Ann: Extension of rights issue closing date, page-63

@mcbr1990 I dont think it is at a definitive or bankable feasibility stage, that's my point. If it were there would be no problems getting finance for the project, and a lot of interest and upside.

Based on the original numbers (it would be good to see the full reports done by Golders, Mt Grace/Savanna in 2001/02......anyone have them?) and having an up to date Resource model ie an "Ore Reserve" and a Definitive (Bankable) Feasibility, it would be a somewhat easy project to get off the ground. It and would attract support..........so why doesn't it?

After all............ the previous 2 stages of Preliminary Feasibility, and draft EIS statement have passed back in 2002, and the project at this stage looks good. It should not take this long with an experienced consultant to do the NOI as they are not starting from scratch, and yes some extras such as mine closure are required.... but delay and silence.

I agree with your statements on cost benefit, but the fact is the +/-30% contingency is not just applicable to CAPEX, it relates to the OPEX and production numbers as well. That makes a big difference. It is enough to warrant spending money on the next stage to do a full definitive and bankable feasibility, and if handled logically the company could put its hand out for finance, and many would risk their cash to do this to confirm the projects viability and have a high level of certainty of estimates of Net Project Value.

My point is that the company has re-run the original pre-feasibility, reckons it's great, and the net project value looks very good. Yet they are at the same stage as Mt Grace where they are still pre-feasibility, and have not done the extra work to get it up to full feas which is bankable and would have people falling over themselves to get a stake. The question is "If the pre-feas is so good, why have you NOT progressed to the next stage?" Tell me the company has not simply plugged in modern costs to the original pre-feasibility and that's it?

Ok they need money to do it, that's obvious. One needs to question the various offshoot companies, cost and time to manage these and other projects, which are at the expense of getting this mine going. Priorities.

The Bobrikovo deposit is a good one, and worth hanging onto, as if ever resolved its a goer, but when, can they hang on another 10 years or more?

The company has spent almost $1M on the Pilbara from 2015 to 2017, and no results have been released, no upside. The website still refers it to being "early stage exploration project" and "however historical exploration results highlight the exploration potential" So what about new results? None published. http://www.korabresources.com/western_australia.html

Fair enough Great Fingall now have taken over, but the risk of them pulling out is high. They are assessing the ground and can get out anytime leaving Korab to refund them somewhere around $500k which Korab can't afford, and moreso can't afford to be lobbed with the management once again. However as the annual report states, Korab were refunded the exploration dollars, why? Are Korab still managing this exploration? If so are Great Fingall paying for the privilege? Why when Korab need to divert their small staff number to concentrate on the future mine, After all mines makes cash, and cash flow is king!

Something doesn't add up.............. I can understand exploration companies loaded with exploration geologists getting financial priorities wrong, and hanging onto ground just in case a new idea or commodity boom gets interest. But to have an MD who is a finance expert doing so indicates another reason we are not told.

The company needs to offload financial risks, offload liabilities and projects where millions have been spent for no upside. Get Polymetallica to start paying down their loan as in the Annual Report, this needs to be a priority. Even half of this and ditching the Pilbara outright for $500k with no retained interest would raise $1M.

Get focus on the mine, get drilling, get the metallurgy done and upgrade to a bankable feasibility, get the investment and get the mine going.