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ASX Release

17 November 2021

BEKISOPA DRILLING CAMPAIGN COMPLETED

SIGNIFICANT IRON MINERALISATION CONTINUES AT DEPTH

AKORA Resources ("AKORA" or "the Company") (ASX Code: AKO) is pleased to report to shareholders that the 2021 drilling campaign was completed on 13th November 2021. In total 5,110 metres of drilling have been completed since mid-June and a total of 1,027 meters in the last six drill holes, confirming multiple and extensive iron mineralisation is present. In total 51 diamond drill holes have been completed over 2021.

Highlights:

51 drill holes for 5,110 metres drilled in the 2021 drilling campaign with 63 drill holes for 6,200 metres completed over 2020 and 2021.

  • 17 drill holes over 100m deep, downhole
  • Last six drill holes*, BEKD58 to BEKD63 in the south, suggest significant thicknesses of iron mineralisation in this area as these holes ended after passing through iron mineralisation at good depths

BEKD61 ended at 204.33 metres

BEKD58 ended at 172.85 metres

BEKD59 ended at 186.34 metres

  • Volume of data collected and to be validated along with continuing Covid-impact on logistics from Madagascar (via Europe) to Australia will result in a delay to release of JORC Resource

Webinar invitation

Paul Bibby will discuss drilling program results and outlook

Webinar Registration

When:

Thursday 18th November

Time:

12.30pm AEDT/9.30am WA

Register to join here:

https://us02web.zoom.us/webinar/register/WN_ptL0ZFaTS9GQqfPGqLkV8w

Note: * these drilling results are from the initial drilling logs and need to be confirmed by the geological logging.

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Bekisopa 2021 Drilling Campaign Completed

Drilling at AKORA's flagship Bekisopa prospect was completed on the 13th of November almost five months after drilling started in June. The drilling program has been an outstanding success, with assays received to date confirming excellent iron grades near surface and drill logging plus magnetic susceptibility readings identifying good iron mineralisation at depth (see ASX releases 20 July, 17 August, 14 September, 23 September, 19 October, 3 November and 9 November 2021).

The 2021 drilling campaign was expanded from the initial 4000m to around 5000m as the drilling continued to intercept iron mineralisation at surface and at depth along the six-kilometre strike length. The decision to extend the drilling was to maximise the benefit from the costs of mobilising the camp, setting up for drilling, geological logging and associated facilities, and increase the probability that the drilling along and across the six-kilometre strike length could lead to a significant maiden JORC Resource estimation. The additional drilling and analytical work have accelerated the proposed 2022 work programme.

The drilling campaign highlights have been many and completing the mobilisation and drilling continuously over five months without a safety incident and only one day lost for mechanical issues is an excellent outcome. The quality of the drilling with drill hole recoveries averaging 97% and the last 6 holes averaging 99% recovery, indicate good drilling practices and we have been very pleased with the teams we work with in Madagascar.

The drilling team and equipment will be demobilised in the coming days. This will enable the completion of the logging and DGPS pick-up of the drill holes. The extension of the drilling programme and the number of deep drill holes intercepting iron mineralisation, has resulted in a significant increase in related geological logging, magnetic susceptibility measurements and drill core splitting to be completed at site before the samples can be transported to Antananarivo for sample preparation. It is expected that the geological team will be at site until around 25 November to complete the logging of the last drill holes, approximately 1,027 metres of drill core from the last six drill holes remaining to be processed. A significant proportion of those metres being iron mineralisation observed in initial drilling reports. This observed iron mineralisation will require confirmation through geological logging and magnetic susceptibility measurements.

AKORA Resources Managing Director Paul Bibby commented on the Bekisopa Resource drilling campaign:

"I have to say that in all my experience in iron ore exploration and development I have never been more excited with a project as I have become with Bekisopa. The grades, the depth, the extent, the quality of the iron mineralization and how readily upgradable the iron looks to be, has all been even better than what I anticipated.

During one of the most trying periods in decades, we have completed an extensive and hugely successful campaign of drilling discovery and now, with the amount and analysis of the data, I'm confident that AKORA will deliver a good maiden JORC Resource. I must make mention of the Madagascar teams we've been working with on site and commend them on their professional attention and the excellent work carried out. I'm looking forward to delivering a very successful year ahead to all AKORA shareholders in 2022."

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Conclusion

The 2021 drilling campaign has been completed successfully, with excellent drilling intercepts, down to 250 metres downhole (approximately 200m below surface) and with downhole width of up to 138 metres (see ASX Announcement 9 November 2021). There have been outstanding very high-grade assay results already reported and significant intercepts, at surface, of 8.2m at 68.2%Fe and 4.5m at 65.5%Fe which is potentially DSO quality.

Due to the extensive body of iron mineralisation being defined through the drilling campaign, particularly in the past months of deep drilling, there is now a substantial backlog of geological logging, magnetic susceptibility measurements, photographing of the drill core and drill core splitting to be completed at the Bekisopa site.

Due to the volume of data collected during the drill campaign, combined with delays during the height of the Covid pandemic affecting logistics from Madagascar into Europe and then to Australia means that despite all efforts the Bekisopa JORC Resource is unlikely to be completed by the end of this year. The board of directors has considered the current schedule and taking into account the Christmas/New Year period, the Company is now expecting the JORC Resource will be released during the first quarter of 2022.

Webinar

Paul Bibby will conduct a Webinar Presentation to outline the highlights of the Bekisopa drilling campaign and the outlook for the Company.

Webinar Registration

When:

Thursday 18th November

Time:

12.30pm AEDT/9.30am WA

Register to join here:

https://us02web.zoom.us/webinar/register/WN_ptL0ZFaTS9GQqfPGqLkV8w

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

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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 >4km strike and is the key focus of current exploration drilling and resource modelling.

Competent Person's Statement

The information in this report that relates to Exploration Targets, 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 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 Directors 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.

Authorisation

This announcement has been authorised by the AKORA Resources Board of Directors on 17 November 2021.

JORC Code

Table 1 Section 1 Sampling Techniques and Data

only

BEKISOPA PROJECT

Criteria

JORC Code explanation

Commentary

Sampling

Nature and quality of sampling (e.g., cut channels,

Diamond core (HQ or NTW) is split in half using a core saw or splitter (if clayey or

techniques

random chips, or specific specialised industry

rubbly). A consistent half of the core is broken with a hammer and bagged prior to

standard measurement tools appropriate to the

dispatch to the preparation laboratory in Antananarivo. Sample interval is

minerals under investigation, such as down hole

nominally 1m down hole but with samples terminated at lithological boundaries.

gamma sondes, or handheld XRF instruments, etc).

These examples should not be taken as limiting the

broad meaning of sampling.

use

Include reference to measures taken to ensure

sample representivity 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

personalr

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

All drilling is diamond core drilling using either NTW (64.2mm inner diameter) or

techniques

hammer, rotary air blast, auger, Bangka, sonic, etc)

HQ (77.8mm inner diameter) coring equipment. The holes are generally collared

and details (e.g., core diameter, triple or standard

using HQ and changed to NTW between 3m and 25m downhole. Core is not

tube, depth of diamond tails, face-sampling bit, or

orientated. All drillholes are surveyed every 10m using a Reflex EZ-Gyro

other type, whether core is oriented and if so, by

gyroscopic multi-shot camera. No surveys to date have varied more than 5° from

what method, etc).

the collar survey in either azimuth or declination.

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Disclaimer

Akora Resources Ltd. published this content on 16 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2021 22:46:07 UTC.