AKORA RESOURCES LIMITED — Investor Presentation 2021

Jan 31, 2021

AKORA Resources Ltd (ASX.AKO) Investor Presentation

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High Grade Lump Iron Ore Outcrop at Bekisopa

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AKORA Resources Limited – ACN 139847555

– Disclaimer Forward Looking Statements

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.

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AKORA Resources Multi asset iron ore portfolio

Formed in 2009 to find projects in the Indian or Pacific Ocean regions, Akora aquired several upgradable iron ore tenements in Madagascar. Since 2019 the focus has shifted to the high grade 65% iron direct shipped lump iron ore (DSO) project - Bekisopa.

	▪	Three iron ore project areas in Madagascar
STRONG ASSET	▪	Flagship Project – Bekisopa - high grade Lump DSO
BASE	▪	Targeting +100Mt DSO initial resource
	▪	~US$15M spent, by BRGM (1959-62), UNDP (1976-78)		and
		AKORA - Surface drill results; 19m@65%Fe, 12m@66%Fe,
SUBSTANTIAL WORK	▪	18m@65%Fe 2019 Magnetic Survey defines 7 km strike length ore body continuing at depth	and
	▪	2020 drilling intersected iron mineralisation at depth
		(see ASX Announcement, dated 17 December 2020)
IRON ORE MARKET	▪	Price remains strong with clear trends supporting demand
REMAINS STRONG	▪	Demand for high grade lump DSO creating larger
		premium
SUPPORTIVE	▪	Proximity to major iron ore markets in India, Middle East, ASIA and China
LOCATION	▪	Operating projects include Rio Tinto, Sumitomo and Kores
	▪	Boasts a wealth of experience across natural resource		and
HIGHLY		financial sectors
EXPERIENCED TEAM	▪ ▪	46 years ex-Rio Tinto with proven project execution ability Focussed 2021 drilling programme, of +3000m,			to
		define JORC Resource

Flagship Project		Tratramarina and
Bekisopa		Ambodilafa
High Grade		upgradable
Lump Iron		magnetite iron
Ore prospect		ore prospects

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Corporate Overview Exposure to the resilient iron ore market

CORPORATE STRUCTURE	CORPORATE STRUCTURE
Current AKORA OrdinaryShares on Issue	60,425,988
Unlisted Options(strikeprice 30c,23 months to expiry)	11,447,750
Fully Diluted Market Capitalisation(@ $0.45per share)	$32,343,182
Cash(as at 31 December)	$4,685,000
Enterprise Value	$27,658,182

MAJOR SHAREHOLDERS	MAJOR SHAREHOLDERS
Evanachan Ltd	12.9%
Baker Steel Resources Trust	8.5%
Mackenzie Financial	6.3%
Directors & Management	6.3%

MAJOR SHAREHOLDERS	MAJOR SHAREHOLDERS
Evanachan Ltd	12.9%
Baker Steel Resources Trust	8.5%
Mackenzie Financial	6.3%
Directors & Management	6.3%

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Michael Stirzaker – Non- Executive Chairman

• 30+ years commercial experience; most recently Partner with Pacific Road Capital, Finance DirectorFinders Resources Limited, Joint Managing Director RFC Group Limited. Extensive experience in the mining sector as investor, financial adviser and company director

• ▪ Current board positions include Firestone Diamonds PLC, Prodigy Gold NL and Base Resources - Madagascan mineral sands development

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Paul Bibby – Managing Director

• 35+ years experience. 24 years with Rio Tinto including senior roles at Hamersley Iron and Kaltim Prima Coal Project (Indonesia). Other notable experience includes Zinifex (General Manager), Nyrstar (Chief Development Officer), OceanGold (CEO) and as CEO of ASX listed gold and silver producers

+100 Mt High grade ~65% Iron Lump DSO Ore project

Bekisopa 2020 drilling campaign successfully completed

Disseminated Magnetite ~500 to 1000 Mt resource target

Focussed 2021 drilling programme

Short-term Excellent location Revaluation Bekisopa ~220km potential from coast

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John Madden - Chief Financial Officer

• 35+ years experience. 22 years across Rio Tinto Finance and Business Analysis including Freeport (Irian Jaya), Morobe Consolidation Goldfields, Indophil Resources NL, Ok Tedi Mining. Founding Director of Akora Resources

Stephen Fabian - Non-Executive Director

• 25+ years of experience. Previous roles with County Natwest, Ferrous Resources, South American Ferro Metals

• Chairman of Brazil Tungsten and adviser to Baker Steel Resources Trust

Proven delivery team

Shareholder support

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Project Summary Multi asset portfolio with rapid development path

Madagascan Iron ore Total 308km2 of prospective iron ore tenements

FLAGSHIP PROJECT

Next Project

Bekisopa

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Tratramarina
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Future Opportunity Ambodilafa

Area: 93.5km[2]

4 permits Ownership: 100% 220km from coast

Area: 162.5km[2] 5 permits Ownership: 100% 16km from coast

Area: 52.3km[2] 3 permits Ownership: 90% 45km from coast

Drill Ready Project ~7km strike ~65% DSO iron ore Ore at Depth Potential for significant highgrade tonnage

~35% upgradable iron ore ~2.5km strike Low CAPEX and OPEX Potential for high grade iron concentrate operation

~35% upgradable iron ore 5km strike

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Bekisopa 2020 Drilling Campaign Confirms iron mineralization at depth

Bekisopa Initial Drilling Campaign

• First phase drilling at Bekisopa confirmed geological interpretation of layers of massive iron mineralisation extending at depth

• The company completed a total of 1,095 metres across 12 diamond drill holes, all drill holes except one intersected iron mineralization

• Preliminary logging and interpretation has shown one or more wide layers of iron mineralisation in all areas drilled except the southernmost hole

• Thickness of these layers appear to vary between 50 metres and 100 metres for the combined mineralisation zone

• The initial drilling program has largely confirmed the pre-drilling interpretation of layers of massive iron mineralisation extending at depth and it also appears that coarser magnetite aggregates than previously expected are present in the halo of country rock

Next Steps

• Sample preparation in-country to be completed in late February with assaying and Davis Test Tube analysis to be completed at accredited overseas laboratory during the first quarter

• Phase 2 drilling program is expected to commence in April 2021 for a total of ~3000 metres

• Assuming the phase 2 drilling program can be completed uninterrupted, results should be due in early Q4 2021

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2020
Drill
Hole
locations
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Bekisopa 2020 Drilling Campaign - continued

Northern most drill hole intersected two layers of iron mineralization that dip steeply to the west at depth.

3 Drill holes in the southern area all intersected continuous iron mineralisation, possible low stripping ratio open pit

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Historic BRGM pit and trench iron grades

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Drill core showing potentially high-grade Massive Magnetite (left photo) and high-grade lumps of iron mineralisation (right photo) within host rock.

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~30mm
~15mm
~12mm
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Bekisopa 2020 Drilling Campaign – Photos

The 2020 Bekisopa drilling was completed successfully without safety, community or environmental incidents. Our drilling, geological and camp support teams were well organized and competent, giving AKORA great confidence to complete our extensive drilling programme during 2021.

Drill Rig at Bekisopa

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Core logging with pXRF
Typical Drill Core
Massive Iron Mineralisation
Country rock - no iron mineralisation
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Bekisopa Business Case - Targeting +100 Mt of high grade DSO

• 2600 samples analysed, ~564m Pits, ~4000m

• HISTORICAL Trenching, 24 drill holes for ~600m. At surface drill WORK results; 19m@65%Fe, 12m@66%Fe, confirms presence of an iron orebody

• Recent ▪ 118 rock chips - average grade of 66.7% Iron and low impurities . Magnetics show extensive anomaly

• Geology and extending +500m below surface

• Magnetic ▪ 2020 drilling confirms iron mineralisation at Survey depth

COMMENTARY

  - **2006** - World Bank sponsored airborne magnetic survey at 500m spacing showed high magnetic intensity at locations of proven high grade iron ore occurrences

  - **2014** - Verification rock chip sampling program of 118 rocks taken along strike near historical pits and trenches resulted in average grade of **66.7% Iron** (maximum 69.8%Fe with 21 rocks >69%Fe)

• At least 7km strike identified in main tenement.

• EXTENSIVE Orebody extends at depth

• MINERALISAT ION ▪ 15km strike in adjacent tenements not explored –

• 15km strike in adjacent tenements not explored – excellent tonnage upside

• low impurities – 1.5% SiO₂ , 1.0% Al₂O₃ , 0.075% P and 0.06% S

Historical Trench results Historical Drill results

• FAVOURABLE ▪ ~20 Mt of surface outcrops, likely free dig for STRIPING initial mining

• RATIO

• Mining by truck, shovel, minimal processing of

• HIGH GRADE crushing and screening to produce a lump DSO iron

• DSO ore. Low operating and capital costs

• MINERAL ▪ Drill ready project - focus on identifying a ~100 Mt

• RESOURCE high grade DSO resource

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Magnetite mineralisation
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Legend: Magnetic Intensity: Red is magnetic high = Magnetite Blue is magnetic low

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Hematite mineralisation

Bekisopa Business Case - - Geology Study Completed October 2019

Bekisopa High Grade DSO Lump Iron Ore - +100 Mt

Bekisopa Disseminated Iron Ore – 500 to 1000 Mt

• Layers of magnetite-hematite are traceable over the entire 7km strike. Layers were formed pre-weathering as part of the alteration of a sedimentary stratigraphic package

• Between and adjacent to the magnetite-hematite layers is disseminated magnetite-hematite mineralisation in the country rock

• Host rock contains coarse disseminated magnetite and hematite and forms a halo to the magnetite-hematite bands

• ▪ Mineralisation is interpreted as being a series of parallel layers of magnetite-hematite , with host rock containing magnetite between those high-grade layers

• ~0.5-2mm magnetite particles distributed through the country rock with grades between 30 to 50% Fe

• Drilling and mineral processing assessments required to determine the extent of this mineralisation and the potential to be upgradeable to a saleable high-grade iron product

• Estimate a factor of 2-10 times the tonnage of the massive high grade mineralisation potential for 500 to 1,000 Mt

• Northern area is simple with 3 to 5 steeply westerly dipping layers (50-70˚) which can be traced over considerable distances with occasional obvious fault offsets

Liberated Magnetite in Laterite Soils

• Bekisopa deposit has affinities to the metasomatic/skarn style deposits such as those seen in South Australia (Iron Knob), Russia and Sweden (Kiruna)

• Potential short-term tonnage can be seen in the extensive lateritic soil

• Assuming a strike of 7km, width of 1km and thickness of 3m, potential for ~30Mt

• Potential for ~100Mt @ ~60% Fe can be seen to a depth of 100m

• This liberated magnetite should be readily separated using magnetic separation

• Surface mineralisation readily upgradable by simple coarse crushing, screening and magnetic separation to a saleable ~65% iron direct ship premium lump iron ore product

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Magnetite from Lateritic Soil

Trench 39E, Looking south shows steep west dip

Disseminated Magnetite in Country Rock, Trench 16

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Bekisopa Business Case – 2019 Ground Magnetic Survey October 2019

Magnetic Image with Magnetite-Hematite Outcrop Superimposed, the black markings

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• Over 350-line kilometres of magnetic survey data were walked in October 2019 traversing the Bekisopa tenement each 50m

• Results show a consistent magnetised body extends over ~ 7km of strike

• Thickening in the south due to structural complications mainly due to folding

• Superimposing the outcropping and sub cropping magnetite-hematite bodies on the magnetic survey image shows mineralisation is either directly associated with magnetic highs or slightly offset probably due to dip and depth occurrences

• Superimposing the magnetite-hematite outcrop stratigraphy (cross hatched areas) and the 2014 rock chip sample data (coloured dots) on the magnetic image shows;

• northern section to be relatively continuous and into the southern area the stratigraphy is folded and faulted and generally can be traced using a combination of outcrop and sub-crop mapping and the magnetics

• the plus 65% iron rocks are over much of the area of the magnetic anomaly

• Three traverses (the yellow lines) were selected for further geophysical modelling to better understand the magnetic expression, two in the north the other in the southern area

Magnetite-Hematite bearing stratigraphy plus rock chip sample locations superimposed on the Magnetic Image.

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Bekisopa Business Case Geophysical Modelling

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North
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Northern Transverse line

• Models as a simple magnetic body, red ellipsoid, with depth extent of at least 500m, possible width of ~150m and dipping to the west

• Matches the observed outcrop and sub crop and suggests excellent depth and a simple geometry for mining

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Central
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Central Transverse Line

• Model is slightly more complex and modelled as a sphere, width ~150m , and a steeply west dipping body with depth extent of at least 300m and possible width of 40m

• This agrees with the geological interpretation of between one and five sub-parallel magnetic layers dipping to the west. The sphere may represent a fold nose

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South
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Southern Transverse Line

• Is complex and is modelled assuming strong remanence in the magnetics, ie; a magnetic low rather than a high

• The magnetics match very well with the geological interpretation of an anticline plus a central syncline

• The main western limb of the anticline extend to at least 500m depth and the eastern limb extends to 200m depth

• This structural complexity suggests the mineralisation may be repeated near surface and could form a large high-grade shallow zone of iron mineralisation

12 2020 drilling campaign intersected the iron mineralsiation as modeled by the magnetic survey

Bekisopa Work Programme Focused geological & drilling programme to define resource

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2019 2020 2020 2020 2020 2021 2021 2021 2021
December September December September December
March Qtr June Qtr March Qtr June Qtr
Qtr Qtr Qtr Qtr Qtr
Geological mapping
Camp &
Drilling Phase 1 Phase 2 Drilling
Magnetic surveys Arranged Drilling Programme
Data interpretation Logging & Interpretation – Phase 1 and 2
Wet
Covid Virus Delay Wet Season Trench sampling Season Delay
Delay
Met. Test work
Road Works Village Water Well
Village Support Projects
Completed Delay Planned Community Projects
Drilling was due to commence in April 2020, delayed due to COVID, and was successfully completed in December 2020
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2021 drilling commences in April, some 3000 m to be drilled - across surface and at depth to prove up a JORC Resource.

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Other Projects Tratramarina & Ambodilafa

Tratramarina - Low capex and opex potential

• Unknown before World Bank funded airborne geophysical survey in 2004-06 highlighted anomaly. Tenements acquired in 2009

• Rock chip programmes, 305 samples averaging 40.05% Fe

Ambodilafa - Upgradable iron ore

• 421 rock chip samples collected averaged 44% Fe

• 42m @ 30.8% Fe , 12m @ 37.18% Fe, near surface intersections of 54m @ 35.39%Fe

• 2011-12, 7 drill holes totalling 1,360m intersected economically significant banded iron formation magnetite iron ore - ~35-40% Fe

Strong Magnetic Anomaly

• Mineralisation intersects include; 28m at 34.6% Fe ; and 35m at 35.7% Fe . Near surface intersection - 6m at 42.5% Fe

• Strike length ~2.5km, 1km width, WAI CP estimates ~50Mt resource at 35% Fe

16 kms from coast and adjoins the Mangoro River

1360m of drilling with significant drilling intercepts

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Large magnetic anomaly (red area) over a 5km strike length and interpreted as extending to a depth of +500m

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Akora Resources

Management	Harbury Advisors
Paul Bibby Managing Director paul.bibby@akoravy.com	Matthew Lindh Director mlindh@harbury.com.au
John Madden Chief Financial Officer john.madden@akoravy.com	Rupert de Crespigny Senior Associate rdecrespigny@harbury.com.au
AKORA Resources 211 McIllwraith Street Princes Hill Melbourne Victoria 3054	Harbury Advisors Level 3 175 Collins Street Melbourne Victoria 3000

Bekisopa Trench 5 High Grade iron ore

High-grade lump iron mineralization on surface and below surface.

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Appendix 1: Madagascar Mineral rich with a developing Mining Industry

• Worlds fourth largest Island and is 400km off the east coast of Mozambique

• Deep water ports to major iron ore markets in India, Middle East, Asia and China

• World Bank sponsored mining code revised in 1999

• Operators include Rio Tinto, Sumitomo, Kores and Wuhan Iron & Steel

• Stable operating environment with supportive government , at both national and local levels

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Drilling at Tratramarina
in 2011
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Company	Project	Mineral
Rio Tinto	Fort Dauphin	Ilmemite
Sumitomo Corporation	Ambatovy	Nickel, Cobalt
Bass Metals	Graphmada	Graphite
Base Resources	Toliara	Minerals Sands
Wuhan Iron & Steel	Soalala	Iron Ore

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Appendix 2: Iron Ore Industry Strong Industry Thematics

• 65% iron ore price strong as China demands HG ore for lower steel making costs and improved environmental outcomes.

• High Grade 65% fines price at ~U$130 plus Lump premium for High Grade ore as seen at Bekisopa

• Iron ore price strengthens during COVID due to increased Chinese demand

• 2020 Chinese iron ore imports forecast at 1.22bnt on a 62% Fe basis

• Demand for quality high grade iron ore increasing as China looks to maximise efficiency, reduces industrial emissions and replaces tonnage from closed domestic mines

• Iron ore demand is dependent on China’s economy and steel production as China is the main importer of iron ore. China’s steel production remains strong in 2020

• Indian steel production is forecast to grow strongly, currently producing 132Mt and is the second largest consumer of steel products and growing at 7% pa

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65%Fe Fines price
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China’s Iron Ore Imports and Production

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1200
1000
800
600
400
200
0
2013 2014 2015 2016 2017 2018 2019 2020
Imports Production
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China’s Steel Consumption and Production
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1000
800
600
2014 2015 2016 2017 2018 2019 2020
Consumption Production
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Appendix 3: Competent Person’s Statement

The information in this presentation relates to Exploration Targets, Exploration Results, and related scientific and technical information, is based on and fairly represents information compiled by Mr Antony 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 presentation 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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