Korab Resources Limited and its subsidiaries advised that Korab has received a Letter of Intent (LOI) from Speira GmbH (Speira) regarding supply of magnesium metal from the Winchester Magnesium Project to Speira. Speira is a leading global manufacturer of advanced rolled aluminium products, producing approximately one million tonnes of aluminium alloys per year. Speira supplies some of the best-known global companies in the automotive, packaging, printing, engineering, building and construction industries.

Speira's production base, with locations across Germany and Norway, includes JV Alunorf, the plant for casting and rolling of aluminium, and Grevenbroich, the rolled aluminium finishing mill. Speira employs around 5,000 people mainly in Germany and Norway. Speira closely collaborates with their value chain partners to better understand and improve the lifecycle effects of their aluminium products.

The LOI confirms Speira's interest (on a non-binding basis) in negotiating the procurement of various magnesium products subject to: Korab Group commencing production of primary magnesium metal from Winchester Project; Korab Group meeting Speira's quality and sustainability standards; and Speira and Korab agreeing the commercial terms. The LOI acknowledges Speira's appreciation of Korab's efforts to develop the Winchester Magnesium Project as a sustainable primary magnesium source to the market and Korab's approach to build a business model integrating the most innovative production technologies, recycling, and renewable electricity generation. Discussions with Speira are incomplete and confidential. No commercial terms have been agreed between the parties and there can be no certainty that an agreement can be reached.

Accordingly, no investment decision should be made on the basis of this information.