Akora Resources Ltd. · ASX:AKO
Akora Resources — Investor Presentation (May 2026)
26 slides from Akora Resources's investor presentation, May 2026
Slide 1: Near Term Iron Ore DSO to Decades of Clean Steel Supply
Near Term Iron Ore DSO to Decades of Clean Steel Supply May 2026 www.akoravy.com ASX:AKO Cleaner iron ore for greener steel 1
Slide 2: Disclaimers
Disclaimers The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially prospec
Slide 3: AKORA Resources – Corporate Snapshot
AKORA Resources – Corporate Snapshot Project Location 1 AKORA holds 4 iron ore projects in Madagascar The flagship Bekisopa Project hosts 194.7Mt1 Iron Ore Inferred 2 Resource 3 Bekisopa Project mining permit was granted in March 2026 Exploration Target at Bekisopa of 500Mt to 1.0Bt2, with potential
Slide 4: AKORA Resources – Corporate Snapshot
AKORA Resources – Corporate Snapshot Board & Management Market Statistics (A$M) Graeme Hunt Matthew Gill AKORA is trading at less than 10% of NPV1 Chairman Non-Executive Director 14.4 - 13.3 (1.1) Peter Bird Shane Turner Managing CFO & CoSec Director & CEO Market Capitalisation Cash3 Debt Enterprise
Slide 5: Mining Permit – Granted "Major Value Inflection"
Mining Permit – Granted “Major Value Inflection” Transformational milestone, 25 year Project Critical Path Transition to Mining Permit granted Financing Approvals – Development (March 2026) securing • Accelerating discussions with strategic partners and clears the • Positions Bekisopa for near term
Slide 6: Multi-Staged Development
Multi-Staged Development Stage 1 Stage 2 A growth focused iron ore company unlocking Start-Up Project – DSO Direct Reduced Iron value from premium “the enabler” (DRI) Concentrate high-grade assets • Low risk • Multi-decade high grade opportunity • Low capital and operating cost for “green steel” ini
Slide 7: PFS Validates Strength of Stage 1 DSO Project
PFS Validates Strength of Stage 1 DSO Project 1 Production Initial Mine Life Revenue PFS confirms 2Mtpa 6 years US$789M Bekisopa’s Stage 1 Average 61.6% Fe grade 2Mtpa high-grade direct shipping iron ore Capital Cost NPV10 (pre-tax) IRR (pre-tax) (DSO) operation has strong economics US$61M US$147M 8
Slide 8: Bekisopa's high-grade iron DSO is close to surface
Bekisopa’s high-grade iron DSO is close to surface “Low Strip Ratio” with upside potential DSO Outcrop Trench 36: High-grade lump and fines iron ore ~67% Fe1 DSO weathered zone, 2.2m at ~66% Fe1 1 AKO Prospectus, ASX Announcement 11 December 2020 Cleaner iron ore for greener steel 8
Slide 9: Stage 1 Start-Up Capital US$60.6M
Stage 1 Start-Up Capital US$60.6M Pre-Feasibility Study – Capital Costs (US$M) Mining 1.2 • The capital cost breakdown Processing (crush, screen, magnetic) 4.8 developed by AKORA and WAI1 covers all activities from mining Facilities 6.5 through to ship loading EPCM 6.8 • PFS Capital cost includes US
Slide 10: Mining: Process flow diagram
Mining: Process flow diagram Simple shallow open pit excavation using shovel and truck with no drill and blasting Open pit Dig & Rip In pit crusher • 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
Slide 11: Over life of mine, the DSO operation delivers 40% Lump and 60% Fines
Over life of mine, the DSO operation delivers 40% Lump @ 61.8% Fe and 60% Fines product @ 61.4% Fe 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 Lump Fines and Fines iron produ
Slide 12: Stage 1 C1 cash cost of US$42.3/t is competitive vs peers
PFS operating cash costs by operating centre, Life of Mine Average ($US/t). Stage 1 C1 cash cost of Mining (contractor) 4.4 US$42.3/t is competitive Processing (crush, screen, magnetic) 2.3 Port and Transhipping 8.6 vs peers (contractor) Haulage to port 24.0 • Highly competitive C1 cash cost, low st
Slide 13: Highly Investable Opportunity
Highly Investable Opportunity PFS Pre-Tax Cash Flow (US$M, real) • Start-up capital of US$60.6M “unlocks” 300 US$310M pre-tax cash flows for initial 6 years 250 • Additional drilling is expected to significantly expand the Resource and 200 long-term returns 150 • Attractive investment case compellin
Slide 14: Resources Base and Growth Upside
Resources Base and Growth Upside Production (kt) • PFS production provides strong base for 2500 growth • Strong geological continuity with a high 2000 conversion confidence • Targeted drilling is expected to upgrade existing Inferred Resources and grow 1500 known target areas 1000 +1Mt Recoverable R
Slide 15: Logistics: PFS Maps Route from Bekisopa to Port
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 Hig
Slide 16: New bypass road from RN7 highway to be used to access Toliara Port
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
Slide 17: At Toliara Port, a mobile conveyor will load a 10,000wmt transshipping barge
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
Slide 18: Strategic Export Advantage
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 18
Slide 19: Iron Ore Market Outlook
Iron Ore Market Outlook Highlights Steel production forecast1 (Mt) Forecast 2026 – 2030 China remains the single largest steel producer, but growth is 2,500 CAGR % increasingly driven by India and other emerging markets RoW (ex China) 2.4% India has emerged as the primary growth engine for global st
Slide 20: District Scale Growth Potential
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 fo
Slide 21: Bekisopa: Near Term DSO with Substantial Multi-Decade Inferred Magnetite Resource
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 Indepe
Slide 22: Capital Efficient DSO Project with Scalable Long Life, High Value Magnetite Project
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
Slide 23: Significant upside potential
Significant upside potential Reserve and Resource Mineral Resource1 Inferred Concentrate Recovery Tonnes Head Grade Tonnes Grade Davis Tube Tonnes Location (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 • Significant JORC resource ou
Slide 24: Stage 2 Development
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 iro
Slide 25: AKORA's Compelling Investment Case
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
Slide 26: Contact
Contact Peter Bird AKORA Resources Limited Managing Director & CEO ASX : AKO peter.bird@akoravy.com ACN 139 847 555 AKORA Join the conversation Follow us Subscribe to our investor @AkoraResources https://www.linkedin.co relations platform m/company/akora- InvestorHub: resources/ https://investorhub.