Karora Announces Agreement with Kalamazoo Resources to Unlock Lithium Exploration Value Through Creation of Kali Metals Limited

TORONTO, May 8, 2023 /CNW/ - Karora Resources Inc. (TSX:KRR.TO) ("Karora" or the "Corporation") is pleased to announce it has entered into an agreement with Kalamazoo Resources Limited (AMEX:KZR) ("Kalamazoo") to create a lithium and critical metals exploration company to be called Kali Metals Limited ("Kali"). Karora and Kalamazoo will vend their lithium exploration projects into Kali with a goal of creating a new, jointly owned but separately run lithium-focused ASX listed exploration company to be led by an experienced board and management team. The proposed transaction will allow Karora shareholders to participate in the significantly enhanced upside potential of a larger, combined lithium-focused investment vehicle that will fund its own exploration and development activities while Karora remains focused on growing its gold and nickel production base at both Beta Hunt and Higginsville.