Korab Resources

What Korab Resources does

Korab Resources Ltd (ASX:KOR) is a diversified battery and precious metals mining and exploration company headquartered in West Perth, Australia. Its core asset is the Winchester magnesium deposit in the Northern Territory, operated through wholly-owned subsidiary AusMag Pty Ltd under mining lease ML30587 (granted to 2040, extendable 25 years). Winchester hosts a JORC-compliant resource of 16.6 million tonnes at 43.2% MgO, with mineralisation traced over an 8km trend of which only 7% is drilled. The company also holds the Sundance gold mine (with stockpiles assaying over 14 g/t Au), a portfolio of scandium, cobalt, copper, nickel, lithium and REE prospects within the Rum Jungle Project, the early-stage Mt Elephant copper-gold project in Western Australia, and previously held the Geolsec phosphate deposit (sold August 2024, pending settlement). Korab has a registered patent (NanoMag) for producing high-strength magnesium sheet with nanometer microstructures and has commissioned a demonstration plant producing magnesium metal from Winchester ore.

Name

Korab Resources

Legal name

Korab Resources Ltd

Website

http://www.korabresources.com

Company type

Public

Founded year

1998

Operating status

Operating

Headcount range

1–10 employees

Short description

Korab Resources (ASX:KOR) is an Australian mining and exploration company developing the Winchester magnesium deposit in the Northern Territory, with additional gold and battery metals prospects. It targets industrial buyers of magnesite, magnesium metal and refractories via Darwin Port export.

Ownership category

akta.pro rank

Headquarters

HQ city

Perth

HQ country

Australia

HQ region

Oceania

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Magnesium Carbonate (Magnesite) Sales: Direct shipping ore quarry producing 800,000 tonnes per year of crushed and screened magnesite rock sold to refractories, steel, cement, glass, and construction material manufacturers.
2. Magnesium Metal Export: Production and export of 30,000 tonnes per year of magnesium metal, 500,000 tonnes per year of various magnesium oxides, and 2,000,000 tonnes per year of direct shipping magnesite ore under MoU with Darwin Port.
3. Phosphate Rock Sales: Geolsec phosphate deposit sold in August 2024 (pending settlement). Phosphate rock for organic fertilizer application to agricultural sector.
4. Gold Ore Sales: Sundance gold mine produces stockpiled gold ore amenable to gravity processing, historically produced gold at head grade of over 10 g/t Au.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Korab Resources mines and sells industrial mineral commodities — primarily magnesium carbonate (magnesite) from the Winchester deposit, plus gold ore and phosphate rock — to B2B customers in steel, cement, glass, refractories, automotive, aerospace, and agricultural sectors. The company also holds the patented NanoMag process for magnesium sheet production and is developing magnesium-ion battery technology.

Product overview

Korab Resources is a diversified battery and precious metals mining and exploration company operating primarily in the Northern Territory of Australia. The company's core assets include the Winchester magnesium deposit (operated by subsidiary AusMag), the Geolsec phosphate deposit, Sundance gold mine, and the broader Rum Jungle Project containing multiple battery and precious metals. The company also holds the Mt Elephant exploration project in Western Australia. The portfolio spans magnesium carbonate/metal production, phosphate for organic fertilizers, gold mining, and exploration for rare earths, lithium, cobalt, nickel, copper, and other battery metals. Emerging products include magnesium-ion batteries and NanoMag technology.

Differentiator

Problem solved

Functional benefit

Brands

• AusMag: Wholly-owned subsidiary focused on commercialising the Winchester magnesium deposit and becoming a leader in magnesium carbonate supply chain.

Products and services

• Magnesium Carbonate (Magnesite) Direct Shipping Ore High-grade MgCO3 mineral product (90.4% average MgCO3, up to 99% MgCO3 / 47.34% MgO) sold as crushed and screened direct shipping ore at projected 800,000 tonnes per year capacity, expandable to 1.6MT/y. Sold to manufacturers of refractories, steel, cement, glass, energy, chemicals, fire retardants, superconductors, batteries, and building materials.
• Magnesium Metal and Alloys Lightest structural metal (two-thirds lighter than aluminium, 75% lighter than steel) for use in automotive, aerospace, and defence applications. Planned export of 30,000 tonnes per year of magnesium metal under the Darwin Port MoU, with production targeted at 50,000 tonnes per year per the 2022 scoping study.
• Gold Ore (Sundance) Stockpiled gold ore from the Sundance gold mine within the Rum Jungle project, with historical head grade over 10 g/t Au and stockpile samples assaying over 14 g/t Au. Ore is amenable to gravity processing.
• Organic Phosphate Fertilizer / Phosphate Rock Direct-application phosphate rock from the Geolsec deposit (grades up to 39% P2O5) marketed as an environmentally friendly alternative to soluble fertilizers for organic farming and soil fertility. Asset was divested in August 2024 with settlement pending.
• MgO Board (Magnesium Oxide Building Board) Magnesium oxide board for the construction industry, with density 0.8-1.1 g/cm3, fireproof, weatherproof, breathable, and flexible. Impact resistance 2-3 times greater than gypsum board and 10 times stronger than gyprock, used for structural applications, internal/external finishes, decorative applications, and furniture.

Quantifiable outcome

• NPV of approximately $1 billion from Winchester project at 50,000 tonnes/year magnesium metal production for 14 years
• +6 more outcomes

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered core.

• Darwin PortcoreStrategic or Co-development Partner · 1 March 2022Korab Group signed MoU with Darwin Port to export 30,000 tonnes per year of magnesium metal, 500,000 tonnes per year of various magnesium oxides, and 2,000,000 tonnes per year of direct shipping magnesite ore. The port provides critical export infrastructure for the Winchester project.
• AusMag Pty LtdcoreOthersAusMag is a wholly owned subsidiary of Korab Resources that owns 100% of the Winchester deposit and Mineral Lease ML30587. It operates the Winchester magnesium deposit as a direct shipping ore quarry.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Latrobe Magnesium: Latrobe Magnesium (ASX: LMG) is an Australian-listed company developing primary magnesium production using a proprietary hydromet process. It is the closest direct peer to Korab's Winchester magnesium project, with both targeting ex-China magnesium supply for steel, automotive, and battery markets.
• Magontec: Magontec (ASX: MGL) produces magnesium alloys and recycled magnesium, serving automotive and die-casting customers. While focused downstream of magnesite mining, it competes in the same Western magnesium value chain Korab targets with its magnesium metal and alloy plans.
• Premier Magnesia: Premier Magnesia is a US-based producer of magnesia and magnesium-based products serving industrial, agricultural, and environmental markets. It is comparable as a Western magnesite/magnesia supplier competing for the same ex-China downstream customers Korab targets.

Broad incumbents

• RHI Magnesita: RHI Magnesita is the world's largest producer of refractories and magnesia-based products, serving steel, cement, and glass industries globally. As an integrated incumbent, it competes with Korab's downstream magnesite output for refractory customers and represents the dominant scaled player in the magnesite value chain.
• Magnezit Group: Magnezit Group is one of the largest Russian producers of magnesia refractories and a major global magnesite miner. It serves the same refractory and steel customers Korab targets with Winchester magnesite, providing a benchmark for global magnesite supply dynamics.
• South32: South32 (ASX: S32) is a major diversified miner with operations across alumina, aluminium, manganese, nickel, and critical minerals. It is comparable as an ASX-listed diversified mining company with adjacent battery/critical minerals exposure, though significantly larger and broader than Korab.
• Haicheng Magnesite Refractories: Haicheng Magnesite is a major Chinese magnesite mining and refractory producer based in Liaoning Province, China's magnesite heartland. It is comparable as a large-scale magnesite miner, though Korab's value proposition rests partly on being an ex-China alternative.

Regional players

• Pilbara Minerals: Pilbara Minerals (ASX: PLS) is an ASX-listed lithium and tantalum producer with Western Australian operations. It is comparable as an Australian-listed junior-to-mid-cap battery minerals miner with comparable stage of development and capital markets profile, though focused on lithium rather than magnesium.
• Galaxy Resources: Galaxy Resources (now part of Arcadium) developed Australian lithium assets and was an ASX-listed battery materials developer at a similar stage to Korab. It provides a comparable benchmark for ASX-listed junior miners transitioning exploration assets into production for battery/clean-energy markets.

Emerging players

• Buxton Resources: Buxton Resources (ASX: BUX) is an ASX-listed junior explorer focused on battery minerals including copper-nickel-cobalt and rare earths. It is comparable as a similarly-sized Australian-listed exploration-stage mining company targeting battery/precious metals themes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Customer concentration

• Xx.com/korabresources

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Korab Resources