AKORA RESOURCES LIMITED — Major Shareholding Notification 2021

Feb 10, 2021

605 Page 1 of 2 15 July 2001

Form 605

Corporations Act 2001

Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme AKORA Resources Limited ACN/ARSN 139 847 555

1. Details of substantial holder (1)

Pacific Road Capital II Pty Limited ACN 151 671 733 Name Pacific Road Capital Management GP II Limited

ACN/ARSN (if applicable) See above

The holder ceased to be a substantial holder on 19 / January / 2021 The previous notice was given to the company on 14 / December / 2020 The previous notice was dated 14 / December / 2020

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows: SEE ANNEXURE "A"

Date of	Person whose	Nature of change (4)	Consideration given in	Class (6) and	Person's votes
change	relevant interest		relation to change (5)	number of	affected
	changed			securities affected

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Pacific Road Capital IIPty Limited	Level 2, 88 George Street, Sydney NSW 2000
Pacific Road CapitalManagement GP II Limited	190 Elgin Avenue, George Town, Grand Cayman, Cayman Islands

Signature

re
print name	Adrian Martin	capacity	Director
sign here		date	9/February/2021

Annexure “A”

2. Changes in relevant interests

Date ofChange	Personwhoserelevantinterestchanged	Nature ofchange (4)	Considerationgiven inrelation tochange (5)	Class (6)and numberof securitiesaffected	Person'svotesaffected
17December2020	Pacific RoadCapital II PtyLimited	Disposal	A$25,201	50,302 FPO	50,302
17December2020	Pacific RoadCapitalManagementGP II Limited	Disposal	A$180,343	359,329 FPO	359,329
19 January2021	Pacific RoadCapital II PtyLimited	Disposal	A$26,601	66,568 FPO	66,568
19 January2021	Pacific RoadCapitalManagementGP II Limited	Disposal	A$193,998	475,408 FPO	475,408

605 Page 2 of 2 15 July 2001

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (2) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (3) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (4) Include details of:

  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (5) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (6) The voting shares of a company constitute one class unless divided into separate classes.

• (7) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.