Announcement • Jan 13

Akora Resources Limited Provides Update for Further Processing Trial Reporting on Bekisopa Drill Hole BEKD04 in the Central Zone Within Bekisopa Tenement 10430

Akora Resources Limited provided shareholders with further processing trial reporting on Bekisopa drill hole BEKD04 in the Central Zone within Bekisopa tenement 10430. Drill hole BEKD04 was extensively evaluated using magnetic separation techniques to better understand the potential to achieve high-grade products along this particular drill hole and as that may extend across the Central Zone. Preliminary processing trial results for BEKD04 from surface to 38.1m showed this interval readily upgraded at a 2mm crush to 66.1%Fe and at a 75-micron sizing to an outstanding 70.2%Fe using magnetic separation, both with substantial reduction in impurities. Assay results for BEKD04 shows an average of 61.4%Fe from surface to 4.67m, this drill hole finished in mineralisation at 100.49m downhole with the last 5m averaging 52.1%Fe. Drill core sections from drill hole BEKD04, near surface and at depth to 100.49m downhole. These drill core photographs/composites are in approximately 6m groupings and for each composite interval the drill core photos are accompanied by a description of the iron mineralisation type, the average composites iron head grade and the resultant upgraded wet Low Intensity Magnetic Separation (wLIMS) and DTT product grade. For these wLIMS process trials the composites were crushed to 2mm and had an average of 80% passing 1.3mm while DTT product grade trials were performed on assay pulps samples prepared to 75-microns with 80% passing 62-microns, a relatively coarse DTT sizing. In conjunction with the assaying, AKORA also conducted wLIMS and DTT process trials on continuous drill core composites and intervals from surface to 38 metres downhole on BEKD04. The objective of these processing trials being to better understand the upgradability of the iron mineralisation near surface to 38.1m and from 72.6m to 100.49m downhole. These results could potentially be similar across the entire Central Zone. The recent wLIMS and DTT trials were on composites of adjacent drill core intervals from Bekisopa 2020 drill hole BEKD04, which is centrally located within the Central Zone. The full wLIMS and DTT process trials are summarised in Table 1 and 2 and show that an average iron head grade of 35.1%Fe readily upgrades to 66.1%Fe and 70.2%Fe respectively for iron mineralisation from surface to 38.1m downhole. A feature of the Bekisopa iron mineralization is its ability to be readily upgraded using conventional magnetic separation processes. wLIMS and DTT are both versions applying magnetic separation techniques and are chosen dependent on the feed sizing to be evaluated. At site the drill core logging included magnetic susceptibility measurements (MSMs) down the entire length of each drillhole at approximately 25cm intervals. This MSM was conducted to confirm with the visual observations and drill core photographs which intervals would be prepared for assaying. MSM is a handheld device that records the magnetic intensity along a drill core interval, different iron minerals have different magnetic intensity. The higher the MSM reading generally the higher iron head grade and there looks to be a good correlation between the MSM core logging to the assay results and now the wLIMS and DTT product grade results. Figure 3 and 4 below shows the relationship between the MSM's, the assay results and the wLIMS and DTT process trial results completed on drill hole BEKD04. The MSM results, the black bars on the right side of the drill core image, correlate very well with the assaying results and as expected with the wLIMS and DTT upgraded iron results. Magnetic susceptibility measurement (MSMs) along a drill core intercept is a strong indication of the presence of iron - the higher the reading the higher the iron content. Bekisopa drill hole BEKD04 ended in iron mineralisation at 100.49m down hole and both the assay results and the MSM readings at depth are relatively high see the end of drill hole results. In all reasonable probability The company would expect the wLIMS and DTT results, at a 2mm crush size and a 75-micron sizing, to achieve comparable very high-grade iron product grades. The DTT results on drill core from 72.6 to 100.49m downhole on BEKD04 averaged 69.9%Fe, showing good correlation between the MSM, assay and processing trial results. Magnetic separation at a 75-micron sizing using DTT has delivered an average product grade of 70.2%Fe at a 42.3% mass yield near surface and 69.9%Fe at depth of 72.6 to 100.5m downhole and a 32.7% mass yield. These outstanding iron concentrate grades at a relatively coarse 75-micron sizing shows promise for Bekisopa to be able to deliver DRI pellet grade in the future to meet the growing demand from decarbonisation in the iron and steel industry. Bekisopa in Madagascar is well placed to provide to the Middle East and other steel producing markets that have an abundance of natural gas or will be producing green hydrogen. From the wLIMS trendline in Figure5 it is reasonable to expect that a 30%Fe head grade would upgrade to around 66%Fe. Table 2 and Figure 5 show the DTT product grades are outstanding averaging 70.2%Fe for head grades from 25%Fe to 65%Fe, at average mass yield of 42.3%. Then at depth to 100.5m downhole DTT product grades averaging 69.9%. These average 69.9%Fe and 70.2%Fe grades from BEKD04 are very good when compared to the pure magnetite iron grade of 72.4%Fe. Across the Central Zone, Davis Tube Tests for iron head grades from 15% to 25% shows very clean and high quality concentrate grades averaging 68.0%Fe, from an average head grade of 20.0%Fe at a DTT recovery of 20%, see Figure 6. These are excellent Davis Tube Test results at a relatively coarse grind of 75-microns, achieving a P80 of 62 microns, and if this was a necessary processing stage for the lower grade Bekisopa iron mineralisation it looks to be capable of clearly delivering a premium high-quality DRI concentrate which is the way the Green Steel Industry looks to be heading as one main ways to reduce their carbon emissions.

CEO salary percentage	49.86%
CEO tenure	1yr
CEO ownership	n/a
Management average tenure	2.1yrs
Board average tenure	2.3yrs

Name	Position	Tenure	Compensation	Ownership
Peter Bird	MD, CEO & Director	1yr	AU$350.95k	no data
Jason Whittle	General Manager of Development	2.1yrs	AU$244.90k	0.46% A$ 68.4k
Shane Turner	CFO & Company Secretary	2.4yrs	no data	0.060% A$ 8.9k

Name	Position	Tenure	Compensation	Ownership
Peter Bird	MD, CEO & Director	1yr	AU$350.95k	no data
Graeme Hunt	Independent Non-Executive Chairman	2.3yrs	AU$143.43k	no data
Matthew Gill	Independent Non-Executive Director	2.8yrs	AU$59.97k	0.10% A$ 15.2k

Data	Last Updated (UTC time)
Company Analysis	2026/05/23 20:16
End of Day Share Price	2026/05/22 00:00
Earnings	2025/12/31
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

AKORA Resources Management

Management criteria checks 2/4

Key information

Recent management updates

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New minor risk - Share price stability

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AKORA Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.6 million.

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New major risk - Market cap size

First half 2024 earnings released: AU$0.011 loss per share (vs AU$0.012 loss in 1H 2023)

New major risk - Financial position

New minor risk - Share price stability

New major risk - Market cap size

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New major risk - Shareholder dilution

AKORA Resources Limited has completed a Follow-on Equity Offering in the amount of AUD 0.801 million.

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Full year 2023 earnings released: AU$0.018 loss per share (vs AU$0.022 loss in FY 2022)

New minor risk - Financial data availability

AKORA Resources Limited Appoints Shane Turner as Company Secretary, Effective from 1 January 2024

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First half 2023 earnings released: AU$0.012 loss per share (vs AU$0.01 loss in 1H 2022)

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Akora Resources Limited Provides Update for Further Processing Trial Reporting on Bekisopa Drill Hole BEKD04 in the Central Zone Within Bekisopa Tenement 10430

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