KORAB RESOURCES LIMITED — Interim / Quarterly Report 2012

Apr 30, 2012

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Perth, 1 May 2012

Company Announcements ASX Ltd Exchange Plaza Perth, WA 6000

RE: CORRECTION TO CHANGES IN INTERESTS IN MINING TENEMENTS

Please find attached Appendix 5B with corrected Section 6 “Changes in interests in mining tenements”.

Sincerely yours

Andrej K Karpinski, FAICD, FFin KORAB RESOURCES LIMITED EXECUTIVE CHAIRMAN

KORAB RESOURCES LIMITED

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

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10

Name of entity

KORAB RESOURCES LIMITED

ABN 17 082 140 252	Quarter ended (“current quarter”)
17 082 140 252	31 March 2012

Consolidated statement of cash flows

		Current quarter	Year to date
Cash flows related to operating activities		$A’000	$A’000
1.1	Receipts from product sales and related debtors
1.2	Payments for
	(a)exploration and evaluation	(354)	(665)
	(b)development		(1,153)
	(c) production
	(d)administration	(178)	(687)
1.3	Dividends received
1.4	Interest and other items of a similar nature received	1	32
1.5	Interest and other costs of financepaid	(5)	(5)
1.6	Income and other taxespaid	(12)	17
1.7	Other
	Net Operating Cash Flows	(548)	(2,461)
	Cash flows related to investing activities
1.8	Payment forpurchases of:
	(a)tenements(refund of stampduty)	(50)	(115)
	(b)equityinvestments
	(c)other fixed assets
1.9	Proceeds from sale of:
	(a) prospects
	(b)equityinvestments
	(c)other fixed assets
1.10	Loans from /(to)other entities	(40)	(119)
1.11	Loans repaid(to)/ byother entities		(20)
1.12	Other(refund of stampduty paid)	168	168
	Net investing cash flows	78	(86)
1.13	Total operating and investing cash flows (carried forward)
		(470)	(2,547)

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

1.13	Total operatingand investingcash flows (brought forward)	(470)	(2,547)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares,options,etc.	1,131	1,631
1.15	Proceeds from exercise of options
1.16	Proceeds from borrowings	468	519
1.17	Repayment of borrowings	(267)	(515)
1.18	Dividendspaid
1.19	Other (refund of security)	20	10
	Net financing cash flows	1,352	1,645
	Net increase (decrease) in cash held	882	(902)
1.20	Cash at beginningofquarter/year to date	497	2,280
1.21	Exchange rate adjustments to item 1.20	(5)	(4)
1.22	Cash at end ofquarter	1,374	1,374

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

1.23 1.24 1.25	Aggregate amount of payments to the parties included in item 1.2 Aggregate amount of loans to the parties included in item 1.10 Explanation necessaryfor an understandingof the transactions	Current quarter $A'000
		(44)
		(40)
	1.14 Proceeds from issue of shares do not include $651,000 in funds received in April 2012 in settlement of the private placement announced in March 2012. 1.23 Over the quarter directors and their associates have received $44,000 in fees. They deferred the balance of fees. 1.24 Korab has made loans of $40,000 to Polymetallica Minerals Ltd. Polymetallica Minerals Ltd is a related entity of Korab directors because they hold more than 20% of its issued capital.

Non‐cash financing and investing activities

2.1	Details of financing and investing transactions which have had a material effect on
	consolidated assets and liabilities but did not involve cash flows

2.2	Details of outlays made by other entities to establish or increase their share in projects in which the reportingentityhas an interest

• See chapter 19 for defined terms.

Appendix 5B Page 2

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Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

3.1 Loan facilities 3.2 Credit standby arrangements	Amount available $A’000	Amount used $A’000
	‐	‐
	600	‐

Estimated cash outflows for next quarter

4.1 Exploration and evaluation 4.2 Development 4.3 Production 4.4 Administration	$A’000
	480
	80
	‐
	200
Total	760

Reconciliation of cash

Reconciliation of cash
Reconciliation of cash at the end of the quarter (as	Current quarter	Previous quarter
shown in the consolidated statement of cash flows)	$A’000	$A’000
to the related items in the accounts is as follows.
5.1 Cash on hand and at bank	443	332
5.2 Deposits at call	769	4
5.3 Bank overdraft	‐	‐
5.4 Other (provide details)	162	161
Total: cash at end of quarter(item 1.22)	1,374	497

Changes in interests in mining tenements

6.1 Interests in mining tenements relinquished, reduced or lapsed 6.2 Interests in mining tenements acquired or increased	Tenement reference	Nature of interest (note (2))	Interest at beginning ofquarter	Interest at end of quarter
	4101 E 28867 E 28348	Owner Owner Owner	0% 0% 0%	100% 100% 100%

• See chapter 19 for defined terms.

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Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

	Total number	Number quoted	Issue price per security (see note3) (cents)	Amount paid up per security (see note3) (cents)
7.1 Preference +securities (description) 7.2 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy‐ backs, redemptions
7.3 +Ordinary securities 7.4 Changes during quarter (a) Increases through issues (b) Decreases through returns of capital, buy‐ backs	96,377,777	96,377,777
	8,377,777	8,377,777
7.5 +Convertible debt securities (description) 7.6 Changes during quarter (a) Increases through issues (b) Decreases through securities matured, converted
7.7 Options (description and conversion factor) 7.8 Issued during quarter 7.9 Exercised during quarter 7.10 Expired during quarter			Exercise price	Expiry date
7.11 Debentures (totals only)

• See chapter 19 for defined terms.

Appendix 5B Page 4

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Appendix 5B Mining exploration entity quarterly report

7.12	Unsecured
	notes(totals
	only)

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 5).

• 2 This statement does give a true and fair view of the matters disclosed.

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30 April 2012
Sign here: ............................................................ Date: ............................
(Director)
Andrej K. Karpinski
Print name: .........................................................
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Notes

• 1 The quarterly report provides a basis for informing the market how the entity’s activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.

• 2 The “Nature of interest” (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.

• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities .

• 4 The definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report.

• 5 Accounting Standards ASX will accept, for example, the use of International Financial Reporting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

• See chapter 19 for defined terms.

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