KORAB RESOURCES LIMITED — AGM Information 2012

Nov 29, 2012

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ANNUAL GENERAL MEETING OPERATIONS UPDATE

Bobrikovo Gold Project in Ukraine

• Gravity gold processing plant redesign completed

• Mining plan optimisation completed

• Mining contractors and gold processing plant suppliers selected

• First JORC compliant resource upgrade completed

• Second JORC resource upgrade commenced following site visit by Australian geological consultants

Melrose Gold Project in Western Australia

• Metallurgical test work on samples of ore to assess viability of heap leach gold extraction commenced

• Excellent gold recovery rates shown in coarse crush tests

• Column leach tests in progress – completion expected in January 2013

Winchester Magnesium Deposit (Batchelor Project in the Northern Territory)

• Feasibility study update completed – results:

  • Mining of magnesite rock for smelting offshore may be economical

  • Smelting of magnesium metal in Australia is not economical at current magnesium price and domestic labour costs

• Korab has commenced the search for potential buyers for Winchester deposit

Batchelor Polymetallic Prospects (Batchelor Project in the Northern Territory)

• EM survey shows conductors in proximity to elevated nickel and copper values in soil and rocks

• Korab has commenced a search for joint venture partners to further explore this project

Ashburton Downs Copper Project in Western Australia

• High-grade copper prospects defined from results of sampling, drilling and geophysical surveys

• Korab has commenced a search for joint venture partners to further explore this project

Corporate and Finance

• Corporate restructuring and buy-out of minority holders in subsidiaries completed

• Technical and operations team expanded, more additions planned to the technical team at the senior executive level in early 2013

• Discussions have commenced regarding provision of funding for the development of Korab’s gold assets.

KORAB RESOURCES LIMITED

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KORAB HOUSE

LEVEL 1, SUITE 6, 100 MILL POINT ROAD, SOUTH PERTH, 6151, WESTERN AUSTRALIA PO BOX 195 SOUTH PERTH WA 6951 AUSTRALIA, Tel (08) 9474 6166 Fax (08) 9474 6266 www.korabresources.com.au ACN 082 140 252