KORAB RESOURCES LIMITED — Capital/Financing Update 2020

Jan 28, 2020

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KORAB RESOURCES LIMITED

KORAB HOUSE

www.korab.com.au

29 January 2020

Issued Capital

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

Listing Codes

ASX: KOR BERLIN: C6S

Directors

Andrej K. Karpinski Executive Chairman Director

Rodney H. Skeet Non-executive Director (Independent)

Anthony G. Wills Non-executive Director (Independent)

WITHDRAWAL OF THE RIGHTS ISSUE OFFER AND OFFER MEMORANDUM

On 16 December 2019, Korab Resources Limited ( ASX: KOR ) ( Korab, or the Company ) announced a partly underwritten non-renounceable rights issue offer of 1 share for every 3 shares held on record date to raise up to approximately $1.16 million (before costs and expenses) ( Rights Issue, or Offer ). On 2 January 2020, Korab announced the extension of the Closing Date for the Rights Issue to 14 January 2020. On 9 January 2020, Korab announced further extension of the Closing Date for the Rights Issue to 21 January 2020. On 16 January 2020, Korab announced further extension of the Closing Date for the Rights Issue to 29 January 2020. On 23 January 2020, Korab announced further extension of the Closing Date for the Rights Issue to 5 February 2020.

The Company has decided to withdraw the Rights Issue Offer and the Offer Memorandum dated 16 December 2019 in accordance with Section 1, Sub-section 12 of the Offer Memorandum. The Company will return all application monies, without interest, within 28 days of giving this notice of withdrawal.

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This announcement has been made by the order of the Board of Directors of the Company.

FOR FURTHER INFORMATION CONTACT:

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

ABOUT KORAB RESOURCES

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

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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

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:

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

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

Listing Codes

ASX: KOR BERLIN: C6S

KORAB RESOURCES LIMITED KORAB HOUSE

www.korab.com.au

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 required under applicable listing rules and securities laws, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

Directors

Andrej K. Karpinski Executive Chairman Director

Rodney H. Skeet Non-executive Director (Independent) Anthony G. Wills Non-executive Director (Independent)

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

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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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