for personal use only · last price capital: listin berl d andrej k exec rodn ... ny g. wills...
TRANSCRIPT
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
21 Mar
WINCSTUDKorab update(DSO) by GoFollowreasonestimaoperati
Assummainteshippinwhich estimacarboncosts aand prthis rep
This exsuch aeconomInclusio
The rethe mannounMarch project
As parsorter increas
The ouof magstored 80%. Twaste
This isCompaunderptarget i
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
rch 2018
CHESTER DY RESULResources Lt
e of the pre-feoperation. Thlder Associating the curre
ns the Compantes of +/-30%ing costs.
mptions and ienance costs, ng costs, sellingenerated thtes were so
nate buyers. Ware provided frices, which wport.
xpanded studyas haulage, pmics of Winchon of addition
sults of the fearket on 7 ncement cont2018 contain
t supplying a d
rt of this curreto sort crush
se the proport
utput from thegnesite fines, on site. The e
The study revrock; however
s an update any confirms tpinning the prin the initial pu
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
MAGNESLTS (EARNtd (“Korab”, o
easibility studyhis study was ces Pty Ltd, tnt update, thny believed it % and conse
nputs (miningequipment a
ng costs, sellihe NPV, grosourced from Whilst the aggfurther in this rwere quoted b
y which includport charges, hester quarry aal information
asibility study March 2018. inue to apply ned estimatesdirect shipping
nt update, thehed rock into ion of saleable
quarry woulddolomite, tal
estimated ratiovealed that ther any potentia
of the studythat, other tharoduction targublic report co
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
ITE DIRECNINGS, NPor “Company”)y to develop Wcompleted by the Companyis is now a fwould be prud
equently a 30
g work ratesand consumabing prices, as ss earnings, appropriate
gregate estimareport (see Ta
by third parties
ded the estimainterest, debtassuming its d allowed estim
without inclusThe Compa
and have nots of capital (Cg ore.
e Company evmultiple stre
e product.
d consist of crlc, and wasteo of coarse saere may be al revenue from
results initiaan disclosed
get or the foreontinue to app
URCE
5, AUSTRALIA RALIA
CT SHIPPIPV, EBITD) (ASX: KOR)Winchester ma
the Companyy, URS, Batemfeasibility levedent to continu0% contingen
s, excavation bles costs, lowell as other
EBITDA, casconsultants,ates of all comable 8, and Ts are commer
ates of revenut repayment, development amation of earn
sion of the aboany confirms t materially chCAPEX) and
valuated the beams which w
rushed magnee rock (includaleable magnemarket for m
m sale of these
lly released telsewhere in ecast financialy and have no
ES LI
ING ORE FDA, CAPEX
is pleased toagnesite depoy using informman Tenova, el study; howeue using the ocy has been
and earthmoading, haulag
r input variablehflow, and cacontractors, mponents of oTable 5), the rcially sensitiv
ues and variouroyalties, oveas a direct shiings and net p
ove additionalthat all mat
hanged. The soperating co
benefits of utilwould reduce
esite rock withding polymetaesite rock to f
magnesite finee has not been
to the marketthis report, a
al information ot materially c
IMIT
FEASIBILIX, AND OPo provide the osit as a direcation collated and Devminever, for risk original accuran added to a
oving costs, ge, handling, es) underpinnapital and opand potentiaoperating cosspecific detail
ve and are no
us additional erheads, etc. ipping ore (DSpresent value
l factors were terial assumpstudy results
osts (OPEX) o
lising automatthe volume
h a waste streallic ores), whfines used in t
es, dolomite, tn included in t
t on 10 Marcll the materiaderived from
changed.
TED
PAGE 1
ITY PEX)
results of thect shipping ore
and preparedn Consultants
managemenacy of the cosall capital and
labour costsport charges
ning this studyperating costsal magnesiumsts and capitaled work ratesot disclosed in
material costsevaluated the
SO) operationof the project.
announced toptions in thareleased on 7of Wincheste
tic mineral oreof waste and
eam consistinghich would bethis study wasalc, and othethis study.
ch 2015. Thel assumptions
m a production
e e d . t t d
, , y s
m al s n
s e . .
o t
7 r
e d
g e s r
e s n
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
This st11 waderivedbeen pCode.
Deposhundrepleasemeterscarboncarbonexplospad us
EARNI
Resultspotentimillion interesfollowinas rang
Table 1
This stwith allto 1,00initial ryears),The stucan beproducinstallaThe stufully futhe caTable 3, and
CASHF
Importaattractifor inteassumincomeestima
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
tudy is based s not used ind from the proprepared by a
it is located soed meters from see Figure
s of unconsolidnate rock at Wnate rock are ive charges.
sing trucks.
INGS ESTIMA
s of the expanially generate over project l
st, tax, and ang table. The ges.
1 Project estim
YEAR (in $ '0
From 37,20To 37,30
tudy assumedl infrastructure
00,000 tonnesrate of product, increasing toudy assumed e deferred untced and sold. ation and consudy assumed nded from thelculations of t1, and TableTable 4.
FLOW ESTIM
antly, in addiive Free Casherest, income ed no debt fue tax, repaymted cash-flows
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
solely on indn the estimatoduction targecompetent pe
outh of Darwinm sealed road1, and Figuredated soil andWinchester. Sclearly marke
Blasted rock w
ATES
nded study shosubstantial prife starting witmortisation bestimated ea
mated EBITDA
R 1 YEAR 2000) (in $ '00000 37,80000 37,900
d a two-stagee required to pof saleable ro
tion of 600,00o 800,000 tonna cut-back to til at least 2,4In year 9 the sstruction of adthat the full co
e project cashthe estimated e 2, and in the
ATES
ition to havinh Flow estimat
tax, repaymeunding. Estimaments of debts are rounded
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
dicated mineration of the pret. The estimerson or pers
n in the Northd, and less the 5. The dep
d gravel overbSurface (top ed in the phowas then exc
ow that the prre-tax earningth the first yeaut after paym
arnings are rou
at US$105/T m
YEAR 3 ) (in $ '000)
37,500 37,600
e, bench-by-beproduce magnock. Projected
00 tonnes of sanes in year 4,enlarge the o
400,000 tonnestudy assumedditional wateost of the cut-hflows. Conse earnings and
e sensitivity st
ng high EBITted at approxents of debt, ate of Free Ct, royalties, o
d to the neares
URCE
5, AUSTRALIA RALIA
al resource. Inroduction targated mineral ons in accord
ern Territory, han 5km fromposit is a shalburden. Figure
of the overboto. Personnecavated using
roject has attrags estimated aar of operationments for royaunded to the n
magnesium car
YEAR 4 Y(in $ '000) (
49,700 49,800
ench developnesium carbond production saleable magn, and further i
open pit in yeaes of saleabled a partial div
er manageme-back, diversioequently, thesed cashflows otudies of estim
DA, Winchesimately $434.royalties, ove
Cash Flow fromoverheads etcst significant d
ES LI
nferred mineraet, or the forresources unance with the
approximatelym railway line.
low, flat layinge 4 shows theurden) and t
el are visible hydraulic exc
active economat approximatens. Estimates alties, overheanearest signifi
rbonate price a
YEARS 5-8 YEin $ '000) (i201,100 201,200
ment. Stage-nate rock at anchedule showesium carbonncreasing to 1
ar 4. The studye magnesium ersion of a shnt infrastructu
on, and additioe additional c
of year 4, yeamated earnings
ter quarry ha0 million to $4
erheads etc. Pm the quarry ac. is shown idigit and are p
IMIT
al resource shrecast financi
nderpinning the requirements
y 85km by roa For location g body covere test mining othe top of thin the open pcavators and
mics combinedely $613.6 miof potential eaads etc. are icant digit and
and US$0.80 e
EARS 9-12 T(in $ '000) (in250,300 6250,400 6
1 would estan annual rate
wn in Table 12nate rock per y1,000,000 tony shows that tcarbonate ro
hort section of ure in year 9,onal infrastruc
costs have beear 9, and years and NPV sh
as a potentia434.6 million aPlease note tafter paymenn the followin
provided as ran
TED
PAGE 2
hown in Tableal information
his study haves in the JORC
ad, less than aof the projeced by up to 5of magnesiume magnesiumpit setting themoved to the
d with ability tollion to $614.2arnings beforeshown in the
d are provided
exchange rate
TOTAL n $ '000) 613,600 614,200
blish a quarrycapacity of up2 assumes anyear (for first 3nes in year 9hese changesck have beenthe creek and and year 10
cture would been included inr 10 shown inhown in Table
al to generateafter providinghat this studyts for interestng table. Thenges.
2
e n e C
a t
5 m m e e
o 2 e e d
y p n 3 . s n d . e n n e
e g y , e
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
Table 2US$105
Sensitiwith EBprice (running(EBITDThe es
Table 3
US$
US$
US$
US$
US$
US$1
US$1
US$1
US$1
US$1
US$1
US$1
US$1
ESTIM
Study tax, intto $185to $2.5positiveannualFlow Nare rou
Table 4and de
MgCOin US$
F
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
2 Project estim5/T magnesium
YEAR (in $ '0
From 30,00To 30,10
ivity study shoBITDA and frewhich is signg at only 60%DA) estimates stimated earni
3 Project estim
YEA@600
($ '0
50/T 6,10
60/T 11,8
70/T 17,4
80/T 23,1
90/T 28,7
100/T 34,3
105/T 37,2
110/T 40,0
120/T 45,6
130/T 51,3
140/T 56,9
150/T 62,6
160/T 68,2
MATED NPV
has also showterest, and roy5 million. This5 million makee even after l volume of sa
NPV to variatiounded to the n
4 Free Cash Flbt repayments
O3 price $/tonne
US
(in'00
rom 129
To 130
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
mated Free Casm carbonate p
R 1 YEAR 2000) (in $ '00000 26,50000 26,600
ows that econee cash flow eificantly below% of its nomto variations
ngs are round
mated EBITDAAR 1
0KT YEAR@600
00) ($ '00
00 6,70
800 12,40
400 18,00
00 23,70
700 29,30
300 35,00
200 37,80
000 40,60
600 46,20
300 51,90
900 57,50
600 63,20
200 68,80
wn that the poyalties has ans high estimate Winchester a 50% drop
ales of 600,000ons in the manearest signific
ow Net Presens at various ma
S$85 US$90
n $ 00)
(in $ '000)
,000 143,000
,000 144,000
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
sh Flow (in $ ‘0rice and US$0
YEAR 3 ) (in $ '000)
26,300 26,400
nomics of Winestimated to rew the current
minal productioin the magnes
ded to the nea
A (in $ '000) - SeR 2 0KT
YEAR@600K
00) ($ '000
00 6,500
00 12,10
00 17,70
00 23,40
00 29,00
00 34,70
00 37,50
00 40,30
00 46,00
00 51,60
00 57,20
00 62,90
00 68,50
otential Free Cn estimated Nted NPV and a robust projein the magne0 tonnes of m
agnesite price cant digit and
nt Value using agnesium carb
US$95 U
(in $ '000)
157,000 1
158,000 1
URCE
5, AUSTRALIA RALIA
000) after tax, i.80 exchange
YEAR 4 Y(in $ '000) (
34,900 35,000
chester magnemain positive
market priceon capacity. sium carbona
arest significan
ensitivity to mR 3 KT
YEAR 4@800K
0) ($ '000
0 8,300
0 15,800
0 23,400
0 30,900
0 38,400
0 45,900
0 49,700
0 53,500
0 61,000
0 68,500
0 76,000
0 83,600
0 91,100
Cash Flow froet Present Vaa low estimatect. Importantesite sale pricagnesium caris shown in tare provided a
a discount facbonate prices
US$100 US$1
(in $ '000)
(in '000
170,000 184,0
171,000 185,0
ES LI
interest, and drate
YEARS 5-8 YEin $ '000) (i141,000 141,100
nesium carbone even at US$5) with the anSensitivity of te sale price i
nt digit.
agnesium carb4 T
YEARS 5-@800KT
) ($ '000)
35,500
0 65,600
0 95,700
0 125,800
0 155,900
0 186,000
0 201,100
0 216,100
0 246,200
0 276,300
0 306,400
0 336,500
0 366,600
om Winchesteralue (NPV) of ted CAPEX oftly, the NPV oce from currerbonate rock. She following tas ranges.
ctor of 12%pa
105 US$110
$ 0)
(in $ '000)
000 198,000
000 199,000
IMIT
debt repaymen
EARS 9-12 T(in $ '000) (in175,300 4175,400 4
nate quarry ar50/T magnesinual sales frothe approxim
s shown in th
bonate selling-8
T YEARS 9-@1,000KT
($ '000)
45,500
82,700
120,000
0 157,200
0 194,400
0 231,700
0 250,300
0 268,900
0 306,200
0 343,400
0 380,700
0 417,900
0 455,100
r quarry after approximatel
f approximateof Free Cash
ent market levSensitivity of ttable. The est
(in $ '000) afte
US$115 U
(in $ '000)
212,000 22
213,000 22
TED
PAGE 3
nts at
TOTAL n $ '000) 434,000 434,600
re very robustium carbonateom the quarrymate earningse table below
g price 12 T TOTAL
($ '000)
108,600
200,400
292,200
384,100
475,700
567,600
613,600
659,400
751,200
843,000
934,700
1,026,700
1,118,300
provisions foy $184 millionly $2.4 millionFlow remains
vels assumingthe Free Cashimated NPV-s
er tax, interest,
US$120 US$12
(in $ '000)
(in $'000)
26,000 240,00
27,000 241,00
3
, e y s .
0
0
r n n s g h s
,
25
$ ) 00
00
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
Study million Producincreastonnes
The stmarketdependmagneUS$122 yearcarbonyear isbuyersthe dempollutiosomewwith th
The stuof this TerritoCompalosses fully uconcer
OPERA
EstimaTable 6are pro
Table 5
WATE
WAST
MINE A
SUBTO
CONT
TOTAL
CAPAC
SALEA
COAR
CAPA
CAPAC
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
assumed a 1tonnes of ma
ction was asssing to 800,00s/year saleable
tudy assumedt prices for mading on the g
esium carbona20 to US$150 rs primarily dnate rock for ts not yet avas and anecdotmand has incon in China. what and will ae growing dem
udy assumed report was apry governmenany income ta(estimated attilised. Studyrning this proje
ATING COST
ated approxim6, and Table ovided as rang
5 Project estim
R MANAGEMEN
TE DUMPS ($/YR
AND CRUSHING
OTAL ($/YR.)
INGENCY (30%)
L ESTIMATE
CITY OUTPUT R
ABLE COARSE M
RSE MAGNESITE
CITY OUTPUT C
CITY OUTPUT F
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
12 year quarragnesium carbsumed to star00 tonnes/yeae magnesite ro
d a selling pragnesium carbrade and the
ate with low imper tonne. Pri
due to supplyhe 2016 year
ailable. Howeval evidence frreased again The study as
average US$1mand.
a US$/AU$ epproximately Unt, the study ax rate used wt approximate
y assumed thect are provide
ESTIMATES
mate project o7. The estimages.
mated operating
Descripti
NT ($/YR.)
R.)
G ($/YR.)
)
ROM MAGNESIT
MAGNESITE CO
E/FINES
COARSE SALEA
FINES (T/YR.)
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
ry life (see babonate rock (srt at 600,000r of saleable mock in Year 9.
rice of magnebonate rock ralevel of impu
mpurities. Sellices of magne
y shortages ar were approxver, informatirom various mwhile the supssumed that 05 per tonne
exchange rateUS$0.77. To cy used currenwas 30%. It w
ely $13 millionhat that no ded in Table 1
S
perating costsated operating
g costs (shove
ion
TE (T/YR.)
OST ($/T)
ABLE MAGNESIT
URCE
5, AUSTRALIA RALIA
ased on indicsee Table 110 tonnes/year magnesite roc
esite rock of ange from USrities. Wincheing prices for
esium carbonaand increasedximately 27 mon obtained f
magnesium capply has declin
over time mas the increas
e of US$0.80. calculate the pnt royalty ratewas further a
n) will be set odebt will be 3.
s at various og costs are rou
el and truck, d
TE (T/YR.)
ES LI
cated mineral for detailed mof saleable m
ck in Year 4, a
US$105 per S$90 to US$15ester project wthis type of p
ate rock have d demand. Gillion to 28 mifrom Korab’s rbonate produ
ned due to claagnesium carsed supply fro
The exchangpotential royalte of 20% (afssumed that off against taxused. Other
output capacitunded to the n
rill and blast)
Fr
180,0
190,0
6,053,0
6,423,0
1,926,9
8,349,9
375,0
8
300,0
75,0
IMIT
resource estmineral resourmagnesite roand increasing
tonne FOB b50 per tonne
will produce pproduct curren
risen consideGlobal sales o
illion tonnes. discussions
ucing regions amp-down on rbonate price
om new projec
ge rate at the tties’ income ofter allowableaccumulated xable income material mod
ties are shownearest signif
at 375KT/Y ca
rom
000 190
000 200
000 6,054
000 6,444
900 1,933
900 8,377
000 375
27
80%
000 300
000 75
TED
PAGE 4
timate of 12.2ces estimate)ck in Year 1g to 1,000,000
basis. Currenon FOB basisremium gradetly range fromrably over las
of magnesiumData for 2017with potentiasuggests tha
environmentaes will declinects catches-up
time of writingof the Northerne deductions)
Company taxuntil they are
difying factors
wn in Table 5icant digit and
pacity
To
,000
,000
,000
,000
,200
,200
,000
28
80%
,000
,000
4
2 . , 0
t s e
m t
m 7 al t l
e p
g n . x e s
, d
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
Table 6
WATE
WAST
MINE A
SUBTO
CONT
TOTAL
CAPAC
SALEA
COAR
CAPA
CAPAC
Table 7
WATE
WAST
MINE A
SUBTO
CONT
TOTAL
CAPAC
SALEA
COAR
CAPA
CAPAC
All varblastin
CAPIT
Capitamillion Table
Resultscapacitcapacitagreemtasks tbeen epads, a
Severadevelo
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
6 Project estim
R MANAGEMEN
TE DUMPS ($/YR
AND CRUSHING
OTAL ($/YR.)
INGENCY (30%)
L ESTIMATE
CITY OUTPUT R
ABLE COARSE M
RSE MAGNESITE
CITY OUTPUT C
CITY OUTPUT F
7 Project estim
R MANAGEMEN
TE DUMPS ($/YR
AND CRUSHING
OTAL ($/YR.)
INGENCY (30%)
L ESTIMATE
CITY OUTPUT R
ABLE COARSE M
RSE MAGNESITE
CITY OUTPUT C
CITY OUTPUT F
riants shown ag.
TAL COST ES
l costs of the(including 308.
s of the studyty and that thty of the proj
ments. The sthus reducing estimated for and other site
al developmepment was se
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
mated operating
Descripti
NT ($/YR.)
R.)
G ($/YR.)
)
ROM MAGNESIT
MAGNESITE CO
E/FINES
COARSE SALEA
FINES (T/YR.)
mated operating
Descripti
NT ($/YR.)
R.)
G ($/YR.)
)
ROM MAGNESIT
MAGNESITE CO
E/FINES
COARSE SALEA
FINES (T/YR.)
above assum
TIMATES
Winchester p0% contingenc
y show that me capacity is ject would thtudy assumedcapital costs bthe developminfrastructure
nt variants welected as the
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
g costs (shove
ion
TE (T/YR.)
OST ($/T)
ABLE MAGNESIT
g costs (shove
ion
TE (T/YR.)
OST ($/T)
ABLE MAGNESIT
ed standard s
project have cy). Compone
main componeprimarily the
herefore ultimad that contracby limiting the
ment of open e, waste and w
were evaluatee optimum var
URCE
5, AUSTRALIA RALIA
el and truck, d
TE (T/YR.)
el and truck, d
TE (T/YR.)
shovel and tru
been estimateents of the ca
ents of capitafunction of deately depend ctors would be need for own
pit operationwater managem
d initially. In iant for this fe
ES LI
rill and blast)
Fr
180,0
190,0
10,078,0
10,448,0
3,134,4
13,582,4
750,0
8
600,0
150,0
rill and blast)
Fr
180,0
190,0
12,997,0
13,367,0
4,010,1
17,377,1
1,000,0
8
800,0
200,0
uck mining m
ed at approxiapital costs o
l expenditure emand for the
on any off-tae used for mner operated ens with requirement etc.
the end, a tasibility study
IMIT
at 750KT/Y ca
rom
000 190
000 200
000 10,079
000 10,469
400 3,140
400 13,609
000 750
22
80%
000 600
000 150
at 1,000KT/Y c
rom
000 190
000 200
000 12,998
000 13,388
100 4,016
100 17,404
000 1,000
21
80%
000 800
000 200
method with lim
mately $2.4 mof the project
are not sense DSO magneake and/or lo
majority of proequipment. Caed access ro
two-stage, bey update. Unde
TED
PAGE 5
pacity
To
,000
,000
,000
,000
,700
,700
,000
23
80%
,000
,000
capacity
To
,000
,000
,000
,000
,400
,400
,000
22
80%
,000
,000
mited drill and
million to $2.5are shown in
itive to outpuesite rock. Theong term saleoject operatingapital cost hasads, bunding
ench-by-bencher this variant
5
d
5 n
t e e g s ,
h ,
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
estimacarbonremoveof a dicosts (during periods
The stuROM selectesole mAusMa
The layquarry infrastr
The es
Table 8
CAUT
The feestimaIt is a plow levreservea positcase.
This feprior remateriafrom areport)availabreasonoutcom
To achto $4 mwill be
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
ted capital conate rock wereed prior to coversion chann
(pit cut-backs,subsequent
s.
udy was basecapacity, 750
ed on the basimarketing ageag Pty Ltd is th
yout of the prand quarry
ructure shown
stimated capita
8 Project estim
SUMMA
WAT
SITE
WAS
QUA
SUBTO
CON
TOTAL
TIONARY ST
easibility studyting approximpreliminary tecvel technical aes. Further evtion to estima
easibility studyeports releaseal assumption production ta continue to
bility of fundinnable groundsmes indicated
hieve the rangmillion will like
able to raise
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
osts to be bore significantly mmencementnel, and a red installation oyears were i
ed on a concep0,000T/y ROMs of Korab’s dnt for all rockhe owner and
roject under twinfrastructure
n in Figure 3.
al costs are ro
mated capital c
ARY
TER MANAGEME
E INFRASTRUCT
STE PRODUCTS
ARRY
OTAL
TlNGENCY (30%
ESTIMATE
TATEMENT
y referred to ate capital anchnical and ec
and economic valuation workate any ore re
y is based on ed on 13 Janus underpinnin
arget, in the inapply and hag. While the C
s, there is noby the feasibil
e of outcomesely be required
that amount
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
rne prior to creduced due t of mining, noduced waste
of additional eqncluded in th
ptual mine thaM capacity andiscussions wik produced boperator of th
wo-stage, bene shown in F
ounded to the
costs
ENT
TURE
S DUMPS
%)
in this annond operating cconomic studyassessments
k and approprieserves or to
the material uary 2015 andng the productnitial public re
ave not materCompany cono certainty thality study will b
s indicated in d. Investors shof funding wh
URCE
5, AUSTRALIA RALIA
ommencemento (among otho initial requirand water maquipment, furthe estimates
at could operand 1,000,000ith potential buy Korab’s wh
he Winchester
nch-by-bench Figure 2, an
nearest signif
ouncement haosts of the Wy of the poten
s that are not sate studies arprovide any a
assumptionsd 10 March 20tion target, or eports (and wrially changednsiders all of tat they will prbe achieved.
the feasibility hould note thahen needed. I
ES LI
nt of productiohers) smaller vement for conanagement rether infrastructof operating
ate at various T/y ROM cauyers of the molly owned sProject.
operating sced stage-2 op
ficant digit and
FROM
390,000
580,000
100,000
810,000
1,880,000
564,000
2,444,000
as been undeinchester Mag
ntial viability ofsufficient to sure required beassurance of
outlined elsew015. The Comthe forecast fi
which are not dd. These incluhe material asrove to be co
study, fundingat there is no t is also poss
IMIT
on and sale ovolume of ovenstruction andequirements. Acture) which ar
cashflows fo
capacity leveapacity. Thesemagnesite rocksubsidiary Aus
enario with stapen pit quarr
d are provided
TO
400,000
590,000
110,000
820,000
1,920,000
576,000
2,496,000
ertaken for thgnesium Carbf this Project. upport the est
efore the Coman economic
where in this mpany confirmfinancial informdisclosed else
ude assumptiossumptions toorrect or that
g in the order certainty that
sible that such
TED
PAGE 6
of magnesiumerburden to bed maintenanceAny additionare to be borner the relevan
ls: 375,000T/ye levels werek. Korab is thesMag Pty Ltd
age-1 open piry and quarry
d as ranges.
O
0
0
0
0
0
0
0
he purpose oonate ProjectIt is based on
timation of orepany will be in
c developmen
report, and inms that, all themation derivedewhere in thisons about theo be based on
the range o
of $3.5 millionthe Company
h funding may
6
m e e l
e t
y e e .
t y
f .
n e n t
n e d s e n f
n y y
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
only beshares
It is alsventureproport
Given on the
AVAIL
On 23 (who reand bcarbonway of(whollyKorab finalisemanaguntil Ko
The Cothe aboequity receiveavenue
MININ
Resultsapproxthe wawould entire m
The de
Table 9
The slo
Table 1
A thin magne
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
e available ons.
so possible the, a partial stionate owner
the uncertainresults of the
LABILITY OF
March 2016 tepresents inteuilding mater
nate project. Uf funders and/y owned subs(or AusMag) s
e the funding gement agreemorab finalises
ompany assuove agreemen(by way of an
ed from releves appear feas
NG PLAN
s of the studyximately 0.45 aste rock to obe less than mining operat
esign criteria fo
9 Open pit des
ope design pa
10 Open pit slo
UniOveUnd
layer (up to esite at the Wi
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
n terms that m
hat the Compasale, or a salship of the pro
ties involved, feasibility stud
FUNDING
the Company erests associarials) for a $Under this agr/or their nominidiary of Korasecuring additdocumentatioment. The paand publishes
med for the pnt, or in the an institutional pvant counterpsible.
y show that ato 1 T/T, thou
ore ratio would0.2. The aveion was appro
or the open pi
ign criteria
Bench Height Distance betwBerm Width (mRoad Width (mMaximum Roa
arameters use
ope design par
t erburden disturbed rock
5m) of uncoinchester dep
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
may be dilutiv
any could pure of the projoject.
investors shody.
reported that ated with Chin$6 million dereement, the $nees acquiringab developingtional offtakes
on for this tranrties have ags these results
purpose of thisalternative, as placement, an
parties, and g
average wastugh the actuald be about 0rage ratio of
oximately 0.55
it used in this
(m) ween berms (m)m) m) ad Gradient (%
d in this study
rameters
onsolidated soposit. This ove
URCE
5, AUSTRALIA RALIA
ve to or otherw
rsue other ‘vaject. If it doe
ould not make
it has enterednese steel indevelopment fu$6 million devg a direct 25% the Winches
s for magnesiunsaction includreed to wait ws.
s study that tha combinatio
nd/or a pro-ratgiven the rela
e rock to orel ratio will fluc.85 to 1, whilall waste (ove
5 to 1 T/T.
study are sum
)
)
y are summari
Face Angle 40° 70°
oil and unconerburden woul
ES LI
wise affect th
lue realisations, this could
e any investm
d into an agreedustry, bankingunding for thvelopment fun%-30% equity ter project) an
um carbonate ding the subswith finalising
he funding man of debt (by ta share issueatively low CA
e ratio for the tuate over thee towards theerburden plus
mmarised in th
5 20 5 20
12.5
sed in the follo
Face HIrregu
20 m
solidated allud require prog
IMIT
e value of Ko
n’ strategies smaterially re
ment decisions
ement with Mg and finance
he Winchestending would b
interest in Aund would be rock. The par
scription agreethe funding d
ay be sourcedway of a forw
e). In light of thAPEX of the
e entire mininge life of the pre end of mines waste rock)
he following ta
5
owing table.
Height ular m
uvium overliesgressive remo
TED
PAGE 7
orab’s existing
such as a joineduce Korab’s
s based solely
r. Hong Wange, constructioner magnesiume provided by
usMag Pty Ltdconditional onrties are yet toement and thedocumentation
d either undeward sale) andhe information
project, both
g operation isroject. Initiallye-life the ratioto ore for the
ble.
s the massiveoval to expose
7
g
t s
y
g n
m y d n o e n
r d n h
s , o e
e e
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
the haremove
Under and eitopen pcharge
Under bencheprepar
Study campabe utilivolumeoperati
MINER
Currenin the f
Table 1
There the An
This innot beenot ma
The auinformaall thereleasewhich modifie
TIMEF
The Cmagneto mine
For thesales regulatinforma
Howevdepend
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
ard, consolidaed by tractor s
shovel and dther a hydraulpit materials. es in the Winch
the shovel anes are expecation.
indicates that aign basis by eised as the pes increase bion.
RAL RESOUR
nt estimated mfollowing table
11 Mineral reso
A Indicated RInferred ReTotal
has been no nual Report 2
formation wasen updated s
aterially chang
uthor of this ation included material assed on 17 July the findings o
ed.
FRAME FOR D
Company is aesium carbonae” with the No
e purpose of tand/or offtaktory project aation obtained
ver; investors d on the actu
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
ated magnesitscraper.
rill/blast optioic excavator oPlease refer hester open p
nd drill/blast opcted to be su
optimum variemploying a spreferred modbeyond this l
RCES ESTIMA
mineral resource:
ources estimat
At 40% MgO Cu
Resources esources
change to the017.
s prepared anince to compled since it wa
report is not in the report
sumptions and2007 continue
of the report r
DEVELOPMEN
aiming to comate rock as soorthern Territor
this study thees of magne
approvals will d from our disc
should note ual availability
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
te. It is expe
on, conventionor rubber-tyredto the Figure
pit during the p
ption, magnesuitable for ru
ant is for the specialist minide of operatioevel, it is ex
ATES FOR WI
rces at Winche
tes
ut-Off
e Winchester m
d first disclosely with the JOas last reporte
aware of anyreleased on 1d technical pe to apply andreleased on 1
NT AND PRO
mmence the on as practicary Department
e Company asesium carbon
take approxicussions with
that the actuy of funding fo
URCE
5, AUSTRALIA RALIA
ected that the
nal open pit md, front end loa
4 for a photoprior test minin
site would requunning rubber
mining operatng contractorn up to appro
xpected that
NCHESTER M
ester underpin
MgCO‘000 To
12,24,416,6
mineral resou
ed under the JORC Code 20d.
y new inform17 July 2007 aparameters und have not ma17 July 2007
DUCTION
developmentable. The Comt of Primary In
ssumed that tate rock, andmately 12-14the relevant c
al timeframe or the project
ES LI
e unconsolida
mining methodader were proo of the perso
ng operations.
uire blasting pr tyred mining
tions to be init. Study showsoximately 1,00the project c
MAGNESITE D
nning this pre-
Mass onnes 200 400 600
rce estimate s
JORC Code 212 on the bas
ation or data and, in the casnderpinning thterially changeare presented
t of the projempany intendsndustry and Re
he funding fod securing re months. Thi
counterparties
of the develo, completion
IMIT
ated, overburd
ds using rubbeoposed for exconnel setting
prior to excavag equipment
tially carried os that campaig00,000 ROM
could move t
DEPOSIT
-feasibility stu
MgO grade%
43.1 43.6 43.2
since it was la
2004 on 17 Jusis that the in
that materiase of mineral rhe estimates ed. The form d have not be
ect and the s to lodge a “Nesources very
r the project, equired goves assumption.
opment and pof sales and/
TED
PAGE 8
den could be
er-tyred truckscavation of thethe explosive
ation and minewith minima
out on a yearlygn mining canoutput. If the
to year round
udy are shown
e
ast reported in
ly 2007. It hasnformation has
lly affects theresources thain the repor
and context ineen materially
production oNotice of inteny shortly.
completion oernmental andn is based on
production wil/or offtakes o
8
e
s e e
e al
y n e d
n
n
s s
e t t n y
f t
f d n
l f
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
magneaccessforeign
Shouldadversand pro
PRODU
The Co
Table 1
Ye
123456789
101112
This pestima
The prmagne
Similaractual magneaccessforeign
On 6 300,00reporteMr. Wa2016. TPort wwithoutthe Agduring
ACCES
Sea traprojectdump design
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
esium carbons to transport,n exchange rat
d there be a dese change in aoduction timef
UCTION SCH
ompany used
12 Project prod
ar Salea
('0
2 3 4 5 6 7 8 9 0 1 2
roduction schte which inclu
roduction scheesium carbona
rly to the Timproduction s
esium carbonas to transportn exchange rat
March 2017, 00 tonnes peed to the markang, or propoThis Agreeme
which was annt penalties by
greement. Thithe ongoing d
SS TO TRANS
ansport is avat. Bulk materiastation, stocked for Panam
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
ate rock, sec, and markettes, etc. which
elay with secuany of the remframe.
HEDULE
the following
duction sched
able Tonnage 00 tonnes)
600 600 600 800 800 800 800 800
1,000 1,000 1,000 960
hedule is basdes both indic
edule was devate rock.
eframe for Prschedule will ate rock sales, and other fates, etc. which
Korab adviser year of maket on 4 Noveosed transactent was also nnounced to thy Korab givings termination
discussions wi
SPORT
ailable from Dals handling fapiles, haul roa
max class ship
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
curing requirfactors such
h are outside t
uring the fundmaining afore
production sc
ule estimates
ROM Tonnatonne
750750750
1,001,001,001,001,001,251,251,251,20
sed solely on cated and infe
veloped after
roduction anddepend on
s and/or offtaactors such ah are outside t
ed that it hasagnesium carember 2015. Ttion with Chinnot related to he market ong notice in wri will allow Koith potential an
Darwin Port’s acility at East ads and a 2,0
ps. Road trans
URCE
5, AUSTRALIA RALIA
ed governmeas magnesiuthe control of
ing, sales, or mentioned fac
hedule in this
age ('000 es)
CP
0 0 0 0 0 0 0 0
50 50 50
0
indicated mierred mineral r
consultation
Developmenthe availabilit
akes, governmas magnesiumthe control of
s terminated rbonate rock This Agreemennese funders
the Heads of 8 Novemberting to the coorab greater nd prospective
East Arm whArm includes
000T/H travellsport by haula
ES LI
ental and regm carbonate the Company
regulatory perctors, it may i
feasibility stud
umulative ROMProduction ('000
tonnes) 750
1,500 2,250 3,250 4,250 5,250 6,250 7,250 8,500 9,750 11,000 12,200
neral resourcresources plea
with potential
t section; invety of funding
mental and rem carbonate rthe Company
Heads of Agfor 5 years
nt was not relannounced tof Agreement wr 2017. The Aunterparty as flexibility in se buyers of ma
hich is locateds an 850m railling gantry shage trucks is a
IMIT
gulatory projerock prices, e.
rmits, or shouimpact on the
dy.
M 0
ResoClassi
indicindicindicindicindicindicindicindicindicindicindicindic
ces. For minease refer to Ta
and prospec
estors shouldg for the Proegulatory projerock prices, e.
greement for (the Agreem
lated to the trao the market with the operaAgreement w
s envisaged bysetting volumeagnesium car
d 93km to thel spur, 1,500T
hiploader. Theavailable to th
TED
PAGE 9
ect approvalsenergy prices
ld there be ane developmen
ource fication
cated cated cated cated cated cated cated cated cated cated cated cated
eral resourcesable 11.
ctive buyers o
note that theoject, finalisedect approvalsenergy prices
the supply oent) originallyansaction withon 23 March
ator of Darwinas terminatedy the terms oes and pricesrbonate rock.
e north of theT/H rail bottome shiploader ishe Darwin por
9
, ,
n t
s
f
e d , ,
f y h h n d f s
e m s rt
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
and to Stuart Batcheat BatcKorab envisaincludeequipmmagne
PROJE
WinchesubsidPlan (MResouthe MMprelimi
Winchedeveloenviron
Wincheapprovanthropprotectensure
MODIF
For main this
BACKG
WincheAusMaagent fBatchearea of
The mChina in the wwhere and glamoistumagnehydrom
The po12 timeMagneAnotheand as
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
South AustraHighway. Da
elor road approchelor or near
reported thages exporting
es sub-leasingment. HoA proesium carbona
ECT APPROV
ester deposit iary AusMag MMP) will neerces and AusMMP, AusMag nary assessm
ester quarry lapment and onmental impac
ester deposit vals would bepological or hted. The Come that the proje
FYING FACTO
aterial modifyireport please
GROUND INF
ester Magnesag Pty Ltd, a for the output
elor, some 70 f 352 ha.
ain use for maand North Koworld. Global magnesium o
ass furnaces re resistant b
esium alloys metallurgy of c
otential game es greater ca
esium-ion batter advantage os high as +55
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
alia, Victoria, Narwin to Adelaoximately 5kmthe point whe
t it has signeg of 500,000tg of the landovides the baate rock throug
VALS
is located on Pty Ltd. Befored to be submMag will need will lodge a “
ment of the pla
ayout, pit desoperation of ct.
and the minee required to
historical signimpany will liaisect is well sup
ORS
ng factors andrefer to Table
FORMATION
sium Carbonawholly owned
t from the Winkm south of D
agnesium carorea control mmagnesium ooxide is used and cement kbuilding mateused extensi
cobalt and nick
changer is thapacity than littery's charge/of magnesium
5°C whereas
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
New South Waide railway lm from the depere Batchelor ed Heads of tpa of magne, access to v
asis for the fingh Darwin.
a granted mre the quarry c
mitted to the N to receive the
“Notice of inteanned develop
ign, site infrasthe Winches
eral lease areo establish aificance that ase and consulported.
d assumptionse 13.
ate Project cod subsidiary onchester quarDarwin in the
rbonate rock ismajority of the oxide market is
include: refrakilns; productioerials like magively in cars,kel production
he recent devethium-ion batt/discharge eff
m-ion battery islithium-ion ba
URCE
5, AUSTRALIA RALIA
Wales and Queine runs alonposit. Currentlroad transect
f Agreement esite rock throvarious port fnal port agree
ineral lease Mcan be establ
Northern Territe authorisationent to mine” topment.
structure desigster quarry w
e located whoa quarry. Hoare located wlt with all affe
s used in this
onsists of a Mof Korab Resorry. The projeNorthern Terr
s in productioeconomically
s worth approactory bricks won of flame reg wall, MgO airplanes, ta
n; water purific
elopment of mteries and caficiency is 5 s its ability to atteries cease
ES LI
eensland via Bng Stuart Highy there are no
ts the railway with the opeough Darwin facilities, and ement which
ML 30587 heldished, an apptory Departmen to implemeno allow the D
gn, and choicwill have very
olly on freehowever, any s
within the projected parties a
study which a
Mineral Leaseources Ltd. K
ect is located ritory. Mineral
n of various tyy viable magneximately US$6
which are useetardants; prod
board and manks, APC-s
cation and soil
magnesium-ionn be chargedtimes higher perform at temto function a
IMIT
Batchelor roadhway and is o rail loading fline. On 8 Norator of DarwPort East Aruse of loadewill allow for
d by Korab’s propriate Mineent of Primarynt this MMP. PDepartment to
ce of equipmey small footp
old land and sacred sites ect area wouand various st
are not disclos
e ML30587, 1Korab is the s
2km east fromLease ML305
ypes of magnesium carbon60 billion. The
ed to line the duction of fire
mag cement; and other d
treatment an
n batteries whd in as little a
than a lithiummperatures asat around -15
TED
PAGE 10
d and then viatransected byfacilities eithe
ovember 2017win port. HoArm Wharf anders, and othe
exporting the
wholly ownede Managemeny Industry andPrior to lodging
complete the
nt ensure thaprint and low
no native titleand sites o
ld need to betakeholders to
sed elsewhere
100% held bysole marketingm the town o587 covers an
esium oxidesnate resourcese main sectorsinside of stee
e resistant andproduction o
defence usesd feedstock.
hich have 8 tos 36 minutesm-ion batterys low as -30°C°C. Additiona
0
a y r ,
A d r e
d t d g e
t w
e f e o
e
y g f n
. s s
el d f ;
o . .
C al
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
benefitdepend
The vaof obvioxide m22 time
COMP
The inreporteCastle,(“AusIMCastle sufficieconsid2004 eOre Rebased and firJORC reporte
CONTA
Andrej
ABOUT
Korab and EuNorthesilver, about are traBörse)
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
t of magnesiudant on supply
ariety of uses aous benefit tomarket is appes bigger than
ETENT PERS
formation in ted in this repo, a competentMM”). It fairlywho is a cons
ent experienceration and to
edition of the “eserves” (“JOon his inform
rst disclosed uCode 2012 o
ed.
ACT:
K Karpinski, E
T KORAB RE
Resources Lturope. Korab’sern Territory o
copper, cobaKorab’s proje
aded on Austr through Equi
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
um-ion battery of this relativ
and the relativo magnesium roximately 40
n the graphite
SON STATEM
this report thaort is based ot person who y represents, sultant geologe that is rele
o the activity b“Australasian RC Code”). Mation in the founder the JORon the basis
Executive Cha
ESOURCES
d is an internas projects inc
of Australia, Glt, nickel, andcts can be soralian Securitduct electroni
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
ries is that thvely expensive
ve size of thecarbonate roc
0 times biggermarket.
MENT
at relates to on information
is a Member information a
gist employed evant to the
being undertakCode for Rep
Malcolm Castleorm and conteRC Code 200that the infor
airman - Austr
ational miningclude WinchesGeolsec phospd polymetallic ourced from Kties Exchangec trading platf
URCE
5, AUSTRALIA RALIA
hey do not ue material.
magnesium ock producers. r than the lithi
Mineral Resocompiled by of the Austra
and supportinby Agricola Mstyle of min
ken to qualify aporting of Expe consents to ext in which it 04. It has not rmation has n
ralia: (08) 947
g and exploratster magnesiuphate rock deprojects in A
Korab’s website (ASX) and form.
ES LI
use graphite
oxide, and magBy tonnage cum carbonate
ources underpthe Company
alasian Institutg documenta
Mining Consulteralisation anas a Compete
ploration Resuthe inclusion appears. Thisbeen update
not materially
4 6166, Intern
tion company m carbonate
eposit also at Australia and ote at www.koron the Berlin
IMIT
and consequ
gnesium alloycomparison, the market and
pinning the fey and reviewete of Mining aation preparedtants Pty Ltd. nd type of deent Person as ults, Mineral Rin this report s information
ed since to cochanged sin
national: +61 8
with operationdeposit at BaBatchelor, an
overseas. Morab.com.au. K
n Stock Excha
TED
PAGE 11
uently are no
ys markets arehe magnesiumapproximately
easibility studyed by Malcolmand Metallurgyd by MalcolmMr Castle haseposits undedefined in the
Resources andof the matterswas prepared
omply with thece it was las
8 9474 6166
ns in Australiaatchelor in thend other goldre information
Korab’s sharesange (Berline
t
e m y
y m y
m s r e d s d e t
a e , n s r
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
DISCL
Forwar“expecexpresis not produclookingdifficultactual lookingthose and covariatioprojectprograrelatedadequagovernuncertalookingrequirenot assproject
LIST O
Table excha
Table repaym
Table price ..
Table after ta
Table capac
Table capac
Table capac
Table
Table
Table
Table
Table
Table
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
LAIMER AND
rd-looking stacted”, “feel(s)”ssions are inte
limited to sction. Anyone g statements. t to predict aresults to diff
g information relating to the
ontinuity of minons in reservet financial andms, project ev
d to commoditate financing
nmental, or othainties relatedg information ed under applsume any oblits are conside
OF TABLES
1 Project esange rate ......
2 Project esments at US
3 Project es....................
4 Free Cashax, interest,
5 Project escity ...............
6 Project escity ...............
7 Project escity ...............
8 Project es
9 Open pit d
10 Open pit
11 Mineral r
12 Project p
13 Material
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
CAUTIONARY
tements are s”, “believe(s)”ended to identstatements re
reading this All of such stnd which genfer materially and statemen
e interpretationeral deposits
es, grade, minid technical pavaluation/reviety prices and fon a timely b
her permits and to the Compcontained in
icable listing rigation, to updred to be of e
timated EBIT....................
timated Free$105/T mag
stimated EBI....................
h Flow Net Pand debt rep
timated oper....................
timated oper....................
timated oper....................
timated capi
design criteria
slope design
resources es
production sc
modifying fa
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
Y STATEMEN
statements th, “will”, “maytify such forw
egarding futurreport is caut
tatements arenerally are befrom those e
nts. These rison of exploratis and conclusiing dilution, orarameters; risew, completioforeign excha
basis and on nd approvals; pany’s prospe
this report isrules and secdate this forwaarly stage, gra
TDA at US$1....................
e Cash Flow nesium carb
ITDA (in $ '0....................
Present Valuepayments at
rating costs ....................
rating costs ....................
rating costs ....................
ital costs ......
a .................
n parameters
stimates .......
chedule estim
ctors ...........
URCE
5, AUSTRALIA RALIA
NT
at are not hisy”, “anticipate(ard-looking inre explorationtioned not to subject to ris
eyond the conexpressed in, sks and unceon results (inons of economre loss, and resks relating toon of feasibilityange rate fluctacceptable terisks related
ects, properties provided as
curities laws, tard-looking infass roots expl
105/T magne...................
(in $ ‘000) aonate price a
00) - Sensitiv...................
e using a disvarious mag
(shovel and ...................
(shovel and ...................
(shovel and ...................
...................
...................
s .................
...................
mates ..........
...................
ES LI
torical facts. W(s)”, “should”,formation. Th
n results, resplace undue
sks and uncertntrol of the Cor implied or
ertainties inclucluding drill remic evaluationecovery rates; o the potentiay studies and uations; risks
erms; risks relto security of
es and busines of the datethe Company formation. Pilboration status
esium carbon....................
after tax, interand US$0.80
vity to magne....................
count factor nesium carb
truck, drill an....................
truck, drill an....................
truck, drill an....................
....................
....................
....................
....................
....................
....................
IMIT
Words such a, “envisage(s)his informationsources, or rreliance on t
rtainties (manyCompany) thar projected byude, but are nresults), the gns; risks relati risks relatingal for delays project deve related to failated to delaytenure; and o
ess strategy. e of this repo
does not intebara East ands.
nate price an...................
rest, and deb0 exchange r
esium carbo...................
of 12%pa (inbonate prices
nd blast) at 3...................
nd blast) at 7...................
nd blast) at 1...................
...................
...................
...................
...................
...................
...................
TED
PAGE 12
as “expect(s)”)” and similan includes, bureserves, andhese forward-y of which aret could cause
y, the forward-not limited toeology, gradeng to possibleto changes inin explorationlopment; riskslure to secure
ys in obtainingother risks and Any forward-
ort. Except asend, and doesd Pilbara Wes
nd US$0.80 .................. 2
bt rate ........... 3
onate selling .................. 3
n $ '000) s ................ 3
375KT/Y .................. 4
750KT/Y .................. 5
,000KT/Y .................. 5
.................. 6
.................. 7
.................. 7
.................. 8
.................. 9
................ 14
2
, r t
d -e e -: e e n n s e g d -s s t
2
3
3
3
4
5
5 6 7 7 8 9 4
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
LIST O
Figure
Figurevarian
Figurevarian
Figure
Figure
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
OF FIGURES
e 1 Site local
e 2 Conceptunt ..................
e 3 Conceptunt ..................
e 4 Test mini
e 5 Winchest
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
ity plan ........
ual layout at e....................
ual layout at e....................
ng of magne
ter Magnesite
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
....................
end of year 3....................
end of year 1....................
esium carbon
e deposit rel
URCE
5, AUSTRALIA RALIA
...................
3 – two-stage...................
12 – two-stag...................
nate rock usi
ative to basic
ES LI
....................
e, bench-by-....................
ge, bench-by....................
ng drill-blast
c infrastructu
IMIT
...................
-bench deve...................
y-bench deve...................
ting. .............
ure and topo
TED
PAGE 13
................ 16
lopment ................ 16
elopment ................ 17
................ 17
graphy .... 18
3
6
6
7 7 8
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
Table 1M
Legal
Infrastru
Transpo
Mineral
Marketi(Off-tak
Mine Pe
Environ
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
13 Material moODIFYING FAC
ucture
ortation
l Resources Cla
ing ke or Sale Agre
ermitting
nmental studies
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
odifying factorsCTOR
Wl2reocmsmr
TBtpvGaa
S9AsshVvHdnNwmlawD
assification Tc
ements) Dowp
WKbba
s E
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
s
Winchester delicence) ML30520 October 204renewed multipentitled to a rooperating costscharges and romagnesite rocksubsidiary Melmineralisation wrights to uraniu
The deposit isBatchelor road to Adelaide railpower runs alovoltage power Gas pipeline ruavailable on sitalternative acco
Sea transport 93km to the noArm includes stockpiles, haushiploader is haulage trucksVictoria, New Svia Stuart HighHighway and isdeposit. Currennear the pointNovember 201with the operatomagnesite rockleasing of the and other equipwhich will alloDarwin.
The mineral resclassified as ind
Development ooff-take agreemwith number partnerships, of
Winchester depKorab’s wholly be established,be submitted toand AusMag w
Environmental
URCE
5, AUSTRALIA RALIA
posit is located587. ML30587 h40 prior to whicple times. Easoyalty of 5% os, transportationoyalties, as wek mined from rose Gold Minwithin the projem mineralisatio
s located 2kmand 75km from
line runs approong the Batchelines run acros
uns approximatete. Accommodaommodation is
is available froorth of the pro
850m rail spul roads and adesigned for
s is available tSouth Wales ahway. Darwin s transected byntly there are nt where Batche7, Korab reporor of Darwin pok through Darwland, access topment. HoA pr
ow for exportin
sources estimadicated mineral
of Winchester dments being com
of parties reff-take and long
posit is located owned subsid
, an appropriateo the Northernill need to recei
impact studies
ES LI
COMMENTS d within the grhas an area of ch date it can bst Africa Resouf net profits acn and sales coell as marketingWinchester de
nes Pty Ltd oect. Polymetallion within the pro
m east from thm Darwin port aoximately 5km flor road next ts the project 2 ely 3 km east oation is availabavailable in Da
m Darwin Portject. Bulk matepur, 1,500T/H
2,000T/H travPanamax clasto the Darwin nd Queenslandto Adelaide ra
y Batchelor roadno rail loading felor road transrted that it hasort. HoA envisagwin Port East Ao various port ovides the bas
ng the magnes
tes that were u resources.
depends on onmpleted succesegarding poteg-term sales ag
on granted miiary AusMag Pe Mine Manage Territory Depaive the authoris
s have been u
IMIT
ranted Mineral 352 ha and wa
be renewed. Thurces Limited chieved after d
osts and all taxeg costs and feeposit. Korab’sowns rights to ica Minerals Ltoject.
he town of Balong Stuart Hfrom the deposto the deposit. km to the east
of the deposit. Pble at Batchelorarwin.
t’s East Arm werials handling rail bottom
velling gantry sss ships. Roaport and to S
d via Batchelorailway line rund approximatelfacilities either sects the railw
s signed Headsges exporting oArm Wharf andfacilities, and
sis for the final sium carbonate
sed to underpin
ne or more lonssfully. Korab isential joint vegreements.
neral lease MLPty Ltd. Before ement Plan (MMartment of Min
sation to implem
ndertaken for
TED
PAGE 14
Lease (miningas granted up tohe lease can be(ASX: EAF) is
deduction of ales, governmen
ees on sales os wholly owned
100% of goldd owns 90% o
Batchelor alongighway. Darwin
sit. High voltageAdditional high
t of the depositPotable water isr town, and the
which is locatedfacility at Easdump station
shiploader. Thed transport by
South Australiar road and thenns along Stuary 5km from theat Batchelor o
way line. On 8s of Agreemenof 500,000tpa od includes sub-use of loadersport agreemene rock through
n this report are
ng-term sale, os in discussionsentures, equity
L 30587 held bythe quarry can
MP) will need tones and Energyment this MMP.
the Wincheste
4
g o e s ll t f d d f
g n e h t. s e
d st , e y , n rt e r 8 t f -, t h
e
r s y
y n o y
r
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
Native T
Social
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
Title
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
mwdthsmi
WlHsp
WOpaqNpdjltpOi
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
magnesite projwill have a mindeveloped as athan crushing ahave a very ssorters will be mines in the vicin operation.
Winchester depland and no naHowever, any significance thaprotected.
Winchester minOther than conpersonnel direcand operating tquarry has a Northern Territproviding revedirectly benefit jobs. Whilst thelabour, local buthis would not project will aimOther than coinvolved in esta
URCE
5, AUSTRALIA RALIA
ect and the asnimal impact. Tha magnesite rocand screening. small footprint. utilised were pcinity of the tow
posit and the mative title approv
sacred sites at are located
ne would utilisentractor’s staff,ctly employed the mine (fewerpotential to ge
tory governmennue stream foTerritorians by
ere is no legal usinesses and l
have negativem to utilise localontractor’s staffablishing and op
ES LI
ssessment showhis is primarily ck quarry with nThe quarry andMobile equipm
ossible. There wn of Batchelor
mineral lease avals would be rand sites of within the pro
e contractors othere would b
by AusMag Ptyr than 10). In adenerate significnt over the life or the governmy supporting lorequirement to
labour would bee impact on the
contractors opf, there would perating the qua
IMIT
ws that the mabecause the p
no processing od associated inment, includingare several roc
r, some abando
are located whorequired to estaanthropologica
oject area wou
operating on cbe relatively smty Ltd involved ddition, Winchecant royalties
e of the projectment, the quaocal businesseso utilise local ce given preferee viability of thperating on a c
be a numbearry.
TED
PAGE 15
agnesite quarryroject would be
of the rock othenfrastructure wilg crushers andck quarries andoned, and some
olly on freeholdablish a quarryal or historicauld need to be
ampaign basismall number oin establishing
ester magnesiteincome for thet. In addition torry would alsos and providingcontractors andence as long ashe project. Thecampaign basisr of local staf
5
y e r ll d d e
d y. al e
. f
g e e o o g d s e . ff
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
Figure
Figure
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
1 Site locality
2 Conceptual
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
plan
layout at end
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
of year 3 – two
URCE
5, AUSTRALIA RALIA
o-stage, bench
ES LI
h-by-bench dev
IMIT
velopment var
TED
PAGE 16
riant
6
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
Figure
Figure
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
3 Conceptual
4 Test mining
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
layout at end
of magnesium
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
of year 12 – tw
m carbonate ro
URCE
5, AUSTRALIA RALIA
wo-stage, benc
ock using drill-
ES LI
ch-by-bench de
-blasting.
IMIT
evelopment va
TED
PAGE 17
ariant
7
For
per
sona
l use
onl
y
Issued
SharLast Price
Capital:
Listin
BERL
D
Andrej KExec
RodnNon-exe
Daniel ANon-exe
AnthoNon-exe
P
(Rum JMagnes
(Rum JP
(Rum JAu, Ag, Zn,
M(Ashb
(P
Marble Ba(P
d Capital
res: 299 Mln e: 3.4 cents $10.17 Mln
g Codes
ASX: KOR LIN: C6S.BE
Directors
K. Karpinski cutive Chairman
Director
ey H. Skeet ecutive Director
A. Smetana ecutive Director
ony G. Wills ecutive Director
Projects
Winchester Jungle, NT) sium carbonate
(MgCO3)
Geolsec Jungle, NT) Phosphate rock
(P2O5)
Batchelor Jungle, NT) Pb, Ni, Cu, Co,
Sc, Mn
Mt. Elephant burton, WA)
Au, Cu
Karratha Pilbara, WA)
Au, Co, Cu
ar/Nullagine Pilbara, WA)
Au, Co, Cu, Li
KOKOwww
20 PRPO BTEL (ACN
Figure
ORABRAB H.korab.com
ROWSE STREEBOX 1958, WES(08) 9474 6166082 140 252
5 Winchester
B REHOUSEm.au
ET, WEST PERST PERTH, WA
FAX (08) 932
Magnesite dep
ESOU
RTH, WA, 6005A, 6872, AUSTR22 6333
posit relative t
URCE
5, AUSTRALIA RALIA
to basic infras
ES LI
tructure and to
IMIT
opography
TED
PAGE 18
8
For
per
sona
l use
onl
y