Investors should expect a progression from de-risking → revaluation → growth toward production, backed by operational milestones, a strong economic base, and optionality from additional iron ore assets.

Can you give us a brief overview of your company and what makes AKORA’s projects compelling?

AKORA Resources (ASX : AKO) is a mineral exploration and development Company focused on high quality iron ore assets in Madagascar. We currently hold approx. 308 km2 of tenements across four project areas:

• Bekisopa (our flagship project)
• Satrokala
• Tratramarina
• Ambodilafa

What makes AKORA a compelling investment story is a combination of near term cash flow potential, high grade, low capital and operating costs with Bekisopa, our starter project, being a generational project with optionality to transition from a Direct Ship Ore (DSO) project to a high grade long life iron ore concentrate project. Underpinning this is a pipeline of other iron ore and mineral projects:

Bekisopa Project: The company delivered a PFS in March 2025 for a 2 Mtpa DSO starter project. The PFS delivered very attractive economics (NPV10 US$147 million, IRR 86%, Capital Costs US$60 million, capital back ~ 1.8 yrs with an initial LoM ~6 yrs with high probability of extension through exploration and optimisation and project cash flows of US$310 million, C1 cash costs US$42/t with an assumed iron ore price of US$100/t).

High Grade Ore, Low Impurity and Simple Metallurgy: Mine plan is based on shallow weathered ore zones that do not require drill & blast, reducing mining cost and execution risk.

Scalable Upside: The Stage 1 DSO project there is significant potential to extend the DSO before the project transitions to a high grade +67% Fe magnetite concentrate production for DRI/EAF steel makers using cash flow generated from the Stage 1 DSO.

Government and Community Support: The Bekisopa project has been identified by the Madagascan Government a project of significance, and we are currently coordinating with infrastructure investments (roads and ports) to reduce the project delivery and execution risk.

In summary, the AKORA portfolio provides a near term de-risked DSO pathway to cash flow with a broader iron ore exploration and development portfolio to underpin value and growth.

What recent discovery or result has you most excited?

The most exciting result for the Company has been the delivery of the PFS and updated resource statement in 2025. This confirmed the thoughts of the Board that the Bekisopa project is a generational project with significant upside potential. With compelling economics this enables the Company to seek a value accretive pathway forward. The mineral resource is a very high grade resource with low impurities. The near surface DSO component allows the Company to mine without drill and blast with an exceptional strip ratio of 0.52:1 (waste : ore):

• The Direct Shipping Ore (DSO) component of the resource (i.e. near surface material) shows strong tonnage and continuity with only 40% of the known strike drilled.
• Earlier metallurgical test work validates soft free dig, low abrasion, easily crushable ore, which supports lower operating costs.
• With further exploration underway (a trenching program) to expand the shallow footprint reinforces our confidence in extending the resource footprint.

Taken together, the resource upgrade materially increases our optionality, pushes out more of the resource into the high confidence ‘Indicated’ category, and improves the leverage of the project’s economics.

What is your technical strategy, what work have you completed so far, and what are the key programs planned for the next 12-18 months?

Technical / strategic approach: The technical / strategy is to adopt a multi staged development pathway, commencing with a simple DSO operation to deliver high margin, low risk and low capital cost project to generate cash flows for an initial 6 years and with a high probability to extend this beyond 6-8 years with exploration. Then follow the Stage One DSO with the Stage Two high grade iron concentrate production. Stage Two would be largely funded through the cash flows generated from Stage One.

Work completed to date (to 2025):

• Delivered a full Bekisopa PFS for a 2 Mtpa DSO operation, with a low entry capital cost base of US$60.6 million (including 15 % contingency) and strong project cash flows of US$310 million over an initial 6 year LoM.
• Expanded and updated mineral resource base for the PFS of 10.6 Mt, with 8.5 Mt in Indicated Resource status.
• Completed geotechnical drilling (8 holes, 400 m) across the planned DSO zones, confirming the weathered zones are amenable to ripping rather than requiring drilling and blasting, resulting in reduced mining costs and an improved risk profile for the project.
• Road engineering and route design work (Bekisopa → Satrokala → RN7 national highway) from the site to the main national highway, base materials sourcing, and optimising alignment to reduce capital cost.
• Metallurgical test work confirming that ore is soft, low abrasion, and capable of producing Lump (61.8 % Fe average) and Fines (61.4 % Fe average) blends.
• Commencement of a trenching program to expand near surface DSO potential.

Key programs and milestones planned 12–18 months ahead:

• DFS and detailed engineering work for Bekisopa DSO project
• ESIA, permitting and licensing (mining licence applications)
• Further infill and extensional drilling (especially in shallow zones) to convert Inferred to Indicated and expand resource
• Metallurgical optimisation / upgrade test work to assess concentrate / magnetite circuits (targeting +67 % Fe concentrate) for future phases
• Infrastructure development and negotiations — finalise road, river crossing, port access, logistics, cost modelling
• Strategic partner / JV / offtake engagement to secure funding, customer contracts, and reduce execution risk
• Financial close and progression towards FID (target mid-2026)

Looking ahead, what’s the single most important milestone investors should watch for, and how does achieving it move you closer to your strategic endgame – whether that’s production, JV partnership, or acquisition?

The important milestones that the investors should be looking out for is: the Board’s decision on FID for Bekisopa Stage 1, this will initiate the project financing process. Along side this would be the possibility of a strategic partner to assist the Company to unlock significant value for the project and the greater portfolio.

The importance of FID means from a project economics and viability perspective AKORA’s internal and external due diligence, engineering, permitting and financing have been significantly de-risked to seek the commitment of capital towards the project. This then puts the Company on a pathway from explorer to developer to operator with first production envisaged in H2 I 2027.

What investors can expect going forward?

Investors can reasonably expect a strong news flow over the near to medium term:

Upside and Fair Value Revaluation Potential: AKORA is currently trading at a significant discount to the intrinsic value of its core asset. The market capitalisation is less than 5% of the Bekisopa Project NPV. With strong exploration results and progression towards FID and the potential of a strategic partner the Company is looking to bridge the value gap.
Project execution derisking: As we deliver the FS, complete permitting, secure FID, secure project financing, each step should reduce project execution risk and our stock should see a re-rate valuation multiples.
Near term news flow: Expect regular updates on exploration works, community programs, technical work, infrastructure planning work and various ESG works initiatives all designed for project development.
Cash flow transition: Once in production, investors will begin to see operating cash flows, enabling self-funding of Stage Two expansion.
Portfolio Growth and Project Pipeline: Beyond Bekisopa, our other iron ore tenements (Satrokala, Tratramarina, Ambodilafa) offer exploration upside that may provide new discoveries or feed / growth to the Bekisopa Project.

Investors should expect a progression from de-risking → revaluation → growth toward production, backed by operational milestones, a strong economic base, and optionality from additional iron ore assets.

THIS ARTICLE WAS FIRST PUBLISHED IN THE DIGITAL MINING PULSE ISSUE 3 I DECEMBER 2025