Announcement PDF 1 ASX RELEASE 11 February 2026 AKORA Presents at Mining Indaba Conference The Company is pleased to advise Managing Director and Chief Executive Officer, Peter Bird, will present at the Mining Indaba Conference in Cape Town, South Africa. The presentation will be delivered at the Dealmakers Den at the Cape Town International Convention Centre from 15:05 to 15:15 (South Africa time) on Wednesday 11 February 2026. The presentation materials are attached. This announcement has been authorised by AKORA Resources Limited’s Board of Directors. For further information please contact: Peter Bird Managing Director E: info@akoravy.com www.akoravy.com info@akoravy.com ACN 139 847 555 ASX: AKO www.akoravy.com Akora Resources Limited PO Box 28 Ballarat Victoria 3350 Australia 2 Cleaner iron ore for greener steel AKORA Resources (ASX: AKO) is an Australian resources company focused on the development of four high-grade iron ore projects in Madagascar. The Company’s flagship Bekisopa Iron Ore Project has a 194.7 million tonne (Mt) Inferred JORC Resource (ASX Announcement 11 April 2022) with very low impurities able to produce a premium-priced +67% Fe concentrate. Direct Reduced Iron-Electric Arc Furnace technology which is used to make greener steel without coal and considerably less carbon emissions requires iron ore grades of at least 67%. (ASX Announcement – Bekisopa Scoping Study, 14 November 2023) To generate cash in the near-term, AKORA is advancing plans at Bekisopa for a Stage1, 2Mt per annum Mine with a six year life of mine, producing 61.6% Fe average grade lump and fine direct shipping ore (DSO) for shipping to Blast Furnace steelmakers. (ASX Announcement - Bekisopa Pre Feasibility Study, 31 March 2025) The Company confirms that it is not aware of any new information or data that materially affects the above and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. And further the Company confirms that all material assumptions underpinning the 2Mt per annum production target continue to apply and have not materially changed. Peter Bird Managing Director www.akoravy.com ASX:AKO 9-12 February 2026 Near Term DSO to Decades of Clean Steel Supply 2 Cleaner iron ore for greener steel 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 without taking 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 1933or 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 JannieLeeuwner – 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. - 400155/13)with the South AfricanCouncil for Natural ScientificProfessions (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 2023is 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. 3 Cleaner iron ore for greener steel AKORA Resources Unlocking Madagascar’s High-Grade Iron Potential Flagship Project : Bekisopa Project Stage 1 – Start-Up Project – DSO “the enabler” Stage 2 – Direct Reduced Iron (DRI) Concentrate. Future Pipeline of Projects – to be evaluated 194.7Mt Inferred Resources1 plus Exploration Target 500Mt - 1.0Bt2 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. 4 Cleaner iron ore for greener steel PFS confirms Bekisopa’s Stage One 2Mtpa high-grade direct shipping iron ore (DSO) operation has strong economics. PFS shows the capital investment delivering revenues of A$1.25 Billion and A$0.5 Billion cash flow (pre-tax)*. Stage One Development *Refer ASX Announcement 31/03/25 Bekisopa high-grade iron ore project PFS confirms a robust 2Mtpa DSO Operation with an 86% IRR. Bekisopa Direct Shipping Ore operation will supply Blast Furnace-Basic Oxygen Furnace (BF-BOF) steelmakers with Lump and Fines product at an average 61.6% Fe grade. 5 Cleaner iron ore for greener steel 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 2Mt PFS Validates Strength of DSO Project^*. Annual Production ^Refer ASX Announcement 31/03/25 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 Revenue Initial Mine Life Average 61.6% Fe grade We believe further drilling will confirm additional mine life, and the vision for a multi decade high- grade iron ore concentrate project beyond the initial DSO start-up phase is achievable. 6 Cleaner iron ore for greener steel Start-Up Capital US$60.6M • The capital cost breakdown developed by AKORA and WAI* 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 3% Social Fund 1.8 * Wardell Armstrong International 60.6 Total Bekisopa DSO Capital (US$M) 7 Cleaner iron ore for greener steel C1 cash cost of US$42.3/t is cost competitive compared to potential peers. • Highly competitive C1 cash cost, low strip 0.52:1 • Excluding majors the Bekisopa DSO project delivers a C1 cash cost in the first quartile of peer producers • The operating cost breakdown developed by AKORA and WAI covers all activities from mining through to ship loading. • Each operating cost was developed using supplied contractor costs and built up using the PFS mine and production plans. PFS operating cash costs by operating centre, Life of Mine Average ($US/t). G&A 3.00 Processing (crush, screen, magnetic) 2.30 Mining (contractor) 4.40 Port and Transhipping (contractor) 8.60 Haulage to port (contractor) 24.00 Total C1 Cash Cost (US$/t) 42.30 8 Cleaner iron ore for greener steel Mining: Simple shallow open pit excavation using shovel and truck with no drill and blasting • A very low strip ratio of 0.52:1 over the initial 6 year life • Mobile crushing and screening equipment to be used initially with magnetic separation after Year 3 • Contract truck haulers to deliver product to the existing Toliara Port where a mobile conveyor will load a transshipping barge 9 Cleaner iron ore for greener steel • Start-up capital of US$60.6M “unlocks” US$310M cash flows for initial 6 years • Resource Growth additional drilling is expected to significantly expand the resources and long term returns • Attractive investment case compelling metrics for financing and strategic partners seeking value and growth Capital Payback 1.8 Yrs Highly Investable Opportunity 10 Cleaner iron ore for greener steel +1Mt Product delivers additional US$21M NPV • 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 Resources Base and Growth Upside 11 Cleaner iron ore for greener steel 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. 12 Cleaner iron ore for greener steel Strategic Export Advantage • Well positioned to supply global steel and DRI pellet manufacturers globally. • Established port infrastructure enables efficient shipping across Asia, Middle East and Europe 13 Cleaner iron ore for greener steel Strategic Focus - “Next Value Catalyst” Key focus CY 2026 Mining Licence • Permis d’ Exploitation (PE), or Mining Licence was lodged in late November 2025. • Target Approval of Mining Licence in H1 2026 – single catalyst that unlocks financing, development and rerating: • Project Financing – A major de-risking step for strategic partners and financiers • Secondary Permits – Logistics approvals, land access, ESIA and port agreements • Transition to Project Development – Positioning the project for near term development readiness Advance Feasibility Study • Engage engineering firms to refine capital and operating cost for Project Financing Internal Capability • Onboarding key technical leads to “fast-track” to production 14 Cleaner iron ore for greener steel Bekisopa: Near Term DSO with Substantial Multi-Decade Inferred Magnetite Resource*. 194.7Mt Inferred Resources1 + Exploration Target 500Mt - 1.0Bt2 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. 15 Cleaner iron ore for greener steel • 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. Stage Two Development DRI-EAF technology reduces carbon emissions significantly. 16 Cleaner iron ore for greener steel 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” 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 AKORA Resources Ltd ACN 139 847 555 ASX: AKO 12 Anderson Street West, Ballarat Victoria 3350. Join the conversation @AkoraResources Follow us https://www.linkedin.co m/company/akora- resources/ Contact us Peter Bird Managing Director peter.bird@akoravy.com Subscribe to our investor relations platform InvestorHub: https://investorhub.akoravy.c om/auth/signup