Announcement PDF Annual Report 2022 For the year ending 31 December 2022 AKORA Resources Limited (ACN 139 847 555) www.akoravy.com Inside this report Chairman’s Letter 2 Review of Operations 4 Directors Report 14 Remuneration Report 22 Auditor’s Independence Declaration 27 Financial Statements 28 Consolidated Statement of Profit or Loss and other Comprehensive Income 29 Consolidated Statement of Financial Position 30 Consolidated Statement of Changes in Equity 31 Consolidated Statement of Cash Flows 32 Directors’ Declaration 58 Independent Auditor’s Report 59 ASX Information 65 Corporate Directory 68 Akora Resources Annual Report 2022 1 Chairman’s Letter The Company released an Inferred Resource of 194.7 Mt including a DSO “cap” on 11 April 2022 and a Scoping Study on 14 November 2022 with potential for initial DSO mining operation and over time a premium grade iron concentrate mining operation. 2 Akora Resources Annual Report 2022 Chairman's Letter Dear Shareholder 2022 was an exceptional year for your company in delivering the milestones set out in the 2020 Prospectus for the listing on the Australian Securities Exchange. Your Company: • delivered the first Mineral Resource at the Bekisopa project in April and • completed a Scoping Study in November. Both these important milestones were achieved within 2 years from the date of listing, and would be the envy of many listed small cap resource companies. It is disappointing that the achievement of these important milestones has not been consistently reflected in the share price. As you are aware the Company completed a equity raising in June 2022 at 32 cents per share, a 28% premium to the listing price, which at that time better reflected the advancement of the Bekisopa project. The second-half of 2022 was negatively impacted by global concerns over the war in Ukraine, inflation pressures and the potential impact these issues might have on global economic growth . These factors adversely affected the market such that equity prices for many listed junior resource entities no longer reflect the performance of the companies or the quality of their projects. The recently announced infill drilling assays (see ASX Announcement, dated 22 March 2023) warrants consideration for advancing an initial DSO project at Bekisopa, and examining options to develop a large iron concentrate project over the longer term. In this regard, the board is also keenly aware of the additional potential at nearby Bekisopa West and Satrokala, plus the Company’s other projects, Tratramarina and Ambodilafa. Every mining project from frontier exploration through exploration and evaluation to development and operations is a journey which is suited to investors who have this vision of the project value creation chain. We thank our shareholders for choosing to join us in this pursuit. I wish to thank the executive directors, Paul Bibby and John Madden, and our consultants, who succeeded in delivering the initial Mineral Resource, developed the various scenarios for the Scoping Study, and continue to advance the Bekisopa Project. Yours sincerely MH Stirzaker Non-executive Chairman 30 March 2023 Akora Resources Annual Report 2022 3 Review of Activities Review of Operations 4 Akora Resources Annual Report 2022 Review of Activities The Company achieved a number of significant milestones during the financial year, including delivery of a Mineral Resource (H&S Consultants), completion of a Scoping Study (Wardell Armstrong International); infill drilling at the Southern Zone to upgrade the Direct Ship Ore (DSO) resource and reconnaissance geological activities that returned exciting rock chip samples at the Satrokala prospect. MINERAL RESOURCE The Company delivered in the first-half of the financial year a maiden JORC Resource at Bekisopa which was virtually double the volume forecast in the December 2020 prospectus. With mineralisation achieved in all but two drill holes during 2021, the Company brought forward the proposed work programmes for 2022 to better manage exploration costs and, most importantly, maximise the potential the JORC Resource. The Mineral Resource was achieved within 15 months from the date of listing on the Australian Securities Exchange. The Inferred Resource of 194.7 Mt for 75.4 Mt of iron concentrate at a grade of 67.6% Fe was achieved across three ore zones: Table 1: Bekisopa Maiden JORC Inferred Resource INFERRED RESOURCE CONCENTRATE DAVIS TUBE LOCATION TONNES HEAD GRADE TONNES GRADE RECOVERY MT % FE MT % FE % Southern 110.2 32.0 42 67.6 37.8 Central 41.2 30.0 15 67 36.3 Northern 43.3 33.3 19 68.2 43.3 Total (Inferred) 194.7 32.0 75.4 67.6 38.7 Three products may be produced from Bekisopa. By selectively targeting the high-grade outcropping and high-grade weathered material using conventional shovel and truck operations, lump and fines products could be produced as DSO. DSO refers to the fact that apart from simple mechanical processes such as crushing, screening, and blending, the iron ore is shipped in essentially the same form as that extracted from the ground with potential significant capital and operating cost advantages. Within the maiden JORC Resource, H&S Consultants identified 7.8 Mt of outcrop and weathered high-grade DSO. It is this DSO tonnage that is the near-term focus of the Company in upcoming exploration and economic studies. In-fill drilling commencing late-August 2022 is aimed at expanding the existing resource, and better delineating the extent and grade of the weathered zone. The board of directors believe there is potential above the 7.8 Mt of DSO defined by H&S. The present resource modelling used typically large-scale bulk mining blocks of 5 metres by 15 metres by 25 metres, which is acceptable for mining of fresh iron mineralisation. At Bekisopa, it is highly likely that mineralisation at surface will be extracted using a selective mining approach based on smaller mining blocks of about 2 metres in height. This should minimise dilution and enable the Company to achieve increased DSO tonnage and higher grades. Although this DSO tonnage represents a small portion of the JORC Resource, it clearly the best and fastest strategy to cash flows. Akora Resources Annual Report 2022 5 Review of Activities Figure 1: Bekisopa PR 10430 The third product from Bekisopa will be a high-grade iron concentrate. (The board of directors have identified the potential for three products from the iron mineralisation at the Bekisopa project – DSO from the outcrop and weathered zone, Fines and/or high-grade iron concentrate from the Mineral Resource making the second and third products.) The production of high-grade fines will require crushing fresh iron ore to a relatively coarse 75 microns to produce a premiumgrade 67% or better iron concentrate. This concentrate would be an optimal feedstock for the production of Direct Reduced Iron (DRI) pellets. DRI is produced by the removal (reduction) of oxygen from iron ore using natural gas as the reducing agent instead of coal. Increased use of DRI is one of the key decarbonisation strategies of the global steel industry. Metallurgical tests suggest the Inferred Resource at Bekisopa could be upgraded to a high-grade iron concentrate with potential to produce product at a grade of 67.6% Fe with low impurities. The board of directors believe there is potential for a significantly larger Mineral Resource at Bekisopa. H&S Consultants (see ASX Announcement, dated 11 April 2022) identified exploration potential comprising two components: 6 (i) Exploration potential for 20-40 Mt @30-45% Davis Tube recovery (DTR) for a total of 8-16 Mt of concentrate grading 66-69% Fe exists in the Northern and Central zones. (ii) The new Mineral Resource plus the above Exploration Targets represent approximately 3.3 kilometres of a 5-kilometre-long zone of mineralisation and therefore, allows for an additional 2 km of exploration potential along strike between known deposits. Two magnetite-bearing diamond drillholes located halfway between the Southern and Central deposits suggest a further Exploration Target of 30-50 Mt @ 20-40% DTR for a total 10-20 Mt of concentrate grading 66-69% Fe. Akora Resources Annual Report 2022 Review of Activities DRILLING AND ASSAYS the Company released to the ASX a number of announcements that outlined detailed drilling and assaying results across three mineralised zones. High-grade ~64% Fe at surface and continuous iron mineralisation downdip to plus 260 metres Northern Zone The Northern Zone covers some 1.5 kilometres from north to south and is about 200 meters across strike. It extends to a depth of 270 metres with true thicknesses of 50 to 106 metres. Assays demonstrate significant readily upgradeable iron mineralisation that continues more than 300 metres downdip from surface. Several of the drillholes intersected high-grade outcrops: BEKD 01 From surface to 6.9 metres 64.7% Fe BEKD 19 From surface to 4.6 metres 63.9% Fe BEKD 24 From surface to 3.9 metres 63.7% Fe These iron grades are DSO and therefore, providing the Company with potential to produce product which will only require mining, crushing and screening. Drilling also intercepted substantial iron mineralisation at depth: BEKD 51 From 135 metres to 203 metres 30.5% Fe BEKD 53 From 144.7 metres to 249.3 metres 31.4% Fe The true thickness in these holes were 78 metres and 105.5 metres of continuous iron mineralisation. Figure 3: Northern Zone cross Section 7,612,300N covering BEKD 20, BEKD 52 and BEKD 53 High-grade ~64% Fe at surface and continuous iron mineralisation downdip to plus 270 metres Central Zone The Central Zone covers approximately 1.8 kilometres from north to south and is some 300 metres across strike. The Central Zone hosts a relatively flat, westerly dipping ore body suitable for a low strip ratio open-pit mining operation. In addition to identifying mineralisation that is readily upgradeable, geological mapping indicates that there is a consistent flat lying, surficial zone, measuring 50 metres to 70 metres in width, where weathering has upgraded the average grade of the primary mineralisation, with some areas potentially DSO. Drill holes completed in this mineralisation were BEKD 03 to BEKD 08 and BEKD 37 to BEKD 42. Figure 2: Northern Zone cross Section 7,612,100N covering drill holes BEKD 01, BEKD 19, BEKD 50 and BEKD 51. Figure 4: Central Zone cross section along latitude 7611000 incorporating Bekisopa drill holes. BEKD 03, BEKD 41 and BEKD 42 Akora Resources Annual Report 2022 7 Review of Activities Drill holes BEKD 05 and BEKD 06 extend the width of the mineralised strike to ~200 metres. Drill holes BEKD 04 and BEKD 05 both ended in mineralisation at 100.4 metres downhole. Figure 5: Central Zone cross section along latitude 7610800 incorporating Bekisopa drill holes. BEKD 04, BEKD 05 and BEKD 06 from the 2020 drilling programme and drill holes. BEKD 39 and BEKD 40 from the 2021 drilling campaign The Company also achieved iron mineralisation at depth in several drill holes in the Southern Zone: BEKD 46 From 16.1 meters to 178.9 meters 35.6% Fe BEKD 43 From 35.8 metres to 185.4 meters 37.6% Fe BEKD 59 From 23.1 metres to 173.9 meters 33.2% Fe Figure 6: Southern Zone cross Section 7,608,450N. Highgrade ~60% Fe and ~61% Fe at surface in BEKD 18 and BEKD 55 and at depth a continuous 150.8 metres iron intercept at 33.2% Fe in BEKD 59. Southern Zone The Southern Zone covers an area of approximately 1.5 kilometres from the north to south and approximately 700 metres across strike and, like the other Zones, has potential to achieve a large, near surface high-grade region with DSO as well as readily upgradeable mineralisation. In total, the Company completed 37 drill holes in the Southern Zone. Twelve of the drillholes intersected the mineralisation zone where it outcrops, and these have returned high-grade intercepts from 61% Fe to 68% Fe from surface up to 14 metres downhole. These iron grades are DSO equivalent and therefore, provide the potential for the Company to produce a product that will only require mining, crushing and screening. Several of the drillholes intersected high-grade outcrops: BEKD 13 From surface to 14.6 metres 64.9% Fe BEKD 31 From surface to 8.12 metres 68.2% Fe BEKD 44 From surface to 5.9 metres 63.9% Fe At depth, several drill holes recorded substantial iron mineralisation grading 63%+ Fe including: 8 BEKD 45 From 56.8 metres to 67.8 meters 64.0% Fe BEKD 46 From 68.1 metres to 87.6 meters 63.3% Fe BEKD 46 From 88.9 meters to 102.2 meters 64.4% Fe BEKD 56 From 22.8 meters to 30.3 meters 64.9% Fe Akora Resources Annual Report 2022 Figure 7: Southern Zone cross Section 7,608,150N demonstrating high-grade intercepts at surface and at depth. In early September 2022, the Company commenced an in-fill drilling programme at the Southern Zone which was completed on 24 October 2022. The location of the in-fill drill holes was determined with reference to the DSO assays from the 2020-2021 drilling and further targets the near-surface eastern and western areas in the Southern Zone where previous drilling intercepted high-grade iron mineralization, (see Figure 8). In-fill drilling programme was conducted on a 50-metre by 50-metre grid. Drill hole depth ranged from 5.6 metres to 29.6 metres, averaging 13.6 metres. Review of Activities Figure 8: The in-fill drilling grid on the eastern and western areas of the Southern Zone. The drilling comprises 85 drill holes for 1,165 meters. Three extra drill holes were incorporated into the campaign, in all an extra 315 meters, a 37% increase, than planned was drilled. Generally, mineralized intercepts were thicker than anticipated, hence an additional 315 metres or 37% more meters were drilled than planned. The first batch of assay pulps is being prepared for dispatch to ALS Perth, and when completed these results should produce a better-defined DSO Resource for production planning. Following are examples of the 2022 in-fill drill core at surface with encouraging iron mineralisation believed suitable for DSO lump and fines iron ore products, Figures 9 (a) to (d). Figure 9: Drill core from the in-fill drilling showing highgrade iron mineralisation as determined by magnetic susceptibility reading of >1000, these drill intercepts appear to be between ~10 metres to ~14 metres thick. Akora Resources Annual Report 2022 9 Review of Activities METALLURGICAL TESTWORK REPORTED DURING THE FIRST-HALF As part of the identification of a JORC Mineral Resource, the Company completed both Davis Test Tube (DTT) and wet Low Intensity Magnetic Separation (wLIMS) testwork. (DTT is a laboratory instrument designed to separate magnetic ores into strongly magnetic and weakly magnetic fractions. It has become a standard laboratory test used for the assessment of the upgradeability of magnetic ores by magnetic separation techniques. In laboratory wLIMS tests, the iron ores are process wet, to suppress dust, then pass over a rotating magnetic drum separating the magnetic iron from non-magnetic material.) The goal from these metallurgical tests is to better understand the upgradability of the iron mineralisation for the development of a larger mining operation based on producing an iron concentrate. The DTT and wLIMS testwork trials were undertaken on continuous drill core composites and intervals from surface to varying depths downhole for a number of drill holes. Overall, the outcomes were excellent across all the drill holes. wLIMS and DTT for BEKD 01 testwork generated the following results: BEKD 01 COMPOSITE SAMPLE INTERVAL (M) FE % SILICA % ALUMINA % FE % SILICA % ALUMINA % FE % SILICA % ALUMINA % 0 – 8.0 60.6 6.6 2.8 67.6 1.5 1.4 69.9 0.7 0.8 2 8.0 – 13.54 49.6 15.1 2.9 63.6 4.3 2.0 69.6 0.8 0.7 3 13.54 – 20.27 45.1 16.7 4.4 63.3 4.0 2.1 69.6 0.7 0.8 4 20.27 – 26.54 42.5 17.1 4.4 60.5 5.3 2.5 69.4 0.8 0.7 5 26.54 – 32.30 38.9 18.9 3.5 63.4 4.0 1.6 70.1 0.4 0.6 6 32.30 – 37.75 31.4 24.8 5.6 59.5 6.8 2.4 70.1 0.5 0.8 7 37.75 – 43.54 47.5 12.8 2.4 63.0 4.1 1.3 69.9 0.4 0.5 45.1 16.0 3.7 63.0 4.3 1.9 69.8 0.6 0.7 1 Average HEAD GRADE WLIMS IRON FINES GRADE DAVIS TUBE TEST GRADE Table 2: wLIMS/DTT Results from BEKD 01 Composite Sample Testwork on drill hole BEKD 01 clearly indicates that the iron mineralisation is readily upgradable using wLIMS magnetic separation to an average of 63% Fe after crushing to <2 mm, and then to 69.9% Fe after DTT processing at a -75 µm grind. This premium high-grade at 69.8% Fe contains very low impurity levels of 0.5% Silica, 0.7% Alumina, 0.003% Phosphorous and 0.06% Sulphur. Bekisopa represents a potential long-term producer of very clean, premium grade iron concentrate suitable for DRI pellet production. Similar metallurgical testwork was undertaken on the Central Zone at BEKD 04. Table 3 indicates that the average head-grades varied from a high of 60.1% Fe to a low of 24.2% Fe (the lowest interval grade being 9.48% Fe) and that all composites were upgraded to better than benchmark grade iron levels. The average DTT result for drill hole BEKD 04, from surface to 38.1 metre downhole, was 70.2% Fe. BEKD 04 COMPOSITE SAMPLE INTERVAL (M) FE % SILICA % ALUMINA % FE % SILICA % ALUMINA % FE % SILICA % ALUMINA % 0 - 5.5 60.1 7.9 4.1 69.7 0.8 1.2 70.1 0.15 0.54 2 5.5 - 11.1 43.9 17.3 2.9 69.6 1.2 0.4 70.0 0.30 0.24 3 11.1 - 19.4 37.4 27.5 3.1 69.2 1.7 0.4 69.6 0.20 0.20 4 19.4 - 25.7 26.4 31.5 2.9 63.7 5.8 0.3 71.1 0.34 0.01 5 25.7 - 31.3 25.5 22.2 2.3 61.9 4.3 0.2 70.8 0.18 0.01 6 31.3 - 38.1 24.2 32.3 3.5 62.2 5.4 1.0 69.8 0.69 0.45 35.1 23.1 3.1 66.1 3.2 0.6 70.2 0.31 0.24 1 Average HEAD GRADE WLIMS IRON FINES GRADE Table 3: wLIMS/DTT Results from BEKD 04 Composite Sample 10 Akora Resources Annual Report 2022 DAVIS TUBE TEST GRADE Review of Activities The Company also conducted metallurgical testwork on drill holes BEKD 10 and BEKD 34, located in the Southern Zone. Processing trial results for BEKD 10, on the eastern side of the Southern Zone, from surface to 37.2 metres downhole showed this mineralisation readily upgraded at a 2 mm crush to 62.4% Fe and at a 75-micron sizing to an outstanding 69.3% Fe. The same metallurgical testwork on BEKD 34, on the western side of the Southern Zone, delivered 66.0% Fe after a 2 mm crush and 69.5% Fe at a 75-micron sizing, all with substantial reduction in impurities. These processing trials show the consistency of upgradability across the expansive Southern Zone and largely replicate the results achieved on the Northern and Central Zones and therefore, along the main 5-kilometre strike length. BEKD 34 COMPOSITE HEAD GRADE SAMPLE INTERVAL (M) FE % 1 0 – 4.9 2 4.9 – 10.43 3 4 WLIMS IRON FINES GRADE DAVIS TUBE TEST GRADE SILICA % ALUMINA % FE % SILICA % ALUMINA % FE % SILICA % ALUMINA % 59.4 7.2 2.7 69.0 0.6 0.9 68.9 1.2 1.0 62.1 4.7 1.6 68.1 1.0 0.9 69.4 0.6 0.7 10.43 – 14.8 41.1 18.2 1.8 64.3 3.3 0.6 69.7 0.9 0.2 14.8 – 18.7 51.0 8.6 1.5 65.0 2.5 0.7 70.4 0.4 0.3 5 18.7 – 23.0 54.1 4.9 1.1 66.2 1.6 0.7 69.5 0.4 0.5 6 23.0 – 29.36 59.2 3.5 0.9 66.0 1.5 0.7 70.0 0.4 0.4 7 45.6 6.9 1.3 63.3 2.5 0.8 68.8 0.5 0.4 Average 53.2 7.7 1.6 66.0 1.9 0.8 69.5 0.6 0.5 Table 4: wLIMS/DTT Results from BEKD 34 Composite Sample These outstanding iron concentrate grades, achieved at a relatively coarse 75-micron sizing, highlight the potential for Bekisopa to be able to deliver DRI pellet grade iron concentrates to meet the growing demand for decarbonisation in the iron and steel industry. Premium grade iron feed, with very low impurity levels as seen from BEKD 10 and 34, Table 7, is what is forecast to be required to produce DRI pellets from natural gas or green hydrogen iron making processes. Bekisopa, is well placed to provide these growing markets that have an abundance of natural gas, for example the Middle East, or those locations that will be producing green hydrogen. DTT conducted on BEKD 10 and BEKD 34 shows very high iron grades, averaging 69.4% Fe, with low impurities, Table 5. AVERAGE HEAD GRADE DAVIS TUBE TEST GRADE % % FE % SILICA % ALUMINA % PHOSPHORUS % SULPHUR BEKD 10 0 to 37.2 metres 47.9 69.3 1.1 0.8 0.062 0.006* BEKD 34 0 to 34.8 metres 53.2 69.5 0.6 0.5 0.016 0.004* Table 5: BEKD 10 and BEKD 34 DTT achieves premium grade iron levels, average 69.4% Fe, and low impurity levels from surface to ~37 metres downhole. Note *: A few high S assays at depth is likely due to the presence of pyrite. Akora Resources Annual Report 2022 11 Review of Activities SCOPING STUDY SATROKALA PROSPECT The Company retained WAI to prepare the scoping study for the advancement of the Bekisopa project as a low-cost, DSO mining, crushing and screening operation utilising the Mineral Resource prepared by H&S Consultants. The Company completed its first regional reconnaissance exploration programme and the first rock chip sampling from the 100% owned Bekisopa Southwest tenements, called Satrokala. Satrokala is approximately 40 kilometres southwest of Bekisopa PR 10430. In total, 102 rock chip samples were collected, and assayed, and demonstrated very encouraging assay results. Three project scenarios were developed by WAI based on the 194.7 Mt Mineral Resource for the Company: Scenario 1 DSO mining and processing of known DSO mineralisation within the Inferred Mineral Resource Production profiles were developed for a early-startup operation with production (both lump and fines iron ore products) ranging from 0.5 to 2.0 million tonnes per annum (mtpa). This scenario is the starting phase for each of the other two scenarios: Scenario 2 DSO production, as described in Scenario 1, followed by the mining and producing of a high-grade crushed 2 mm fines product. Scenario 3 The sample locations cover a strike length of approximately ten kilometres with a potential width of one kilometre within tenements 27211 and 35827. The first rock chip assay results ranged in iron grade from 16.3% up to 68.0% Fe and averaged 58.8% Fe. Excluding iron assays less than 58% Fe, the average iron grade increases to an excellent 64.5% Fe. Of the 102 rock chip assays, 89 samples delivered iron grades greater than 50%, and an average of 62.1% Fe, the benchmark iron grade. The 66 highest-grading samples delivered iron grades from 58% to 68% Fe, with an average iron grade of 64.5% Fe. These are encouraging first iron results that indicate, subject to the completion of systematic and successful exploration activities, should add tonnes to the existing AKORA’s flagship Bekisopa project. The Satrokala tenements include PR 27211 and PR 35827 with Figure 11 showing the location of these tenements and the 102 rock chip sample locations. DSO production, as described in Scenario 1, followed by mining and producing a premium grade concentrate at 75 microns. The Bekisopa DSO project is relatively uncomplicated in process with a low strip ratio mining operation designed to produce both lump and fines iron ore products at better than benchmark grades. WAI concluded that the Bekisopa project has significant potential and each of the above scenarios is worthy of further consideration through the feasibility phase. Figure 11: AKORA’s 100% owned Bekisopa Southwest tenements, in an area called Satrokala. On the two tenements, 35827 and 27211, are the location of the 102 rock chip samples. 12 Akora Resources Annual Report 2022 Review of Activities Figure 12 shows specific rock chips and the countryside where the rocks were located. This shows lump iron rocks at surface that are potentially high-grade iron ore lump product in an undulating barren to grassland area. Figure 12: Location of rock chip sample TA468, assay number V2138, average iron grade 64.63%. The directors present their report, together with the financial statements of AKORA Resources Limited (formerly Indian Pacific Resources Limited) (ACN 139 847 555) (hereafter referred to as the “Company”), for the financial year ended 31 December 2022. Akora Resources Annual Report 2022 13 Directors Report Directors Report 14 Akora Resources Annual Report 2022 Directors Report PRINCIPAL ACTIVITIES ENVIRONMENTAL ISSUES The principal activities of the Company during the financial year were exploration for iron ore in Madagascar. There was no significant change in the nature of these activities during the year. The Company’s projects are subject to the laws and regulations regarding environmental matters in Madagascar. Many of the activities and operations of the Company cannot be carried out without prior approval from and compliance with all relevant authorities. The company conducts its activities in an environmentally responsible manner and in accordance with all applicable laws. However, the company could be subject to liability due to risks inherent to its activities, such as accidental spills, leakages or other unforeseen circumstances. OPERATING RESULTS, REVIEW OF OPERATIONS FOR THE YEAR AND SIGNIFICANT CHANGES IN STATE OF AFFAIRS The net loss after tax attributable to shareholders of AKORA Resources Limited of $1,051,025 for the year ended 31 December 2022 (the net loss after tax for the previous financial year was A$1,077,391). DIVIDENDS OVERVIEW The Company expended $3,445,007 during the financial year on exploration and evaluation of the Bekisopa project. The expenditure represents more than 75.4% of total expenditure for the year. The board of directors accelerated 2022 expenditure during the financial year to take advantage of economies of scale following significant exploration success at Bekisopa PR 10430. No dividends were declared and paid during the year. EVENTS AFTER BALANCE DATE On 23 March 2023, the Company released on the ASX platform the results from its infill drilling programme conducted at the Bekisopa project and specifically the Southern Zone. The Company completed 86 drill holes as part of the infill drilling programme with every drill hole intercepting iron mineralisation. 72 drill holes intercepted high-grade ion mineralisation within the weathered zone and at surface with the final assays clearly indicating the intercepts have the potential for DSO lump and fines products. The goal of the infill drilling programme wasto increase both the size and the confidence in the Mineral Resource. The financial performance of the Company since its listing on the ASX isa follows: 31 DECEMBER 2022 2021 2020 1,051,025 1,077,391 1,456,540 Earnings percent (cents) (2.18) (1.77) (3.76) Share price at balance date (cents) 17 24 35 Net loss after tax The highest intercepts are set out below: DRILL HOLE NUMBER INTERCEPT FROM SURFACE (M) WEIGHTED % IRON BEKD090 9.80 66.27 BEKD092 11.20 66.05 BEKD132 11.59 66.00 BEKD091 9.72 65.25 BEKD081 9.10 65.10 Akora Resources Annual Report 2022 15 Directors Report INFORMATION ON DIRECTORS The following persons were the directors in office during the period 1 January 2022 to 31 December 2022 and since year-end unless otherwise stated: MH Stirzaker PG Bibby JM Madden Independent Non-executive Chairman Chief Executive Officer and Managing Director Executive Director and Company Secretary Qualifications: BCom, CA Qualifications: Dip App Sc (Secondary Metallurgy), B App Sc (Metallurgy) Qualifications: BCom (Melb) FCPA FGIA FTIA Experience: Experience: Mr Bibby was appointed to the board of directors on 9 July 2015 and appointed CEO/Managing Director on 1 January 2020. Mr Madden was appointed to the board of directors on 6 October 2009 and is the founder of the Company. Experience: Mr Stirzaker was appointed to the board of directors on 22 August 2022. Mr Stirzaker has over 30 years’ commercial experience, mainly in mining finance and mining investment. Mr Stirzaker began his career in Sydney as a Chartered Accountant with KMPG before moving into investment banking with HSBC Group and then Kleinwort Benson in London. From 1993 to 2007, Mr Stirzaker was part of the natural resource advisory and investment firm, RFC Group, where he became Joint Managing Director. From 2010 until 2021, Mr Stirzaker was a partner with the private equity mining fund manager, Pacific Road Capital. Interest in shares and options: 500,000 ordinary shares indirectly held in the Company. Directorships held in other listed entities in last 3 years: Base Resources Ltd since 19 November 2014 and Chairman from 26 November 2021; Firestone Diamonds plc since 22 July 2019 (until delisted on 20 March 2020); Prodigy Gold NL from 3 December 2018 to 1 December 2021; and Southern Palladium Ltd from incorporation on 4 December 2020 and from 8 June 2022 on listing on ASX and JSE. Mr Bibby is a metallurgist with over 35 years’ experience in both mining and metals industries. Mr Bibby worked for 23 years with Rio Tinto Limited (formerly CRA Limited) in various operational, technological, and business development roles. With Rio Tinto, Mr Bibby held various operational roles at Rio Tinto Aluminium (formerly Comalco), Kaltim Prima Coal and Rio Tinto Iron Ore (Hamersley Iron). At Trio Tinto Iron Ore, Mr Bibby was manager of metallurgy at both Dampier and Paraburdoo. Mr Bibby joined Zinifex Limited in 2004 as General Manager-Technology and then played a leading role in the merging of Umicore and Zinifex smelting businesses to form Nyrstar and became Chief Development Officer based in London. On returning to Australia, Mr Bibby was appointed Managing Director of OceanaGold Corporation and following OceanaGold, Mr Bibby performed various consulting roles. Interest in