Corporate Update
Released
Released
Announcement PDF
Cleaner iron ore for greener steel 1
www.akoravy.com
ASX:AKO
Near Term Iron Ore
DSO to Decades of
Clean Steel
Supply
May 2026
Cleaner iron ore for greener steel 2
Cleaner iron ore for greener steel 2
Disclaimers
The informationin this Presentation is of a general nature and does not purport to be complete nor does it contain all the informationwhich a
prospective investor may require in evaluatinga possible investmentin the Company or that would be required in a prospectus or other
disclosure documentprepared in accordance with the requirementsof the CorporationsAct 2001(Cth) (CorporationsAct). The
Presentation is not a prospectus, disclosure document, product disclosure statement or other offering document under Australianlaw or
under any other law. This Presentation has not been filed, registered or approved in any jurisdiction.
The informationcontained in this Presentation is not investment, financial productadvice or recommendation to acquire Shares. This
Presentation has been prepared withouttaking into account your investment objectives, financialsituation or any other particular needs
This Presentation does not and will not form any partof any contract for the acquisitionof shares. Each recipient of this Presentation should
make its own enquiriesand investigationsregardingall informationin this Presentation. Before makingan investment decision, you should
consider whether it is a suitable investment for you in light of your own investmentobjectives, financialsituation and particular needs and
havingregard to the merits or risks involved. Independentfinancialadvice is recommended.
This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in any jurisdiction.The distributionof
this presentation and the offer of securities is restricted in jurisdictionsoutside Australia. In particular, this presentation may not be
released to US wire services or distributedin the United States. This presentation does not constitute an offer to sell, or the solicitation of an
offer to buy, any securities in the United States or any jurisdictionin which such an offer would be illegal. The securities described in this
presentation have not been, and will not be, registered under the US Securities Act of 19 or the securities laws of any state or other
jurisdictionof the United States. Accordingly, the securities described in this presentation may not be offered or sold in the United States
except in transactionsexempt from, or not subject to, the registration requirementsof the US Securities Act and applicable US state
securities laws.
All statements included herein, other than statements of historical fact, are Forward Looking Statementsand are subject to a variety of
known and unknown risks and uncertaintieswhich could cause actual events or results to differ materially from those reflected in the
Forward Looking Statements. The Forward Looking Statementsin this corporate presentation may include, withoutlimitation, statements
about the company’splans for its exploration projects and future exploration, evaluation and development includingdrilling activities,
quantificationof mineralresources, feasibility studies, the construction and development of the Bekisopa Project, the company’s business
strategy, plans and outlook; the merit of the company’smineral properties; mineral exploration potential, timelines; the futurefinancialor
operating performanceof the company and cost guidance; expenditures; approvals and other matters.
Often, but not always, these Forward Looking Statementscan be identifiedby the use of words such as “estimate”, “estimated”,
“potential”, “planned”, “open”, “future”, “assumed”, “projected”, “calculated”, “used”, “detailed”, “has been”, “gain”, “upgraded”,
“expected”, “offset”, “limited”, “contained”,“reflecting”,“containing”,“conduct”,“increasing”,“remaining”,“to be”, “periodically”, or
statements thatevents, “could” or“ should” occur or be achieved and similar expressions, includingnegative variations.
Forward Looking Statementsinvolve known and unknown risks, uncertaintiesand other factors which may cause the actual results,
performanceor achievements of the company to be materially different from any results, performanceor achievements expressed or
impliedby the Forward Looking Statements.Such uncertaintiesand factors include, amongothers, changes in general economic conditions
and financialmarkets; changes in commodity prices; technological and operational hazardsin mine development activities; risks inherentin
mineral exploration; uncertaintiesinherent in the estimation of mineralreserves, mineralresources, and metal recoveries; construction
delays, the timingand availabilityof financing;governmental and other approvals; political unrest or instabilityin countries where IPR is
active; labour relations issues; as well as those factors discussed under “Risk Factors”.
Although the Company has attempted to identifyimportantfactors that could cause actual actions, events or results to differ materially
from those described in Forward Looking Statements, there may be other factors that cause actions, events or results to differ from those
anticipated,estimated or intended. Forward Looking Statementscontained herein are based on the assumptions, beliefs, expectations and
opinions of management, includingbut not limited to estimates of future exploration success; expectationson economic viability of any
mineral resource identified;expectationsregarding future construction costs; expected trends in mineral prices and currency exchange
rates; thatthe company’s activities will be in accordance with the company’spublic statementsand stated goals; that there will be no
materialadverse change affecting the company or its properties; that all required approvals will be obtained; thatthere will be no significant
disruptionsaffecting operations, includingthe development and construction of the Bekisopa Project or any other project the Company
seeks to advance, and such other assumptionsas set out herein.
Forward Looking Statementsare made as of the date hereof and the Company disclaims any obligation to updateany Forward Looking
Statements, whether as a result of new information,future events or results or otherwise, except as required by law. There can be no
assurance thatForward Looking Statementswill prove to be accurate, as actual results and future events could differ materially from those
anticipatedin such statements. Accordingly, investors should not place unduereliance on Forward Looking Statements.This corporate
presentation also refers to non-IFRS financialmeasures, such as future guesstimate of cash cost per tonne of processed ore and
guesstimates of operatingcash flow. These measures do not have a standardizedmeaningor method of calculation, even though the
descriptions of such measures may be similar.
Competent Person Statement
The informationin this Presentation that relates to Exploration Targets and Exploration Results is based on informationcompiled 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. - 400155/1) with the SouthAfrican Council for NaturalScientific Professions (SACNASP). Mr.
Leeuwner has sufficientexperience which is relevant to the style of mineralisation and type of deposits under consideration and the activity
being undertakento qualifyas a Competent Person as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock
Exchange and the 2012Edition of the ‘AustralianCode for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC
Code). Mr. Leeuwner consents to the inclusion of the informationin this release in the form and context in which it appears.
The informationin this Presentation that relates to Mineral Resources for the South Bekisopa Iron Project as announcedon the 11th July 202
is based on informationprepared by Mr Richard Ellis BSc, MSc, MCSM, FGS, CGeol, EurGeol and is a full-time employee of Wardell
Armstrong International.Mr Ellis is a Chartered Geologist of the Geological Society of London and has sufficient experience relevant to the
style of mineralisation,the type of deposit under consideration and to the activity undertakento qualifyas a Competent Person as defined in
the 2012edition of the ‘AustralasianCode for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Ellis consents to
the inclusion of the information in the release in the form and context in which they appear.
The informationin this Presentation for the South Bekisopa Iron Project thatrelates to Mining and FinancialResults of the updatedScoping
Study for the South Bekisopa Iron Project is based on information prepared by Mr Colin Davies (MiningEngineer) BEng, MSc, CEng, ACSM,
MIMMM, QMR who is a full-time employee of Wardell ArmstrongInternationaland Mr Winsor Lewis (FinancialAnalyst) BSc, ARCS,
ManagementAccountantwho is a sub-consultantto Wardwell Armstrong International. Mr Colin Davies is a Chartered Engineer of the
Instituteof Materials, Mineral and Mining UK, and Mr Winsor Lewis is a ManagementAccountant.Mr Davies and Mr Lewis both consent to
the inclusion of the information in the release in the form and context in which they appear.
Cleaner iron ore for greener steel 3
AKORA Resources – Corporate Snapshot
1 JORC Compliant Mineral Resource Estimate released in April 2022
2 Exploration Target refers to Exploration Potential in accordance with JORC, per P147 of the AKORA IPO Prospectus,released 21 October 2020
Project Location
AKORA holds 4 iron ore projects in Madagascar
The flagship Bekisopa Project hosts 194.7Mt1 Iron Ore Inferred
Resource
Bekisopa Project mining permit was granted in March 2026
Exploration Target at Bekisopa of 500Mt to 1.0Bt2, with potential
of producing premium +67% Fe concentrate
High-grade iron ore is essential for DRI-EAF technology, enabling
“green steel”production
AKORA is fast tracking its Stage 1 Direct Shipping Ore (DSO) operation
AKORA’s near-term strategy targets 2Mtpa of +61% iron ore, generating rapid
cash flow while the company positions itself as a critical supplier of clean iron
ore concentrate for steel production with less greenhouse emissions for the
global energy transition
1
2
5
3
7
4
6
Cleaner iron ore for greener steel 4
Graeme Hunt
Chairman
Matthew Gill
Non-Executive
Director
Peter Bird
Managing
Director & CEO
Shane Turner
CFO & CoSec
James Deo
Senior Advisor –
Corporate
Development
Jason Whittle
GM –
Development
AKORA Resources – Corporate Snapshot
Market Statistics (A$M)
Board & Management
14.4
(1.1)
- 13.3
Market Capitalisation
Share Price (A$/sh) $0.0832
Shares on Issue (m) 173.9
AKORA is trading at less than 10% of NPV1
Cash3 Debt Enterprise Value
1 10% of NPV US$147m based on “DSO Starter Project” as at market close on 30 March 2026
2 As at 30 March 2026
3 31 December 2025 Quarterly Activities and Cash Flow Report
Shareholders
Futureworld Management Pty Ltd 15.04%
N J Axam (Individual) 4.16%
W A Hose (Individual) 4.10%
Remaining ~690 shareholders 76.70%
173.9m
Shares on
issue
Cleaner iron ore for greener steel 5
Transformational
milestone, 25 year
Mining Permit granted
(March 2026) securing
long term tenure,
development certainty
and enabling key value
workstreams
Project
Financing
• Accelerating discussions
with strategic partners and
project financiers
Critical Path
Approvals –
clears the
pathway for:
• Logistics and infrastructure
agreements
• Land access and surface rights
• ESIA approvals
• Port and export arrangements
Transition to
Development
• Positions Bekisopa for near term
development and execution and
production readiness
Mining Permit – Granted
“Major Value Inflection”
Cleaner iron ore for greener steel 6
Stage 1 Stage 2
A growth focused iron
ore company unlocking
value from premium
high-grade assets
Start-Up Project – DSO
“the enabler”
• Low risk
• Low capital and operating cost
Direct Reduced Iron
(DRI) Concentrate
• Multi-decade high grade opportunity
for “green steel” initiatives
Multi-Staged Development
Future Pipeline of Projects – to be evaluated
Cleaner iron ore for greener steel 7
Cleaner iron ore for greener steel 7
PFS confirms
Bekisopa’s Stage 1
2Mtpa high-grade
direct shipping iron ore
(DSO) operation has
strong economics
1.8 years
US$310M
US$42/t
C1 cash cost (FOB) Capital payback
Pre-tax cash flow
86%
US$147M
US$61M
Capital Cost NPV10 (pre-tax) IRR (pre-tax)
US$789M
6 years
2Mtpa
Production Revenue
Initial Mine Life
Average 61.6% Fe grade
PFS Validates Strength of Stage 1 DSO Project
1 Refer ASX Announcement 31March 2025 – Bekisopa high-grade iron ore project PFS confirms a robust 2Mtpa DSO Operation with an 86% IRR at a benchmark price of US$100 / tonne
1
Cleaner iron ore for greener steel 8
Cleaner iron ore for greener steel 8
DSO Outcrop
~67% Fe1
Trench 36: High-grade lump and fines iron ore
DSO weathered zone, 2.2m at ~66% Fe1
Bekisopa’s high-grade iron DSO is close to surface
“Low Strip Ratio” with upside potential
1 AKO Prospectus,ASX Announcement 11 December 2020
Cleaner iron ore for greener steel 9
• The capital cost breakdown
developed by AKORA and WAI1
covers all activities from mining
through to ship loading
• PFS Capital cost includes US$6.8M
of Owners and EPCM costs,
contingency at ~15% and
Government 3% Social and
Community Fund payment
Pre-Feasibility Study – Capital Costs (US$M)
Mining 1.2
6.5
Facilities
7.8
4.8
Processing (crush, screen, magnetic)
Roads 29.4
Port 2.3
EPCM 6.8
Contingency
Government % Social Fund 1.8
60.6
Total Bekisopa DSO Capital (US$M)
Stage 1 Start-Up Capital US$60.6M
1 Wardell Armstrong International
Cleaner iron ore for greener steel 10
Cleaner iron ore for greener steel 10
• Low strip ratio of 0.52:1 over the initial 6 years
• Mobile crushing and screening equipment to
be used initially with magnetic separation after
Year 3
• Contract haulage (via truck) to deliver product
to the existing Toliara Port where a mobile
conveyor will load a transshipping barge
Mining:
Simple shallow open pit
excavation using shovel and
truck with no drill and blasting
Open pit Dig & Rip In pit crusher
Screen
Lump & fines
Haul
Port
Process flow diagram
Cleaner iron ore for greener steel 11
Cleaner iron ore for greener steel 11
Geotechnical studies show
that the DSO reserve will not
require drill and blasting, just
conventional truck and shovel
mining then crushing and
screening to produce Lump
and Fines iron products at
LOM average blended grade
of 61.6% Fe
Lump Fines
Over life of mine, the DSO operation delivers
40% Lump @ 61.8% Fe and 60% Fines product @ 61.4% Fe
Cleaner iron ore for greener steel 12
Stage 1 C1 cash cost of
US$42.3/t is competitive
vs peers
• Highly competitive C1 cash cost, low strip 0.52:1
• Excluding majors the Bekisopa DSO project delivers a
C1 cash cost in the first quartile of peer producers
• The operating cost breakdown developed by AKORA
and WAI covers all activities from mining through to
ship loading
• Each operating cost was developed using supplied
contractor costs and built up using the PFS mine and
production plans
PFS operating cash costs by operating centre, Life
of Mine Average ($US/t).
G&A 3.0
Processing (crush, screen, magnetic) 2.3
Mining (contractor) 4.4
Port and Transhipping
(contractor)
8.6
Haulage to port
(contractor)
24.0
Total C1 Cash Cost (US$/t) 42.3
Cleaner iron ore for greener steel 13
Highly Investable Opportunity
• Start-up capital of US$60.6M “unlocks”
US$310M pre-tax cash flows for initial 6
years
• Additional drilling is expected to
significantly expand the Resource and
long-term returns
• Attractive investment case compelling
metrics for financing and strategic
partners seeking value and growth
Payback Period 1.8 Yrs
(50)
-
50
100
150
200
250
300
Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Capital Pre-tax Cash Flow Cumulative Cash Flow (incl. Capital)
PFS Pre-Tax Cash Flow (US$M, real)
Cleaner iron ore for greener steel 14
Resources Base and Growth Upside
• PFS production provides strong base for
growth
• Strong geological continuity with a high
conversion confidence
• Targeted drilling is expected to upgrade
existing Inferred Resources and grow
known target areas
+1Mt Recoverable
Resources delivers an
additional US$21M NPV
0
500
1000
1500
2000
2500
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
Lump Product Fines Product
Production (kt)
Cleaner iron ore for greener steel 15
Logistics:
PFS Maps Route from
Bekisopa to Port
• 25km of new roads from the mine site to the
Zomandao River crossing, followed by
80km of existing road to be upgraded to the
township of Satrokala
• Then a further 25km of existing roadway
requires some upgrading which then
connects with National Highway RN7
420km from the Bekisopa
Project to the Toliara Port
Cleaner iron ore for greener steel 16
New bypass road from RN7 highway to be used to access
Toliara Port
• This public road, financed by the Bank
of European Investment, became
operational in early 2025
• The Malagasy Ministry of Public Works
has launched a Notice of Expression of
Interest for consultancy for detailed
preliminary design studies for the
extension and modernisation of the
Toliara port
• Financed under the second phase of
the Trade Corridor Development and
Facilitation Project (PACFC II), with the
support of the African Development
Bank (AfDB)
Cleaner iron ore for greener steel 17
At Toliara Port, a mobile conveyor will load a 10,000wmt
transshipping barge
• The barge will transport the product
to the export vessel in deep waters
outside the bay of Toliara and be
unloaded by the ship’s gear
• As shipments reach 2Mtpa from Year
3, transshipping will utilise two
barges, working in parallel, and
incorporate a floating crane, moored
in deeper water, to facilitate faster
loading rates of the export vessels
Cleaner iron ore for greener steel 18
Cleaner iron ore for greener steel 18
Strategic Export Advantage
• Well positioned to supply global steel
and Direct Reduced Iron (DRI) pellet
manufacturers globally
• Established port infrastructure enables
efficient shipping across Asia, Middle
East and Europe
Cleaner iron ore for greener steel 19
Forecast
Iron Ore Market Outlook
Highlights Steel production forecast1 (Mt)
Iron Ore Supply1 (Mt)
1 Source: Bloomberg Finance L.P., J.P. Morgan estimates
1,001 1,065 1,035 1,018 1,037 1,025 1,021 1,000 990 981 971 961
111
100 118 125 144 150 164 175 186 196 206 216
242
233 263 242 235 232 229 231 232 235 239 242
161 140 163 155 152 148 149 151 154 157 160 163
164 164
175
156
172 162 161 165 168 171 175 178
196 179
205
178
170 173 169 174 178 180 183 184
1,875 1,881
1,959
1,874 1,910 1,890 1,893 1,896 1,908 1,920 1,934 1,944
-
500
1,000
1,500
2,000
2,500
China
(1%)
India
5.4%
Other APAC
1.2%
Americas
1.9%
CIS, Middle East,
Africa 1.9%
Europe
1.4%
2026 – 2030
CAGR %
China remains the single largest steel producer, but growth is
increasingly driven by India and other emerging markets
India has emerged as the primary growth engine for global steel demand
(10%+ CAGR 2020 – 2025), with production forecast to grow 5%+ CAGR
through 2030
Iron ore remains a critical input to global infrastructure and
urbanisation, anchoring long-term demand despite commodity
cyclicality
RoW (ex China)
2.4%
2,519 2,588 2,587 2,628 2,638 2,630 2,629 2,624 2,647
-
500
1,000
1,500
2,000
2,500
2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F
Australia South America North America CIS Middle East & Africa Europe
Cleaner iron ore for greener steel 20
District Scale
Growth Potential
• North + Central + South Pits for the DSO
project deliver NPV10 $147m
• Significant Upside: less than 50% of the
6km strike drilled
• Low cost exploration may increase mineral
inventory for Stage 1 DSO
• Resource is Under Explored
and Remains Open
Cleaner iron ore for greener steel 21
Cleaner iron ore for greener steel 21
Bekisopa: Near Term DSO with Substantial Multi-Decade
Inferred Magnetite Resource
1 JORC Compliant Mineral Resource Estimate released in April 2022
2 Exploration Target refers to Exploration Potential in accordance with JORC, WAI Independent Geologists Report P147, AKORA IPO Prospectus,released 21 October 2020
194.7Mt Inferred Resources1 + Exploration Target 500Mt - 1.0Bt2
Cleaner iron ore for greener steel 22
Capital Efficient DSO Project with
Scalable Long Life, High Value Magnetite Project
• The low capital and operating cost DSO
project delivers NPV10 $147 million
• A potential long life1 premium product to
decarbonise the steel industry – unlocking
a multi-decade high value opportunity
• Substantial upside from a scalable magnetite
project with significant standalone and
strategic value
1 Based on an Exploration Target, refers to Exploration Potential in accordance with JORC, WAI IndependentGeologists Report P147, AKORA IPO Prospectus,released 21 October 2020
Cleaner iron ore for greener steel 23
Significant upside potential
Reserve and Resource
Mineral Resource1
Inferred Concentrate Recovery
Location
Tonnes Head Grade Tonnes Grade Davis Tube Tonnes
(Mt) (% Fe) (Mt) (% Fe) (%) (Mt)
South 110.2 32.0% 42.0 67.6% 37.8% 41.6
Central 41.2 30.0% 15.0 67.0% 36.3% 15.0
North 43.3 33.3% 19.0 68.2% 43.3% 18.7
Total 194.7 31.9% 76.0 67.6% 38.7% 75.3
Ore Reserve2,3
Probable
Location
Ore Fe Waste Strip Ratio
(Mt) (%) (Mt) (W:O)
South 7.5 54.1% 3.0 0.40
Central 1.2 45.0% 1.2 0.98
North 0.3 58.2% 0.5 1.53
Total 9.1 53.0% 4.7 0.52
1 JORC Compliant Mineral Resource Estimate released in April 2022
2 Ore Reserve Estimate released in Bekisopa Pre-Feasibility Study in March 2025
3 Variable cut-off grades have been applied to meet product requirements, of Enriched >60% Fe, Intermediate A 40-60% Fe, and Intermediate B 30-40% Fe.
4 Exploration Target refers to Exploration Potential in accordance with JORC, WAI Independent Geologists Report P147, AKORA IPO Prospectus, released 21 October 2020
• Significant JORC resource outside Stage 1
LOM (only ~5% mined)
• Substantial Multi-Decade Inferred Magnetite
Resource
• Further upside potential via Bekisopa
exploration target of 500Mt - 1.0Bt4
Cleaner iron ore for greener steel 24
Stage 2 Development
• Premium Priced +67% Fe Concentrate for Green
Steel Technologies
• Low impurity DRI-grade product targets growing
premium priced Fe concentrate for Direct Reduced
Iron-Electric Arc Furnace (DRI-EAF) technology
DRI-EAF technology reduces carbon emissions
significantly
Cleaner iron ore for greener steel 25
AKORA’s Compelling Investment Case
DSO operation offers
Strong metrics and fast pathway to positive
cashflow
• Revenue : cost ratio exceeds 2:1
• Minimum life of 6 years with only ~40% of
the mineralised DSO style trend fully
evaluated
• AKORA is trading at less than 10% of NPV
US$147m based on “DSO Starter Project”1
For the Future
• Premium Grade Low Impurity DRI
Concentrate offering a long life feedstock for
decarbonising the steel industry
• More extensive project portfolio of iron ore
projects to be evaluated
1 As at market close on 30 March 2026
Cleaner iron ore for greener steel 26
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AKORA Resources Limited
ASX : AKO
ACN 139 847 555
AKORA
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