AKORA Resources provided shareholders with the completed Maiden Inferred Mineral Resources for all the Bekisopa project. 194.7 million tonnes as the total Maiden Inferred Mineral Resource highlights the significant upside potential on the main tenements at Bekisopa. At the time of preparing the AKORA Resources prospectus and budgets the Company forecast a 100 million tonnes Mineral Resource from the first 4,000 metres of drilling at Bekisopa. As drilling success progressed it was decided to bring forwarded additional drilling planned for 2022 into the 2021 campaign to minimize costs and maximise the size of any potential Mineral Resource. These decisions have resulted in a 195 million tonne maiden resource comprised of 110 Mt in the Southern Zone, 41.2Mt in the Central Zone and 43.3Mt in the Northern Zone. The combined 84.5Mt resource for the Northern and Central Zones were set out in ASX Announcement on 23 March 2022. This shows that only some 30% of the strike length has been drilled, further drilling should expand the resource considerably. 110.2 million tonnes Maiden Inferred Mineral Resource for the Bekisopa Southern Zone has exceeded all expectation. The Davis Tube Recovery at 37.8% means that only 2.6 feed tonnes are required to produce one tonne of concentrate grading 67.6% iron, both outstanding results. The product grade impurity levels continue to be extremely low for silica, alumina and phosphorous. The overall sulphur levels are elevated and on first examination this is primarily due to a region at depth in the northeastern section of the expansive Southern Zone. This region of higher sulphur is estimated to be some 21 million tonnes and further resource and processing evaluation will be conducted in the coming months to maximise value from this resource. This region i at depths of 20 to 30 meters and likely to be processed in later decades enabling time to determine the best practices to reduce the sulphur levels. The conventional practices to reduce high impurity levels is firstly by blending with lower grade material and then, if necessary, evaluate using dry separation processes utilising proven centrifugal and electrostatic methods that use density to separate out the sulfide minerals or other techniques to improve impurity grades. The Southe rn Zone in area is the largest drilling grid with 37 drill holes which defined several wide and deep cross sections. These sections show high- grade iron mineralisation intervals at surface ranging from 59 to 66%Fe, suitable for Direct
Shipped Ore (DSO). These areas of high-grade iron will be better defined by closer spaced shallow drilling and then selectively mined to maximise tonnage, grades and revenue. From the cross sections, high-grade surface intercepts ranging from 59 to 66%Fe, suitable for DSO, can be seen from 1.2m to 25.2m thickness along the eastern edge of the Southern iron formation that looks to be continuous both along and across strike. Plus, iron mineralisation at surface on the western side. The Mineral Resource modeling assumes a conventional bulk mining method, uses mining blocks that are 5 metre high, 25 metres wide and 50 metres long, which may dilute the potential surface DSO grade and add tonnes. Within the overall Southern Zone resource the modelling has estimated some 4.2 million tonnes of DSO potential. For the Northern and Central Zones this same approach has determined 3.6 million tonnes of DSO for an overall DSO tonnage of 7.8 million tonnes. The bulk mining resource methodology will tend to dilute the overall grade potential where the weathered zones are incorporated into thicker bulk mining resource blocks and add tonnes. Using selective mining of the DSO material, with minimal country rock, should deliver higher- grade DSO products closer to assay results. AKORA's intention is to selectively mine the areas of higher-grade surface mineralisation, ranging from 59 to 66% Fe. With this weathered DSO will be blended the high-grade outcrop, shown to average 66.7% Fe from rock chip sampling. Combined, these DSO sources should deliver an average higher-grade DSO lump and fines product. More shallow infill drilling is required to better define the DSO tonnage and grade potential prior to mining. The 194.7 million tonnes Maiden Inferred Mineral Resource for Bekisopa at a concentrate grade of 67.6% Fe has exceeded expectation and places the Bekisopa project as a significant iron ore resource worthy of further evaluation and development. The Southern Zone maiden resource at 110.2 million tonnes is substantial and exceeds AKORA's and H&S Consultants, Resource Geologists, expectations. The DTT concentrate grade at 67.6% Fe is a premium grade product suitable for Direct Reduced Iron (DRI) pellet feed. DRI will be in increasing demand as the Iron and Steel industry embarks on a green de-carbonised future that will require higher iron feed grades with low impurity levels. This extensive 194.7 Mt maiden Mineral Resource confirms the AKORA Boards 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 sizing's after a DSO start-up focused on the high-grade outcrop and weathered zone iron ore formations, which is estimated to range from 10 to 20 million tonnes.