Key Highlights:
• AKORA Resources (ASX:AKO) shares remained unchanged at AUD 0.084 on 30 April 2026.
• The Bekisopa Mining Permit was granted, supporting project advancement toward development.
• Exploration trenching extended high-grade iron ore mineralisation across the project.
• Strategic advisory firm Grant Samuel was appointed to support financing initiatives.
• Stage 1 development focuses on Direct Shipping Ore production with future expansion potential.

AKORA Resources (ASX:AKO) shares were trading at AUD 0.084 on 30 April 2026, showing no change in the session. While the stock remained flat, the company’s quarterly update outlines a series of operational and strategic developments at its Bekisopa iron ore project in Madagascar, pointing to gradual progress as it transitions toward project development.

The absence of immediate share price movement comes despite the achievement of key milestones, including the grant of a Mining permit and continued exploration success, suggesting that investors may be weighing execution timelines alongside project potential.

Bekisopa Project Moves Toward Development

The Bekisopa high-grade iron ore project remains central to AKORA’s strategy, with Stage 1 plans focused on producing Direct Shipping Ore (DSO). Studies indicate a pathway involving relatively low upfront Capital and operating costs, positioning the project for initial development based on surface-accessible mineralisation.

The project is designed as a staged development, with early production targeting DSO exports, followed by a potential second phase involving the production of higher-grade iron concentrate. This phased approach reflects a balance between near-term production goals and longer-term value creation.

Mining Permit Secured

A key development during the quarter was the granting of the Bekisopa Mining Permit by Madagascar’s Ministry of Mines. The permit provides long-term tenure for the project and enables the company to advance from exploration into development planning and execution.

The approval is expected to support financing discussions and engagement with potential strategic partners, while also allowing for progression toward feasibility studies and additional regulatory approvals. The permit covers a defined project area and provides the regulatory framework for future Mining activities.

Exploration Expands Mineralisation Footprint

Exploration activity at Bekisopa has continued to extend the known high-grade iron ore mineralisation. A trenching program comprising eight trenches delivered further intersections of DSO-style mineralisation, reinforcing the potential to expand the existing resource footprint.

The results highlight continuity between previously defined resource zones, with all trenches intersecting iron mineralisation. Approximately half of the project area remains unexplored, with Geophysical surveys identifying additional anomalies that may represent future exploration targets.

The use of trenching as a low-cost exploration method reflects a targeted approach to defining near-surface mineralisation.

Strategic Financing and Partnerships

To support the next phase of development, AKORA has appointed Grant Samuel Advisory to assist with financing and strategic partnering initiatives. The engagement is expected to focus on identifying potential investors, structuring project-level financing, and advancing Capital market strategies.

The company has also engaged with investors and industry participants through conference presentations, indicating ongoing efforts to build interest in the project and its development potential.

Staged Development Strategy

AKORA’s development plan for Bekisopa is structured in two stages. The first stage focuses on producing Direct Shipping Ore, involving Mining and processing surface material to generate export-ready products.

The second stage envisages upgrading ore to a higher-grade concentrate suitable for green steel production processes. This aligns with broader industry trends toward lower-carbon steelmaking technologies, positioning the project within evolving market dynamics.

The staged approach allows the company to potentially use initial Cash Flow to fund further development, reducing reliance on external Capital over time.

About the Company

AKORA Resources (ASX:AKO) is a resource development company focused on iron ore projects in Madagascar. Its primary asset is the Bekisopa project, where it is advancing staged production plans.

Industry Trends and Market Context

The iron ore sector remains influenced by global steel Demand, infrastructure development, and shifts toward lower-emission production methods. Increasing focus on green steel initiatives is shaping Demand for higher-grade iron ore products, which can support more efficient and lower-carbon steelmaking processes.

At the same time, market conditions, including Commodity price fluctuations and Capital availability, continue to influence project development timelines and Investment decisions.

Investment Risks and Challenges

AKORA faces typical development-stage risks, including execution challenges related to project construction, permitting, and financing. While the Mining permit provides regulatory clarity, further approvals and feasibility work remain necessary.

Market risks include Volatility in iron ore prices and Demand conditions. The staged development model also requires successful progression through each phase, with operational and financial assumptions subject to change as more detailed studies are completed.

Bullish vs Bearish Perspectives

From a bullish perspective, the granting of the Mining permit and continued exploration success may support the project’s advancement toward production. The staged development approach and exposure to high-grade iron ore markets could provide longer-term opportunities.

From a bearish standpoint, the lack of immediate share price movement may reflect investor caution around development timelines and funding requirements. The project remains in a pre-production phase, where execution risks and market conditions will play a critical role.