• Placement of $1.6M and 1-for-9 Entitlement Offer to raise $1.7M
• Funds for permitting, project financing, community engagement, and working capital
• Existing shareholders can participate in Entitlement Offer

AKORA Resources Ltd (ASX:AKO) announced an equity raising of up to $3.3 million, comprising a $1.6 million placement to sophisticated investors and a 1-for-9 non-renounceable entitlement offer to raise a further $1.7 million. The funds will be used for essential permitting and mine development activities, progressing project financing and strategic partner discussions, continued community engagement initiatives, and general working capital requirements. AKORA's Managing Director stated that the equity raise represents strong support and conviction behind the company's strategy and the Bekisopa project, which has recently received a mining permit, transforming it into a de-risked, actionable asset. Existing shareholders will have the opportunity to participate further through the entitlement offer, which is priced at $0.08 per share, representing a 5% discount to the last trading price. The entitlement offer is scheduled to open on 15 May 2026 and close on 5 June 2026. AKORA's flagship Bekisopa iron ore project in Madagascar has a 194.7Mt inferred JORC resource with very low impurities, capable of producing a premium-priced +67% Fe concentrate suitable for direct reduced iron-electric arc furnace steelmaking.

AKORA is advancing plans for a Stage 1, 2Mtpa mine at Bekisopa with an initial 6-year life of mine, producing 61.6% Fe average grade lump and fine direct shipping ore.