KING RIVER RESOURCES LIMITED — Capital/Financing Update 2012

May 21, 2012

ASX ANNOUCEMENT

22 May 2012

ASX Code: SPM

Capital Structure:

Board of Directors:

SIGNED AGREEMENT WITH TRADITONAL OWNERS OF SPEEWAH TENEMENTS

Speewah Metals Limited (“Speewah” or “the Company”) (ASX: SPM) is pleased to advise that it has completed a Memorandum of Understanding (MOU) with Orla People who have a traditional connection to and claim native title rights in relation to the land that includes the Speewah tenements.

Speewah acknowledges the Orla people as traditional owners of the land that includes the Speewah tenements.

The MOU is a binding agreement that sets out the process for negotiations, scope of negotiations, establishes an agenda and confirms a timetable to complete negotiations for a future agreement that will satisfy the future act provisions of the Native Title Act 1993 in respect of the recently scoped Titanium/ Vanadium/ Hematite Mining Project.

DIRECTOR’S COMMENTARY

Projects:

Speewah Dome, 575 km[2 ]

Resources:

The completed MOU represents a further significant milestone along the pathway to development of the Speewah Titanium/ Vanadium/ Hematite project. The agreement continues and builds the strong relationship between the Company and the Orla people.

The MOU adds to the clearance under the Aboriginal Heritage Act in respect of sacred sites received in 2010 over the Central Deposit, which is the proposed location for mining project to commence.

The Company has commenced the negotiation process, that is the subject of the MOU with the Orla people, and expects to complete a Mining Agreement with the Orla people during the course of 2012.

Metallurgy:

Richard Wolanski Director

Project Scoping:

Other prospects:

BACKGROUND & SYNOPSIS OF SPEEWAH METALS LTD

Speewah Metals Ltd has established a portfolio of 100% owned tenements covering approximately 575 square kilometres in the East Kimberley region of Western Australia (“Tenements”).

Since Speewah was listed on the ASX in 2007, the company has focused on exploring an extensive zone of vanadiferous and titaniferous magnetite mineralisation. This exploration has delivered Australia’s largest titanium/vanadium in magnetite resource and a high grade Fluorite resource. The projects have advanced beyond exploration and have entered the feasibility and development phase.

The Titanium/ Vanadium/ Hematite Project represents the major asset and value add project for shareholders. Metallurgical studies have significantly reduced technical risk associated with the acid leach and solvent extraction processing technique and enables a focus towards development of a significant mining operation.

Initial planning envisages a mining /processing operation that produces a minimum of the following end products:

• Titanium Dioxide (TiO2) 75,000 tonnes per year

• Vanadium Pentoxide (V2O5) 12,400 tonnes per year

• Hematite (Fe2O3) 410,000 tonnes per year

• Ammonium Sulphate (NH4)2SO4 200,000 tonnes per year

Each of the end products is expected to be produced at high grade purity levels of >98% which would enable Speewah to secure premium pricing for the end products. The recovery process and testwork confirms that modular development of a mine and process facility could see Speewah commence at lower target production levels than were used in the attached financial model and then be scaled up to match capital availability and product demand.

Subject to adequate funding, the objectives for the next 12 months include:

1. Construction and completion of a pilot plant processing facility to demonstrate titanium/vanadium/hematite flowsheet and produce marketing sample to attract off-take and investment/strategic partners;

2. Input pilot plant results into pre-feasibility studies that will deliver optimised flowsheet, operating, and capital cost estimates that have the potential to significantly increase the existing project valuation of US$1.4 Billion.

3. Delivery of the following development approval requirements:

   • a. Achieving Reserve status on Titanium/Vanadium in magnetite Resource;

   • b. Mining Lease;

   • c. Mining Agreement with landholders;

   • d. Application for Environmental Impact Assessment.

4. Commencement of definitive feasibility studies on Titanium/Vanadium/Hematite project.

These objectives are designed to reduce commercial risk and facilitate mine development.