KING RIVER RESOURCES LIMITED — Capital/Financing Update 2021

May 20, 2021

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HPA PFS U PDATE
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------------------------------------------------------------------------------------------------------------Australian Securities Exchange Announcement 21 May 2021

King River Resources Limited (ASX:KRR) provides this update on the Kwinana HPA Prefeasibility Study (PFS).

Engineering Studies

Como Engineers have completed PFS level engineering studies to provide detailed capital and operating cost estimates. They are currently finalising the Engineering Report and the layout graphics for inclusion in the PFS report.

Financial Modelling

FTI Consulting is completing the economic financial model for inclusion in the PFS report.

Alpha Alumina Crystal Structure Analysis

A phase analysis on HPA Batch 4 was completed by MicroAnalysis Australia using X-Ray Diffraction (XRD) methods which confirmed all the alumina is the Alpha (corundum) crystal form.

Kwinana Industrial Site

KRR has continued investigations with government agencies and private owners for an appropriate industrial site in the Kwinana area located 30-40 km south of Perth in Western Australia. The Kwinana Industrial Area is an ideal location as it has feedstock and reagent suppliers, infrastructure, port, energy supply, and a skilled workforce.

Mini-Pilot Plant

Source Certain International (SCI) is assisting KRR to build a Mini-Pilot Plant to demonstrate KRR’s ARC HPA refining process at a larger scale for the Definitive Feasibility Study (DFS) and to produce market samples. The process flowsheet and mass balances have been used to scale the mini-pilot plant and enquiries with vessel vendors are underway. The 1500°C rotary tube furnace, used for the calcination stage of the process, has been delivered and is currently being installed.

Other Metallurgical Developments

Metallurgical HPA testwork will be ongoing to further optimise the ARC HPA process for the DFS with the current focus on further improving the Precursor product to simplify the final calcination stage.

Testwork is also ongoing into extracting high purity vanadium and titanium products from the Speewah vanadium deposit suitable as intermediate products for battery and master alloy applications.

This announcement was authorised by the Chairman of the Company.

Anthony Barton Chairman King River Resources Limited Email: info@kingriverresources.com.au Phone: +61 8 92218055

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Statement by Competent Person

The detail in this report 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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Appendix 1: King River Resources Limited HPA Project JORC 2012 Table 1

SECTION 1 : SAMPLING TECHNIQUES AND DATA

Criteria	JORC Code explanation	Commentary
Sampling Techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was 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 problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	This ASX Release dated 21 May 2021 provides an update on KRR Kwinana HPA Project, including hydrometallurgical processes and testwork involved in the production of high purity alumina (HPA) from alternative Aluminium chemical feedstocks produced from other industrial chemical processes. Chemical precipitation and recrystallisation purification methods have been used in the separation and precipitation of a high purity Aluminium Precursor compound. The Precursor compound is then calcined at 1250°C to the high purity alumina product. The process and reagents used are commercial-in-confidence. The HPA product reported in this announcement was made from a crystalline powder sample of an industrial Aluminium chemical feedstock. Two samples of the Aluminium chemical feedstock were initially used to make two batches of the high purity Precursor compound by the KRR ARC process. HPA Batch 4 was from a 423.48g sample of the industrial chemical feedstock. HPA Batch 4 was produced by the KRR ARC HPA process to initially make a high purity Precursor. The Precursor sample was then calcined and washed to make the HPA product, producing ≥4N (≥99.99%) purity result. This sample of HPA from Batch 4 was then tested by MicroAnalysis Australia for its crystal structure.
Drilling techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, 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.).	Not Applicable. The samples were generated from a feedstock of an industrial Aluminium chemical compound.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	Not Applicable.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Not Applicable.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	Not Applicable.
Logging	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. _	Not Applicable.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.	Not Applicable.
	The total length and percentage of the relevant intersections logged.	Not Applicable.
Sub-sampling techniques and	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 _	NotApplicable.

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sample preparation	sampled wet or dry.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Not Applicable.
	Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.	Not Applicable.
	Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field _duplicate/second-halfsampling. _	Not Applicable.
	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 data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Source Certain International (SCI), previously TSW Analytical, Testwork Testwork on the Aluminium chemical feedstock includes chemical precipitation, solid liquid separations, purification steps and calcination and washing processes, that produce purified intermediate Precursor precipitates and final high purity alumina (HPA) calcine products. Assays are conducted on solutions and solid precipitates and calcines. 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 and High Purity Alumina products have been assayed using ICP-AES and ICP-MS. Samples are either: 1) Fused using a lithium metaborate/lithium tetraborate flux and the resultant glass bead dissolved in hydrochloric acid and suitably diluted prior to either ICP-AES or ICP-MS analysis; or 2) Dissolved in acid directly using a high pressure microwave digestion system. The latter method is extremely useful when dealing with high purity samples as the chance of introducing contaminants during dissolution is significantly reduced and the concentration of contaminants in the blank is almost negligible resulting in greater analytical accuracy. This latter method was used to assay the HPA samples reported in this announcement. Loss on Ignition (LOI) at 1000OC was performed for completeness of the analytical data and to give a better indication of the total analytical percentage approximation to 100%. The leach solutions and wash 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 leach residue divided by the mass of the total analyte in the initial leach solution used. The resulting fraction is multiplied by 100 to give a percent precipitation efficiency. SCI uses in-house standards and Certified Reference Materials (CRMs) to ensure data are “Fit- For-Purpose”. BureauVeritasMinerals (BV) analytical method

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		The HPA samples HPA 2-6 have been cast using a 12:22 flux to form a glass bead which has been analysed by XRF. Major and Minor elements were determined by X-Ray Fluorescence Spectrometry on oven dry (105°C) sample unless otherwise stated. Minor and Trace elements were determined by Laser Ablation Inductively Coupled Plasma Mass Spectrometry on the fused bead. MicroAnalysis Australia Crystal Structure Test MicroAnalysis has analyses the 4N HPA by XRD methods to determine the alumina phase to be the Alpha (corundum) crystal structure.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	Not Applicable.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Source Certain International (SCI) SCI reports concentrations as micrograms per gram (μg/g) in the solid (unless otherwise stated). 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 laboratoriesin Western Australiaforconfirmationoftheir results.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Assay results have been verified by alternative SCI laboratory company personnel. SCI has completed analytical duplicate analyses on all HPA batches produced. HPA sample assays have been verified by an independent assay laboratory.
	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 (physical and electronic) protocols.	Not applicable
	Discuss any adjustment to assay data.	Not applicable.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Not Applicable.
	Specification of the grid system used.	Not Applicable.
	Quality and adequacy of topographic control.	Not Applicable.
	Data spacing for reporting of Exploration Results.	Not Applicable.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral	Not Applicable.

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Data spacing and distribution	Resource and Ore Reserve estimation procedure(s) and classifications _applied. _	Resource and Ore Reserve estimation procedure(s) and classifications _applied. _
	Whether sample compositing has been applied.		Not Applicable.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.		Not Applicable.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.		Not Applicable.
Sample security	The measures taken to ensure sample security.		Chain of Custody is managed by the Company until feedstock samples pass to Source Certain International, for subsampling, assaying, and hydrometallurgical test work. The Aluminium 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 Reviews	The results of any audits or reviews of sampling techniques and data.		No external audits have been completed.
**ECTION2 : **	REPORTING OFEXPLORATIONRESULTS
Criteria		JORC Code explanation		Commentary
Mineral tenement and land tenure status		Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. 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.		KRR’s HPA Project is planned to be developed in the Kwinana Industrial Area south of Perth Western Australia. Discussions are ongoing government agencies and private owners for a suitable site.
Exploration done by other parties		Acknowledgment and appraisal of exploration by other parties.		Not Applicable.
Geology		Deposit type, geological setting and style of mineralisation.		Not Applicable.
Drill hole Information		A summary of all information material to the understanding of the exploration results 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		Not Applicable.

SECTION 2 : REPORTING OF EXPLORATION RESULTS

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Criteria	JORC Code explanation	Commentary
	understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated.	Not Applicable.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Not Applicable.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Not Applicable.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g.‘down hole length, true width not known’).	Not Applicable.
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Not Applicable.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	Reports on previous metallurgical and study results can be found in ASX Releases that are available on our website, including announcements 1 April 2010, 15 July 2010, 9 November 2010, 8 February 2012, 21 April 2017, 21 August 2017, 9 October 2017, 4 December 2017, 30 January 2018, 27 February 2018, 21 March 2018, 25 June 2018, 23 July 2018, 15 October 2018,19 November 2018, 18 January 2019, 1 March 2019, 21 March 2019, 22 March 2019, 9 May 2019, 7 June 2019, 27 September 2019, 26 November 2019, 6 December 2019, 22 January 2020, 24 March 2020, 23 April 2020, 13 May 2020, 17 June 2020, 7 September 2020 and 13 October 2020, 11 November 2020, 19 November 2020, 26 November 2020, 15 December 2020, 25 March 2021 and 30 April 2021.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical _and rock characteristics; potential deleterious or contaminating substances. _	Not Applicable.
Further work	The nature and scale of planned further work (e.g. tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Further metallurgical tests are planned to produce HPA by the Company’s process.