AKORA Resources raised $3.8 million to advance its iron ore projects in Madagascar.

The initiative comprised an $801,000 placement finalised on April 24, and a $3 million entitlement offer completed on May 17.

Funds will fuel exploration and development across 308km2 of projects, including Bekisopa, Satrokala, Tratramarina, and Ambodilafa.

The Bekisopa Iron Ore Project, with an inferred resource of 194.7 million tonnes, is pivotal in producing premium-grade iron concentrate for a green steel future.