AKORA Resources Raises A$3.3 Million to Propel Bekisopa Iron Ore Project Development

Capital Raise Fuels Bekisopa Project Momentum

AKORA Resources (ASX:AKO) has successfully completed a A$1.6 million placement backed by sophisticated and professional investors, while its accompanying entitlement offer aims to raise a further A$1.7 million, closing on 19 June 2026. The combined funds are earmarked to advance the Bekisopa iron ore project in Madagascar, focusing on mine permitting, development activities, and progressing financing and strategic partnerships.

This fresh capital injection follows the granting of a 25-year mining permit earlier this year, a pivotal milestone that clears the path for production and significantly de-risks the project. The company is channeling resources into essential permitting and community engagement initiatives aligned with its CSR and ESG commitments, signalling a comprehensive approach to project advancement.

Strategic Partner Interest Intensifies

AKORA continues to attract strong inbound interest from potential strategic partners, offtake financiers, and infrastructure groups, with advisory support from Grant Samuel’s Melbourne and Hong Kong offices. These discussions are gaining traction as the global steel industry increasingly prioritises low carbon production methods, which require high-grade iron ore like Bekisopa’s premium +67% Fe concentrate.

The company is coordinating site visits to Bekisopa with interested parties, scheduling meetings across Africa and Asia to deepen engagement and potentially secure project financing. This aligns with the broader industry trend towards greener steelmaking technologies such as Direct Reduced Iron-Electric Arc Furnace (DRI-EAF), which demand higher quality ore to reduce carbon emissions.

Corporate Refresh and Governance Review

Reflecting its transition from exploration to development, AKORA has refreshed its corporate branding, unveiling a new logo inspired by Madagascar and its focus on high-grade iron ore. The company has also updated its website and investor contact details, signalling a more polished and investor-friendly presence.

In tandem, AKORA is reviewing its corporate governance policies to ensure they remain fit for purpose as the company scales operations. This governance refresh aims to align with the company’s evolving strategic direction and operational complexities, an important step for maintaining investor confidence as it moves closer to production.

Bekisopa’s Role in the Low Carbon Steel Future

Bekisopa’s high-grade iron ore is positioned to play a strategic role in global carbon dioxide reduction efforts, underpinning low carbon steel production. The project’s resource of 194.7 million tonnes of inferred JORC resource with very low impurities is well suited to meet the stringent requirements of DRI-EAF steelmaking, which requires ore grades of at least 67% Fe.

AKORA plans a Stage 1 mine producing 2 million tonnes per annum of direct shipping ore with an initial six-year mine life, targeting blast furnace steelmakers initially, with an eye towards premium concentrate production. The company confirms that all material assumptions underpinning this production target remain unchanged.