Korab Resources Limited
KOR.AX
Australian Securities Exchange0.01
AUD
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Korab Resources Limited
KOR.AX
(Australian Securities Exchange)
Recent
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0.01
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div
yld
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ROIC.AI
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- Business
- Korab Resources Limited (ASX:KOR) is a diversified mining and exploration company focused on battery metals, precious metals, and industrial minerals; it advances development-stage projects including the Winchester magnesium deposit, Sundance gold mine, and Bobrikovo gold-silver project while conducting exploration for scandium, cobalt, copper, nickel, lithium, rare earth elements, and other commodities. The company owns and operates the Rum Jungle Project in Australia's Northern Territory, encompassing the high-grade Winchester magnesite deposit with a JORC (2004) mineral resource of 9.8 million tonnes at 41.9% MgO suitable for direct shipping ore, magnesium oxide production, and high-purity magnesium metal via a demonstrated pilot process yielding an estimated NPV of $1 billion over 14 years at 50,000 tonnes annual production; the adjacent Sundance gold prospects with historical high-grade production exceeding 10 g/t Au and surface stockpiles assaying over 14 g/t Au amenable to gravity processing; the Geolsec phosphate deposit on mining lease ML27362, featuring sedimentary phosphate rock; the Mt Elephant copper-gold exploration project in Western Australia's Ashburton Mineral Field; and the Bobrikovo project in Ukraine's Lugansk region with JORC (2004) indicated and inferred gold resources of 5.3 million tonnes at 2.5 g/t Au and silver resources of 15.6 million tonnes at 60 g/t Ag, plus lead, zinc, and antimony potential. Korab Resources maintains interests in exploration tenements across the Northern Territory and Western Australia, targeting uranium, thorium, manganese, palladium, and platinum alongside its core assets; it holds shares in related mining entities and pursues value crystallization through joint ventures, offtakes, or sales. Founded in 1998 and headquartered in Perth, Western Australia, the company operates primarily in Australia with overseas assets in Ukraine and emphasizes infrastructure advantages such as proximity to Darwin Port, highways, rail, gas, power, and solar energy for its Northern Territory projects. Recent developments include the execution of a binding Heads of Agreement in August 2024 with Leka II Shipping Limited to sell the Geolsec mineral lease ML27362, with updates on settlement progress through December 2024 and into 2025 alongside a $3 million transaction value; ongoing scoping studies and discussions for joint ventures, offtakes, and funding for the Winchester magnesium project, including prior Letters of Intent and Memoranda of Understanding with parties like Speira GmbH and Darwin Port for exporting magnesium products; suspension from ASX quotation in July 2024 under Listing Rule 17.3 due to assessed operational levels, with efforts to address compliance; and completion of its 2024 annual report highlighting no new funding to associate Polymetallica and continued exploration restraint amid strategic reviews.