King River Resources : HPA Project - 99.999% plus purity repeated

HPA PROJECT - DFS UPDATE

Australian Securities Exchange Announcement	10 December 2021
only	Project Status Update

Highlights

• >99.999% purity of Type 1 Precursor aluminium salt obtained in Campaigns 2 and 3.

Summary

useKing River Resources Limited (ASX:KRR) is pleased to provide this update on the ongoing laboratory scale pilot plant testwork which supports the Definitive Feasibility Study for the Type 1 Precursor Processing Plant. As previously reported, Campaign 1 produced Type 1 Precursor at 99.9995% purity (KRR ASX release 2 December 2021). Type 1 Precursor is a variety of Aluminium Salt of 5N (99.999%) purity.

Source Certain International (SCI) has now completed Campaigns 2 and 3 and both campaigns produced Type 1 Precursor at >99.999% purity (Figure 1).

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Figure 1: Repeat assays for Type 1 Precursor aluminium salt from Campaigns 1, 2 and 3

The Type 1 Precursor Aluminium salt products from Campaign 2 and 3 were produced from an industrial chemical compound feedstock by the ARC Process. SCI assayed the Type 1 Precursor products using the ICP-MS and onlyICP-AES methods. SCI completed 4 duplicate analyses on each 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 limit 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 potassium (K), sodium (Na), iron (Fe) and calcium (Ca).

Campaign 2's aim was to demonstrate the repeatability of the process. Campaign 3 has incorporated some process changes that were proposed to reduce energy and water consumption. The significance of these will be

usevaluated in the DFS design. Campaign 4 is underway to demonstrate the repeatability of the process changes. SCI are also investigating converting the Type 1 Precursor aluminium salt to other high purity aluminium based precursors used in the Lithium-ion battery (LiB) and LED industries. Testwork is underway using our Type 1 Precursor salt to produce precursor Cathode Active Materials (P-CAM) of Nickel-Cobalt-Aluminium (NCA) chemistry, required in the LiB industry to manufacture Cathode Active Materials (CAM) used in battery cells (KRR ASX release 8 September 2021). P-CAM production involves a co-precipitation process where the nickel, cobalt,

personalmanganese and aluminium salts are precipitated as a mixed metal hydroxide. Further testwork is underway to refine the composition, morphology and particle size distribution to the required NCA specification.

SCI is also investigating converting Type 1 Precursor salt to other high purity aluminium compounds used in the manufacture of LiB cathodes, coatings for LiB electrodes, LED phosphors and in the electronics and optics industry, and for conversion to 4N high purity alumina (HPA).

The successful production runs of the Laboratory Scale Pilot Plant along with the work on the Definitive Feasibility Study remain on track and are very exciting developments for King River Resources.

This announcement was authorised by the Chairman of the Company.

Anthony Barton

Chairman

King River Resources Limited

Email: [e-mail]

Phone: [phone]

ForStatement by Competent Person

The 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.

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

	SECTION 1 : SAMPLING TECHNIQUES AND DATA
	Criteria	JORC Code explanation	Commentary
	Sampling	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised	This ASX Release dated 10 December 2021 provides an update on KRR Precursor-HPA Project,
	Techniques	industry standard measurement tools appropriate to the minerals under investigation,	including the production of 5N Precursor used to make precursor Cathode Active Materials (P-CAM)
only	such as down hole gamma sondes, or handheld XRF instruments, etc.). These	and high purity alumina (HPA) from an Aluminium chemical compound feedstock produced from
examples should not be taken as limiting the broad meaning of sampling.	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 reported in
appropriate calibration of any measurement tools or systems used.
this announcement. The details of the process are a trade secret and commercial in confidence.
Aspects of the determination of mineralisation that are Material to the Public Report.	The Type 1 Precursor Aluminium Salt product reported in this announcement represents the results
In cases where 'industry standard' work has been done this would be relatively simple	of Campaigns 2 and 3 of a series of planned test runs using KRR's laboratory scale pilot plant at the
(e.g. 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was	SCI laboratory.
		pulverised to produce a 30 g charge for fire assay'). In other cases more explanation
		may be required, such as where there is coarse gold that has inherent sampling	Campaign 1, 2 and 3 Precursor Type 1 products reported in this announcement used 9.5kg, 9.5kg
		problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may	and 7.385kg samples respectively of the industrial chemical feedstock.
		warrant disclosure of detailed information.
			Analytical duplicate subsamples were taken from the Precursor sample for analysis.
	Drilling	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.
	techniques	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.).
	Drill sample	Method of recording and assessing core and chip sample recoveries and results	Not Applicable.
userecovery	assessed.
personalr	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.
	Logging	Whether core and chip samples have been geologically and geotechnically logged to a	Not Applicable.
		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.
	Sub-sampling	If core, whether cut or sawn and whether quarter, half or all core taken.	Not Applicable.
	techniques and	If non-core, whether riffled, tube sampled, rotary split, etc. and whether sampled wet or	Not Applicable.
	sample	dry.
	preparation	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.
	Quality of assay	The nature, quality and appropriateness of the assaying and laboratory procedures used	Source Certain International (SCI), previously TSW Analytical, Testwork

	Criteria	JORC Code explanation	Commentary
	data and	and whether the technique is considered partial or total.	Testwork on the Aluminium chemical feedstock includes chemical precipitation, solid liquid
	laboratory tests		separations, and purification steps, that produce purified intermediate Precursor precipitates. Assays
only		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".
use	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
rpersonal		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.
	Verification of	The verification of significant intersections by either independent or alternative company	Assay results have been verified by alternative SCI laboratory company personnel.
	ampling and	personnel.	SCI has completed analytical duplicate analyses on all batches produced.
	a saying
	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.
		Discuss any adjustment to assay data.	Not applicable.
	Location of data	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),	Not Applicable.
		trenches, mine workings and other locations used in Mineral Resource estimation.

	Criteria	JORC Code explanation	Commentary
	points	Specification of the grid system used.	Not Applicable.
		Quality and adequacy of topographic control.	Not Applicable.
	Data spacing	Data spacing for reporting of Exploration Results.	Not Applicable.
	and distribution	Whether the data spacing and distribution is sufficient to establish the degree of	Not Applicable.
		geological and grade continuity appropriate for the Mineral Resource and Ore Reserve
		estimation procedure(s) and classifications applied.
		Whether sample compositing has been applied.	Not Applicable.
	Orientation of	Whether the orientation of sampling achieves unbiased sampling of possible structures	Not Applicable.
	data in relation	and the extent to which this is known, considering the deposit type.
	to geological	If the relationship between the drilling orientation and the orientation of key mineralised	Not Applicable.
	structure
	structures is considered to have introduced a sampling bias, this should be assessed
		and reported if material.
	Sample security	The measures taken to ensure sample security.	Chain of Custody is managed by the Company until feedstock samples pass to Source Certain
only		International, for subsampling, assaying, and hydrometallurgical test work. The Aluminium
use		feedstock sample was delivered to the metallurgical laboratory by the Company or a competent
	agent. The chain of custody passes upon delivery of the samples to the metallurgical laboratory.
	Products, Residues and Duplicates of all samples are retained at the Company's Perth laboratory
			to insure against any sample loss
	Audits or	The results of any audits or reviews of sampling techniques and data.	No external audits have been completed.
	Reviews
SECTION 2 : REPORTING OF EXPLORATION RESULTS
	Criteria	JORC Code explanation	Commentary
	Mineral	Type, reference name/number, location and ownership including agreements or material	Not Applicable.
	tenement and	issues with third parties such as joint ventures, partnerships, overriding royalties, native
personalr	title interests, historical sites, wilderness or national park and environmental settings.
	and tenure
	status	The security of the tenure held at the time of reporting along with any known
		impediments to obtaining a licence to operate in the area.
	Exploration	Acknowledgment and appraisal of exploration by other parties.	Not Applicable.
	done by other
	parties
	Geology	Deposit type, geological setting and style of mineralisation.	Not Applicable.
	Drill hole	A summary of all information material to the understanding of the exploration results	Not Applicable.
	Information	including a tabulation of the following information for all Material drill holes:
		o easting and northing of the drill hole collar
		o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill
		hole collar
		o dip and azimuth of the hole
		o down hole length and interception depth
		o hole length.
		o If the exclusion of this information is justified on the basis that the information is not
		Material and this exclusion does not detract from the understanding of the report, the