Announcement PDF “Premium” Grade Iron Ore Future, Resource Expansion and Scoping Studies 14 June 2022 - AKORA Webinar AKORA – High-Grade Iron Ore in Madagascar Bekisopa Outcrop – 66.7% iron ore Future Projects Initial Low-cost DSO production focused on Tratramarina Ambodilafa Morombe Toliara HG - Weathered Zone BEKD17 - 2.2m at 66.1%Fe Bekisopa High-Grade Outcrop and Weathered Zone 2 Bekisopa and Satrokala Region Projects BEKISOPA SATROKALA Project road to link to Highway 6 km strike length 195 Million Tonnes Resource ~ 250 km to Toliara ~ 210 km to Morombe SATROKALA 40 km South of Bekisopa ~ 10 km strike length ? Bekisopa look alike ~ 210 km to Toliara or Morombe Bekisopa and Satrokala tenements – 100% AKORA Bekisopa – Tenements 3757, 10430 • • • • • • • Extensive historical work and extensive outcrop 119 rock chips – averaged 66.7%Fe Ground Magnetic Survey – 6 km anomaly 6,200 m drilling intercepted large iron formation Maiden Resource – 195 Million tonnes 8 mt of DSO – low production cost 75 Million tonnes +67%Fe concentrate for DRI Satrokala – Tenements 35827, 27211 Satrokala • • • • • Unexplored tenements, known magnetic anomaly 66 rock chips – averaged 64.5%Fe Potentially– 10 km anomaly 40 kms closer to Toliara Port Next steps: - Ground Magnetic Survey - Drilling & Resource definition More magnetic anomalies in this area Satrokala 102 rock chips, country and rock samples 10km strike length, >1 km wide Sample TA266, assay V2119, average 62.79%Fe Sample TA519, assay V2146, average 64.33%Fe 5 60%+ Fe rock chips along 10km Satrokala strike length Sample AT427, assay V2051, average 68.03%Fe Sample TA468, assay V2138, average 64.63%Fe 10km strike length, >1 km wide 6 Wardell Armstrong retained for Bekisopa Scoping Studies ✓ Wardell Armstrong International have a strong background in all areas considered for the Bekisopa Iron Ore Scoping Studies ✓ WAI have significant iron ore experience in Africa and across the world ✓ WAI have expertise in Africa and can commence proposed work programme immediately ✓ Staged work programme with progress reported over the next 6 months, commencing with Transport Logistics Study 7 Bekisopa Scoping Study Timeline Geology review as preparation for Mining, Metallurgy, Process and site Power requirement Studies and production rate scenarios Transport and Port logistics and Infrastructure Study – initial DSO Production then VHG +67%Fe Financial Study will deliver Indicative Capital and Operating Costs and Financial modelling and NPV scenarios Continually reporting of findings through to completion, all going well, in November 2022. 8 Bekisopa Maiden Mineral Resource - 194.7Mt Maiden Mineral Resource* completed in 15 months post IPO Bekisopa Zone Tonnes Mt DTR % Concentrate Grade %Fe Concentrate Mt Northern 43.3 43.3 68.2 18.7 Central 41.2 36.3 67 15 Southern 110.2 37.8 67.6 42 Total (Inferred) 194.7 38.7 67.6 75.4 Within the resource is 7.8Mt of DSO in the areas drilled, plus the outcropping DSO iron ore Note * - Refer to AKO-ASX Announcement 23 March and 11 April 2022 for complete Maiden Resource details and JORC Tables. 9 Outlook - High-Grade DSO production at Bekisopa BEKD16 BEKD31 66.7%Fe 1 67.8%Fe 66.2%Fe 68.5% 64.8% 68.5% 64% 69.3% 2 66.3% 2 Outcrop plus Very High-Grade Surface Zone Selective Mining - Produce high-grade DSO Lump and Fines ~65%Fe Known that DSO production is low capital and low operating cost 10 “Premium” Grade Fe at 75-microns and magnetic separation Central Zone Drill Core BEKD04 Upgrades to 32%Fe 71% Iron “Super” Premium Grade Iron Ore Concentrate at 75-micron 30% 27% 22% 5 0.37% Silica, 0.01%Alumina, 0.002%P and 0.003%S At 81%Fe Recovery and 31% Mass yield Very high-grade iron feed, +67%Fe, with low impurities will be required by the Iron and Steel industry to achieve reduced carbon emissions. The demand for this high-quality Direct Reduced Iron feed will increase significantly as the steel industry tackles decarbonization. AKORA looks well placed to feed the Green Steel Future. 11 Bekisopa a Significant new Iron Ore Resource and Region Confirmed 194.7Mt, with 75Mt at 67.6%Fe DRI product grade ✓ Satrokala promising Bekisopa lookalike with high-grade rock chips and a 10km strike length ✓ WAI to complete Scoping Studies at Bekisopa on transport, port, mining, processing, power, environment, social, by November ✓ Bekisopa In fill drilling to confirm DSO potential and production Background – SATROKALA 68%Fe rock chip sample 12 Disclaimer Forward Looking and Competent Person Statement This corporate presentation contains forward looking statements which constitute “forward looking information” within the meaning of securities legislation and “Forward Looking Statements”. • All statements included herein, other than statements of historical fact, are Forward Looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward Looking Statements. The Forward Looking Statements in this corporate presentation may include, without limitation, statements about the company’s plans for its exploration projects and future exploration, evaluation and development including drilling activities, quantification of mineral resources, feasibility studies, the construction and development of the Bekisopa Project, the company’s business strategy, plans and outlook; the merit of the company’s mineral properties; mineral exploration potential, timelines; the future financial or operating performance of the company and cost guidance; expenditures; approvals and other matters. • Often, but not always, these Forward Looking Statements can be identified by 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 that events, “could” or“ should” occur or be achieved and similar expressions, including negative variations. • Forward Looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any results, performance or achievements expressed or implied by the Forward Looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in commodity prices; technological and operational hazards in mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; construction delays, the timing and availability of financing; governmental and other approvals; political unrest or instability in countries where IPR is active; labour relations issues; as well as those factors discussed under “Risk Factors” in the Company's Subscription Deed. • Although the Company has attempted to identify important factors 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 Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to estimates of future exploration success; expectations on economic viability of any mineral resource identified; expectations regarding future construction costs; expected trends in mineral prices and currency exchange rates; that the company’s activities will be in accordance with the company’s public statements and stated goals; that there will be no material adverse change affecting the company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations, including the development and construction of the Bekisopa Project or any other project the Company seeks to advance, and such other assumptions as set out herein. • Forward Looking Statements are made as of the date hereof and the Company disclaims any obligation to update any 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 that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward Looking Statements. This corporate presentation also refers to non-IFRS financial measures, such as future guesstimate of cash cost per tonne of processed ore and guesstimates of operating cash flow. These measures do not have a standardized meaning or method of calculation, even though the descriptions of such measures may be similar. Competent Person Statement • The information in this report that relates to Exploration Targets and Exploration Results is based on information compiled 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. - 400155/13) with the South African Council for Natural Scientific Professional (SACNASP). Mr. Leeuwner has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and the activity being undertaken to qualify as a Competent Person as defined in the Note for Mining Oil & Gas Companies, June 2009, of the London Stock Exchange and the 2012 Edition of the ‘Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (JORC Code). Mr. Leeuwner consents to the inclusion of the information in this release in the form and context in which it appears. • The information in this report that relates to Mineral Processing and related scientific and technical information, is based on, and fairly represents information compiled by Mr Paul Bibby. Mr Bibby is a Metallurgist and Managing Director of Akora Resources Limited (AKO), as such he is a shareholder in Akora Resources Limited. Mr Bibby is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Bibby has sufficient experience which is relevant to the styles of mineralisation and its processing under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Bibby consents to the inclusion in this report of the matters based on his information in the form and context in which it appears including analytical, test data and mineral processing results. • The data in this report that relates to Mineral Resource Estimates and Exploration Targets for the Bekisopa deposits is based on information evaluated by Mr Simon Tear who is a Member of The Australasian Institute of Mining and Metallurgy (MAusIMM) and who has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”). Mr Tear is a Director of H&S Consultants Pty Ltd and he consents to the inclusion in the report of the Mineral Resource in the form and context in which they appear. 13