King River Resources : HPA Project - DFS Update

Figure 1: Updated Processing Route

HPA PROJECT

DFS UPDATE

Australian Securities Exchange Announcement	16 March 2022
only	Project Status Update

Highlights

• Improved pathway to the production of High Purity Alumina identified
• Detailed Feasibility Study progressing to planned schedule

Summary

useKing River Resources Limited (ASX:KRR) is pleased to provide this update on the ongoing engineering and laboratory work which supports and enhances the Definitive Feasibility Study (DFS) for the Type 1 Precursor Processing Plant. As reported on the 8th of September 2021 KRR chose to pursue the opportunities associated with the processing of our 5N (99.999%) purity Type 1 Precursor (an Aluminium Salt) required in the battery manufacturing industry.

As reported on the 4th of January 2022 KRR identified an opportunity to convert our Type 2 Precursor to High Purity personalAlumina. Over the course of the DFS ongoing laboratory work to investigate new products and processes has identified a more economical and environmentally friendly way to produce High Purity Alumina. This process route

differs from the route that the earlier Prefeasibility Study utilised and supports both a potentially cheaper and more environmentally friendly way to produce High Purity Alumina.

ForThe current plant design for the 2000tpa 5N Aluminium precursor plant design basis is for a highly modular plant to allow for both future production expansion and product variation therefore is unaffected by this development. Adding this additional process train into the scope of the DFS will open up more market opportunities for High Purity Metals giving it the option to produce either of the products depending on market demand.

COMO Engineers have confirmed that this scope can be added into the DFS with no immediate impact to the project schedule.

The new process route also facilitates the direct production of other aluminium precursors which are under ongoing investigation by the laboratory.

Figure 1: Repeat assays for Type 1 Precursor from Campaign 5

Type 1 Precursor - Campaign 5

Source Certain International (SCI) has continued to run the laboratory pilot plant to confirm and optimise the ARC onlyprocess and produce market samples. Campaign 5, like the previous runs, resulted in >99.999% purity for Precursor

1 (Figure 1).

The Type 1 Precursor Aluminium salt product from Campaign 5 was produced from an industrial chemical compound feedstock by the ARC Process. SCI assayed the Type 1 Precursor products using the ICP-MS and ICP-AES methods. As with previous campaigns, SCI completed 4 duplicate analyses on the Campaign 5 batch to improve confidence in the results (Figure 1) and the >99.999% purity is an average of the 4 repeat assays. Each Precursor purity result was calculated by the addition of all the assayed element impurities that reported above the detection

uselimit then subtracting this result from 100%. Variability in the results is due to differences in the test sample and the analytical precision. The main contaminants in the Precursor are silicon (Si), potassium (K), sodium (Na), calcium (Ca), nickel (Ni) and cobalt (Co).

personalForCampaign 6 is underway trialling some further improvements in the process. This announcement was authorised by the Chairman of the Company.

Anthony Barton

Chairman

King River Resources Limited

Email: [e-mail]

Phone: [phone]

Statement by Competent Person

onlyThe information in this report is based on information compiled by Mr Ken Rogers (BSc Hons) and fairly represents this information. Mr Rogers is the Chief Geologist and an employee of King River Resources Ltd, and a Member of both the Australian Institute of Geoscientists (AIG number 2359) and The Institute of Materials Minerals and Mining (IMMM number 43552), and a Chartered Engineer of the IMMM. Mr Rogers has sufficient experience in the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Rogers consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

For usepersonal

Appendix 1: King River Resources Limited HPA Project JORC 2012 Table 1

SECTION 1 : SAMPLING TECHNIQUES AND DATA

r personal use only

Criteria

Sampling Techniques

Drilling techniques

Drill sample recovery

Logging

Sub-sampling techniques and sample preparation

JORC Code explanation	Commentary
Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised	This ASX Release dated 16 March 2022 provides an update on KRR Precursor-HPA Project,
industry standard measurement tools appropriate to the minerals under investigation,	including the production of 5N Precursor used to make precursor Cathode Active Materials (P-
such as down hole gamma sondes, or handheld XRF instruments, etc.). These	CAM) and high purity alumina (HPA) from an Aluminium chemical compound feedstock produced
examples should not be taken as limiting the broad meaning of sampling.	from other industrial chemical processes.
Include reference to measures taken to ensure sample representivity and the	Chemical precipitation and recrystallisation purification methods of KRR's ARC process have
been used in the separation and precipitation of the high purity Aluminium Precursor compound
appropriate calibration of any measurement tools or systems used.
reported in this announcement. The details of the process are a trade secret and commercial in
Aspects of the determination of mineralisation that are Material to the Public Report.	confidence.
In cases where 'industry standard' work has been done this would be relatively simple	The Type 1 Precursor Aluminium Salt product reported in this announcement represents the
(e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was	results of Campaign 5 of a series of planned test runs using KRR's laboratory scale pilot plant at
pulverised to produce a 30 g charge for fire assay'). In other cases more explanation	the SCI laboratory.
may be required, such as where there is coarse gold that has inherent sampling
problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may	Campaign 1, 2, 3, 4 and 5 Precursor Type 1 products reported in this announcement used 9.5kg,
warrant disclosure of detailed information.	9.5kg, 7.385kg, 8.995kg and 8.995kg samples respectively of the industrial chemical feedstock.
	Analytical duplicate subsamples were taken from the Precursor sample for analysis.
Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger,	Not Applicable. The samples were generated from a feedstock of an industrial chemical.
Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of
diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what
method, etc.).
Method of recording and assessing core and chip sample recoveries and results	Not Applicable.
assessed.
Measures taken to maximise sample recovery and ensure representative nature of the	Not Applicable.
samples.
Whether a relationship exists between sample recovery and grade and whether sample	Not Applicable.
bias may have occurred due to preferential loss/gain of fine/coarse material.	Not Applicable.
Whether core and chip samples have been geologically and geotechnically logged to a
level of detail to support appropriate Mineral Resource estimation, mining studies and
metallurgical studies.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.)	Not Applicable.
photography.
The total length and percentage of the relevant intersections logged.	Not Applicable.
If core, whether cut or sawn and whether quarter, half or all core taken.	Not Applicable.
If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or	Not Applicable.
dry.
For all sample types, the nature, quality and appropriateness of the sample preparation	Not Applicable.
technique.
Quality control procedures adopted for all sub-sampling stages to maximise	Not Applicable.
representivity of samples.
Measures taken to ensure that the sampling is representative of the in situ material	Not Applicable.
collected, including for instance results for field duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being sampled.	Sample sizes are considered appropriate to the grain size of the material being sampled.

		Criteria
		Quality of assay
use only		data and
	laboratory tests
personalr		Verification of
		sampling and
		assaying

JORC Code explanation	Commentary
The nature, quality and appropriateness of the assaying and laboratory procedures used	Source Certain International (SCI), previously TSW Analytical, Testwork
and whether the technique is considered partial or total.	Testwork on the Aluminium chemical feedstock includes chemical precipitation, solid liquid
	separations, and purification steps, that produce purified intermediate Precursor precipitates.
	Assays are conducted on solutions and solid precipitates.
	SCI is an established analytical service provider that has developed a reputation for providing
	accurate analyses of complex samples. The company's expertise has assisted with the
	development of hydrometallurgical flow-sheets for multi-element ore concentrates.
	The Aluminium Precursor products have been assayed using ICP-AES and ICP-MS. Samples
	are digested in nitric acid and then suitably diluted prior to analysis using ICP-AES and ICP-MS
	instrumentation.
	The primary and mother liquors have been analysed using ICP-AES and ICP-MS. The samples
	were diluted suitably for the appropriate ICP based analysis. Dilutions are used to bring the analyte
	concentration into the optimum analytical range of the ICP instrument used and to reduce matrix
	interference complications during quantification.
	Precipitation efficiency has been determined using the mass of the total analyte in the Precursor
	product divided by the mass of the total analyte in the initial liquor solution used. The resulting
	fraction is multiplied by 100 to give percent precipitation efficiency.
	SCI uses in-house standards and Certified Reference Materials (CRMs) to ensure data are "Fit-
	For-Purpose".
For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters	Not Applicable.
used in determining the analysis including instrument make and model, reading times,
calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (e.g. standards, blanks, duplicates,	Source Certain International (SCI)
external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias)	SCI reports concentrations as micrograms per gram (μg/g) in the solid (unless otherwise stated).
and precision have been established.	Instrumental response is measured against AccuTrace High Purity multi-element standards
	(Choice Analytical) to achieve quantitation. Data are subjected to in-house QA and QC
	procedures where an independent analyst recalculates instrumental output and compares the
	newly generated data set with the original. Lack of equivalence between the two data sets
	triggers an internal review and if necessary re-analysis of the entire data set. Under these
	circumstances a third independent analyst will assess all generated data prior to sign off.
	Initial equivalence between the two data sets, generated by the analyst and reviewer, will clear
	data for remittance to the customer. In addition to these procedures, samples are regularly sent
	to selected analytical laboratories in Western Australia for confirmation of the analytical data
	obtained. Once completed, all reports are then reviewed by an independent analyst prior to
	submission to the customer and where necessary, relevant changes such as wording that may
	give rise to possible ambiguity in interpretation will be modified prior to the final report being sent
	to the customer.
	In order to validate analytical data, SCI circulates duplicate samples to selected analytical
	laboratories in Western Australia for confirmation of their results.
The verification of significant intersections by either independent or alternative company	Assay results have been verified by alternative SCI laboratory company personnel.
personnel.	SCI has completed analytical duplicate analyses on all batches produced.
The use of twinned holes.	Not applicable - no drilling.
	Multiple samples have been produced and assayed.
Documentation of primary data, data entry procedures, data verification, data storage	Not applicable
(physical and electronic) protocols.	Not applicable.
Discuss any adjustment to assay data.
Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),	Not Applicable.