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 Join the conversation @AkoraResources Follow us https://www.linkedin.co m/company/akora- resources/ Peter Bird Managing Director & CEO peter.bird@akoravy.com Subscribe to our investor relations platform InvestorHub: https://investorhub.akoravy.c om/auth/signup Contact AKORA Resources Limited ASX : AKO ACN 139 847 555 AKORA