Summary

Mine Type	Open Pit
Study Completed	Prefeasibility
Study in Progress	Feasibility
Stage	Permitting
Commodities	Iron Ore
Mining Method	Truck & Shovel / Loader
Project Timeline	...
Mine Life	...
Snapshot	Akora Resources’ Bekisopa Project is a substantial iron ore project. Mining the at-surface weathered zone iron ore, where the iron mineralisation has been enriched, does not require drilling and blasting. The Project resources present the Company with a staged development program: 1. Stage 1: Produce ~61.6% Fe average grade direct shipping ore (DSO): Mine, crush and screen the at-surface ‘weathered zone’ iron ore to produce lump and fines product. 2. Stage 2: Produce +67% Fe grade Direct Reduced iron concentrate: Using cash generated from DSO start-up production, mining the underlying fresh mineralisation, and adding grinding and magnetic separation circuits to upgrade ore to a +67% Fe low impurity concentrate at 75 microns for shipping to Direct Reduced Iron-Electric Arc Furnace steelmakers. The PFS focused on the Stage 1 DSO open-pit mining operation. On 26 Nov. 2025, Akora has lodged its application to convert the Project Exploration Licence to a Mining Licence.

Deposit type

• Skarn
• Metasomatic

Summary:

Bekisopa is located within the Anosyen Domain and Ikalamavony sub-domain of Madagascar. The local geology consists of a calc-silicate unit within schists and gneisses. The calc-silicate unit appears to be a favourable host for deposition of iron mineralisation from metasomatic fluids derived from either magmatic or metamorphic processes. Broad layers of massive magnetite–hematite are traceable over the entire 6km extent of the overall Bekisopa tenements. Mineralisation is interpreted as a series of parallel layers of predominantly massive magnetite-hematite with thicknesses of a few metres up to 20-50m, within the magnetite bearing host rocks. Disseminated mineralisation is also present and includes both coarse and disseminated types.

The mineralisation has the form of a tabular zone or zones and trends from steeply westerly dipping in the north to moderately westerly dipping in the centre and moderately to flat dipping in the south. Some large - scale faults have been interpreted; however, small scale faulting has not been identified with the current drill spacing.

Oxidation is variable, but generally complete oxidation is between 5m and 20m below surface. There has been some iron enrichment in the oxidised zone due to removal of host rock material via weathering, resulting in the presence of enriched iron mineralisation in the upper, completely oxidised zone and in surficial scree derived from this material. Transitional and primary mineralisation is found below the oxidised zone. Iron mineralisation occurs dominantly as magnetite although some hematite is noted, in particular near surface.

Iron mineralisation at Bekisopa is believed to be of metasomatic origin and preferentially hosted by calc-silicate rocks within a high-grade metamorphic sequence. The Bekisopa deposit exhibits similarities to Algoma-style Banded Iron Formations (BIFs), Iron Oxide Apatite (IOA), Iron Oxide Copper Gold (IOCG) and iron skarn deposits. Further investigation (including drilling and petrology) is required to better understand and classify the Bekisopa deposit.

Mining Methods

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Comminution

Crushers and Mills

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Processing

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Commodity Production

Operational metrics

Metrics
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Personnel

Job Title	Name	Profile	Ref. Date
.......................	.......................		Jan 28, 2026
.......................	.......................		Jan 28, 2026