•	intersected. In several areas with significant surficial mineralisation, drill-hole density has been closed up to 100m x 50m. All samples will be assayed as individual, less than 1m long intervals. Composites of selected intervals will be tested using wet
			and dry, low intensity magnetic separation (LIMS).
Orientation of	• Whether the orientation of sampling achieves unbiased sampling of	•	The ironstone unit has a strong north-south trend and drilling is
data in	possible structures and the extent to which this is known, considering		generally oriented to the east. The outcrops, trenches and
relation to geological structure	the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		magnetics all show a steep to shallow westerly dip and hence the drill direction is considered to be optimal. The drilling in the south was interpreted as being synclinal in nature with tonnage potential
			limited to the keel of the syncline. However, it has been found that
			the structure is an orocline and that mineralisation continues at
			depth in this area. Mineralisation in the SW zone appears to be
			sheet-like at present but additional drilling is required to confirm the
			true morphology in this location. A single hole oriented to 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
security			possession of the 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

31

Criteria	JORC Code explanation	Commentary	Commentary
			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 and data.	•	No audit has been conducted.
reviews

32

Section 2 Reporting of Exploration Results

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

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation 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 the below Project ID Tenement Holders Permit ID Permit Type Number of Blocks Granting Date Expiry Date Submission Date Actual Status Last Payment of Administration Fees Tratramarina UEM 16635 PR 144 23/09/2005 22/09/2015 04/09/2015 Under renewalprocess 2021 UEM 16637 PR 48 23/09/2005 23/09/2015 04/09/2015 Under renewalprocess 2021 UEM 17245 PR 160 10/11/2005 09/11/2015 04/09/2015 Under renewalprocess 2021 RAKOTOARISOA 18379 PRE 16 11/01/2006 11/01/2014 27/03/2012 Under transformation 2021 RAKOTOARISOA 18891 PRE 48 18/11/2005 17/11/2013 27/03/2012 Under transformation 2021 Ambodilafa MRM 6595 PR 98 20/05/2003 19/05/2013 08/03/2013 under renewalprocess 2021 MRM 13011 PR 33 15/10/2004 14/10/2014 07/08/2014 under renewalprocess 2021 MRM 21910 PR 3 23/09/2005 22/09/2015 12/07/2015 under substance extension and renewalprocess 2021 Bekisopa IOCM 10430 PR 64 04/03/2004 03/03/2014 28/11/2013 Under renewal process 2021 26532 PR 768 16/10/2007 03/02/2019 Relinquished 2018 35828 PR 80 16/10/2007 03/02/2019 Relinquished 2018 27211 PR 128 16/10/2007 23/01/2017 20/01/2017 Under renewal process 2021 35827 PR 32 23/01/2007 23/01/2017 20/01/2017 Under renewal process 2021 RAFAFINDRAVOLA 3757 PRE 16 26/03/2001 25/11/2019 Transferred to IOCM gerant 2021
	Project ID	Tenement Holders	Permit ID	Permit **Type **	Number of Blocks	Granting Date	Expiry Date	Submission Date	Actual Status	Last Payment of Administration Fees
	Tratramarina	UEM	16635	PR	144	23/09/2005	22/09/2015	04/09/2015	Under renewalprocess	2021
		UEM	16637	PR	48	23/09/2005	23/09/2015	04/09/2015	Under renewalprocess	2021
		UEM	17245	PR	160	10/11/2005	09/11/2015	04/09/2015	Under renewalprocess	2021
		RAKOTOARISOA	18379	PRE	16	11/01/2006	11/01/2014	27/03/2012	Under transformation	2021
		RAKOTOARISOA	18891	PRE	48	18/11/2005	17/11/2013	27/03/2012	Under transformation	2021
	Ambodilafa	MRM	6595	PR	98	20/05/2003	19/05/2013	08/03/2013	under renewalprocess	2021
		MRM	13011	PR	33	15/10/2004	14/10/2014	07/08/2014	under renewalprocess	2021
		MRM	21910	PR	3	23/09/2005	22/09/2015	12/07/2015	under substance extension and renewalprocess	2021
	Bekisopa	IOCM	10430	PR	64	04/03/2004	03/03/2014	28/11/2013	Under renewal process	2021
			26532	PR	768	16/10/2007	03/02/2019		Relinquished	2018
			35828	PR	80	16/10/2007	03/02/2019		Relinquished	2018
			27211	PR	128	16/10/2007	23/01/2017	20/01/2017	Under renewal process	2021
			35827	PR	32	23/01/2007	23/01/2017	20/01/2017	Under renewal process	2021
		RAFAFINDRAVOLA	3757	PRE	16	26/03/2001	25/11/2019		Transferred to IOCM gerant	2021

33

Criteria	JORC Code	Commentary
	explanation
Exploration	• Acknowledgment and appraisal of exploration by other parties.		•	Exploration has been conducted by UNDP (1976 - 78) and BRGM (1958 -
done by other				62). Final reports on both episodes of work are available and have been
parties				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 579.6m in 9 drillholes
				(BEKD13 to 21)
			•	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).

34

Criteria	JORC Code	Commentary
	explanation
			•	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
				usinga simple crush to -2mm followed bymagnetic separation.
Drill hole	• A summary of all information material to the understanding of the		•	All drill information being reported as part of this announcement can be
Information	exploration results including a tabulation of the following			found on the Company’s website and specifically the announcements
	information for all Material drill holes:			released to the ASX on 14 Sep 2021, 27 Sep 2021, 19 Oct 2021, 3 Nov
	o easting and northing of the drill hole collar			2021, 9 Nov 2021, 17 Nov 2021, 11 jan 2022, 28 jan 2022, 4 Feb 2022 and
	o elevation or RL (Reduced Level – elevation above sea level in			2 Mar 2022.
	metres) of the drill hole collar		•	Geological interpretation and cross section of representative drillholes are
	o dip and azimuth of the hole			presented in the associated press release.
	o down hole length and interception depth		•	Assays were conducted at ALS Laboratory in Perth, WA and DTT and
	o hole length.			wLIMS testwork was conducted by ALS Iron Ore facility in Perth, WA.
	• 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.
Data	• In reporting Exploration Results, weighting averaging techniques,		•	No cuts were used as iron is a bulk commodity.
aggregation	maximum and/or minimum grade truncations (e.g. cutting of high
methods	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 reporting of		•	Assaying is ongoing and only preliminary interpretations are shown.
between	Exploration Results.
mineralisation	• If the geometry	of the mineralisation with respect to the drill hole

35

Criteria	JORC Code	Commentary
	explanation
widths and	angle is known, its nature should be reported.
intercept	• If it is not known and only the down hole lengths are reported,
lengths	there should be a clear statement to this effect (e.g. ‘down hole _length, true width not known’). _
Diagrams	• Appropriate maps and sections (with scales) and tabulations of		•	A plan and interpreted cross sections are included in the associated press
	intercepts should be included for any significant discovery being			release that clearly show the relationship of the drilling to the mineralisation.
	reported These	should include, but not be limited to a plan view of
	drill hole collar locations and appropriate sectional views.
Balanced	• Where comprehensive reporting of all Exploration Results is not		•	A plan showing all drill hole locations along with interpreted cross-sections
reporting	practicable, representative reporting of both low and high grades			are included in the associated press release.
	and/or widths should be practiced to avoid misleading reporting of		•	No new assay results are reported.
	Exploration Results.
Other	• Other exploration data, if meaningful and material, should be		•	AKO has completed ground geophysical surveys using international
substantive	reported including (but not limited to): geological observations;			suppliers. This clearly defines the iron rich mineralisation and was used as
exploration data	geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics;			a guide to planning drillholes
	potential deleterious or contaminating substances.
Further work	• The nature and	scale of planned further work (e.g. tests for lateral	•	AKO proposes to continue its drilling programme at Bekisopa PR 10430 in
	extensions or depth extensions or large-scale step-out drilling).			order to enhance the JORC classification as well as expand the resource
	• Diagrams clearly highlighting the areas of possible extensions,			size and then complete a scoping study.
	including the main geological interpretations and future drilling
	areas,provided this information is not commercially sensitive.

Section 3 Estimation and Reporting of Mineral Resources

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

Criteria	JORC Code explanation	Commentary	Commentary
Database	• Measures taken to ensure that data has not been corrupted by, for	•	Validation of database undertaken by Akora personnel and its
integrity	example, transcription or keying errors, between its initial collection		consultants/contractors.
	and its use for Mineral Resource estimationpurposes.

36

Criteria	JORC Code explanation	Commentary	Commentary
	• Data validation procedures used.	•	Data supplied to resource estimators H&S Consultants (“H&SC”) by
			Akora as Excel spreadsheets which were converted to an Access
			database with indexed tables.
		•	Some database validation was conducted by (H&SC) to ensure the
			drill hole database is internally consistent. Validation included
			checking that no assays, density measurements or geological logs
			occur beyond the end of hole and that all drilled intervals have been
			geologically logged. The minimum and maximum values of assays
			and density measurements were checked to ensure values are
			within expected ranges. Further checks include testing for duplicate
			samples and overlapping sampling or logging intervals.
		•	Akora takes responsibility for the accuracy and reliability of the data
			used to estimate the Mineral Resources.
		•	The deposit is oriented N-S and therefore the national grid
			coordinate system was used for the resource estimation.
Site visits	• Comment on any site visits undertaken by the Competent Person and	•	A comprehensive geological field visit and ground magnetic survey
	the outcome of those visits.		was undertaken by Paul Bibby (Competent Person for Metallurgy)
	• If no site visits have been undertaken indicate why this is the case.		and Antony Truelove (Competent Person for Exploration Results) in
			2019. During this visit, the mineralisation was observed in outcrop
			and the local litho-structural environment confirmed along with
			evidence of the pre-existing work including trenches and drill collars.
			The ground magnetic survey was conducted at this time and the
			magnetic highs were confirmed to be related to iron mineralisation.
		•	No site visit has been undertaken by H&SC. This was mainly due to
			Covid-19 travel restrictions.
Geological	• Confidence in (or conversely, the uncertainty of) the geological	•	The broad geological interpretation of the Bekisopa deposit is
interpretation	interpretation of the mineral deposit.		relatively straightforward and moderately constrained by drilling,
	• Nature of the data used and of any assumptions made.		surface mapping and the high amplitude airborne and ground
	• The effect, if any, of alternative interpretations on Mineral Resource estimation. • The use of geology in guiding and controlling Mineral Resource estimation.	•	magnetic anomalies. The geological interpretation is applicable to all three deposits. The main iron mineralisation comprises a series of parallel layers of
	• The factors affecting continuity both of grade and geology.		massive magnetite (+/-hematite), within magnetite bearing gneiss.
			Mineralisation appears to be stratabound and is thought to be

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Criteria	JORC Code explanation	Commentary	Commentary
			replacive of carbonate/calc silicate units intermixed with gneissic
			material.
		•	Deformation has generated an overall complex structure but locally
			the main magnetite bands form either tabular dipping bodies of
			mineralization, for the Central and Northern zones albeit with slightly
			variable dip and strike angles. The Southern zone comprises an
			open folded synclinal feature, that is relatively a flat lying sequence.
		•	The interpretation of mineralization was based on a combination of
			the drilling data i.e. iron grades, DTR grades, lithology logging and
			magnetic susceptibility and surface mapping. Generally sampling
			tended to be restricted to the visual recognition of magnetite zones
			and corresponding magnetic susceptibility but is nominally at a 6-8%
			Fe cut off.
		•	H&SC used the geological logs of the drill holes and a nominal Fe
			grade of 55% to create a wireframe surface representing the base of
			near surface high grade oxidised iron mineralisation.
		•	H&SC also used the geological logs and sulphur head assays of the
			drill holes to create wireframe surfaces representing the regolith, a
			base of complete oxidation (BOCO) and the top of fresh rock
			(TOFR).
		•	Any faulting in the deposit is assumed to be insignificant relative to
			the resource estimation.
		•	As the deposit is thought to be replacive eg a skarn, the distribution
			of original calc-silicate host lithology will be a major control of grade
			continuity. Skarns are notorious for variable grade continuity.
		•	H&SC is aware that alternative interpretations of the mineralised
			zones are possible but consider the wireframes to adequately
			approximate the locations of the mineralised zones for the purposes
			of resource estimation. Alternative interpretations may have a limited
			impact on the resource estimates.
Dimensions	• The extent and variability of the Mineral Resource expressed as	•	The Mineral Resources comprise the Central and Northern deposits
	length (along strike or otherwise), plan width, and depth below		o Central Zone (3 mineral lodes): western dipping limb, 20oto 40o,
	surface to the upper and lower limits of the Mineral Resource.		of a gently folded anticline with a strike of 800m, plan width
			300m and a range in thickness of 5 to 100m; Mineral Resource

38

Criteria	JORC Code explanation	Commentary	Commentary
			outcrops and has a termination depth of 190m below surface.
			The lower limit to the Mineral Resource is a direct function of the
			depth limitations to the drilling in conjunction with the search
			parameters. The mineralisation is open at depth.
			o Northern Zone (2 mineral lodes): western dipping limb, 35oto 45o
			of a moderately folded anticline with a strike of 1000m, plan
			width 300m and a range in thickness of 8 to 80m; Mineral
			Resource outcrops and has a termination depth of 325m below
			surface. The lower limit to the Mineral Resource is a direct
			function of the depth limitations to the drilling in conjunction with
			the searchparameters. The mineralisation is open at depth.
Estimation	• The nature and appropriateness of the estimation technique(s)	•	Ordinary Kriging was used to complete the grade interpolation in the
and	applied and key assumptions, including treatment of extreme grade		GS3 (H&SC in-house) software. H&SC considers Ordinary Kriging to
modelling techniques	values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. • The availability of check estimates, previous estimates and/or mine	•	be an appropriate estimation technique for the type of mineralisation and extent of data available from the two deposits. DTR and Head Fe composites have low coefficients of variation generally <0.5. A total of 570 2m composites were generated from the drillhole
	production records and whether the Mineral Resource estimate takes		database, constrained by the mineral wireframes. The composites
	appropriate account of such data.		were modelled for Davis Tube recovered magnetic fraction (“DTR”),
	• The assumptions made regarding recovery of by-products.		iron head grade and the concentrate elements of Fe2O3, Al2O3, P2O5,
	• Estimation of deleterious elements or other non-grade variables of		S, SiO2, TiO2and LOI.
	economic significance (e.g. sulphur for acid mine drainage characterisation). • In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed.	•	For the Central zone 254 composites were used for 3 zones of mineralisation; a small number of default values, relative to surrounding values, were inserted for missing LOI values (in the
	• Any assumptions behind modelling of selective mining units.		concentrate) due to insufficient sample. Composites were classified
	• Any assumptions about correlation between variables.		according to oxidation status, a further sub-division was created for
	• Description of how the geological interpretation was used to control		the high Fe-grade regolith at surface material, which was modelled
	the resource estimates.		separately.
	• Discussion of basis for using or not using grade cutting or capping. • The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	•	For the Northern zone 316 composites were used for 2 mineral zones; a small number of default values, relative to surrounding values, were inserted for missing LOI values (in the concentrate) due to insufficient sample. Composites were classified according to
			oxidation status, a further sub-division was created for the high Fe-
			grade regolith at surface material. which was modelled separately.

39

Criteria	JORC Code explanation	Commentary	Commentary
		•	The topographic surface was used in most cases to control the
			upper limit of the resource estimation where the mineralisation was
			exposed.
		•	Single wireframes were created for each of the mineralised zones
			which acted as hard boundaries in the composite selection and
			grade interpolation. The upper part of the wireframe was often made
			to coincide with the topographic surface guided by the surface
			mapping.
		•	No hard boundaries were used in the density grade interpolation
			apart from the topography.
		•	No recovery of any by-products has been considered in the resource
			estimates as no products beyond iron are considered to exist in
			economic concentrations.
		•	No top-cutting was applied as extreme values were not present and
			top-cutting was considered by H&SC to be unnecessary
		•	No check estimate was carried out.
		•	Block models were created for each deposit. Block dimensions for all
			three deposits are 25m x 50m x 5m (E, N, RL respectively). The east
			and north dimensions were chosen as they are around a third to a
			quarter of the nominal drillhole distances. The vertical dimension
			was chosen to reflect the sample spacing (1m) and possible mining
			bench heights (5m).
		•	All elements were estimated together in a single 3 pass search
			strategy. The 3 search passes comprised progressively larger radii
			or decreasing search criteria. The Pass 1 used radii of
			200mx300mx25m, Passes 2 and 3 used search radii of
			400mx600mx50m. Minimum number of data for Passes 1 and 2 was
			12 with a minimum of 4 octants. Pass 3 used 6 minimum data and 2
			octants.
		•	The new block models were reviewed visually by H&SC and it was
			concluded that the block model fairly represents both the grades
			observed in the drill holes and the 2m composite values. H&SC also
			validated the block model using a variety of summary statistics and
			statisticalplots.

40

Criteria	JORC Code explanation	Commentary	Commentary
		•	The deposit has not been mined and so there is no reconciliation
			data.
Moisture	• Whether the tonnages are estimated on a dry basis or with natural	•	Tonnages of the Mineral Resources are estimated on a dry weight
	moisture, and the method of determination of the moisture content.		basis.
Cut-off	• The basis of the adopted cut-off grade(s) or quality parameters	•	The resources are reported at a cut-off of 10% DTR based on the
parameters	applied.		outcome of a recently completed pit optimisation study by
			independent consultants XXX.
		•	The cut-off grade at which the resource is quoted reflects the
			intended bulk-miningapproach.
Mining	• Assumptions made regarding possible mining methods, minimum	•	The Mineral Resources were estimated on the assumption that the
factors or assumptions	mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be	•	material is to be mined by open pit using a bulk mining method. The surface high-grade potentially DSO mineralisation will be more selectively mined as there are areas where the thickness of the higher grade mineralisation is from 2 to 5m. Minimum mining dimensions are envisioned to be around 15m x 10m
	reported with an explanation of the basis of the mining assumptions		x 5m (strike, across strike, vertical respectively). The block size is
	made.		significantly larger than the likely minimum mining dimensions. The
			characteristics of the iron formation compared to the calc/silicate
			country rock will enable periods of selective mining within the larger
			mining blocks where necessary to maximise the recovery of higher
			grade iron mineralisation.
		•	The resource estimations include a minor amount of internal mining
			dilution.
		•	It is Akora’s aim to initially produce some 2 to 3Mtpa of high-grade
			potentially DSO Iron Ore from the exposed material and the
			weathered zone. Then via conventional mining, crushing and
			screening to produce a +62% iron fines product from +30%Fe iron
			mineralisation and then produce a magnetite concentrates via on site
			magnetic beneficiation.
Metallurgical	• The basis for assumptions or predictions regarding metallurgical	•	The nature of the magnetite mineralisation, shown by product
factors or assumptions	amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made		processing trials at a 2mm crush size and at a 75-micron size, lends itself to relatively easy liberation and delivery of better than benchmark grade of 62%Fe iron products and premium grade iron

41

Criteria	JORC Code explanation	Commentary	Commentary
	when reporting Mineral Resources may not always be rigorous.		concentrates at +67%Fe.
	Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	•	Davis Tube Testing on assay pulp ground samples, at a typical P80 of 62 microns, delivered iron concentrate grades averaging 68.4%Fe
			from headgrades >15%Fe.
Environmenta	• Assumptions made regarding possible waste and process residue	•	The deposit lies within flat to lightly undulating, isolated open country
l factors or assumptions	disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project,	• •	in south central rural Madagascar, predominately scrubby grassland with occasional small trees. There are large flat areas for waste and tailings disposal. Small number of creeks with only seasonal flows.
	may not always be well advanced, the status of early consideration of
	these potential environmental impacts should be reported. Where
	these aspects have not been considered this should be reported with
	_an explanation of the environmental assumptions made. _
Bulk density	• Whether assumed or determined. If assumed, the basis for the	•	Density for the three deposits was measured for both fresh rock and
	assumptions. If determined, the method used, whether wet or dry, the		regolith/oxidised material using selected bits of core ranging in
	frequency of the measurements, the nature, size and representativeness of the samples. • The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones	•	length between 10 to 15cm. The fresh rock measuring method used the weight in air/weight in water technique (Archimedes method) on 2,661 samples. The regolith sample suite comprised 2,790 dried and weighed samples
	within the deposit.		which had the core diameter determined using a Vernier Caliper.
	• Discuss assumptions for bulk density estimates used in the	•	All measurements were made on dry core samples.
	evaluation process of the different materials.	•	Voids are rare in the fresh rock material but are more prevalent in
			the regolith material and this requires further testwork to confirm the
			original density values.
		•	All sample data was used for the density grade interpolation.
		•	Density block grades were estimated using Ordinary Kriging for
			similar search passes as the grade interpolation. An additional
			larger search pass was used to ensure all peripheral blocks to the
			Mineral Resources were allocated a densityvalue.
Classification	• The basis for the classification of the Mineral Resources into varying	•	The classification of the resource estimates is based on the data
	confidence categories.		distribution which is a function of the drillhole spacing ie the pass
	• Whether appropriate account has been taken of all relevant factors (i.e. relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values,	•	category from the grade interpolation Other aspects have been considered including the variography, the style of mineralisation, thegeological model, samplingmethod and

42

Criteria	JORC Code explanation	Commentary	Commentary
	quality, quantity and distribution of the data).		recovery, density, the QAQC programme and results.
	• Whether the result appropriately reflects the Competent Person’s	•	The resource estimates were classified as Inferred based mainly on
	view of the deposit.		the wide drillhole spacing, the variability of the grade continuity (lack
			of good variography), the geological style of mineralisation and the
			density data.
		•	H&SC believes the confidence in tonnage and grade estimates, the
			continuity of geology and grade, and the distribution of the data
			reflect Inferred categorisation at this stage. The estimates
			appropriatelyreflect the Competent Person’s view of the deposit.
Audits or	• The results of any audits or reviews of Mineral Resource estimates.	•	No audits or reviews of the Mineral Resources have been
reviews			completed.
Discussion of	• Where appropriate a statement of the relative accuracy and	•	No statistical or geostatistical procedures were used to quantify the
relative	confidence level in the Mineral Resource estimate using an approach		relative accuracy of the resource. The global Mineral Resource
accuracy/ confidence	or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and	•	estimates of the Bekisopa project are sensitive to higher cut-off grades but does not vary significantly at lower cut-offs. The relative accuracy and confidence level in the Mineral Resource estimates are considered to be in line with the generally accepted
	confidence of the estimate.		accuracy and confidence of the nominated Mineral Resource
	• The statement should specify whether it relates to global or local		categories. This has been determined on a qualitative, rather than
	estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. • These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	•	quantitative, basis, and is based on the Competent Person’s experience with similar deposits and geology The Mineral Resource estimates are considered to be moderately accurate globally, but there is some uncertainty in the local estimates due to the current drillhole spacing, a lack of geological definition in
			certain places.
		•	No mining of the deposit has taken place, so no production data is
			available for comparison.

43