Announcement PDF 14 November 2023 Bekisopa: Scoping Study shows project could build to 2 million tonnes per year of high-grade Direct Shipping Iron Ore with significant upside. Highlights – ‘Low CAPEX Case’: • Initial five-year Direct Shipping Iron Ore (DSO) start-up operation at the Bekisopa Project, in Madagascar, peaking at 2 million tonnes per annum (Mtpa), is economically viable. • 64% high-grade iron (Fe) product in year 1 and 61% Fe average across the first five years. • Initial five-year mine life at Bekisopa South (20% of the project’s 6km strike length). • US$55.3 million upfront capital. • Robust economics: NPV10% of US$125 million and an IRR of 64% pre-tax. • 2.1 year capital payback and C1 cash operating cost US$42/wet metric tonne (wmt) at full production rate, providing an operating cost margin of over 100%. • Immediate upside includes; the 2023 DSO infill drilling outcome, further drilling for DSO at Bekisopa to define more tonnes, within and outside, the substantial 194Mt1 JORC Inferred Resource and first drill testing on Satrokala’s 10km’s of the prospective strike length. AKORA Resources Limited’s (ASX: AKO) Bekisopa Iron Ore Project in Madagascar is a major step closer to production after the Company’s updated Scoping Study showed the project to be economically viable and could build to an initial 2 million tonnes per annum (Mtpa) of DSO. Prepared by Wardell Armstrong International (WAI), the Study was focused on a low CAPEX option and utilising Bekisopa’s DSO JORC Indicated Resource of 4.4 million tonnes (Mt) hosted in the project’s southern zone1. In this ’Low CAPEX Case’ open pit mining operation, the Study found Bekisopa could deliver an estimated initial five-year revenue of US$545 million for C1 operating costs of US$45 per wet metric tonne (wmt) weighted average over initial five years (US$42/wmt at full production rate) and generate pre-tax operating cash flow of US$270 million. 1 Refer ASX Release date 11 April 2022 Maiden Resource Southern Zone Higher-grade iron ore for greener steel Figure 1. Location of Bekisopa and Satrokala iron ore projects in central Madagascar, Africa. The estimated upfront capital cost of US$55.3 million2 was based on using contractor labour, mining equipment (excavators and trucks), mobile processing equipment (crushing and screening plant) suitable for processing the iron ore into a high-grade 61% Fe average grade lump and fines product. Contractors would also be used for truck hauling the products to port and for ship loading to keep upfront capital costs contained. Bekisopa hosts significant potential for growth with only 20% of the project’s 6km strike length of mineralisation shallow drilled for inclusion in the Study. Further, the Study also does not include any upside potential DSO tonnes from the Company’s nearby Satrokala Project where around 30km of prospective strike length of iron ore mineralisation exists. Exploration success at either Bekisopa and/or Satrokala, both 100% AKORA owned, would significantly add to this initial 5-year DSO Start-Up Plan and result in significantly improved Study outcomes. AKORA Resources Managing Director and CEO, Paul Bibby commented: “Bekisopa‘s 5.5Mt of Indicated and Inferred DSO resource from just the southern zone of the project is sufficient to deliver robust project economics from a conservative mining and processing production ramp up, paying back the start-up capital in two years. Notably, this is just the starting position after only three years in the field. More drilling ahead will define additional resources. “The start-up ‘Low CAPEX Case’ capital approach enables AKORA to progressively develop the project, quickly generating cashflow as production builds to 2Mtpa and de-risking the project’s 2 The US$55.3M is the “Low CAPEX Case” Contractor Operations / mobile crushing plant capital approach. 2 development in a staged fashion. Additional studies should ensure that free cashflows can be directed to further drilling to enhance mining and processing options. “The potential exists to deliver more low-cost DSO, lump or fines, or to access some of the 194Mt JORC Resource with the objective of conducting feed material processing upgrades to significantly extend the mine life and produce either a 2mm Fines product, and/or a clean low impurity high-grade iron concentrate for the ‘Green Steel’ future.” Figure 2. Key Scoping Study metrics for “Low CAPEX Case” Bekisopa DSO start-up operation. AKORA’s Chairman, Mike Stirzaker, said: “Delivering the updated Bekisopa Scoping Study within three years of listing the company is a significant achievement. “We remain confident that there will be further DSO resources at Bekisopa, and potentially at Satrokala, which if realised, will enable extending DSO production beyond this first five years. “Then, as the steel industry demands clean, low impurity, high-grade iron ore concentrates, AKORA will be well-placed to upgrade practices and deliver that higher value product to assist with low carbon emission steel-making. As shareholders, we should all be pleased with this Study’s results and how that will feed into delivering the Pre-Feasibility Study.” This announcement has been reviewed and approved for release by WAI’s Competent Persons. This announcement has been authorised by AKORA Resources’ Board of Directors. 3 BEKISOPA PROJECT SCOPING STUDY SUMMARY November 2023 Cautionary Statement The Scoping Study referred to in this ASX release has been undertaken for the purpose of initial evaluation of a potential development of the southern section of the Bekisopa iron ore project in Madagascar. It is a preliminary technical and economic study of the potential viability of the southern section of the Bekisopa Project. The Scoping Study outcomes, production target and forecast financial information referred to in this release are based on low accuracy level technical and economic assessments that are insufficient to support the estimation of Ore Reserves. The Scoping Study has been completed to a level of accuracy of +/- 50% in line with a scoping level study accuracy. While each of the modifying factors was considered and applied, there is no certainty of eventual conversion to Ore Reserves or that the production target itself will be realised. Further exploration and evaluation work and appropriate studies are required before AKORA will be in a position to estimate any Ore Reserves or to provide any assurance of an economic development case. Given the uncertainties involved, investors should not make any investment decisions based solely on the results of the Scoping Study. Of the Mineral Resources scheduled for extraction in the Scoping Study production plan approximately 80% are classified as Measured and/or Indicated and 20% as Inferred during the initial five year evaluation period. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Inferred Resources comprise 3% of the production schedule in the first three years of operation. AKORA confirms that the financial viability of the Bekisopa South iron ore Project is not dependent on the inclusion of Inferred Resources in the production schedule. The Mineral Resources underpinning the production target in the Scoping Study have been prepared by a competent person in accordance with the requirements of the JORC Code (2012). The Competent Person’s Statement is found on page 25 of this ASX release. For full details of the Mineral Resources estimate, please refer to AKORA’s ASX release dated 11 April 2022 and 11 July 2023. AKORA confirms that it is not aware of any new information or data that materially affects the information included in that release. All material assumptions and technical parameters underpinning the estimates in that ASX release continue to apply and have not materially changed. 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. AKORA has concluded that it has a reasonable basis for providing these forward-looking statements and the forecast financial information included in this release. This includes a reasonable basis to expect that it will be able to fund the development of the Bekisopa South iron ore Project upon successful delivery of key development milestones as and when required. The detailed reasons for these conclusions are outlined throughout this ASX release (including the Financial section of this announcement). While AKORA considers all of the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the Scoping Study will be achieved. AKORA believes that this Announcement is a fair and balanced summary of the Scoping Study. The results of the Scoping Study have been expressed as a realistic range of figures rounded to an appropriate number of significant figures, not as a single specific figure, and that terms such as ‘approximately’ have been used to emphasise the imprecise nature of the study. To achieve the range of outcomes indicated in the Scoping Study, pre-production funding estimated of approximately US$55.3M may be required. There is no certainty that AKORA will be able to source that amount of funding as and when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of AKORA’s shares. It is also possible that AKORA could pursue other value realisation strategies such as a sale, partial sale or joint venture of the Bekisopa iron ore Project. This could materially reduce AKORA’s proportionate ownership of the Bekisopa iron ore Project. No Ore Reserve has been declared. This ASX release has been prepared in compliance with the current JORC Code (2012) and the ASX Listing Rules. All material assumptions, including sufficient progression of all JORC modifying factors, on which the production target and forecast financial information are based have been included in this ASX release. 4 PROJECT OVERVIEW AKORA’s Bekisopa Iron Ore Project in south central Madagascar has a JORC Exploration Target of 0.5 up to 1 billion tonnes3 within two tenements totaling 31.2km2 in area (PR 10340 and PRE 3757). The project’s initial 194.7 million tonne (Mt) Inferred JORC Resource has very low impurities and an average head grade of 32% Fe able to produce a 67.6% Fe concentrate at a 75-microns grind3. The project has the significant advantage of offering an initial high-grade cash generating DSO option, followed by either the production of a 2mm Fines product, and/or an iron Concentrate. Direct Reduced Iron-Electric Arc Furnace (DRI-EAF) technology which is used to make greener steel with considerably less carbon emissions requires iron ore grades of at least 67%. A finer grind should deliver even higher iron grades and lower impurity levels. The significant scale and particular mineralisation characteristics of Bekisopa’s iron ore resource presents the Company with several staged development options over time: 1. Produce 61% Fe average grade direct shipping ore (DSO): Mine, crush and screen atsurface iron ore to produce a 61% Fe average grade lump and fines product for shipping to Blast Furnace-Basic Oxygen Furnace (BF-BOF) steelmakers. 2. Produce +62% Fe grade DSO fines: Mine, crush and screen ore to produce a +62% Fe grade fines product for shipping to BF-BOF steelmakers. 3. Produce premium-priced +68% Fe grade concentrate: Using cash generated from Stages 1 and 2, add grinding and magnetic separation circuits to upgrade ore to a +68% Fe concentrate at 75 microns for shipping to DRI-EAF steelmakers. A DSO lump and fines start-up operation using at-surface, weathered material would need much less time, resources and capital to deliver to market. Positive cash flows could be generated more quickly to repay the initial capital expenditure, fund further drilling and resource development, as well as paying for processing improvements to produce higher priced, highergrade products. In Bekisopa’s southern zone, 4.4Mt of Indicated DSO tonnes have been defined according to JORC standards within the overall total project resource. The Scoping Study prepared by Wardell Armstrong International (WAI) was focused on a Low CAPEX option on this DSO resource and presents two scenarios for comparison: 1. A minimum capital ‘Low CAPEX Case’ DSO open pit mining operation which uses contractor labour, mining equipment (trucks and loaders) and mobile processing equipment (crushing, screen and conveying) suitable for processing the iron ore into a 61% Fe average grade lump and fines product. Contractors would also be used for truck hauling the products to stockpiling location and for ship loading. 2. A DSO open pit low OPEX mining operation “Low OPEX Case” which uses contract mining fleet and labour and AKORA labour, as well as fixed equipment (crushing, screening and conveying) suitable for processing the iron ore into a lump and fines product. AKORA would also own and operate the on-road truck hauling fleet and to develop, own and operate a dedicated port facility with ship loading infrastructure. 3 Refer AKORA Prospectus – WAI - Independent Geologists Report 4 Refer ASX Release date 11 April 2022 Bekisopa Total Maiden Inferred Resource 194.7 million tonnes 5 For both cases, the production schedule ramp builds from 0.5 million tonnes per annum (Mtpa) to 2Mtpa over four years. This is to ensure that management and employees are progressively and appropriately trained to reliably mine and process product of consistent quality, safely drive haul trucks, and manage capital and operational scale-up risks. Opportunities exist to increase plant output and increase mine life through further development of the Company’s nearby Satrokala Project, 40km to the south, or at Bekisopa where only 30% of the 6km strike length of identified mineralisation has been shallow drilled for inclusion in this Study. Notably, Bekisopa has iron ore outcropping at surface which is not included in the Scoping Study numbers and could deliver an additional source of mined tonnes. Figure 3. A 194.7Mt maiden JORC Inferred Mineral Resource Estimate (MRE) grading 32% Fe was defined at Bekisopa in April 2022 within just 30% of the 6km mineralised strike length. Figure 4. In the project’s southern zone, 4.4Mt of Indicated DSO tonnes have been defined according to JORC specifications within the overall total project resource. The Scoping Study prepared by WAI was based on the DSO resource estimated in the July 2023 WAI MRE report. 6 BEKISOPA JORC RESOURCE A 194.7Mt maiden JORC Inferred MRE grading 32% Fe was defined at Bekisopa in April 20224 following initial geological field work, a ground magnetic survey, and two drilling campaigns. Bekisopa’s resource is contained within just 30% of a 6km strike length of identified mineralisation up to depths of 300m in the north and up to 180m deep and 1,200m wide in the south. Figure 5. Bekisopa JORC Resource Across the Bekisopa tenements is outcropping iron ore (Figure 6a). At surface, the mineralisation is weathered high-grade iron ore suitable for DSO of both lump and fines products (Figure 6b). Figure 6a. Massive outcropping iron ore at Bekisopa, rock chip average grade of 66.7% Fe, suitable for lump and fines iron ore products. Figure 6b. Iron ore mineralisation in the surface weathered zone, suitable for lump and fines iron ore products. 4 Refer ASX Release dated 11 April 2022 Bekisopa Total Maiden Inferred Resource 194.7 million tonnes 7 Geology and Exploration AKORA’s 2022 infill drilling campaign, the third since AKORA listed in December 2020, was designed to define the extent of the near surface DSO across Bekisopa’s southern zone. The 85 closed spaced, shallow drill holes, on a 50 x 50m grid, resulted in 5.4Mt of Inferred DSO resource being identified, and within that 4.4Mt of Indicated DSO Resource grading 60.9% Fe. This Indicated DSO resource forms the initial production years for the Scoping Study. Drilling has continually confirmed the results of the magnetic survey. In Bekisopa’s northern zone, an iron formation has been identified, dipping around 60 degrees to the west to drilled depths of 260 to 270m and true thicknesses of ~70m (Figure 7a). It is to be noted that no material from this zone is included in the initial 5-year start-up DSO Plan. Within the surface weathered zone, iron grades of ~64% have been identified, and at depths, grades of +30% Fe including 76.3m @ 36.3% Fe and 70.5m @ 44.1% Fe (Figures 7b and 7c overleaf). Bekisopa’s central zone has a flatter dip, around 40 degrees, and shows high iron ore grades within the weathered zone and similar fresh iron ore grades at depth to the project’s northern zone. It is to be noted that no material from this zone is included in the initial 5-year start-up DSO Plan. 300 m Downdip Figure 7a. Bekisopa northern zone cross section 7,612,100N, showing high-grade iron ore in the weathered zone, ~64% Fe, and continuous iron ore mineralisation down dip to +300m at grades of ~35% Fe. 8 b c Figure 7b and 7c. Bekisopa drill hole BEKD01 with (a) surface grades of ~64% Fe and (b) fresh rock grades of ~35% Fe at depth, suitable for upgrading to concentrate used by DRI technology to produce greener steel. 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 8a). Within the surface weathered zone iron ore grades of ~60 to 65% Fe have been identified, and at depth iron mineralisation of 79.5m @ 40.9% Fe (Figures 8b and 8c overleaf). Figure 8a. Bekisopa southern zone cross section 7,608,000N, showing high-grade iron ore in the weathered zone, 59 to 65% Fe, and continuous iron ore mineralisation across strike down to ~140m at grades of ~40% Fe. 9 b c Figure 8b and 8c. Bekisopa drill hole (a) BEKD16 with surface grades of ~63% Fe and (b) drill hole BEKD45 fresh rock grades of ~39% Fe at depth, 77.6 to 82.1 metres, suitable for upgrading to concentrate for Green Steel. Figure 9. Bekisopa 2022 DSO infill drill hole locations on the eastern and western sides of the Southern Zone from which determined Indicated DSO Resource of 4.4Mt at 61% Fe. 10 Resource growth potential It is the Board’s expectation that future infill drilling at Bekisopa, including the Q3 2023 drilling in the northern and central zones, will deliver additional Indicated DSO tonnes and therefore extend the life of mine for high-grade DSO lump and fines production beyond this initial five-year plan. Drilling at Bekisopa has only covered some 3km of the known 6km strike, therefore, future drilling programs will aim to confirm extensions to the known weathered zone and therefore more DSO lump and fines iron mineralisation (Figure 10 overleaf). The DSO tonnes included in Bekisopa’s Indicated resource of 4.4Mt in the southern zone does not include any allowance for potential lump and fines DSO from North or Central zones, or from the observed outcropping iron ore existing across the Bekisopa project. In 2022, a rock chip program at the nearby Satrokala tenements, around 40km to the south-west of the main Bekisopa tenements, produced encouraging assay results. 102 rock chips showed an average of 58.8% Fe and a subset of 66 rock chips had an average grade of 64.5% Fe after excluding rocks at less than 58% Fe (Figure 11 overleaf). Future drilling at Bekisopa and at Satrokala (where a magnetic survey has recently been completed to confirm the extent of the magnetic anomaly and to identify DSO drill targets) is expected to add suitable iron ore mineralisation that should add additional years of DSO mining and production. Any future drilling and exploration success as outlined could add significantly to the economic viability and robustness of the Bekisopa Scoping Study DSO start-up approach. Figure 10. The Bekisopa magnetic anomaly, with all 250 drill holes marked, showing that drilling to date has only covered 40% of the known 6km strike length, potentially offering more DSO tonnes with further drilling. 11 Figure 11. Location of the 102 rock chip samples taken from across the Satrokala tenements in 2022, average grade of 58.8% Fe. Excluding samples <58% Fe the remaining 66 rock chips averaged 64.5% Fe. 12 MINE PLAN In the Scoping Study, WAI has developed open pit mine plans for both a ‘Low CAPEX Case’ and a “Low OPEX Case” using the 4.4Mt of Indicated and 1.1Mt Inferred DSO tonnes in Bekisopa’s southern zone. Based on economic and geometric constraints, WAI undertook the pit optimisation across the southern zone geological block model and used Datamine NPV Scheduler standard software to determine the mineralisation deemed suitable for conversion to mineable tonnage and included in the subsequent production target. Mineralisation considered for DSO has been drawn from the weathered zone in the block model and contains an initial five-year average of 61% Fe. Low CAPEX Case In the Low CAPEX Case (and “Low OPEX Case”), at-surface, weathered zone DSO material would be selectively mined before being crushed and screened using mobile equipment to produce a 61% Fe average grade lump and fines product ready for road transport to AKORA’s stockpiling location outside of the coastal town of Toliara. Future DSO resource drilling and ore blending is expected to improve on the average product grades. Contractors would be used for mine operations, on-road truck hauling and ship loading. Production would build to 2Mtpa at a product split of 40% lump and 60% fines. The initial five-year mine schedule is shown graphically in Figure 12a and tabulated in Figure 12b. The CAT 6015 excavator matched to the CAT 772G trucks achieves the highest loading factor of 93%. The truck fleet increases from one in-mine haul truck in year 1 to four trucks in year 4. Figure 12a. ‘Low CAPEX Case’ DSO mining schedule. 13 Scenario 1 Mining Schedule DSO Ore 1 Total Rock Mined (Mt) 0.60 2 0.89 0.70 0.19 0.3 0.70 61.5 3 1.46 1.20 0.26 0.2 1.20 61.3 4 2.76 2.00 0.76 0.4 2.00 59.9 5 2.06 1.09 0.96 0.9 1.09 58.2 Total 7.77 5.49 2.28 0.4 5.49 60.5 Year Ore Mined (Mt) Waste (Mt) Strip Ratio 0.50 0.10 0.2 Ore Processed (Mt) 0.50 Fe % 64.4 Figure 12b. “Low CAPEX Case’ DSO mining schedule. Of the Mineral Resources scheduled for extraction in the Scoping Study production plan approximately 80% are classified as Measured and/or Indicated and 20% as Inferred during the initial five year evaluation period. There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target itself will be realised. Inferred Resources comprise 3% of the production schedule in the first three years of operation. AKORA confirms that the financial viability of the Bekisopa South iron ore Project is not dependent on the inclusion of Inferred Resources in the production schedule. DSO Processing DSO material will be selectively mined and processed through a simple crushing and screening plant to produce conventional lump and fines products (lump is -31.5+6.3mm; fines is -6.3mm). For the required product rate of 2Mtpa (0.8Mtpa of lump and 1.2Mtpa of fines), 2Mtpa would be processed as run-of-mine (ROM) material through the plant at 100% recovery. As an alternative to a conventional fixed plant, the Low Capex Case assumes portable crushing, screening and conveying units, of the capacity able to deliver the 2Mtpa product rate, so that the plant can be moved as required to different areas of the project. It may even be desirable to have two half-capacity portable plants working at different areas simultaneously, to improve product blended grades. This can be further investigated in the next phase of study. The Processing Flow Diagram of the typical DSO circuit is shown in Figure 13. A typical crushing circuit availability of circa 75% equates to 300tph for 2Mtpa throughput. On this basis, and for a typical fixed plant, the main equipment required (indicative) will typically be: • a Metso C100 jaw crusher (110kW), • an HP400 cone crusher (315kW), • a 6.35m x 2.445m triple-deck horizontal screen (30kW) and • the associated conveyors and feeders (approximately 170kW). The total installed power will be circa 625kW (indicative). No crushing or grindability testwork has been completed to-date. This will be done during the next phase of study. It is likely that the near- 14 surface weathered DSO material will have a Crush Work Index and Abrasion Index values towards the middle and lower values of typical ranges. Figure 13. Block Flow Diagram of the Typical Fixed Plant Circuit for DSO Material 15 TRANSPORT Road haulage The preferred road route is ~360 kms from the Bekisopa Project towards the National Highway, RN7, and to the western coastal town of Toliara. Around 60km of road is required to be built or upgraded between the project and the town of Satrokala. The National RN7 Highway from Satrokala through to Toliara is a relatively straight dual-laned highway. It decreases in elevation from ~1,100m to sea level, an assistance to the delivery of iron ore (Figure 15). The ~280km trip along RN7 takes just under five hours averaging 60km/hr, assumed 40km/hr for the haul trucks. The road quality was assessed every 5km and this showed that 220km of the RN7 road was in good condition, with some 60km in average to poor condition, requiring routine filling of potholes and resurfacing. Figure 14. Map showing the AKORA tenements (green polygons) then the road travelled from Satrokala to Toliara. The selected on-road haul truck is a rigid-bodied tipper with a load capacity of 40 tonnes, which is considered a starting position to match the transport environment. As knowledge increases around road traffic, the road quality and bridge load capacities, moving up to larger transport vehicles should further improve haulage costs and reduce overall truck movements. Using 40t on-road haul trucks results in the number of one-way daily truck trips going from 36 in year 1 to 136 in year 4, at the 2Mtpa product delivery rate. At the peak rate, this equates to a manageable six trucks per hour passing any one point on the road. A larger truck capacity would reduce transport movements if proven viable. There are nine bridges and 11 culverts along the RN7 highway, all of modern construction. The highway passes through 38 villages of which 24 are small and set back from the roadway. Four villages are large and close to the road with a bypass road option to be considered. If bypassed, that would remove three bridges from the route, making travel safer and faster. 16 Elevation Change - Satrokala to Toliara 1500 1000 500 0 0 50 100 150 200 250 300 350 Figure 15. The elevation of the road travelled from Satrokala declines from 1,100m to sea level at Toliara. Figure 16. Two of the main bridges along the National Highway RN7. Port and Shipping Toliara on the western coast is seen as the preferred location for transfer of AKORA iron ore products to market. Toliara has a population of around 250,000 and is a busy coastal town centered around a port, which predominantly handles incoming containers. The existing Toliara infrastructure is not considered suitable for transfer or ship loading of AKORA’s iron ore products. The solution is likely to be establishing a dedicated iron ore stockpiling area and ship loading facility that could be built some distance outside of the Toliara town, enabling haulage trucks to stockpile ore without entering the town. The Low CAPEX Case port and ship loading approach consists of AKORA having its own iron ore stockpiling facility and using experienced trans-shipping contractors to load Handymax or Panamax sized vessels via a floating crane, see Figure 18. This approach is standard practice at many remote bulk commodity loading operations and offers AKORA a minimal capital outlay