A permitted, low-capex high-grade iron ore project in Madagascar—AKORA’s upside is huge if it secures funding and executes first ore by 2027.
Overview
AKORA Resources (ASX:AKO) is an Australian-listed, pre-revenue iron ore developer advancing a portfolio of four high-grade projects in Madagascar, led by the Bekisopa Iron Ore Project. The company has moved from exploration toward development after delivering a definitive Pre-Feasibility Study (Mar 2025) and securing a pivotal 25-year Mining Permit for Bekisopa (Mar 2026), positioning it among the first movers after Madagascar’s long permit moratorium. The development plan is staged: Stage 1 targets a low-capital, 2 Mtpa Direct Shipping Ore operation producing blended lump and fines averaging ~61.6% Fe with very low deleterious impurities, aimed at global steel mills seeking efficiency and compliance with tighter environmental standards. Stage 2 aims to process a much larger underlying magnetite system into +67% Fe concentrate suitable for DRI/EAF ‘green steel’ pathways. Investment attractiveness stems from strong PFS economics (high IRR, fast payback, low C1 cost) and a large valuation gap versus NPV; investment risk is dominated by securing US$60.6m of initial funding, frontier jurisdiction/political uncertainty, and logistics/port execution to achieve first shipments targeted in 2027.