KING RIVER RESOURCES LIMITED — AGM Information 2020

Nov 24, 2020

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C HAIRMAN ’ S U PDATE
A NNUAL G ENERAL M EETING
10.00am Thursday 26 November 2020
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ASX Announcement 25 November 2020

The majority of 2020 has proved to be a particularly challenging period for project developers and explorers needing to access remote parts of Australia and/or undertake cross border studies.

King River Resources Limited (“KRR” “Company”) has still made material progress this year by remaining open and adaptive to making the necessary changes with our engineering studies towards a goal of producing a High Purity Alumina (HPA) product while also progressing gold exploration in two States.

HPA Pre-Feasibility Studies

The majority of 2020 has been directed towards trying to complete a Pre-Feasibility Study (PFS) on Sulphuric acid leaching and refinement of the non-magnetic fractions of the Speewah mineralisation, to recover >4N HPA (99.99+% Al2O3 purity).

In recent weeks, the direction of PFS studies has shifted towards a new and much lower risk and faster path towards HPA production by investigating the processing of a readily available local industrial Aluminium chemical feedstock (refer KRR ASX release 19 November 2020).

This new circuit will not require the development of the associated mining, processing and logistical infrastructure at Speewah.

The simpler HPA flowsheet may offer advantages and economic benefits in CAPEX and OPEX savings with fewer process and development risks.

Speewah Project studies will still be continued in parallel, but with a future focus moving more towards potential development of a broader range of battery metals and master alloy compounds (Vanadium, Titanium, Iron and Magnesium).

Gold Exploration

The ability to explore for gold in the East Kimberley and the Northern Territory, in 2020 was greatly restricted by the various Covid-19 protocols aimed at protecting our most vulnerable indigenous communities.

In the later months of 2020, these constraints were lifted, and King River embarked on drill programs at Tennant Creek (NT) and Mt Remarkable (WA Kimberley).

Northern Territory

Tennant Creek Region

KRR commenced exploration in August at its Treasure Creek Project in the Tennant Creek Region around the historically high-grade Tennant Creek, Rover and Kurundi goldfields.

The Treasure Creek Project comprises 16 tenements (including 2 applications) covering 7,900km2, covering 4 main project areas: Tennant Creek East, Tennant East/Barkley, Rover East and Kurundi.

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KRR’s Tennant Creek Tenements and Project Areas.

Green polygons KRR granted and Blue polygons KRR newly granted

Exploration around Tennant Creek will be targeting iron oxide copper gold style mineralization (IOCG) characterized by gold and copper mineralization associated with ironstone bodies.

These ironstone bodies have varying degrees of hematite and magnetite often forming discrete geophysical targets and are stereotyped by the bonanza gold intersections previously witnessed around Tennant Creek.

KRR believes that, with the application of systematic exploration and new/advanced geophysical techniques, significant gold discoveries will in future be made in the region.

Western Australia

Whitewater Volcanics (including Mt Remarkable Project)

The Whitewater Volcanics is a distinct rock unit that fringes the East Kimberley of northern Western Australia.

High grade gold mineralisation has previously been reported at our Mt Remarkable project and we strongly believe further high-grade discoveries are yet to be made along this highly prospective, sparsely explored trend. The total area of our granted exploration licences exceeds 2,300 square kilometres and to date we would not have investigated more than 5% of our total package with first pass exploration.

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On October 28[th] , KRR commenced of a 2,500m RC drill programme to test 10 different locations.

Previous drilling at the Mt Remarkable Trudi Vein has yielded some excellent high-grade epithermal gold values.

Geologists have also been on site for a couple of months undertaking first pass reconnaissance over other nearby lease locations.

Previous gold results at Mt Remarkable have returned;

• 4m @ 113.29g/t Au including 1m @ 346g/t Au in KMRC78 (refer KRR ASX 4 June 2018)

• 6m @ 60g/t Au including 2.8m @ 108g/t Au in KMDD01(refer KRR ASX 10 September 2018)

• 4m @ 39.78g/t Au including 1m @ 82.7g/t Au in KMRC75 (refer KRR ASX 20 June 2018)

• 4m @ 36.77g/t Au from 7m including 1m @ 70.9g/t Au in KMRC127 (refer KRR ASX 7 August 2018)

• 3m @ 34.8g/t Au including 1m @ 50.5g/t Au in KMRC0077 (refer KRR ASX 4 June 2018)

The 2020 drill program has recently concluded and the Company is awaiting assays.

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Map showing location of King River Resources exploration holdings

at Mt Remarkable and relevant gold prospects

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Corporate

The Company’s cash position as at 24 November 2020 was $7,825,681.

This announcement was authorised for release by the Chairman of the Company.

Anthony Barton

Executive Chairman King River Resources Limited Level 1, 254 Adelaide Tce, Perth WA 6000 PO Box Z5152, Perth WA 6831 Email: info@kingriverresources.com.au Phone: +61 8 9221 8055

Statement by Competent Person

The information in this report that relates to Exploration Results, Mineral Resources, Metallurgy and Previous Studies is based on information compiled by 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) and The Institute of Materials Minerals and Mining (IMMM), and a Chartered Engineer of the IMMM. Mr. Rogers has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to 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.

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254 Adelaide Tce Perth WA 6000

PO Box Z5518, Perth WA 6831 PHONE: +61 (0)8 9221 8055 FAX: +61 (0)8 9325 8088 WEB: www.kingriverresources.com.au

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ANNUAL GENERAL MEETING CHAIRMAN’S UPDATE

10.00 AM Thursday 26 NOVEMBER 2020

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SPEEWAH MINING HIGH PURITY ALUMINA (HPA)

HPA Markets

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HPA Process Options

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KRR HPA Process is commercial in confidence

Speewah V-Ti-Fe-HPA Development History

• 2012 Scoping study on a 6.3Mtpa mining operation producing 12,400tpa vanadium pentoxide (V2O5), 75,000tpa titanium dioxide (TiO2) and iron oxide (Fe2O3) by a HCl-SX process estimated Capex US$896M (KRR ASX release 23 April 2012).

• V prices fell and KRR explored for Cu-Au at Speewah.

• 2018 Scoping study by CSA Global on a large scale mining operation producing high purity vanadium pentoxide (99.5-99.9% V2O5), titanium dioxide (>99% TiO2 ) and iron oxide (>68% Fe2O3) by HCl-Chemical Precipitation process estimated Capex AU$2,0002,500M (KRR ASX release 1 November 2018).

• In 2019 metallurgical testwork and engineering studies by Como Engineers began investigating ways to reduce Capex, including heap-vat-tank leaching using sulphuric acid (H2SO4).

• Early 2019 Scoping study by Como Engineers using an on-site sulphuric acid plant found agitated tank leaching of a coarse magnetic concentrate reduced Capex to US696M (KRR ASX release 22 March 2019).

• High Al tenor in H2SO4 leach solutions prompted investigation into producing high purity alumina (HPA) as a by-product (KRR ASX release 9 May 2019).

• Later in 2019 Scoping study by Como Engineers estimated Capex of a beneficiation, agitation leaching and metal recovery plant would be reduced to ~US$524 million by reducing start up mining rates to match a standard sized acid plant (KRR ASX release 20 August 2019).

• In September 2019 Como Engineers appointed to complete a PFS producing V2O5, TiO2, Fe2O3 and HPA.

• Late in 2019 metallurgical testwork discovered Al could be removed from the sulphuric acid leachate to make HPA with V2O5, TiO2 and Fe O 2 3 as co-products (KRR ASX release 26 November 2019).

• 99.98% Al O 2 3 HPA produced by a new process (KRR ASX release 6 December 2019).

• 4N (99.99% Al2O3) High Purity Alumina (HPA) produced by adding an IX stage to the refining process but requiring further work to improve recovery. Decision to focus on HPA only for the PFS (KRR ASX release 23 April 2020).

• Metallurgical testwork refined the purification circuit so the problematic IX stage could be removed (KRR ASX release 7 September 2020).

• In May and November 2020 Como Engineers provided CAPEX and OPEX estimates in line with expectations for a HPA only production scenario based on Speewah acid leachate.

HPA Prefeasibility (PFS) Plan

Current PFS Plan (KRR ASX release 19 November 2020)

• The Speewah PFS testwork and studies have now identified a more direct route to complete a process design that outlines a lower risk and faster path towards High Purity Alumina (HPA) production.

• The new KRR leaching and refining route can be used directly on a readily available industrial Aluminium chemical feedstock.

• Laboratory test results have already confirmed the production of a high purity precursor compound suitable for calcining into HPA (KRR ASX release 11 November 2020).

• This alternative production circuit is a simpler process than the original process flow sheet and will not require the development of associated mining, processing and logistical infrastructure at Speewah.

• The simpler flowsheet also offers possible advantages and economic benefits in CAPEX and OPEX savings and fewer process and development risks.

• Some additional metallurgical testwork and engineering will be required to finalise the PFS, which is now expected in Q1 2021.

• A recent HPA market report by CRU International supports strong future demand and pricing of HPA.

• The Speewah mine development testwork and studies will continue, but the focus will shift towards a broader range of battery metals and master alloy compounds.

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KING RIVER RESOURCES GOLD PROJECTS

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Darwin
KING RIVER RESOURCES
Exploration Target Summary
Katherine
WA Tenements
Kimberlies:
Speewah
• Kununurra
Speewah: Project
Vanadium, Fluorite, Copper,
Gold
•
Mt Remarkable:
Gold
Mt Remarkable
NT Tenements Project
Halls
Tennant Creek:
Creek
•
Tennant Creek East
WA NT
• Rover East Tennant Creek
Iron Oxide Treasure Creek
• Barkley Copper Gold Project
•
Kurundi
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KING RIVER RESOURCES

Exploration Target Summary

WA Tenements

NT Tenements

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TREASURE CREEK PROJECTS

NT Tenements

2020 Exploration (on going):

• Tennant Creek East

• Rover East

• Barkley

• Kurundi

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Tennant East: West Part of EL31619

Prioritised Targets for ground geophysical survey work

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Warramunga
Outcrop
EL31619 - KRR
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New Ironstones Discovered
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•
Under Cambrian Cover
Mauretania
•
10km east of Tennant Creek deposits
(Emmerson’s 20m @ 38.5g/t
•
Au in diamond drill hole) Hematite and Magnetite
•
Geochemically Anomalous
Shallow
Cambrian
Cover
10km
Lone Star Trend Drilling
Strongly altered hematite
altered shales
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Tennant East: West Part of EL31619

Main Targets

• Lone Star Trend

• Commitment

• Mining Lease Anomaly

• NE Mag High

• Recon Ironstones

Warramunga Subsurface Warramunga formation mapped as outcrop just north of this area

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NE Mag High
Large Mag High Trend
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Mining Lease Anomaly

Number of magnetic anomalies with main anomaly beneath a small mining lease but appears to plunge into our ground

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EL31619
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Recon Ironstones

Cover is shallow and intermittent. 2019 recon identified ironstones at surface.

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Mauretania
(Emmerson’s 20m @ 38.5g/t
Au in diamond drill hole)
EL31619
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Commitment Area
Mag Anomaly
1km Mag and offset gravity anomaly
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Lone Star Trend Coincident Mag and Gravity Targets

Tennant East:

Lone Star Trend – Main Coincident Gravity and Magnetic Anomaly

Drilling of Main gravity intersected:

• Broad structure and intense iron alteration intersected

• Geochemically anomalous

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Magnetic
Anomaly
E-W Trending Mag/
Gravity
Grav Anomaly
Anomaly
NW-SE Trending Mag/
Grav Anomaly
Coincident Magnetic and
Gravity Target
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Barkley:

Tenements:

• EL31619 - east

• EL31633

NT Collaboration Targets

Possible Warramunga Formation Units - Magnetic Highs under shallow Cambrian cover

• EL31634

• EL31625

• Tennant/East – Barkley Area is a newly realised IOCG potential area recently pegged by numerous exploration companies including Newcrest

• Under sedimentary cover rocks of the Cambrian Georgina Basin

2020 – Exploration EL31633 and EL31634

2020 - Passive Seismic Survey

2020 - Airborne Magnets

• Collaboration Application Granted

• 50% of exploration costs covered

• Airborne Magnetic Survey Underway

• Passive Seismic Survey Underway (assesses Depth of cover)

EL31634

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EL31634
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Part of the ‘Barkley’ package of tenements Magnetic high indicates possible Warramunga formation under shallow Cambrian cover

Strike of magnetic anomaly is almost size of main Tennant Creek Gold Field

Drilling in 1988, 1 hole penetrated the cover and intersected Warramunga formation 78m depth

Passive Seismic Survey proposed to assess the depth of cover across the tenement.

NT Collaboration Application to test best magnetic positions

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AGD84z53
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EL31633/34

• Passive Seismic Survey Points

• • Can detect depth of cover

• • Can detect dense bodies (ironstones)

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Kurundi:

• High Grade mineralisation associated with the Edmerringee Volcanics

• 5 granted tenements over Edmirringee Volcanics.

• Prospects include: Kurundi Old Workings (+5g/t Au), Edmirringee, Whistle Duck (13g/t Au and 5% Cu), Priesters old workings.

• Reconnaissance exploration: numerous mineralised rock chips taken and historic workings located

• Likely generate targets for drilling 2021

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GOLD PROSPECTS
Kurundi Granted Tenements ASSOCIATED WITH
EL32199 and EL32200 EDMIRRIDGEE
EL31626 STRATIGRAPHY
Kurundi Old
Workings Kurinelli Gold
Field
EL32345
Hatches Creek
Gold Field
Trends/Locations of Prospective
Edmirringee Volcanics
Anticlines with Kurundi Stratigraphy
(Edmerringee Volcanics) in Granted
areas
EL32344
Prospective
Stratigraphy
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MT REMARKABLE PROJECTS

Mt Remarkable Project

Targets

• Mt Remarkable

• Hunter West

• Archies Creek

• EW Anticline

• Tunganary/Middle Branch

• Galway/Lansdowne

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Speewah Project
- KRR
HIGH GRADE GOLD E80/5177
HUNTER PROJECT
Great Western Exploration
(up to 50.65g/t Au Rock Chips)
E80/5176
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HIGH GRADE GOLD MT REMARKABLE PROJECT, E80/5007 - KRR

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Gold Prospects
Archies Creek
Poorly explored, numerous
Quartz veins including EW
Quartz Veins not sampled
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NEWLY GRANTED
E80/5133
Gold Prospect
EW Anticline – no previous
gold exploration
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Gold Prospect
Middle Branch Bore
Rock Chip 0.78g/t Au
Gold Prospect
Lansdowne
Rock Chips up to
HIGH GRADE GOLD
0.41g/t Au
Torrens
E80/5194
Significant Au in Rock
Chips
E80/5178
E80/5195
E80/5192 E80/5196
Application
Gold Prospect
E80/5197 Galway Valley
Application Rock Chips up to 0.59g/t Au
EW Quartz Veins. Stream
Sediments up to 0.52g/t Au
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Gold Prospects
Foal Creek, Cu/Ni Gossan in
Gabbro up to 1.7% Cu 0.1% Ni.
Gold not tested
Gold Prospects
Tunganary, Rock Chips
up to 1.5g/t Au
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Trudi Offset Area

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KMRC245:
NEW MINERALISED ZONE
7m @ 0.85g/t Au
4m @ 113.29g/t Au inc 1m @ 2.42g/t Au
4m @ 19.88g/t Au
inc 1m @ 346g/t Au
inc 1m @ 69.3g/t Au
Trudi Offset
11m @ 27.9g/t Au Target Area TR01
inc 1m @ 90.7g/t Au
120m TR03
TR05
TR04
140m
160m TR02
180m
Mineralisation intersected:
200m
10m @ 0.32g/t Au within
29m mineralised zone
averaging 0.16g/t Au
2m @ 6.86g/t Au
Inc 1m @ 9.04g/t Au
Holes drilled into the interpreted offset zone would not
RC drilling from ridge to Trudi Vein east have intersected the vein meaning that grade has not ‘died
off’ to the east of Trudi Main but is offset => potential for
of offsetting fault
high grades to continue east of the offset zone.
Interpreted Offset Zone
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Recommended Work:

• RC drilling from ridge to Trudi Vein east of offsetting fault

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INTERSECTION
2017 Rock Chip Sample Catherine Vein
30.8/t Au TARGET ZONE
F
F
Trudi East
Trudi Main Trudi Ridge
F
F
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New Target
Catherine – Grahame
40g/t Intersection
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• Target intersection of the Catherine Vein - Grahame Vein And 40g/t Au Vein.

• Where strikes under cover unit.

• Also In area with NW tension structures.

22

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