31 December 2025 Quarterly Activities & Cashflow Report

Akora Resources is making significant progress in advancing its Stage 1 high-grade Direct Shipping Iron Ore project in Madagascar, with studies indicating strong margins and low costs. Plans include developing premium-priced high-grade iron concentrate to support Green Steel initiatives. Key highlights include successful completion of the Bekisopa high-grade iron ore project's exploration trenching program and submission of the Mining Permit Application for its Stage One DSO project. The new Madagascar leadership recognizes the importance of the Bekisopa Project. The company's cash reserves at the end of the quarter were approximately $1.1 million.

We are pleased to report the completion of the most recent round of exploration at Bekisopa, with positive results in iron mineralization. Trenching programs were successful in identifying potential resource extensions and valuable mineralization information. The company has also made significant progress in securing the Mining License application, marking a key milestone for future value creation. Our Board and Senior Management continue to drive forward with our strategic objectives.

For more detailed information or any questions, please visit our website or contact us directly. We welcome any inquiries from prospective or current investors regarding our recent quarterly report. Thank you for your continued support and interest in Akora Resources.