Korab Resources Ltd. advised that Korab is continuing the review of Lithium and Rare Earth Oxides (REO) exploration potential of the Batchelor and Green Alligator Projects located in the Pine Creek Orogen near Darwin in the Northern Territory. This review is the first in-depth systematic assessment of Korab's exploration database targeting lithium and rare earth oxides mineralisation. This database includes (but is not limited to) exploration results from Korab's own exploration programs, various exploration records containing historical geochemical and geophysical data from government and private-sector, as well as closed-file and open-file reports.

Initial results of the Lithium and REO Review are expected to be available for release to the market in early 2023. Korab further advises that it is continuing the scoping study which is evaluating economics of an environmentally-friendly production method to produce sustainable, "zero-carbon", "green" magnesium metal together with several additional sellable "bonus" products from the Winchester Magnesium Project located near Darwin in the Northern Territory. The production method which is being evaluated as part of this scoping study does not utilise aluminium and ferrosilicon but instead relies on the more modern technologies developed in recent years.

As part of this scoping study, the Company is assessing the use of two solar farms adjacent to the Winchester Project (that have a combined capacity of 22MW-24MW) to provide electric power to the Winchester Project. Results of this scoping study assessing the economics of producing "zero-carbon", "green" magnesium metal using an alternative method are expected to be available for release to the market in 2023.