Korab Resources Announces Update on Mineral Lease Sale
Key points
- Korab Resources finalizes sale of Geolsec mineral lease ML27362 to Leka Fertilizer.
- Sale price set at $4.35 million with royalties on mineral returns.
- Shareholder approval date extended to 1 September 2026.
Full summary
Korab Resources Ltd has announced an update on the sale of its Geolsec mineral lease ML27362 to Leka 2 Fertilizer Shipping Pty Ltd. The transaction, initially reported on 31 March 2026, involves the sale of all rights, title, and interests in the mineral lease for a cash consideration of $4.35 million, along with royalties on net smelter returns for various minerals. The sale agreement has been amended to extend the date for obtaining shareholder approval to 1 September 2026 and the settlement date to 16 September 2026, to allow for potential shareholder approval. The mineral lease, considered a non-core asset, is located 60 km south of Port of Darwin in the Northern Territory and covers an area of 234 Ha. The lease is underlain by Geolsec Formation and Coomalie Dolostone and has been granted until 21 April 2035, with the possibility of renewal.
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