Akora Resources
Primary ticker: ASX:AKO
Stage of development: Exploration, Development
Primary minerals:Iron Ore
Project to promote: Bekisopa, Satrokala
Project location: Madagascar
Website: www.akoravy.com
AKORA Resources (ASX: AKO) is a company engaged in exploration and development of the Bekisopa and Tratramarina Projects. All iron ore prospects are in Madagascar where AKORA holds ~308 km2 of tenements across these prospective exploration areas.
Our flagship prospect is Bekisopa, a high-grade iron ore project with an ~6km strike length and so far, a 194.7million tonnes inferred resource. Bekisopa has outcropping and weathered zone iron ore suitable for both lump and fines Direct Ship Ore (DSO) products. Potential to produce a high grade ~65% fines or a low impurity premium grade +68% iron concentrate from the fresh magnetite iron ore formation suitable for Direct Reduced Iron pellets for the Green Steel future.
Cash: AUD 1.3M
Debt: NIL
Major shareholders:
Salaris Fleet Pty Ltd (Mr Stu Crow) – 11.5
Evanachan (Mr Rob McEwen) – 10
Mr N Axam – 6.2
Futureworld Management Pty Ltd – 5.5
Mr T Anderson – 3.6
Management ownership – 3.3%
Financials
Management Profile
Paul Bibby – Managing Director and Chief Executive Officer
A metallurgist with over 35 years’ experience across the mining and metals industry. 24 years with Rio Tinto in various operational, technology and business development roles; operationally roles at Rio Tinto Aluminium, Kaltim Prima Coal and Rio Tinto Iron Ore (Hamersley Iron) where he was manager of metallurgy at both Dampier and Paraburdoo. General Manager-Technology at Zinifex, then played a leading role in the merging of the Umicore and Zinifex zinc smelting businesses to form Nyrstar. As Chief Development Officer at Nyrstar based in London, Paul was part of the management team that raised around €2 billion in London and New York to fund the merger. On returning to Australia, was appointed CEO of OceanaGold Corporation, then performed two “work-out” roles for Australian listed entities. Listed AKORA in December 2020.
What is your rationale for taking part in 121 Mining Investment?
Increase investor awareness and support in AKORA’s iron ore prospects as we progress from explorer to developer. Seek offtake partners. Clean Green Steel DRI Concentrates.
What recent news would you like to highlight to investors attending?
ASX Announcements;
14 Dec 2023 Starts Pre-Feasibility Study for DSO at Bekisopa
15 Nov 2023 Presentation – Noosa Mining Conference
14 Nov 2023 Bekisopa Scoping Study
9 Nov 2023 Satrokala Magnetic Survey Completed
11 Oct 2023 Infill Drilling Programme Completed
24 Aug 2023 Replacement Mining Code
8 Aug 2023 Update Northern & Central Bekisopa Drilling
11 Jul 2023 Bekisopa Southern Zone Mineral Resource
What are your key goals for the next 3, 6 and 12 months?
3 Months:
Commenced the Bekisopa Pre-feasibility study
Report the 2023 infill drilling Direct Ship Ore (DSO) assay results.
Update the DSO Mineral Resource Estimate
Report the Satrokala 10km ground magnetic survey results
6 Months:
Further drilling at Bekisopa for DSO iron ore tonnes
Exploratory drilling at Satrokala along the potential 10km iron ore strike length
12 Months:
Complete the investigative resource drilling campaigns at Satrokala
Report the Bekiospa Pre-Feasibility Study findings.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
AKORA is methodically progressing development of its projects and has options for increasing DSO lump and fines tonnes and then transitioning to deliver very high grade +68%Fe clean Direct Reduced Iron (DRI) concentrate sort after for the decarbonisation of the steel industry.
What do you think makes your company such a compelling investment?
AKORA’s iron ore is high grade suitable for a DSO lump and fines start-up project. Scoping Study demonstrates a low capital (US$55m), 2 mtpa DSO production operation with C1 costs of US$42/tonne. High grades with low impurities that readily upgrades, at coarse sizings, 75 microns, to a premium grade +68% iron concentrate suitable for Direct Reduction Iron (DRI) pellets sort after for the transition to the Green Steel future.
What are the top 3 key investor takeaways?
Proven high-grade DSO lump and fines iron ore, low capex and opex DSO start-up project.
Fresh magnetite iron formation readily up-gradable to a +68% iron concentrate for green steel DRI pellets.
Relatively unknown and Undervalued iron ore resource company that has embarked on its PFS.