King River Resources : HPA Project - Update

HPA PROJECT

DECEMBER UPDATE

Australian Securities Exchange Announcement

4 January 2022

Project Status Updates

Highlights

only	 5N Type 1 Precursor - Campaign 4 successful
 Improved new Precursor path to HPA under development
	 Murdoch University Hydrometallurgy undertaking further Vanadium process work
Summary
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King River Resources Limited (ASX:KRR) is pleased to provide this end of year update on the ongoing study work which supports the Definitive Feasibility Study (DFS) for the Type 1 Precursor Processing Plant and further Vanadium process optimisation.

PRECURSOR PROJECT - CAMPAIGN 4

This laboratory pilot plant campaign run by Source Certain International (SCI) is a repeat test of the process changes

of Campaign 3 where a stage in the Primary Crystallisation flowsheet was not used. As with Campaign 3, Campaign personal4 resulted in >99.999% purity so this process reduction will be incorporated into the DFS process design. Removal of this stage in the Primary Crystallisation step is a significant improvement and simplification to the process, and

may result in economic benefits to be addressed in the DFS.

The Type 1 Precursor Aluminium salt product from Campaign 4 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. SCI completed 4 duplicate analyses on the Campaign 4 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 silicon (Si), potassium (K), sodium (Na) and calcium (Ca).

For

Figure 1: Repeat assays for Type 1 Precursor from Campaign 4

	HPA PROJECT - IMPROVED PATH TO HPA
	4N HPA has previously been produced by calcining our Type 1 Precursor. Testwork development is underway by
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	SCI to produce our Type 2 precursor, an intermediate Aluminium Compound, which on calcination should provide a
	more economical and environmentally friendly route to producing 4N HPA. Further details will be reported in 2022.
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	Figure 2: Updated Flowsheet

P-CAM PRODUCTION TESTWORK

KRR has been trialling using its Type 1 Precursor Aluminium Salt in the production of precursor Cathode Active Materials (P-CAM) used in the manufacture of cathodes of lithium-ion batteries. The focus of the testwork has been to produce a P-CAM of nickel-cobalt-aluminium (NCA) chemistry and previous reported tests have been successful in producing the targeted chemical composition (KRR ASX release 8 September 2021). Scanning Electron Microscopy (SEM) and sizing tests confirm that further work is required to achieve the correct morphology and particle size distribution and this work is underway.

VANADIUM UPDATE

KRR has engaged the Hydrometallurgy Research Group at Murdoch University led by Professor Aleks Nikoloski to Fordevelop and optimise processing option(s) for the extraction and recovery of vanadium, titanium, iron products from magnetite-ilmenite concentrates from our Speewah vanadium project. The research activities will initially focus on understanding the feed properties and developing suitable salt roasting process(es) for the extraction of vanadium. Subsequent testwork will optimise the selected roasting processes for the simultaneous extraction of vanadium, the recovery of by-products, including TiO2 for pigment production and direct reduced metallic iron, and the development of a preliminary flow sheet and key process parameters for scale up and further detailed engineering processing

plant design.

This announcement was authorised by the Chairman of the Company.

onlyAnthony Barton

Chairman

King River Resources Limited

Email: [e-mail]

Phone: [phone]

Statement by Competent Person

useThe 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 ndertaken 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

personalconsents to the inclusion in this report of the matters based on information in the form and context in which it appears. For

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 4 January 2022 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, 3 and 4 Precursor Type 1 products reported in this announcement used 9.5kg, 9.5kg,
		problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may	7.385kg and 8.995kg 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.

	Criteria	JORC Code explanation	Commentary
	Quality of assay	The nature, quality and appropriateness of the assaying and laboratory procedures used	Source Certain International (SCI), previously TSW Analytical, Testwork
	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
rpersonal		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.
	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.
		Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys),	Not Applicable.