AKORA RESOURCES LIMITED — Investor Presentation 2021

Apr 12, 2021

Extremely Good Bekisopa Drilling Results For first 8 of 12 holes.

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ASX: AKO

Investor Presentation April 2021

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, Exploration Results, and related scientific and technical information, is based on and fairly represents information compiled by Mr Anthony Truelove. Mr Truelove is a consulting geologist to Akora Resources Limited (AKO). He is a shareholder in Akora Resources Limited, holding 4,545 shares he purchased in 2011, some 8 years prior to being engaged as a consultant. Mr Truelove is a Member of the Australasian Institute of Mining and Metallurgy (MAusIMM) and a Member of the Australian Institute of Geoscientists (MAIG). Mr Truelove has sufficient experience which is relevant to the styles of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the JORC Code. Mr Truelove consents to the inclusion in this report of the matters based on his information in the form and context in which it appears including sampling, analytical and test data underlying the results

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Bekisopa 2020 drill hole Plan

Bekisopa 2020 Exploratory Drilling Programme completed 12 holes for 1095.5m Announcement covers first results for holes 1 to 8 from the north and central areas on the tenement These drill holes are from 70 to 100m depth and all 8 intersected iron mineralization The magnetic survey highlights the mineralized strike length over some 6 kms and the drilling has confirmed iron mineralization along 4kms

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Bekisopa Drill Hole Analytical Results Summary

Bekisopa 2020 Drill Holes 1 to 8

This first announcement covers chemical assays, excellent results and extremely good Low Intensity Magnetic Separation (LIMS) results.

HIGHLIGHTS

✓ 6.9m @ 64.7%Fe at surface

✓ Iron mineralized zone 50 to 150m combined true thickness

✓ 70.5m @44.1%Fe continuous iron mineralization from surface ✓ Significant iron mineralization at depth and along 4km strike confirmed

THIS MEANS

Impressive scope for a significant iron mineralization resource at Bekisopa.

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Bekisopa Drill Hole Analytical Results Summary

LIMS test results on coarse crushed <2mm composites – exceptional results. Only BEKMET11 did not produce a +50%Fe product, this is from a 13.4%Fe head grade, unlikely to be a mined material. HIGHLIGHTS – FIRST RESULTS, NO OPTIMISATION!

MASSIVE & COARSE : Disseminated Magnetite wLIMS achieved

• ✓ Up to 68.3%Fe product grade at 89%Fe recovery,

• ✓ upgraded from 35.2 - 61.8%Fe head grades, average mass yield 63% (best 80%)

FINE : Disseminated Magnetite wLIMS achieved

• ✓ 52.2%Fe product grade at 87%Fe recovery

• ✓ upgraded from 25.9%Fe head grade, average mass yield of 43%

WHAT DOES THIS MEAN? Produce iron ore products after minimal processing - crushing, screening and magnetic separation.

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Bekisopa Drill Hole BEKD01

Cross Section

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CONFIRMS BRGM TRENCHING RESULTS HIGH-GRADE MASSIVE MAGNETITE AT SURFACE

BEKD01 – 58 to 60m

Coarse Disseminated Magnetite 70.5M CONTINUOUS IRON MINERALIZATION FROM SURFACE, IDEAL OPEN PIT MINING

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Bekisopa Drill Hole BEKD04-06

Cross Section

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High-grade surface intercepts ~150m iron mineralized zone, combined true widths

BEKD05 – 38 and 39m

wLIMS – excellent first test BEKMETF07 composite sample upgraded a 40%Fe head grade to 60.2%Fe product at 91%Fe recovery and a 60% mass yield.

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Massive and Coarse Disseminated Magnetite wLIMS

IRON ORE FINES PRODUCT Product Grade = 68.3% Fe Fe Recovery = 88% Head grade = 61.8%Fe Composites BEKD01, 06, 08 Mass Yield = 80%

Clean Metallic looking product

LIMS – ALS Perth

IRON ORE FINES PRODUCT Product Grade = 63.4% Fe Fe Recovery = 95.7% Head grade = 42.4%Fe Composites BEKD01 and 02 Mass Yield = 64%

Clean Metallic looking product

65% Iron Ore Fines Price US$ 202 /t

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Disseminated Magnetite

BEKMETF10 – wLIMS

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LIMS product for BEKMETF10 of disseminated magnetite from BEKD03, 05 and 06 from the central region from depths of 37 to 99m down drill hole.

IRON ORE FINES PRODUCT Composite head grade = 25.9%Fe Fe Recovery = 86.8% Product Grade = 52.5% Fe Mass Yield = 43%

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Excellent Bekisopa’s First Drilling Results –

Drill Hole results for holes 1 to 8 showed

✓Excellent chemical assays and intercept/cross section iron contents

LIMS on coarse crushed -2mm composited samples showed ✓ Significant upgrading of iron up to 68%Fe product grades

✓ High iron recoveries of avg 89% , and practical mass yields avg 63%, max 80%. Impressive scope for a significant iron mineralization resource at Bekisopa ✓ Capable of producing iron ore products after minimal processing of crushing, screening and magnetic separation.

AKORA’s Madagascan geology and drill team is excellent in these trying times.

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Bekisopa’s First Drilling Results – Next

• Expect reporting results for drill holes 9 to 11, from the south, by the end of April.

• The southern zones field results look promising .

• Madagascar is presently in a 15-day COVID restriction phase, people movement by road restricted and equipment movement fine. We have solutions.

~4000m Drilling Campaign targeted to commence in mid May after COVID restrictions and redefining of the drilling locations and depths which is designed to deliver an initial resource . estimate reportable under JORC guidelines by the end of 2021

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11

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Management

Paul Bibby Managing Director paul.bibby@akoravy.com

John Madden Chief Financial Officer john.madden@akoravy.com

AKORA Resources

211 McIllwraith Street Princes Hill Melbourne Victoria 3054

ASX: AKO

Harbury Advisors

Matthew Lindh Director mlindh@harbury.com.au

Rupert de Crespigny Senior Associate rdecrespigny@harbury.com.au

Harbury Advisors Level 3 175 Collins Street Melbourne Victoria 3000

www.akoravy.com