AKORA Resources Limited advised that Wardell Armstrong International Limited (WAI) has completed a Scoping Study (Scoping Study) for the Bekisopa Iron Ore project (Bekisopa or Project) in Madagascar. Subject to the following paragraph, this will allow AKORA to progress to a Prefeasibility Study for the Direct Ship Ore (DSO) at Bekisopa. This next phase of study can be undertaken once the DSO in-fill drilling assay results have been received and incorporated into an updated Mineral Resource Estimate, which is anticipated to define the DSO tonnage and grade in better than inferred category.

This is expected to be completed in April 2023. WAI considers Bekisopa to have high potential for further study due to its high grades, low impurities, positive processing characteristics and robust economics. The Company welcomes this finding as it demonstrates the success of the Scoping Study in achieving its purpose.

WAI also highlighted the key areas of future work focus to advance the Project, including extensional drilling along strike to potentially increase the current Mineral Resource Estimate. In addition, WAI states that exploration of the Satrokala project should also be fast- tracked, as this project potentially is a Bekisopa "look-alike" that is closer to existing infrastructure. Wardell Armstrong International Limited (WAI) was engaged to undertake a Scoping Study to support the development of Bekisopa, which is 100% owned by AKORA.

The project is in south central Madagascar. WAI is an experienced engineering company and has undertaken similar studies for iron ore projects. Three project scenarios were studied by WAI and are: Scenario 1. DSO mining and processing of known DSO mineralisation within the Inferred Mineral Resource.

This scenario is the starting phase for each of the other two scenarios. Scenario 2. DSO production, as described in Scenario 1, followed by the mining and producing of a high-grade crushed 2mm fines product. Scenario 3. DSO production, as described in Scenario 1, followed by mining and producing a premium grade concentrate at 75 microns.