Announcement PDF Akora Resources Limited PO Box 28 Ballarat Victoria 3350 Australia info@akoravy.com ACN 139 847 555 ASX: AKO www.akoravy.com 3 June 2024 ASX RELEASE Bekisopa high-grade iron ore DSO Mineral Resource Estimate increases by 42% to 7.9 million tonnes. Highlights • AKORA reports an increase from 5.5 to 7.9 million tonnes of Indicated and Inferred DSO Resource at a grade of 58.8% Fe at its Bekisopa Iron Ore Project in Madagascar. • This increase in the Bekisopa Resource will be used as a part of a planned update to the 2023 Bekisopa Scoping Study1 where an uplift in the project’s Stage One DSO mine life and project financials is expected. • The Central and Northern zones at Bekisopa will provide future operating flexibility for DSO grade control. • The Bekisopa DSO zones remain open for further infill drilling in multiple areas. AKORA Resources (ASX: AKO) (“AKORA” or “Company”) has increased the JORC compliant indicated and Inferred Direct Shipping Ore (DSO) Resource at its flagship Bekisopa Iron Ore Project in Madagascar by 42% to 7.9 million tonnes (Mt) at an average grade of 58.8% Fe. The Resource increase follows a DSO targeted shallow infill drilling program completed at Bekisopa in October 2023 and includes maiden resources from the project’s Northern and Central zones as well as a small uplift in DSO Inferred tonnage in the Southern zone. Bekisopa’s July 2023 DSO Resource2 formed the basis for the updated Scoping Study released in November 20231 which found that production could potentially ramp up to 2 million tonnes per annum (Mtpa) over an initial five-year mine life at Bekisopa. This start-up Stage One operation would produce a high-grade 61% Fe average grade lump and fines product for use by Blast Furnace-Basic Oxygen Furnace (BFBOF) steelmakers and return strong cash flows and operating cost margin. AKORA Managing Director and CEO, Mr Paul Bibby said “the increase in shallow DSO tonnage at the Bekisopa Project is expected to increase the Stage One mine life of our planned at-surface DSO mine and further improve project economics. Additionally, the strike length of mineralisation at Bekisopa has increased to 7km from 6km as we open up Bekisopa’s Northern zone. Notably, this increase in DSO Resource, which will be included in an upcoming updated Scoping Study as well as Bekisopa’s Pre-Feasibility Study (PFS) currently in progress, is only drawn from around half of this 7km strike length.” “Moreover, the Scoping Study and PFS do not include any upside potential DSO resources from the Company’s nearby Satrokala Project where a 10km magnetic anomaly has been identified, nor does the PFS consider the potential for a larger longer mine life Stage Two where a high-grade +67% Fe concentrate could be produced for the green steel market. Further exploration success at either Bekisopa and/or Satrokala, both 100% Akora owned, would significantly add to our initial DSO StartUp Plan and result in significantly improved Study outcomes.” Iron ore for tomorrow’s steel making. 1 Refer ASX Announcement 14 November 2023 2 Refer ASX Announcement 11 July 2023 Figure 1. AKORA has drilled 250 holes across four campaigns totalling over 8,400m at Bekisopa and delivered a new Indicated and Inferred DSO Resource of 7.9 million tonnes. Introduction – Mineral Resource update from the 2022 Southern Zone infill drilling AKORA Resources announced a Maiden Inferred Mineral Resource at Bekisopa of 194.7 million tonnes (ASX Announcements 23 March 2022 and 11 April 2022). The Southern Zone Inferred Resource was 110.2 Mt at 32% Fe including an estimated 4.2 Mt of DSO potential at a 57% iron grade. In October 2022 AKORA completed an infill drilling campaign across the Bekisopa Southern Zone comprising 1,166.4 metres across 86 close-spaced drill holes at a 50m by 50m spacing to define additional DSO tonnes and grade. All 2022 infill drilling assay results, and the previous 2020 and 2021 drilling results, were provided to Wardell Armstrong International (WAI) to deliver an updated Southern Zone DSO Mineral Resource Estimate (2023 MRE3). In total, 123 shallow drill holes were drilled for 4,817m drilled, 3,738 drill intercepts were assayed and 2,178 Davis Tube tests conducted within this Southern Zone for the 2022 MRE. The 2023 infill DSO drilling increased the total DSO Resource to 5.5 mt at 60.3% Fe Indicated and Inferred categories, within this is a 4.4 mt DSO Indicated Resource grading 60.9% Fe. AKORA conducted a fourth diamond drilling campaign in 2023 and completed 74 drill holes at the Bekisopa Project in late 20234 targeting the shallow high-grade DSO iron ore mineralisation. 3 Refer ASX Announcement 11 July 2023 4 Refer ASX announcement 11 October 2023 Page | 2 Iron ore for tomorrow’s steel making. All drilling was diamond cored, either HQ or NTW, using either a man portable EP200 drilling rig or a MP500 drilling rig (for holes greater than 100m in length). Samples consisted of diamond drill core and were split in half using a core sore or splitter, and bagged prior to dispatch to the preparation laboratory in Antananarivo. Sample intervals were nominally 1m down hole however samples would terminate at lithological and mineralisation boundaries. The average drill core sample length was 0.87m. Samples generally weighed 3-5kg. Field duplicates were taken during the 2023 drilling programme to assess sample representivity during sampling. All sample preparation was undertaken at The Office of National Mining and Strategic Industries (OMNIS) preparation lab in Antananarivo, Madagascar. The samples were sorted and weighed, dried at 110°C-120°C, weighed again, crushed to 2mm, and riffle split twice. No 2023 drilling samples were selected for Davis Tube Recovery. The sub-samples were riffle split to collect 100g with 80% passing 2mm and pulverized to 85% passing 75 microns. Samples from the 2023 drilling program were sent to ALS in Perth for assay. Analysis at ALS was completed on 100g of pulverised sample with 85% passing 75 microns by ME-XRF21u (unnormalised) for total Fe% and multi element analysis including Al2O3, SiO2, P, S, K2O, MgO, Mn, Ni, Pb, Sn, Sr, TiO2, V, Zn and Zr. Loss on Ignition (OA-GRA05x) was included at 371°C, 650°C, and 1,000°C. QC samples consisted of blank samples, field duplicates, pulp duplicates and certified reference materials (CRM) submitted both by Akora and internally by ALS. CRM and blank samples were included every 40th sample with two to four pulp duplicates included every 100 samples. Drilling was conducted in the prominent Southern zone (location of the 2023 JORC Mineral Resource Estimate) and also targeted the central and northern areas of the deposit, adjacent to earlier resource definition drilling. The drill holes were shallow, targeting the highly weathered DSO zone and typically less than 30m in depth and typically using a 50m by 50m spacing pattern to support a high level of geological confidence. DSO intercepts averaged 56.7% Fe in the Northern zone, 52.6% Fe in the Central zone and 59.8% Fe in the Southern zone. The 2023 drill hole information was provided to AKORA’s engineer Wardell Armstrong International (WAI) to complete this updated Mineral Resource Estimate (MRE), building on the earlier MREs previously referred to. A 3D block model was developed with wireframe analysis then being used to further define the mineral resources areas. Mineralised areas were based on a nominal cut-off grade of 58% Fe for DSO in the Southern and Northern zones, and 50% DSO for the Central zone. Cut off grade analysis was reviewed using histogram and log probability plots and contiguous length analysis to determine a ’natural’ cut off grade to define the mineralised zone. The 3D block modelling approach used Datamine Studio RM and Snowden Supervisor software was used for the mineral resource estimation. Exploration data was imported and verified before appropriate mineralisation and weathering envelopes were defined by 3D wireframes, based on the current understanding of the deposit. The resource estimation technique used was Inverse Distance Weighting (“IDW3”) as the principal estimation methodology. Nearest Neighbour estimates were carried out for validation purposes. A block size of 20m (X) x 20m (Y) x5m (Z) was used for grade estimation. The smallest drill spacing at Bekisopa is 50m x 50m in the DSO zones. Grades and density values were estimated into the block model using Datamine software. No top-cutting was applied as no extreme values were identified during the geostatistical review. Open pit mining of the at and near-surface DSO has been assumed and this updated 2024 MRE has been constrained by an open pit optimisation based on technical and indicative processing costs and long-term product pricing parameters based on the 2023 Scoping Study. The DSO will Page | 3 Iron ore for tomorrow’s steel making. be processed by crushing and screening to produce conventional lump and fines products (lump is -31.5+6.3mm; fines is -6.3mm). This 2024 updated Bekisopa DSO Mineral Resource Estimate, prepared by WAI, contains the required JORC Table One Sections 1, 2 and 3, and details the sampling, drilling and assaying methodology, geological interpretation and the resource estimation procedure and details. Geological Setting 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 magnetitehematite 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. Faulting is not apparent on a large scale but may be present on a smaller scale that has not been identified with the current drill spacing. East-west faults, represented by small valleys separating the three zones, are hypothesised and require further investigation. 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 DSO 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 in the Northern zone is interpreted over a strike length of 700m, with widths of between 30 and 100m. DSO thickness varies from 0.5m to 7.5m in thickness (refer Figure 2). Exploration remains open to the north and south. Figure 3 shows the location of the 15 Northern zone 2023 drill holes which were either just one, two or three drill holes across the area of interest. A consequence of the limited number of drill holes per line is that it reduces the confidence in the continuity of the iron mineralisation and therefore the likelihood of the MRE being categorised in the Indicated category. Page | 4 Iron ore for tomorrow’s steel making. Figure 2. Bekisopa Northern zone cross section 7,612,100N, showing high-grade DSO iron ore in the weathered zone, ~64% Fe, and the steeply dipping continuous iron ore mineralisation at depth. (Refer ASX Announcement 23 March 2022 – Maiden Resource Northern & Central Zones). Iron mineralisation in the central zone is interpreted over a strike of 780m with widths between 70 and 170m. DSO thickness varies from 0.5m to 5m in thickness. Mineralisation remains open to the south. Figure 3 shows the location of the 50 central zone 2023 drill holes typically with three or four drill holes per line. Similarly, Figure 3 shows the location of the nine Southern zone 2023 eastern flank drilling. With just one or two holes drilled per line and spaced out at ~100m along strike as a result with such few drill holes at such a wide, >50m spacing, resulted in this area of the resource being defined in the Inferred category. Page | 5 Iron ore for tomorrow’s steel making. Figure 3. The Bekisopa drill hole plan defines the general layout of the 7km strike length and identifies the southern, central and northern zones that are reported in the DSO MRE table. In Bekisopa’s Southern zone, the iron formation appears to be flat lying, with the weathered zone exposed on the eastern and western extents across ~1,200m widths (Figure 4). Within the surface weathered zone iron ore grades of ~60 to 65% Fe have been identified, and at depth iron mineralisation of ~100m @ ~40% Fe. Page | 6 Iron ore for tomorrow’s steel making. Figure 4. Bekisopa Southern zone cross section 7,608,000N, showing high-grade DSO iron ore in the weathered zone, 60 to 65% Fe, and continuous iron ore mineralisation across strike down to ~100m at grades of ~40% Fe. (Refer ASX Announcement 11 April 2022 – Maiden Resource Southern Zone). The outcome of the 2024 Updated MRE is detailed in Table 1. A planned 2024 campaign of infill DSO drilling across the Northern and Central zones has been designed to build on the informative 2023 drilling results and deliver DSO resources into the Indicated Resource category. AKORA has previously released details on the upgradability of the DSO material, examples released in June5 and July6 2021, which offers an exciting opportunity to further investigate the ability to simply upgrade some areas of the DSO mineralisation using the likes of a simple drum magnet after pit crushing and screening. This work has shown that head grades of 50+% Fe were readily upgraded to +62%Fe (Benchmark iron grade) with crushing the mined ore to a fines product and incorporating a magnetic separation stage post screening. 5 Refer ASX Announcement 12 July 2021 6 Refer ASX Announcement 25 June 2021 Page | 7 Iron ore for tomorrow’s steel making. Table 1. Bekisopa MRE Direct Shipping Ore Zone Notes 1. 2. 3. 4. 5. 6. Mineral Resources are limited by an optimised open pit shell based on appropriate technical and economic parameters. Mineral Resources are not Ore Reserves until they have demonstrated economic viability based on a Pre-Feasibility Study or Feasibility Study. Mineral Resources are reported inclusive of any Ore Reserves. Mineral Resources have been classified in accordance with the guidelines of the JORC Code (2012) by Richard Ellis, an independent Competent Person as defined by JORC. The Mineral Resource estimate has not been affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or any other relevant issues. All figures are rounded to reflect the relative accuracy of the estimate, and apparent errors may occur due to rounding. No changes occurred to the 2023 MRE3 for the underlying Green Steel iron ore zone as all 2023 drilling targeted the shallow highly weathered DSO mineralisation. The Green Steel MRE data is detailed in Table 2. 3 Refer ASX Announcement 11 July 2023 Page | 8 Iron ore for tomorrow’s steel making. Table 2. Bekisopa MRE Green Steel Iron Ore Zone Notes: 1. Mineral Resources are reported using a cut-off grade of 36% Fe. 2. Mineral Resources comprise moderately weathered and unweathered material. 3. Mineral Resources are limited by an optimised open pit shell based on appropriate economic and mining parameters. 4. Mineral Resources are not Ore Reserves until they have demonstrated economic viability based on a Pre-Feasibility Study or Feasibility Study. 5. Mineral Resources are reported inclusive of any Ore Reserves. 6. Mineral Resources have been classified in accordance with the guidelines of the JORC Code (2012) by Richard Ellis, an independent Competent Person as defined by JORC. 7. The Mineral Resource estimate has not been affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or any other relevant issues. 8. All figures are rounded to reflect the relative accuracy of the estimate, and apparent errors may occur due to rounding. Indicated Mineral Resource Classification. The Mineral Resource classification was undertaken by WAI in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves [JORC Code (2012)]. WAI considers that parts of the Bekisopa deposit have been sufficiently explored to assign an Indicated Resource and an Inferred Mineral Resource as defined by the JORC Code (2012). The relatively close spaced drilling in areas of the Bekisopa deposit are enough, along with other interpretations, for iron mineralisation continuity to be assumed. WAI believes that an absence of an overall geological and structural model impedes the classification of any higher confidence Measured Mineral Resources. WAI recommends that a geological and structural model for the deposit should be developed. Such a model should assist in defining a higher category MRE across all areas drilled for DSO. There are no known mining, metallurgical, infrastructure, or other factors that materially affect this MRE at this time. Iron Mineralisation Density The WAI DSO MRE table shown in Table 1 details the density used for each zone. Density plays a key role in determining the resource tonnage. Density measurements conducted in the field were performed using the Vernier Calliper Method (VCM) on weathered zone samples and by the Archimedes Principle method (APM) on competent fresh iron mineralisation samples. A total of 6,613 density measurements have been taken from samples from Bekisopa. Detailed regression formula have been formed by WAI using iron grades and density data. Regression density values are then assigned to the geological block models from the drill hole composites. Validation of the density regression model was conducted by WAI through laboratory density measurements on a range of DSO grade iron samples and confirmed the validity of the infield density measurements. Page | 9 Iron ore for tomorrow’s steel making. Next Steps AKORA plans to perform further shallow drilling at Bekisopa in the next months to further increase the MRE and importantly to deliver increased DSO resources and improve the resource classification from Inferred to Indicated. AKORA will complete an update of the 2023 Scoping Study financial model with this new MRE to further improve the financial parameters; additional mine life, NPV and cash flow from this additional resource available for production planning. A geological and structural model for the Bekisopa deposits will be developed. Such a model should assist in defining a higher category MRE across all areas drilled for DSO. AKORA will also evaluate and quantify the benefit of incorporating a conventional magnetic drum separation step post DSO crushing and screening to readily upgrade the mined DSO grade. WAI experience indicates that grade improvements of several percent iron can be achieved at high tonnage recovery. Conclusion WAI was commissioned by AKORA to produce an updated MRE for the Bekisopa deposit. The Bekisopa Project comprises three zones – the Northern, Central and Southern zones. It is the goal of AKORA to develop an open pit operation with an initial Stage One focus on rapidly bringing into production near-surface, weathered iron material as DSO lump and fines. The WAI updated MRE is 7.9 Million tonnes of DSO Indicated and Inferred Resource grading 58.8% Fe, this is 42% more DSO tonnes than estimated in 2023. Within this Indicated and Inferred resource is 5.2 Million tonnes of DSO grading 59.7% Fe in the Indicated category. This DSO is believed suitable for a selective mining DSO start-up that should have relatively low mining and processing capital and operation costs. This updated MRE details the addition of the Northern and Central Bekisopa zones into JORC compliant MRE status for the first time, adding 1.6Mt of Indicated and Inferred Resources. The expectation is that further drilling in all three Bekisopa zones could add additional DSO Resources. AKORA also notes that the reported MRE does not include the observed high-grade outcropping iron mineralisation believed suitable for additional DSO lump and fines products. This announcement has been authorised by Akora Resources Limited’s Board of Directors. For further information please contact: Paul G Bibby Managing Director Phone +61(0) 419 449 833 www.akoravy.com Gareth Quinn Investor Relations Phone +61(0) 417 711 108 gareth@republicpr.com.au Page | 10 Iron ore for tomorrow’s steel making. Competent Persons Statements The information in this statement that relates to Exploration Targets and Exploration Results is based on information compiled by Mr Jannie Leeuwner – BSc (Hons) Pr.Sci.Nat. MGSSA and is a full-time employee of Vato Consulting LLC. Mr. Leeuwner is a registered Professional Natural Scientist (Pr.Sci.Nat. - 400155/13) with the South African Council for Natural Scientific Professions (SACNASP). Mr. Leeuwner has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and the activity being undertaken to qualify as a Competent Person as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange and the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr. Leeuwner consents to the inclusion of the information in this release in the form and context in which it appears. The information in this document that relates to the Mineral Resource estimate of the Bekisopa project is based on, and fairly represents information and supporting documentation compiled and reviewed by Mr. Richard Ellis, a full-time employee of Wardell Armstrong International and independent of Akora Resources. Mr. Ellis is a Chartered Geologist (CGeol) and Fellow of the Geological Society of London, and European Geologist (EurGeol) of the European Federation of Geologists, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" ('JORC Code'). Mr. Ellis consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears. Cautionary Statement This release contains a series of forward-looking statements. Generally, the words "expect," “potential”, "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, to differ materially from those expressed or implied in any of our forward-looking statements, which are not guarantees of future performance. Statements in this release regarding AKORA’s business or proposed business, which are not historical facts, are forward-looking statements that involve risks and uncertainties, such as Mineral Resource estimates, market prices of iron ore, capital and operating costs, changes in project parameters as plans continue to be evaluated, continued availability of capital and financing and general economic, market or business conditions, and statements that describe AKORA’s future plans, objectives or goals, including words to the effect that AKORA or management expects a stated condition or result to occur. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by AKORA, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Page | 11 Iron ore for tomorrow’s steel making. Iron ore for tomorrow’s steel making AKORA Resources (ASX: AKO) is an Australian resources company focused on the development of four high-grade iron ore projects in Madagascar. The Company’s flagship Bekisopa Iron Ore Project has a 194.7 million tonne (Mt) Inferred JORC Resource with very low impurities able to produce a premium-priced +68% Fe concentrate. Direct Reduced Iron-Electric Arc Furnace (DRI-EAF) technology which is used to make greener steel without coal and considerably less carbon emissions requires iron ore grades of at least 67%. To generate cash in the near-term, AKORA is advancing plans at Bekisopa to produce up to 2Mt per annum over the first five years of a 60% Fe average grade direct shipping ore (DSO) for shipping to Blast Furnace-Basic Oxygen Furnace (BF-BOF) steelmakers. Page | 12 Iron ore for tomorrow’s steel making. JORC TABLE 1 Section 1 Sampling Techniques and Data Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. • Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details • Samples consisted of diamond drill core. • Diamond core (HQ or NTW) is split in half using a core saw or splitter (if clayey or rubbly). A consistent half of the core is broken with a hammer and bagged prior to dispatch to the preparation laboratory in Antananarivo. Sample intervals are nominally 1m down hole however samples would terminate at lithological and mineralisation boundaries. Average drill core sample length is 0.87m. • Samples generally weighed 3-5kg and were dried, crushed and pulverised to 85% passing 75 microns at a commercial laboratory. • Field duplicates were taken during the 2023 drilling programme to assess sample representivity during sampling. • Handheld pXRF (Bruker Titan S1) was used on site prior to being sent to the preparation lab. XRF was used on entire drill lengths from drillholes BEKD001 to BEKD024, after which XRF measurements were conducted on visually identified mineralisation the core. The handheld XRF was calibrated upon issue. • Head and concentrate assay analysis was completed by conventional XRF (ME-XRF21u) with recovered magnetic fraction completed using a Davis Tube. Drilling techniques • All drilling is diamond core. Drilling contractor Croft Drilling Services (CDS) completed the diamond drilling programmes in 2020-2023 with a man portable EP200 drilling rig for drillholes less than 100m in length, and a MP500 drilling rig for drillholes greater than 100m in length, using either NTW Page | 13 Criteria JORC Code explanation (eg core diameter, triple or standard tube, depth of diamond tails, facesampling bit or other type, whether core is oriented and if so, by what method, etc). Drill sample recovery Logging • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. Commentary • • • • • • • • • • • • • (56.1mm inner diameter) or HQ (63.5mm inner diameter) coring equipment. The holes are generally collared using HQ and changed to NTW between 3m and 25m downhole. The drill core is not orientated. All but three drillholes (BEKD001-BEKD003) from 2020-2021 drill campaigns have been surveyed using a Reflex EZ-Gyro gyroscopic multishot camera at intervals of 10m, whilst BEKD013 to BEKD063 surveys were completed with AXIS (Champ Navigator Gyro) every 10m. All drillholes from this period are within 5° of their planned inclination and within 10° of the planned azimuths, except for BEKD061 which was within 15° of the planned azimuths. Total Core Recovery (TCR) was measured on sit