Akora Resources : Maiden Resource Southern Zone

ASX Announcement

11 April 2022

Bekisopa Total Maiden Inferred Resource 194.7 million tonnes

110.2 Mt Inferred Resource in the Southern Zones

• ✓ 37.8% Davis Tube Recovery (DTR), producing a

• ✓ 67.6%Fe concentrate grade at a 75-micron grind size

plus, the previously reported, ASX Announcement 23 March 2022:

41.2 Mt Inferred Resource in the Central Zone

• ✓ 36.3% DTR, producing a

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

43.3 Mt Inferred Resource in the Northern Zone

• ✓ 43.3% DTR, producing a

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

In total 194.7 Mt Inferred Resource for Bekisopa

• ✓ 38.7% DTR, producing a

• ✓ 67.6%Fe concentrate grade at 75-micron grind size

Contains 7.8 Mt of Direct Ship Ore (DSO) at surface from less than 30% of the 6-kilometer strike length

To the 7.8 Mt weathered zone DSO will be added the high-grade outcrop material increasing the DSO lump and fines

Commenting on the Resource Estimate AKORA Resources Managing Director Paul Bibby, commented that "This 195 million tonnes Maiden Mineral Resource for Bekisopa is excellent and exceeded expectations. Within this mineral resource of 195 million tonnes is 7.8 million tonnes of weathered zone DSO from the drilling on only one third of the six-kilometer strike length. There is potential for Resources and DSO to be defined from between these zones and with the resource down dipping to the west. The Maiden Resource tonnes are substantial, the product grade is excellent and the potential for significant additional Resource and DSO tonnage cannot be underestimated. This is an extremely encouraging result, achieved within 15 months of listing, confirming Bekisopa as a significant new iron ore discovery."

Introduction

AKORA Resources ("AKORA" or "the Company") (ASX Code: AKO) is pleased to provide 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.

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.

Tenement

3757

Northern Tenement

Zone

10430

5 X 5 kms

Figure 1.

2020 and 2021 drill hole locations delivered a 194.7 Mt Maiden Mineral Resource at Bekisopa including

110 Mt in the Southern Zone, with plenty more ground to drill to further expand the resource.

The Southern, Central and Northern Zone Maiden Mineral Resource details are shown in Table 1 and the DTR concentrate grades are shown in Table 2.

Inferred	Tonne Mt	DTR %	Head Grade %Fe	Concentrate Grade %Fe	DTR Mt
Southern	110.2	37.8	32	67.6	42
Central	41.2	36.3	30	67	15
Northern	43.3	43.3	33.3	68.2	19
Total (Inferred)	194.7	38.7	32	67.6	75.4

Table 1.

Bekisopa Maiden Inferred Resource for the Southern, Central and Northern Zones.

Concentrate Grades
%Fe	%SiO2	%Al2O3	%P	%S	%TiO2	LOI %
Southern	67.6	1.8	0.6	0.011	0.285*	0.17	-2.0
Central	67	2.3	0.6	0.005	0.33*	0.19	-1.93
Northern	68.2	1.3	0.7	0.005	0.028	0.20	-2.63
Average	67.5	1.8	0.6	0.008	0.237*	0.18	-2.13

Table 2.

Bekisopa Maiden Resource DTR concentrate grade for the Southern, Central and Northern Zones.

* - The elevated sulphur levels are discussed below.

Southern Zone Maiden Mineral Resource

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 Southern Zone in area is the largest drilling grid with 37 drill holes which defined several wide and deep cross sections, refer Figures 2 (a), (b), (c) and (d). 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.

Figure 2 (a).

Southern Zone cross Section 7,608,450N covering drill holes BEKD18 and BEKD55 to 60. High-grade ~66%Fe and ~61%Fe at surface in BEKD18 and 55 and at depth in BEKD56 7.5m @ 64.9%Fe and a continuous 150.8m iron mineralisation intercept at 33.2%Fe in BEKD59.

Figure 2 (b).

Southern Zone cross Section 7,608,300N covering BEKD17, BEKD46 to 49, BEKD54 and BEKD61. High-grade ~66%Fe and ~63%Fe at surface in BEKD17 and 54 and at depth in BEKD46 19.5m @ 63.3%Fe and 13.3m @ 64.4%Fe and a continuous 162.8m iron mineralisation intercept of 35.9%Fe in BEKD46.

Figure 2 (c)

Southern Zone cross Section 7,608,150N covering BEKD09 to 11, 13 and 14, 43, 62, 34 and 35. High-grade at surface of 61%Fe, 61%Fe and 65%Fe in BEKD10, 11 and 13.

Figure 2 (d).

Southern Zone cross Section 7,608,000N covering BEKD15,16, 44, 45, 63, 32 and 33. High-grade at surface of ~64%Fe, 65%Fe and 60% in BEKD 44, 16 and 15 and 62% to 65%Fe in BEKD32 and 33.

From the cross sections, Figures 2(a) to (d), 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, refer Table 3.