KORAB RESOURCES LIMITED

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Issued Capital

Issued Shares: 322 Mln Last Price: 1.0 cents Capitalisation: $3 Mln

Listing Codes

ASX: KOR BERLIN: C6S

KORAB HOUSE

www.korab.com.au

2 January 2020

RETIREMENT OF DIRECTOR

Korab Resources Ltd (“ Korab ”, or “ Company ”) ( ASX: KOR ) wishes to advise that as envisaged in the ASX report dated 27 November 2019 and titled “UPCOMING RETIREMENT OF DIRECTOR“ , Daniel A. Smetana has resigned from his position of a Director of Korab Resources Ltd effective as of 1st January 2020.

Dan was a Director of the Company from 28 October 2013 until his retirement and over the years he has made a significant contribution to the Company and to its subsidiaries. The Company would like to thank him for his important contribution and service.

INVESTOR RELATIONS CONTACT:

Directors

Andrej K. Karpinski Executive Chairman Director

Rodney H. Skeet Non-executive Director (Independent)

Daniel A. Smetana Non-executive Director (Independent)

Anthony G. Wills Non-executive Director (Independent)

Andrej K. Karpinski - Executive Chairman Australia: (08) 9474 6166 International: +61 8 9474 6166

ABOUT KORAB RESOURCES

Korab Resources Ltd is an international mining and exploration company with operations in Australia and Europe. Korab’s projects include Winchester magnesium carbonate deposit at Batchelor in the Northern Territory of Australia, Geolsec phosphate rock deposit also at Batchelor, and other gold, silver, copper, cobalt, nickel, and polymetallic projects in Australia and overseas. More information about Korab’s projects can be sourced from Korab’s website at www.korab.com.au. Korab’s shares are traded on Australian Securities Exchange (ASX) and on the Berlin Stock Exchange (Berliner Börse) through Equiduct electronic trading platform.

DISCLAIMER AND CAUTIONARY STATEMENT

Projects

Winchester (Rum Jungle, NT) Magnesium carbonate (MgCO3)

Batchelor (Rum Jungle, NT) Au, Ag, Zn, Pb, Ni, Cu, Co, Sc, Mn

Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) (Sub-leased to third party)

Mt. Elephant (Ashburton, WA) Au, Cu (Optioned for sale)

Bobrikovo (Luhansk, UKRAINE) Au, Ag, Zn

Forward-looking statements are statements that are not historical facts. Words such as “expect(s)”, “expected”, “feel(s)”, “believe(s)”, “will”, “may”, “anticipate(s)”, “should”, “envisage(s)” and similar expressions are intended to identify such forward-looking information. This information includes, but is not limited to statements regarding future exploration results, resources, or reserves, and production. Anyone reading this report is cautioned not to place undue reliance on these forwardlooking statements. All of such statements are subject to risks and uncertainties (many of which are difficult to predict and which generally are beyond the control of the Company) that could cause actual results to differ materially from those expressed in, or implied or projected by, the forwardlooking information and statements. These risks and uncertainties include, but are not limited to: those relating to the interpretation of exploration results (including drill results), the geology, grade and continuity of mineral deposits and conclusions of economic evaluations; risks relating to possible variations in reserves, grade, mining dilution, ore loss, and recovery rates; risks relating to changes in project financial and technical parameters; risks relating to the potential for delays in exploration programs, project evaluation/review, completion of feasibility studies and project development; risks related to commodity prices and foreign exchange rate fluctuations; risks related to failure to secure adequate financing on a timely basis and on acceptable terms; risks related to delays in obtaining governmental, or other permits and approvals; risks related to security of tenure; and other risks and uncertainties related to the Company’s prospects, properties and business strategy. Any forwardlooking information contained in this report is provided as of the date of this report. Except as

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20 PROWSE STREET, WEST PERTH, WA, 6005, AUSTRALIA PO BOX 1958, WEST PERTH, WA, 6872, AUSTRALIA TEL (08) 9474 6166 FAX (08) 9322 6333 ACN 082 140 252

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Issued Capital