Korab Resources' response to ASX query on MRDC claim

Korab Resources Limited (ASX: $KOR) has responded to ASX's query regarding the claim made by Mining Resource Development Corporation Pty Ltd (MRDC). The claim pertains to MRDC's failure to pay $450,000 to Australian Copper Holdings Pty LTD (ACH) by 3 August 2016. The company provided detailed information about the counterparty, basis for the claim, claim value, relevant dates, judgements made, current status of the claim, and other relevant information.

Executive Commentary on ASX Query Response

Korab Resources Limited has diligently responded to ASX's query regarding the MRDC claim. The company has provided comprehensive details regarding the claim, including the counterparty, basis for the claim, claim value, relevant dates, judgements made, current status of the claim, and other relevant information. The company believes that the information does not have a material effect on the price or value of its securities due to the ongoing legal proceedings and the uncertainty surrounding the claim. Korab Resources is committed to complying with the Listing Rules and has ensured that the responses to ASX's queries have been authorized and approved by an officer of the company with delegated authority from the board.

Summary of ASX Query Response and Outlook

Korab Resources Limited has provided a detailed response to ASX's query regarding the MRDC claim, demonstrating transparency and compliance with the Listing Rules. The company believes that the information does not have a material effect on the price or value of its securities due to the ongoing legal proceedings and the uncertainty surrounding the claim. The current status of the claim indicates that ACH has filed the appellant's case in the Supreme Court of Western Australia, and the appeal is yet to be heard. Korab Resources intends to advise the market of the outcome of ACH's appeal. The company remains committed to fulfilling its disclosure obligations and ensuring transparency in its communications with the market.