BEKISOPA HIGH-GRADE IRON ORE PROJECT TO PROCEED
• PROJECTS AND EXPLORATION
Natanaelginting on Magnific
BEKISOPA HIGH-GRADE IRON ORE PROJECT TO PROCEED
Location: Madagascar Phase: Development Resource: Iron Ore
• Commence detailed planning for a Feasibility Study and secondary permits, paving the way for commercial activities at the site.
• Support continued positive engagement with local communities and stakeholders, and commence discussions for local procurement, which will strengthen the company’ s social licence to operate.
Permit term and renewal The permit has been granted for an initial term of 25 years in accordance with the Mining Code. It is renewable after the initial term in accordance with the prevailing terms in the Mining Code.
Regulatory compliance and sustainability The company continues to conduct all activities in accordance with relevant Malagasy laws, including environmental, social, health and safety requirements. The company remains committed to ongoing engagement with regulators and local communities, ensuring responsible operations and best practices with ESG requirements.
Akora Resource’ s Bekisopa high-grade iron ore project is to transition to development as it has obtained the mining permit for stage one DSO and future projects based on the stage two significant inferred magnetite resource.
The company announced on 4 March 2026 that the approval reflects the strength of the project and the company’ s disciplined stakeholder engagement, with strong support from the Malagasy Government.
The permit is valid for 25 years, providing long-term tenure and covers an area of approximately 25km 2.
The company’ s managing director and CEO, Peter Bird, said,“ The grant of the mining permit for the high-grade iron ore Bekisopa Project is a transformational milestone for this project and for AKORA. This milestone is a major step in unlocking the full potential of Bekisopa. It enables us to accelerate engagement with strategic partners, secure project financing, advance feasibility planning and expand our community and stakeholder initiatives.”
As announced on 26 November 2025, the company had formally lodged its application for the permit, better known as the Permis d’ Exploitation(“ PE”). Following a thorough review and consultation process, the permit has now been granted by the Ministry of Mines and registered with the Bureau du Cadastre Minier de Madagascar( BCMM) in accordance with the Malagasy Mining Code.
The grant of the permit is subject to the satisfaction of customary regulatory requirements by the company. This includes compliance with all regulatory provisions governed by the Mining Code.
This move forms a pivotal, value-creating, derisking milestone for the project and enables the company to substantially advance the progress of the high-grade Bekisopa iron ore project from exploration to project development and mining.
This event is expected to:
• Accelerate interest and engagement with strategic partners and potential joint venture participants.
• Provide the regulatory certainty required to materially advance financing discussions.
Retention / performance rights Global competition in the resources sector makes attracting and retaining top talent increasingly difficult. The board recognises that Bekisopa’ s true value comes from its people. To align with shareholders, a targeted retention and incentive programme has been implemented for directors, certain key employees and contractors, directly linking rewards to the delivery of value-driven milestones that unlock the Project’ s full potential. Consistent with shareholder expectations and capital discipline, the company has engaged specialist contract expertise to support the board and management team, reducing execution risk while efficiently accelerating value creation.
The retention plan consists of retention / performance rights(“ rights”), which will vest upon the delivery of key performance hurdles as indicated below. The issuance to directors will be subject to shareholder approval. The issuance to employees and contractors is being made under the company’ s Long-Term Incentive Plan.
A total of 12 500 000 rights will be issued to directors as follows:
• Managing director, Peter Bird: 6 000 000.
• Chairperson, Graeme Hunt: 4 000 000.
• Non-executive director, Matthew Gill: 2 500 000.
An additional 15 000 000 rights will be issued to the employees and contractors, aligning incentives with disciplined execution and value delivery under the company’ s strategy.
Performance hurdles include:
• 25 % based on continuing employment or engagement of one year.
• 25 % based on continuing employment or engagement of two years.
• 25 % based on meeting role-specific key performance indicators over one year.
• 25 % based on meeting role-specific key performance indicators over two years.
Immediate vesting if a defined event occurs as follows:
• A material binding financial transaction that delivers a clear and final development pathway for the Bekisopa project.
• On change of control or divestment of any asset within the portfolio.
10 • African Mining • June 2026 www. africanmining. co. za