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KORAB RESOURCES LIMITED Capital/Financing Update 2018

Aug 15, 2018

65198_rns_2018-08-15_1ed11151-b66c-42e4-bdad-ca529ba9bf21.pdf

Capital/Financing Update

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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au

16 Au g ust 2018

WI N CHE S TER M AGN E SIUM CARB O NAT E QUARRY UPDA T E

Issued Capital Issued Shares: 303 MLN Last Price: 2.6 cents Capitalisation: $8 MLN

Listi n g Codes ASX: KOR BERLIN: C6S

D irectors

Andrej K. Karpinski Ex e cutive Chairman Director

Rodney H. Skeet Non-e x ecutive Director (Independent)

Daniel A. Smetana Non-e x ecutive Director (Independent)

Anthony G. Wills Non-e x ecutive Director (Independent)

Projects

Winchester (Rum Jungle, NT) Magnesium carbonate (MgCO3) Batchelor (Rum Jungle, NT) Au, Ag, Zn, P b , Ni, Cu, Co, Sc, Mn

Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) (Sub-lea s ed to third party)

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

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Korab Resources L t d (“ Korab ”, o r “ Company ”) ( ASX: KOR ) and its su b sidiaries (“ Korab Group) are pl e ased to provi d e the followi n g update regarding the Winchester magnesium carb o nate project. During June, July a nd early pa r t of August K orab held s e ries of mee t ings and ne g otiations wit h multiple interested parties inclu d ing trading houses, end users, and processors o f magnesiu m carbo n ate and mag n esia product s . The count e rparties com p rised the ke y players in t h e magnesiu m carbo n ate, process e d magnesia, and refractories sectors as well as major trading hou s es in Europe, India, S outh East A s ia, Korea, Ja p an, China, a n d Americas.

The meetings and n egotiations w ent very well. It is apparent from the fa c e-to-face me e tings that th e curren t demand fo r the raw a n d processed magnesia i s higher than anticipated in our earlier asses s ments. The c uts to Chine s e productio n of raw mag n esium carb o nate rock, c a ustic calcine d magn e sia (CCM) a n d dead burn e d magnesia (DBM) have l e d to increase d prices and m ade it harder for en d users and trading house s to secure s table supplie s . The situati o n is likely to continue int o 2020/ 2 021. During t he last 3 m o nths, Comp a ny was focu s ing on 4 ma i n areas: fun d ing, offtakes, permit t ing, divesting (or sub-leasi n g) of other a s sets.

FUND I NG

After m ore than tw o months of meetings an d discussions, Korab is in the process of evaluatin g variou s funding pro p osals for the W inchester q u arry. These include:

  1. forward sale which is e s sentially a prepayments for magnesite rock to be d elivered onc e project is i n production ( p referred opti o n),

  2. debt financing to be rep a id out of sale s revenue, 3. sale of a minority equity s take in the project,

The e v aluation of the proposals i s still continuing as are th e discussions w ith interested parties. Th e discus s ions are inc o mplete. Whil s t the detailed terms of fun d ing being dis c ussed are c o nfidential, th e gener a l structure of the forward s ale envisag e s a prepayment for appro x imately 100,000 tonnes of crush e d magnesiu m carbonate r o ck which w o uld be delivered in 2-3 sh i pments onc e the quarry i s operat i onal. The p r e-sale of 10 0 ,000 tonnes of rock can be easily c o vered from the propose d 600,0 0 0-800,000 to n nes annual c apacity of th e quarry.

It is cl e ar from the discussion a n d negotiatio n s, that the funding of the project is m o st likely to b e throug h forward sal e s, or a com b ination of for w ard sales, a n d a small b a nk loan. Giv e n the balanc e sheets of the pote n tial counter p arties to the proposed offtakes, this o ption appea r s to be most advan t ageous to bo t h sides.

Note t h at there can be no certai n ty that any a g reement or a greements r e garding the f u nding can b e reach e d or that any transaction w ill eventuate. No commercial terms hav e been agree d between th e partie s . Accordingly , no investm e nt decision s h ould be made on the basi s of this information. Kora b will ad v ise the mark e t if and whe n an agreeme n t or agreements have bee n reached.

Discu s sions with th e potential C h inese funder s which were announced i n March 201 6 are currentl y on hold. The Co m pany has d e ferred any decisions in this regard to enable e v aluation an d consideration of oth e r proposals o f funding the development received fro m other partie s .

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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 1

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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au

OFFT A KES

Korab Group has a lso held dis c ussion with potential offt a ke partners a nd buyers o f magnesiu m carbo n ate rock fro m Winchester q uarry. As pa r t of the discussion and ne g otiations, K o rab personn e l met with represent a tives of ma g nesium carb o nate buyers, trading hou s es, magnesium carbonat e proce s sors, refract o ries makers, and battery makers from China, Japa n , Korea, Br a zil, Germany, Belgiu m , Holland, A ustria, and P oland. Furth e r discussion s with buyers and end us e rs took plac e during August and a dditional face-to-face meetings are sche d uled for Sep t ember.

Issued Capital Issued Shares: 303 MLN Last Price: 2.6 cents Capitalisation: $8 MLN

Listi n g Codes ASX: KOR BERLIN: C6S

D irectors

Andrej K. Karpinski Ex e cutive Chairman Director

As pr e viously advi s ed, Korab r e ceived seve r al proposals regarding sales of the rock, which ar e curren t ly being evaluated. In ad d ition, some o f these parti e s requested b ulk samples of magnesit e rock f o r test-proces s ing into CCM, DBM, and r e fractory bricks. Becau s e of the su m mer break i n the norther n hemisphere and many k e y people going on annu a l leave t he process was somewhat slowed-dow n during July a nd August b u t is likely to accelerate no w as per s onnel are returning from l e ave.

Discu s sions and n e gotiations c o ver first-yea r volumes (in aggregate) of approxim a tely 620,000 - 670,0 0 0 tonnes per annum of cru s hed magnesium carbonat e rock.

Pleas e note that th e offtake disc u ssions are i n complete (a n d the terms a re confidenti a l). There ca n be no certainty that any agree m ent or agre e ments can be reached o r that any tr a nsactions will event u ate. No com m ercial terms have been a g reed betwee n the parties. Accordingly, no investment decisi o n should be m ade on the b asis of this information. Korab will advis e the market i f and when a n agree m ent or agree m ents have b e en reached.

ADDI T IONAL PRO D UCTS

Rodney H. Skeet Non-e x ecutive Director (Independent)

Daniel A. Smetana Non-e x ecutive Director (Independent)

Anthony G. Wills Non-e x ecutive Director (Independent)

Projects

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

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

Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) (Sub-lea s ed to third party) Mt. Elephant (Ashburton, WA) Au, Cu ( O ptioned for sale)

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During the discussi o n, several of the potential buyers and t r ading house s who expres s ed interest i n buying raw rock, as k ed Korab to a lso review p o tential suppl y of CCM, an d /or DBM (in a ddition to ra w magn e site rock) as parallel prod u ct lines.

The prices for CCM and DBM ar e significantly higher than r a w magnesiu m carbonate r o ck, with DB M prices reaching US $ 1,200-$1,40 0 /tonne. By c omparison, r a w magnesium carbonate rock sells for betwe e n US$100/to n ne and US$ 1 35/tonne.

Based on our discu s sion with the trading hous e s and end users, the pote n tial first-year s ales volume s of the t wo additional products are in the range o f 300,000 to 600,000 tonn e s per annum for CCM, an d 150,0 0 0 to 350,000 tonnes for D B M.

Each t onne of CC M or DBM r e quires as a n input appro x imately 2.2 t onnes of ra w magnesiu m carbo n ate rock. T h e above volumes of CCM and DBM are therefo r e equivalent to addition a l produ c tion of raw m agnesium c a rbonate roc k from the qu a rry of betw e en 990,000 a nd 2,100,00 0 tonne s .

As result of the me e tings with p o tential buyer s and trading h ouses, and g iven the pot e ntial change s to the production volumes and revenue stre a ms Korab c o mmenced r e view of the economics of addin g the CCM, a n d/or DBM (p r oduced on t o ll-treatment b asis) to the p roduct line-up. The revie w will as s ess the cost s and benefits including pot e ntial cash-fl o ws, earnings , processing costs, logistics, etc.). T he economi c review envi s ages that th e sales of raw DSO magn e sium carbon a te rock woul d occur in parallel wit h the sales of t he processe d CCM, and DBM.

Whilst the review p rocess is n o t complete, initial results suggest a p ositive case for addition a l reven u e stream fro m toll-treatme n t processing o f magnesiu m carbonate i n to CCM, and / or DBM.

As a c o nsequence o f this Korab h as commenc e d discussions with compa n ies operatin g kilns suitabl e for co n version of ra w rock into C C M and with parties opera t ing kilns suit a ble for prod u ction of DBM. The di s cussions co v er arrangem e nts for proce s sing of the r o ck on a toll-tr e atment basi s . These type s

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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 2

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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au

of arr a ngements co u ld potential p rovide additi o nal revenue streams whil e sidesteppin g the need for signifi c ant addition a l capital inv e stment req u ired to build the kilns a n d to establi s h supportin g infrast r ucture. Results of the ab o ve economic review will be provided t o the market w hen they ar e finalis e d. The revie w is using as a starting point the outco m es from the feasibility study to develo p Winch e ster magne s ium carbon a te quarry as a direct shi p ping ore (D S O) operatio n which wer e report e d to the mar k et on 7 Marc h 2018, and o n 21 March 2018. Full text of the report containing th e results of the feasibility study and various cauti o nary statem e nts is availa b le at the follo w ing link:

Issued Capital Issued Shares: 303 MLN Last Price: 2.6 cents Capitalisation: $8 MLN

Listi n g Codes ASX: KOR BERLIN: C6S

D irectors

Andrej K. Karpinski Ex e cutive Chairman Director

Rodney H. Skeet Non-e x ecutive Director (Independent)

Daniel A. Smetana Non-e x ecutive Director (Independent)

Anthony G. Wills Non-e x ecutive Director (Independent)

Projects

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

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

Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) (Sub-lea s ed to third party) Mt. Elephant (Ashburton, WA) Au, Cu ( O ptioned for sale)

https:/ / www.asx.co m .au/asx/stati s tics/displayA n nouncement . do?display= p df&idsId=01964262

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Figure 1 Rotary kiln

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Figure 2 Vertical shaft kiln

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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 3

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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au

PERMITTING

As part of the ab o ve review K orab is in t h e process o f assessing s ome chang e s to the sit e infrast r ucture plan, quarry prod u ction scheduling, and the relevant log i stics to acc o mmodate th e possibly increased v olumes of m aterial leavin g the site. The Company h as previousl y sought input from o ther stakeholders with re g ard to the si t e planning and quarry sc h eduling and is waiting for some o f the respon s es to incorpo r ate them in t h e plan.

Issued Capital Issued Shares: 303 MLN Last Price: 2.6 cents Capitalisation: $8 MLN

Listi n g Codes ASX: KOR BERLIN: C6S

D irectors

Andrej K. Karpinski Ex e cutive Chairman Director

Rodney H. Skeet Non-e x ecutive Director (Independent)

Daniel A. Smetana Non-e x ecutive Director (Independent)

Anthony G. Wills Non-e x ecutive Director (Independent)

Projects

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

Batchelor (Rum Jungle, NT) Au, Ag, Zn, P b , Ni, Cu, Co, Sc, Mn Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) (Sub-lea s ed to third party)

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

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It is e x pected that t h is assessme n t process will be completed shortly. Fol l owing the co m pletion, after applyi n g the above changes (if r e quired) Korab intends to s ubmit the no t ice of intent t o mine to th e releva n t departments.

BACK G ROUND IN F ORMATION

Most o f raw magne s ium carbona t e rock produced globally i s calcined in rotary or vert i cal shaft kiln s to pro d uce CCM, D B M, or fused m agnesia.

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Figure 3 Raw magnesium carbonate rock processing

CCM, DBM and fus e d magnesia a re primarily u sed in production of refra c tory lining for steel making, energ y , and chemi c als industrie s , in refining of non-ferro u s metals (pr i marily copper and cobalt), ceme n t making, an d glass makin g .

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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252

PAGE 4

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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au

Most o f the magne s ia (approxim a tely 75%) is used in refractory linings i n steel, cem e nt, and glas s makin g and handlin g .

Issued Capital Issued Shares: 303 MLN Last Price: 2.6 cents Capitalisation: $8 MLN

Listi n g Codes ASX: KOR BERLIN: C6S

D irectors

Andrej K. Karpinski Ex e cutive Chairman Director

Rodney H. Skeet Non-e x ecutive Director (Independent)

Daniel A. Smetana Non-e x ecutive Director (Independent)

Anthony G. Wills Non-e x ecutive Director (Independent)

Projects

Winchester (Rum Jungle, NT) Magnesium carbonate (MgCO3) Batchelor (Rum Jungle, NT) Au, Ag, Zn, P b , Ni, Cu, Co, Sc, Mn Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) (Sub-lea s ed to third party)

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

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The lif e cycle of the refractories v aries from as little as 20 minutes to as l o ng as 10 ye a rs. Majority of the refractories are used in steel making whe r e the life cyc l e is between 20 minutes a nd 2 months. The input cost of refractories as a percentage of the opera t ing costs of a steel, or ce m ent maker i s relativ e ly small at l e ss than 2% . This make s the demand for refracto r ies driven primarily by th e dema n d for steel, c e ment, and gl a ss and mak e s it relatively i mmune to re f ractories pric e increases. A 100% price increas e in the cost of refractori e s will increa s e the overall operating c o sts of a ste e l maker by less than 2 %.

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The grade and purit y of the magnesium carbonate rock from Winchester m agnesite de p osit allows for produ c tion of high purity CCM, a n d DBM whic h are in high d emand. The grade, purity, and chemic a l comp o sition of the r o ck produced by the quarr y will be furth e r fine-tuned a nd enhanced by dry sortin g using s pecialised mineral sorting e quipment.

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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 5

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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au

The W inchester de p osit is locate d south of D a rwin in the N o rthern Territ o ry, approxim a tely 85km b y road, l e ss than a hundred meters from sealed r oad, and les s than 5km fr o m railway lin e . For locatio n of the p roject pleas e see Figure 4 .

Issued Capital Issued Shares: 303 MLN Last Price: 2.6 cents Capitalisation: $8 MLN

Listi n g Codes ASX: KOR BERLIN: C6S

D irectors Andrej K. Karpinski Ex e cutive Chairman Director

Rodney H. Skeet Non-e x ecutive Director (Independent)

Daniel A. Smetana Non-e x ecutive Director (Independent)

Anthony G. Wills Non-e x ecutive Director (Independent)

Projects

Winchester (Rum Jungle, NT) Magnesium carbonate (MgCO3) Batchelor (Rum Jungle, NT) Au, Ag, Zn, P b , Ni, Cu, Co, Sc, Mn Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) (Sub-lea s ed to third party) Mt. Elephant (Ashburton, WA) Au, Cu ( O ptioned for sale)

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Figure 4 Location of the deposit

The d e posit is a sh a llow, flat layi n g body covered by up to 5 meters of un c onsolidated s oil and grav e l overb u rden. Figure 5 shows th e test mining of magnesiu m carbonate r o ck at Winch e ster. Surfac e (top of the overburd e n) and the t o p of the mag n esium carbo n ate rock are c learly marke d in the photo. Perso n nel are visibl e in the open pit setting th e explosive c h arges. Blast e d rock was t h en excavate d using h ydraulic exc a vators and moved to the p a d using truc k s.

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Figure 5 Test mining of magnesium carbonate rock

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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 6

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K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au

Beca u se of its sh a llow cover, low waste t o ore ratio, h igh purity, p roximity to infrastructur e and e xcellent logistics, Winc h ester mag n esite proje c t is one of the better u ndevelope d sourc e s of magne s ium carbonate rock.

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Issued Capital Issued Shares: 303 MLN Last Price: 2.6 cents Capitalisation: $8 MLN

Listi n g Codes

ASX: KOR BERLIN: C6S

D irectors

Andrej K. Karpinski Ex e cutive Chairman Director

Rodney H. Skeet Non-e x ecutive Director (Independent)

Daniel A. Smetana Non-e x ecutive Director (Independent)

Anthony G. Wills Non-e x ecutive Director (Independent)

Projects

Winchester (Rum Jungle, NT) Magnesium carbonate (MgCO3) Batchelor (Rum Jungle, NT) Au, Ag, Zn, P b , Ni, Cu, Co, Sc, Mn Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) Figure 6 Shipping lanes and road/rail transport (Sub-lea s ed to third party) INVE S TOR CONTACT:

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

Andrej K. Karpinski, Executive C h airman - Aus t ralia: (08) 94 7 4 6166, Inter n ational: +61 8 9474 6166 ABOU T KORAB R E SOURCES

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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252 PAGE 7

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Issued Capital Issued Shares: 303 MLN Last Price: 2.6 cents Capitalisation: $8 MLN

K O RA B R E SO U RC E S LIMI T ED KORAB H OUSE www.korab.co m .au

Korab Resources Ltd is an intern a tional minin g and exploration company with operatio n s in Australi a and E u rope. Korab’ s projects in c lude Winche s ter magnesium carbonate deposit at B a tchelor in th e North e rn Territory o f Australia. K o rab also explores for gold , cobalt, silve r , lead, zinc, c opper, nickel, lithium, and tin at B a tchelor and G reen Alligat o r in the Nort h ern Territory . Korab also h olds Geolse c phosp h ate rock de p osit (near B a tchelor) whi c h is sub-lea s ed to a third party. The C ompany als o holds M t. Elephant c opper/gold p r oject (in the A shburton Mi n eral Field in W estern Aus t ralia) which i s curren t ly optioned f o r sales. Over s eas, Korab h olds a gold and silver dep o sit at Bobrik o vo (in easter n Ukraine) which is c u rrently subje c t to sale neg o tiations. More information about Korab’s projects ca n be so u rced from Korab’s website at www.kora b .com.au. Ko r ab Resource s Ltd is listed on Australia n Securi t ies Exchange, which is K orab’s hom e market. K o rab’s shares are traded on Australia n Securi t ies Exchang e (ASX) and on the Berlin S tock Exchange (Börse Berl i n).

DISC L AIMER AND CAUTIONAR Y STATEME N T

Listi n g Codes ASX: KOR BERLIN: C6S

D irectors Andrej K. Karpinski Ex e cutive Chairman Director

Rodney H. Skeet Non-e x ecutive Director (Independent)

Daniel A. Smetana Non-e x ecutive Director (Independent)

Anthony G. Wills Non-e x ecutive Director (Independent)

Forwa r d-looking statements are s tatements that are not historical facts. W ords such a s “expect(s)”, “expe c ted”, “feel(s) , “believe(s)”, “will”, “may”, “anticipate ( s)”, “should” , “envisage(s ) ” and similar expre s sions are int e nded to iden t ify such forward-looking information. T h is informatio n includes, but is not limited to s tatements r e garding futu r e exploratio n results, re s ources, or r eserves, an d produ c tion. Anyone reading this report is cau t ioned not to place undue reliance on these forward - lookin g statements. All of such s t atements are subject to ri s ks and unce rt ainties (man y of which ar e difficul t to predict and which ge n erally are b e yond the co n trol of the C ompany) that could caus e actual results to dif f er materially from those e xpressed in, or implied or projected b y , the forward - lookin g information and stateme n ts. These ri s ks and unc e rtainties incl u de, but are not limited to: those relating to th e interpretati o n of exploration results (including drill r esults), the geology, grad e and c o ntinuity of mi n eral deposit s and conclusions of econo m ic evaluatio n s; risks relating to possibl e variati o ns in reserv e s, grade, min i ng dilution, o r e loss, and r e covery rates; risks relating to changes i n projec t financial an d technical p a rameters; ri s ks relating t o the potenti a l for delays in exploratio n programs, project e v aluation/revi e w, completi o n of feasibilit y studies and project development; risk s relate d to commodity prices and f oreign exch a nge rate fluctuations; risks related to failure to secur e adequ a te financing on a timely b asis and on acceptable t e rms; risks re l ated to dela y s in obtainin g gover n mental, or ot h er permits a n d approvals; risks related to security of tenure; and o ther risks an d uncert a inties relate d to the Com p any’s prosp e cts, properti e s and busin e ss strategy. Any forward - lookin g information contained in this report is provided a s of the dat e of this rep o rt. Except a s requir e d under applicable listing r ules and se c urities laws, t he Company does not int e nd, and doe s not as s ume any obl i gation, to up d ate this forw a rd-looking in f ormation. Pil b ara East an d Pilbara West projec t s are considered to be of early stage, gr a ss roots exploration statu s .

Projects

Winchester (Rum Jungle, NT) Magnesium carbonate (MgCO3) Batchelor (Rum Jungle, NT) Au, Ag, Zn, P b , Ni, Cu, Co, Sc, Mn

Geolsec (Rum Jungle, NT) Phosphate rock (P2O5) (Sub-lea s ed to third party)

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

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20 P R OWSE STRE E T, WEST PE R TH, WA, 600 5 , AUSTRALIA PO B OX 1958, WE S T PERTH, W A , 6872, AUST R ALIA TEL ( 08) 9474 6166 FAX (08) 93 2 2 6333 ACN 082 140 252

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