KORAB RESOURCES LIMITED — Capital/Financing Update 2017

Feb 19, 2017

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KO R AB R ES O URCES LI M ITE D KORA B HOUSE w ww.kora b .com.au 2 0 February 2 017

DRILL I NG P R OGR A M FO R COB A LT A N D ZI N C AT KORA B ’S B A TCHE L OR P R OJE C T

• Cobalt/copper/gold mineralisation identified at Batchelor (Reported on 1 0 February 2017)

• Zinc/lead/silver mineralisation identified at Batchelor ( R eported on 23 No v ember 2016, and 2 5 January 2017)  Planning of the follow-up drilling program completed  Drilling crew and rigs secured for the follow-up drilling program  Drilling program likely to be brought forward

K orab Resou r ces Ltd (“ Korab ”, or “ Company ”) ( ASX: KOR ) is pleased to report t hat following the release of t he cobalt re s ults from the Korab’s Bat c helor project located near Darwin in th e Rum Jungle Mineral Fiel d ( reported to A SX on 10 Fe b ruary 2017) a nd the relea s e of the zinc r esults from t h e same project (reported t o A SX on 23 November 2016, and 25 Ja n uary 2017) K orab has co m pleted plan n ing of the follow-up drillin g p rogram to fu r ther test these cobalt and z inc mineralis a tions.

F urthermore K orab is plea s ed to advise t hat it has se c ured the drill i ng crew and rigs for this d r illing progra m w ith flexible d rilling camp a ign funding o ptions. Con s equently this drilling prog r am is likely t o be brought f orward and may comme n ce earlier t h an 2[nd] Quar t er 2017 (su b ject to per m itting). Furth e r informatio n r egarding thi s drilling pro g ram and oth e r, parallel e x ploration work targeting l ithium/caesium/tungsten at B atchelor will be reported t o the ASX wh e n available.

D iagram bel o w illustrates approximate locations of selected drill holes pla n ned to furth e r test cobalt m ineralisatio n shown on pr e viously repo r ted 3D near s urface cobalt values with ov erlayed faults/fractures.

Issued C apital

Shares: 226 mln Options: 4 mln Last Price: 3.4 cents ASX: KOR BERLIN: C6S.BE

P r ojects Winchester (NT) Magnesium carbonate (MgCO3) Geolsec (NT) Ph o sphate rock (P2O5) Batchelor (NT) Au, Ag, Zn, P b , Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb

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Locatio n of
planned c o balt
drill hol e s
L ocations of
pl a nned cobalt
drill holes
Figure 1 3D image of cobalt values in gridded shallow RAB drilling with faults/fractures and location of some of
the planned holes, (near surface drill-chip values, height and colour reflects Co grade in ppm).
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20 PROWSE S TREET, WEST PERTH, WA, 60 0 5, AUSTRALIA PO BOX 1958 , WEST PERTH, WA, 6872, AUS T RALIA TEL (08) 9474 6166 FAX (08 ) 9322 6333 ACN 082 140 2 52

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KO R AB R ES O URCES LI M ITE D KORA B HOUSE w ww.kora b .com.au

D iagram bel o w illustrates approximat e locations o f selected drill holes pl a nned to fur t her test zin c m ineralisatio n shown on pr e viously repo r ted 3D soil s u rvey zinc val u es.

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Locations of
planned zinc
drill holes
Locatio n s of
planned zinc
drill holes
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Figure 2 3D image of zinc values in soils with overlayed location of some of the planned holes (soil geochemical survey values, height and colour reflects Zn grade in ppm)

Issued C apital

Shares: 226 mln Options: 4 mln Last Price: 3.4 cents ASX: KOR BERLIN: C6S.BE

P r ojects Winchester (NT) Magnesium carbonate (MgCO3) Geolsec (NT) Ph o sphate rock (P2O5) Batchelor (NT) Au, Ag, Zn, P b , Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb

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Figure 3 Location of Korab’s Batchelor project near Darwin in the Northern Territory

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20 PROWSE S TREET, WEST PERTH, WA, 60 0 5, AUSTRALIA PO BOX 1958 , WEST PERTH, WA, 6872, AUS T RALIA TEL (08) 9474 6166 FAX (08 ) 9322 6333 ACN 082 140 2 52

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KO R AB R ES O URCES LI M ITE D KORA B HOUSE w ww.kora b .com.au C ONTACT: A ndrej K Kar p inski, Executive Chairman - Australia: (08) 9474 6166, International: +61 8 9474 6166 A BOUT KOR A B RESOUR C ES

K orab Resou r ces Ltd is a n internationa l mining and exploration c o mpany with o perations in Australia an d E urope. Korab’s projects i n clude Winc h ester magne s ium carbonate deposit a n d Geolsec p h osphate roc k d eposit at Ba t chelor in the N orthern Territory of Austr a lia as well as a gold and s i lver deposit a t Bobrikovo i n e astern Ukrai n e. The Com p any also ex p lores for gold and copper a t Ashburton D owns in We s tern Australi a a nd for vario u s metals and specialty mi n erals at Batc h elor in the N o rthern Territ o ry. More inf o rmation about K orab’s proje c ts can be sourced from K o rab’s websit e at www.kor a b.com.au. K o rab’s shares are traded o n A ustralian Se c urities Exch a nge (ASX) a n d on the Be r lin Stock Exchange (Berli n er Börse) thr o ugh Equiduct e lectronic tra d ing platform.

Issued C apital

Shares: 226 mln Options: 4 mln Last Price: 3.4 cents ASX: KOR BERLIN: C6S.BE

P r ojects Winchester (NT) Magnesium carbonate (MgCO3)

Geolsec (NT) Ph o sphate rock (P2O5)

Batchelor (NT) Au, Ag, Zn, P b , Ni, Cu, Co Mt. Elephant (WA) Au, Cu Bobrikovo (UKR) Au, Ag, Pb

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20 PROWSE S TREET, WEST PERTH, WA, 60 0 5, AUSTRALIA PO BOX 1958 , WEST PERTH, WA, 6872, AUS T RALIA TEL (08) 9474 6166 FAX (08 ) 9322 6333 ACN 082 140 2 52

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