KORAB RESOURCES LIMITED — Interim / Quarterly Report 2012

Mar 14, 2012

Korab Resources Limited ABN 17 082 140 252 Interim Financial Report

31 December 2011

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Contents	**Page **
Directors’ Report	1
Auditor’s Independence Declaration	2
Condensed Statement of Comprehensive Income	3
Condensed Statement of Financial Position	4
Condensed Statement of Changes in Equity	5
Condensed Statement of Cash Flows	6
Notes to the Condensed Financial Statements	7-10
Directors’ Declaration	11
Independent Auditor’s Review Report	12-13

Korab Resources Limited

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DIRECTORS’ REPORT

Your directors submit the financial report for the Korab Resources Limited and its subsidiaries (“consolidated entity” or “Group”) for the half-year ended 31 December 2011.

In order to comply with the provisions of the Corporations Act 2001, the directors report as follows:

Directors

The names of directors who held office during or since the end of the interim period and until the date of this report are noted below. Directors were in office for the entire period unless otherwise stated.

Andrej K. Karpinski	Executive Chairman
MalcolmJ. McKenzie	Non-ExecutiveDirector
RodneyH.J.Skeet	Non-ExecutiveDirector

Review of Operations

During the half year to 31 December 2011 Korab Resources has worked on the development of its mining and quarrying assets in Australia and in Ukraine and conducted exploration for gold, base metals, nickel, iron ore, phosphates and associated minerals in Australia and overseas. During and subsequent to the end of the reporting period Korab has been presented with various offers of resources assets. The Company is regularly being offered opportunities to acquire various mining and energy assets from third parties. These opportunities are assessed by Korab as they occur.

Group companies have explored and/or developed the following projects (areas of interest) during the half year ended 31 December 2011:

• Batchelor (phosphate, rare earths, gold, magnesium, iron ore, base metals, nickel, titanium) – NT

• Green Alligator (rare earths, gold, magnesium, iron ore, base metals, nickel, titanium) – NT

• Melrose (gold) – WA

• Darlot East (gold) – WA

• Wonganoo (gold) - WA

• Ashburton Downs (copper, gold) – WA

• Bobrikovo (gold, silver, zinc, lead, antimony) – Ukraine

In September 2011 a ceremony was held to put in a foundation stone for the processing plant at Bobrikovo mine.

In October 2011, Melrose Gold Mines Ltd issued a Second Supplementary Prospectus.

Events Subsequent To Reporting Date

In January 2012, Melrose Gold Mines Ltd has issued Third Supplementary Prospectus and in February 2012 Melrose Gold Mines Ltd issued Fourth Supplementary Prospectus.

In February 2012 Lugansk Gold was issued an exploration permit around the Bobrikovo mine, substantially increasing the size of the Bobrikovo project.

Except for the above, in the opinion of the directors no matters or circumstances have arisen since 31 December 2011 which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.

Auditor’s Independence Declaration

Section 307C of the Corporations Act 2001 requires our auditors, HLB Mann Judd, to provide the directors of the company with an Independence Declaration in relation to the review of the interim financial report. This Independence Declaration is set out on page 2 and forms part of this directors’ report for the half-year ended 31 December 2011.

This report is signed in accordance with a resolution of the Board of Directors made pursuant to s306(3) of the Corporations Act 2001.

…………………………………………

Andrej K. Karpinski Executive Chairman 15 March 2012

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AUDITOR’S INDEPENDENCE DECLARATION

As lead auditor for the review of the financial report of Korab Resources Limited for the halfyear ended 31 December 2011, I declare that to the best of my knowledge and belief, there have been no contraventions of:

• a) the auditor independence requirements of the Corporations Act 2001 in relation to the review; and

• b) any applicable code of professional conduct in relation to the review.

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Perth, Western Australia 15 March 2012

W M CLARK Partner, HLB Mann Judd

HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 4 130 Stirling Street Perth 6000 PO Box 8124 Perth BC 6849 Western Australia. Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of International, a world-wide organisation of accounting firms and business advisers

Korab Resources Limited

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CONDENSED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

Interest income Other income Finance expense Depreciation and amortisation Corporate compliance and management Foreign exchange gain / ( loss) Occupancy costs Conference, travel and public relations Exploration and new venture expenditure written off Other Loss before income tax Income tax expense Loss for the half-year Other comprehensive income for the half-year net of income tax Exchange difference on translation of foreign operations Total comprehensive loss for the half-year Loss for the half-year is attributable to: Owners of the parent Non-controlling interest Total comprehensive loss for the half-year is attributable to: Owners of the parent Non-controlling interest Basic and loss per share (cents per share)	Consolidated 31 December 2011 31 December 2010 $ $ 46,294 24,466 10,149 13,567 (16,371) (51,236) (1,259) (13,186) (577,772) (421,956) 30,241 (210,359) (44,377) (45,123) (109,761) (57,290) - (50,869) (18,091) (34,779)
	(680,947) (846,765) - -
	(680,947) (846,765) (20,738) 36,992
	(701,685) (809,773)
	(614,582) (770,639) (66,365) (76,126)
	(680,947) (846,765)
	(618,343) (739,285) (83,342) (70,488)
	(701,685) (809,773)
	(0.77) (0.98)

The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes to the financial statements.

Korab Resources Limited

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CONDENSED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011

Notes Current assets Cash and cash equivalents Trade and other receivables Total current assets Non-current assets Loans receivable 7 Exploration and evaluation 2 Other investments Property, plant and equipment Intangible assets Total non-current assets Total assets Current liabilities Trade and other payables Borrowings Total current liabilities Non-current liabilities Loans and borrowings 7 Total non-current liabilities Total liabilities Net assets Equity Contributed equity 3 Foreign currency translation reserve Non-controlling interest contribution reserve Accumulated losses Total equity attributable to owners of the parent entity Non-controlling interests Total equity	Consolidated 31 December 2011 30 June 2011 $ $ 484,225 2,279,643 105,316 491,090
	589,541 2,770,733
	709,758 469,886 4,027,868 2,262,975 - 6,478 21,059 19,558 11,701 11,701
	4,770,386 2,770,598
	5,359,927 5,541,331
	437,571 543,543 - 2,880
	437,571 546,423
	718,699 558,764
	718,699 558,764
	1,156,270 1,105,187
	4,203,657 4,436,144
	9,644,181 9,644,181 (233,747) (229,986) 547,047 236,373 (5,684,726) (5,070,144)
	4,272,755 4,580,424 (69,098) (144,280)
	4,203,657 4,436,144

The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes to the financial statements.

Korab Resources Limited

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CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

Consolidated Balance at 1 July 2010 Loss for the period Exchange differences arising on translation of foreign operations Total comprehensive loss for the period Shares issued during the half- year Share issue costs Transfer to Non- Controlling Interest Contribution Reserve Balance at 31 December 2010		Contributed Equity Foreign Currency Translation Reserve Non- controlling Interest Contribution Reserve Accumulated Losses $ $ $ $ 6,582,992 452,596 - (5,054,924) - - - (770,639) - 31,354 - -	Sub -Total Non- controlling Interests Total Equity $ $ $ 1,980,664 (70,608) 1,910,056 (770,639) (76,126) (846,765) 31,354 5,638 36,992
		- 31,354 - (770,639) 100,000 - - - (30,000) - - - - (460,317) 523,470 765,810	(739,285) (70,488) (809,773) 100,000 - 100,000 (30,000) - (30,000) 828,963 204,783 1,033,746
		6,652,992 23,633 523,470 (5,059,753)	2,140,342 63,687 2,204,029
Balance at 1 July 2011 Loss for the period Exchange differences arising on translation of foreign operations Total comprehensive loss for the period Transfer to Non- Controlling Interest Contribution Reserve Balance at 31 December 2011		9,644,181 (229,986) 236,373 (5,070,144) - - - (614,582) - (3,761) - -	4,580,424 (144,280) 4,436,144 (614,582) (66,365) (680,947) (3,761) (16,977) (20,738)
		- (3,761) - (614,582) - - 310,674 -	(618,343) (83,342) (701,685) 310,674 158,524 469,198
		9,644,181 (233,747) 547,047 (5,684,726)	4,272,755 (69,098) 4,203,657

The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes to the financial statements.

Korab Resources Limited

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CONDENSED STATEMENT OF CASH FLOWS

FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

Cash flows from operating activities Payments to suppliers and employees Interest received Interest paid Net cash flows (used in) operating activities Cash flows from investing activities Payments for property, plant and equipment Exploration and evaluation expenditure Loans from other entities Net cash flows (used in) investing activities Cash flows from financing activities Proceeds from issue of ordinary shares Repayment of share applications received in advance Proceeds from non-controlling interests Repayment of finance lease liabilities Proceeds from related party borrowings Repayment of loans from related parties Loans to related parties Payment of share issue costs Net cash flows from financing activities Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at the beginning of the half- year Cash and cash equivalents at the end of the half-year	Consolidated 31 December 2011 31 December 2010 $ $ (464,232) (635,994) 46,294 24,466 (16,371) (50,001)
	(434,309) (661,529)
	(1,500) (2,818) (1,394,374) (546,763) - (20,454)
	(1,395,874) (570,035)
	- 100,000 (277,600) - 484,487 995,365 - 20,978 115,000 211,742 (47,250) - (239,872) - - (30,000)
	34,765 1,298,085
	(1,795,418) 66,521 2,279,643 430,287
	484,225 496,808

The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes to the financial statements.

Korab Resources Limited

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance

These interim consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, applicable accounting standards including AASB 134 ‘Interim Financial Reporting’, Accounting Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board (‘AASB’). Compliance with AASB 134 ensures compliance with IAS 34 ‘Interim Financial Reporting’.

This condensed interim report does not include full disclosures of the type normally included in an annual financial report. Therefore, it cannot be expected to provide as full an understanding of the financial performance, financial position and cash flows of the group as in the full financial report.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2011 and any public announcements made by Korab Resources Limited and its subsidiaries during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001 and the ASX Listing Rules.

The accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period.

Basis of preparation

The interim report has been prepared on a historical cost basis. Cost is based on the fair value of the consideration given in exchange for assets. The company is domiciled in Australia and all amounts are presented in Australian dollars, unless otherwise noted.

For the purpose of preparing the interim report, the half-year has been treated as a discrete reporting period.

Significant accounting judgments and key estimates

The preparation of interim financial reports requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expense. Actual results may differ from these estimates.

In preparing this interim report, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial report for the year ended 30 June 2011.

Going concern

The financial report has been prepared on the basis of accounting principles applicable to a going concern, which assumes the commercial realisation of the future potential of the Group’s assets and the discharge of its liabilities in the normal course of business. At balance date, the Group had an excess of current assets over current liabilities of $151,970.

Notwithstanding the positive working capital position at balance date, the Group has forecast that it will need to seek additional funding in the coming year in order to meet its operating expenditure and planned exploration expenditure for the next twelve months from the date of signing these financial statements. The directors are confident of raising additional share capital.

The directors are confident of raising additional share capital. Should this not occur, or not occur on a sufficiently timely basis, there is a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and therefore, the Group may be unable to realise its assets and discharge its liabilities in the normal course of business.

The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or to the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern.

Korab Resources Limited

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 1: STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Adoption of new and revised Accounting Standards

In the half-year ended 31 December 2011, the directors have reviewed all of the new and revised Standards and Interpretations issued by the AASB that are relevant to its operations and effective for annual reporting periods beginning on or after 1 July 2011.

It has been determined by the directors that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change is necessary to Group accounting policies.

The directors have also reviewed all new Standards and Interpretations that have been issued but are not yet effective for the half-year ended 31 December 2011. As a result of this review the directors have determined that there is no impact, material or otherwise, of the new and revised Standards and Interpretations on its business and, therefore, no change necessary to Group accounting policies.

Comparative Information

Comparative information has been re-presented to be consistent with current period classifications.

NOTE 2: EXPLORATION AND EVALUATION EXPENDITURE

Balance at beginning of period Foreign exchange translation Transferred from trade and other receivables Transferred from other investments Expenditure incurred Balance at end of period	31 December 2011 30 June 2011 $ $ 2,262,975 1,930,489 10,981 (81,214) 353,060 - 6,478 - 1,394,374 413,700
	4,027,868 2,262,975

The recoupment of costs carried forward in relation to areas of interest in the exploration and evaluation phase is dependent upon the successful development and commercial exploitation or sale of the respective areas.

NOTE 3: CONTRIBUTED EQUITY

Movements in ordinary shares on issue Balance at beginning of period Issue of shares for cash Exercise of share options Cost of issue of shares Balance at end of period	31 December 2011 30 June 2011 31 December 2011 30 June 2011 Number Number $ $ 88,000,000 78,500,000 9,644,181 6,582,992 - 9,000,000 - 2,970,000 - 500,000 - 100,000 - - - (8,811) 88,000,000 88,000,000 9,644,181 9,644,181

NOTE 4: OPTIONS

NOTE 4: OPTIONS
Movements in options over ordinary shares on issue Balance at beginning of period Exercise of options Balance at end of period	31 December 2011 Number 30 June 2011 Number
	- 500,000 - (500,000)
	- -

Korab Resources Limited

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 5: NON-CONTROLLING INTERESTS

Between 30 November 2011 and 9 December 2011 Lugansk Gold Limited issued 3,012,397 shares to noncontrolling interests at between $0.1556 and $0.1640 per share to raise $484,487, thus reducing Korab’s equity from 68.67% to 67.28%.

NOTE 6: CONTINGENT LIABILITIES

In the opinion of the directors there were no material contingent liabilities that existed as at 31 December 2011, other than as stated below.

The Executive Service Agreement entered into by Korab Resources Limited with Rheingold Investments Corporation Pty Ltd, was executed in July 2008. Under the Agreement, A K Karpinski, being the director of Rheingold Investments Corporation Pty Ltd, has agreed to provide management services to the Company at a rate of $327,000 per annum plus GST. The Agreement may be terminated by the Company at any time by giving A K Karpinski twelve 12 months' notice. In the event the Company does not require A K Karpinski to work throughout the period of notice, the Company shall tender to A K Karpinski an amount of $327,000 plus GST.

NOTE 7: RELATED PARTY TRANSACTIONS

Condensed Statement of Comprehensive Income

Non-executive directors’ fees payable Non-executive directors’ fees paid Total non-executive directors’ fees Management contract fees paid Management contract fees payable Total management contract fees	31 December 2011 31 December 2010 $ $ 15,167 13,327 10,834 12,933
	26,001 26,260
	136,250 82,100 27,250 81,400
	163,500 163,500

In October 2008 directors agreed to suspended payments of non-executive directors’ fees and executive services management contract fees because of the global financial crisis. As of the date of this report, payments of non-executive directors’ fees and executive services management contract fees have resumed but on a reduced basis with the unpaid portion of fees being accrued.

Condensed Statement of Financial Position

Payables

Trade and other payables include $26,154 in related party fees, expenses and superannuation (30 June 2011: $10,042).

Loans and borrowings include aggregate amount of management contract fees and borrowings of $676,614 (30 June 2011: $556,872) which have been converted to a loan from Rheingold Investments Corporation Pty Ltd to Korab at an interest rate of 8.63%. Mr. Karpinski is a director of the Company and is a majority shareholder in and a director of Rheingold Investments Corporation Pty Ltd. This amount is not payable prior to 31 December 2012. Mr Karpinski does not receive and has not received any directors’ fees since the incorporation of Korab in March 1998.

Receivables

Mr Andrej Karpinski is a director and significant shareholder of Polymetallica Minerals Limited (formerly Uranium Australia Ltd). The balance of outstanding receivables from Polymetallica Minerals Limited at period end is $709,758 (30 June 2011: $469,886) at an interest rate of 8.5%. The receivable is not payable prior to 31 December 2012.

Other than disclosed above there were no related party transactions during the period.

Korab Resources Limited

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NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2011

NOTE 8: SEGMENT REPORTING

The Group has adopted AASB 8 Operating Segments which requires operating segments to be identified on the basis of internal reports about components of the Group that are reviewed by the chief operating decision maker in order to allocate resources to the segment and assess its performance. The Executive Chairman of Korab Resources Limited reviews internal reports prepared as consolidated financial statements and strategic decisions of the Group are determined upon analysis of these internal reports.

During the period, the Group operated predominantly in one business segment being the minerals exploration sector. Accordingly, under the 'management approach' outlined only one operating segment has been identified and no further disclosure is required in the notes to the consolidated financial statements.

NOTE 9: EVENTS SUBSEQUENT TO REPORTING DATE

In January 2012, Melrose Gold Mines Ltd has issued Third Supplementary Prospectus and in February 2012 Melrose Gold Mines Ltd issued Fourth Supplementary Prospectus.

In February 2012 Lugansk Gold was issued an exploration permit around the Bobrikovo mine, substantially

increasing the size of the Bobrikovo project.

Except for the above, in the opinion of the directors no matters or circumstances have arisen since 31 December 2011 which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in future financial years.

Korab Resources Limited

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DIRECTORS’ DECLARATION

In the opinion of the directors of Korab Resources Limited (‘the company’):

1. The attached financial statements and notes thereto as set out on pages 3 to 10 are in accordance with the Corporations Act 2001 including:

2. a. complying with Accounting Standards, the Corporations Regulations 2001 and other mandatory professional reporting requirements; and

3. b. giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year then ended.

4. there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable.

This declaration is signed in accordance with a resolution of the Board of Directors made pursuant to s.303(5) of the Corporations Act 2001.

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Andrej K. Karpinski Executive Chairman

15 March 2012

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INDEPENDENT AUDITOR’S REVIEW REPORT

To the members of Korab Resources Limited

Report on the Condensed Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Korab Resources Limited (“the company”), which comprises the condensed statement of financial position as at 31 December 2011, the condensed statement of comprehensive income, condensed statement of changes in equity and condensed statement of cash flows for the half-year ended on that date, notes comprising a summary of significant accounting policies and other explanatory information, and the directors’ declaration of the consolidated entity comprising the company and the entities it controlled at the half-year end or from time to time during the half-year.

Directors’ responsibility for the half-year financial report

The directors of the company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act 2001 and for such control as the directors determine is necessary to enable the preparation of the half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity , in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and its performance for the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 . As the auditor of the company, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act 2001 .

HLB Mann Judd (WA Partnership) ABN 22 193 232 714 Level 4, 130 Stirling Street Perth WA 6000. PO Box 8124 Perth BC 6849 Telephone +61 (08) 9227 7500. Fax +61 (08) 9227 7533. Email: hlb@hlbwa.com.au. Website: http://www.hlb.com.au Liability limited by a scheme approved under Professional Standards Legislation

HLB Mann Judd (WA Partnership) is a member of International, a worldwide organisation of accounting firms and business advisers.

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Matters relating to the electronic presentation of the reviewed half-year financial report

This review report relates to the half-year financial report of the consolidated entity for the half-year ended 31 December 2011 included on the company’s website. The company’s directors are responsible for the integrity of the company’s website. We have not been engaged to report on the integrity of this website. The review report refers only to the half-year financial report identified above. It does not provide an opinion on any other information which may have been hyperlinked to/from the half-year financial report. If users of the half-year financial report are concerned with the inherent risks arising from publication on a website they are advised to refer to the hard copy of the reviewed half-year financial report to confirm the information contained in this website version of the half-year financial report.

Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of Korab Resources Limited is not in accordance with the Corporations Act 2001 including:

• (a) giving a true and fair view of the consolidated entity’s financial position as at 31 December 2011 and of its performance for the half-year ended on that date; and

• (b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001 .

Continuation as a Going Concern

Without qualifying our opinion, we draw attention to Note 1 to the financial report which indicates that the company is dependent on securing additional funding in order to continue its operations for the next twelve months from the date of signing these financial statements. If the Company is not successful in securing this funding or any other sources of funding, there is a material uncertainty that may cast significant doubt whether the company would be able to continue as a going concern and therefore whether it would be able to realise its assets and extinguish its liabilities in the normal course of business at the amounts stated in the financial report.

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HLB MANN JUDD Chartered Accountants

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W M CLARK Partner

Perth, Western Australia 15 March 2012