XENORA MINERALS LTD — Capital/Financing Update 2021

Jun 28, 2021

ASX Announcement

29 June 2021

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Extensive Ni-Cu-PGE auger anomalies identified on Eastern Trend at Berkshire Valley Project

Strong anomalism highlighted over a previously unexplored 7 kilometre trend of mafic and ultramafic intrusions

Key Points:

• Auger geochemical sampling along 7 kilometres of prospective strike on the Eastern Trend of mafic and ultramafic intrusions has returned two significant Ni-Cu-PGE anomalous areas;

• These anomalies overlie targeted mafic and ultramafic intrusions that are coincident with strong magnetic high features;

• Maximum assay values are 0.93% Ni, 0.09% Cu, 57.7ppb Pd and 47.5ppb Pt;

• 1.8 kilometre long northern anomaly has PGE values consistently above 20 ppb Pt+Pd (or 10-15 times background) associated with strongly anomalous Cu (100-900ppm) and Ni (100-300ppm);

• Several coincident Ni-Cu-PGE anomalies in the southern 4 kilometre long anomaly;

• Land access agreements in place ready for moving Loop EM and drilling to be undertaken as next steps on the eastern trend.

Todd River Resources Limited (ASX: TRT) (Todd River or the Company) is pleased to announce the results from the recently completed auger geochemical sampling program over approximately 7 kilometres of strike along the eastern magnetic trend at its 100% owned Berkshire Valley Ni-Cu-PGE Project (the Project ) in Western Australia (Figures 1 and 2).

Analytical results received to date have confirmed two broad anomalous zones associated with magnetic features that are interpreted to be intrusive gabbro-norite bodies. Figure 3 shows results for Ni, Cu and PGE’s and Appendix 1 contains separate images for each element at a larger scale. Some base metal, Pt, Pd and Au results from several infill and lower priority areas are still pending. The black dots on the images show sample locations where assay results have not yet been received rather than a nil result. These additional results are expected within the next 2 – 3 weeks.

The southern anomalous zone covers approximately 3 kilometres of strike, has strong Ni anomalism and an associated +30ppb Pt+Pd anomaly with subordinate Cu along the north eastern flank of the magnetic trend. There is also a discrete coincident Ni-Cu-PGE feature in the south west corner of the anomalous zone that is

ABN 45 600 308 398 4/24 Parkland Rd, Osborne Park WA 6017 | PO Box 1205 Osborne Park WA 6916 P +61 8 61660255 | F +61 8 6270 5410 | E corporate@trrltd.com.au www.trrltd.com.au

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truncated by an alluvial channel where auger sampling is ineffective – this leaves the anomaly open to the south west under alluvial cover. The strongest Ni anomalism is offset from other elements and suggests the magnetic features do indeed reflect the presence of ultramafic intrusives. As mentioned above there is a number of results still pending therefore northern end of the main anomaly will potentially be extended once the full set of assays are returned.

In the northern zone a strong coincident Cu-PGE anomaly extends for over 1.8 kilometres with strong Cu and PGE values, up to 0.09% Cu and 53.9ppb Pt+Pd with anomalous Ni values of between 100-300ppm. This anomaly is located along the eastern side of a strong magnetic feature and is consistently up to 300m wide along the length of the feature suggesting a significant intrusion associated with the auger geochemistry.

The Company will continue to take a systematic approach to exploration at Berkshire Valley with the next steps for the eastern trend to include moving loop EM (MLEM) over both the northern and southern anomalous trends and a combination of aircore and RC drilling. It is expected that the northern zone MLEM program will be able to be completed over the next few months as a significant portion of the anomalous area is not under crop. In the southern area it is expected that both geophysics and drilling can commence immediately following harvest in November.

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Figure 1 – Berkshire Valley Project Location Map

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Figure 2 – Berkshire Valley Project Magnetics showing the two prospective trends of interpreted mafic and ultramafic intrusions with the yellow box highlighting the work area for the auger geochemical sampling.

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Figure 3 – Eastern Trend gridded geochemistry showing from left to right Ni, Cu and PGE data. The black dots represent sample locations where assays are still pending.

Release authorised by: The Board of Todd River Resources

Enquiries: Will Dix + 61 (0) 8 6166 0255

About Todd River Resources

Todd River Resources (ASX: TRT) is an Australian-based resources company that has base and precious metal projects in Western Australia and the Northern Territory.

Having an experienced management team and strong funding position, Todd River is well placed to pursue base and precious metal opportunities across its extensive exploration portfolio that includes the Berkshire Valley and Petermann Range Projects.

The Company also has resources at both its Mt Hardy and Manbarrum Projects and a number of exciting early stage nickel-copper-PGE exploration projects in Western Australia.

Forward Looking Statements

This announcement includes forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like “will”,

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"progress", “anticipate”, “intend”, “expect”, “may”, “seek”, “towards”, “enable” and similar words or expressions containing same.

The forward-looking statements reflect the Company’s views and assumptions with respect to future events as of the date of this announcement and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. Given these uncertainties, no one should place undue reliance on any forward looking statements attributable to the Company, or any of its affiliates or persons acting on its behalf. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither the Company nor any other person, gives any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward-looking statement will actually occur. To the maximum extent permitted by law, the Company and each of its advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by William Dix, who is a full time employee of Todd River Resources. Mr Dix is a member of the Australian Institute of Mining and Metallurgy. Mr Dix has sufficient experience of relevance to the style of mineralization 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 Dix consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

Appendix One – Separate Ni, Cu and PGE images

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Appendix Two – The following Tables are provided to ensure compliance with the JORC code (2012) edition requirements for the reporting of exploration results. JORC Table One – Sampling Techniques and data

Criteria	JORC Code explanation	Commentary
Sampling techniques	Nature and quality of sampling (eg cut channels,	Auger sampling – a single 200g bulk
	random chips, or specific specialised industry	sample from 1-1.5m down hole was
	standard measurement tools appropriate to the	collected from each hole
	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.
Drilling techniques	Drill type (eg core, reverse circulation, open-hole	Auger drilling – Standard auger drill
	hammer, rotary air blast, auger, Bangka, sonic,	mounted on the rear of a utility vehicle
	etc) and details (eg 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 recovery	Method of recording and assessing core and	Auger - Sample recoveries excellent
	chip sample recoveries and results assessed.	unless hard rock outcrop prevented
	Measures taken to maximise sample recovery	the penetration of the bit (less than
	and ensure representative nature of the samples.	1%)
	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.
Logging	Whether core and chip samples have been
	geologically and geotechnically logged to a level	All aircore holes were logged for
	of detail to support appropriate Mineral Resource	lithology by TRT geologists and
	estimation, mining studies and metallurgical	recoded digitally.
	studies.
	Whether logging is qualitative or quantitative in
	nature. Core (or costean, channel, etc)
	photography.
	The total length and percentage of the relevant
	intersectionslogged.
Sub-sampling	If core, whether cut or sawn and whether quarter,
techniques and sample	half or all core taken.
preparation	If non-core, whether riffled, tube sampled, rotary	Auger samples were collected on the
	split, etc and whether sampled wet or dry.	rig by a scoop. Samples are then
	For all sample types, the nature, quality and	crushed using a mortar and pessle
	appropriateness of the sample preparation	and sieved using -80 mesh with the
	technique.	fine fraction collected for XRF analysis
	Quality control procedures adopted for all sub-	and assay
	sampling stages to maximise representivity of
	samples.
	Measures taken to ensure that the sampling is
	representative of the in situ material 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.
Quality of assay data	The nature, quality and appropriateness of the
and laboratory tests	assaying and laboratory procedures used and	Selected anomalous auger samples
		have beensent toIntertekGenalysis

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		whether the technique is considered partial or for multi-element assay by aqua regia	whether the technique is considered partial or for multi-element assay by aqua regia	whether the technique is considered partial or for multi-element assay by aqua regia
		total. and fire assay
		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.
		Nature of quality control procedures adopted (eg
		standards, blanks, duplicates, external laboratory
		checks) and whether acceptable levels of
		accuracy (ie lack of bias) and precision have
		been established.
Verification of sampling		The verification of significant intersections by
and assaying		either independent or alternative company Certified standards, field duplicates
		personnel. and blanks and inserted every 25
		The use of twinned holes. samples to test for laboratory accuracy
		Documentation of primary data, data entry and precision.
		procedures, data verification, data storage
		(physical and electronic) protocols.
		Discuss any adjustment to assay data.
Locations of data		Accuracy and quality of surveys used to locate
points		drill holes (collar and down-hole surveys), All drillholes have accompanying collar
		trenches, mine workings and other locations and survey files and were located with
		used in Mineral Resource estimation. GPS – the project falls in projection
		Specification of the grid system used. zone 50
		Quality and adequacy oftopographic control.
Data spacing and		Data spacing for reporting of Exploration Results.
distribution		Whether the data spacing and distribution is Various spacing but generally 200 x
		sufficient to establish the degree of geological 50m and 400		x 50 for auger
		and grade continuity appropriate for the Mineral
		Resource and Ore Reserve estimation
		procedure(s) and classifications applied.
		Whethersample compositinghas beenapplied.
Orientation of data in		Whether the orientation of sampling achieves
relation to geological		unbiased sampling of possible structures and the Auger samples are point samples
structure		extent to which this is known, considering the
		deposit type.
		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.
Sample security		The measures taken to ensure sample security.
		Auger samples were delivered directly
		to the company and then delivered by
		company personnel to the laboratory
Audits or reviews		The results of any audits or reviews of sampling No sampling audits have been
		techniques and data. conducted
		Section 2 Reporting of Exploration Results
Criteria	JORC Code explanation		Commentary
Mineral tenement	Type, reference name/number, location and ownership		The Berkshire valley Project is located
and land tenure	including agreements or material issues with third parties		on tenements E70/5204(Moonknight Pty
status	such	as joint ventures, partnerships, overriding royalties,	Ltd) and	E70/5385 (Marlee Base Metals
	native title interests, historical sites, wilderness or		Pty Ltd)
	national park and environmental settings.
	The security of the tenure held at the time of reporting		Both tenements are in good standing and
	along with any known impediments to obtaining a licence		are not subject to any joint ventures
	to operate in the area.

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Exploration done	Acknowledgment and appraisal of exploration by other	All significant previous work is outlined in
by other parties	parties.	WAMEX open file reports.
		TRT has accessed and reviewed all of this
		work and compiled our own database on
		the project from the available open file
		data. The WAMEX reports used for the
		purpose of this work include:
		A088939
		A076527
		A085553
		A079982
		All of these reports are compiled by IGO
		Limited and contain comprehensive written
		descriptions of their work and associated
		.txt files of all drilling and sampling
		completed.
		The documents appear correct and the
		geo-spatial data recorded matches with
		images produced when verified
		independently
Geology	Deposit type, geological setting and style of	Not relevant
	mineralisation.
Drill hole	A summary of all information material to the	Auger samples are point samples which
Information	understanding of the exploration results including a	are shown in Figure 2
	tabulation of the following information for all Material drill
	holes:
	o Easting and northing of the drill collar
	o Elevation of RL (Reduced Level – elevation
	above sea level in metres) of the drill collar
	o Dip and azimuth of the hole
	o Down hole length and interception depth
	o Hole length
Data aggregation	In reporting Exploration Results, weighting averaging	Not Relevant
methods	techniques, maximum and/or minimum grade truncations (eg
	cutting of high grades) and cut-off grades are usually
	Material and should be stated.
	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.
	The assumptions used for any reporting of metal equivalent
	values should be clearly stated.
Relationship	These relationships are particularly important in the	Not Relevant
between	reporting of Exploration Results.
mineralisation	If the geometry of the mineralisation with respect to the
widths and	drill hole angle is known, its nature should be reported.
intercept lengths	If it is not known and only the down hole lengths are
	reported, there should be a clear statement to this effect
	(eg‘down hole length, true width not known’).
Diagrams	Appropriate maps and sections (with scales) and	See Figure 2 in the document for sample
	tabulations of intercepts should be included for any	locations
	significant discovery being reported These should
	include, but not be limited to a plan view of drill hole collar
	locations and appropriate sectional views.
Balanced	Where comprehensive reporting of all Exploration Results	All locations are shown on Figure 2.
reporting	is not practicable, representative reporting of both low

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	and high grades and/or widths should be practiced to
	avoid misleading reporting of Exploration Results.
Other substantive	Other exploration data, if meaningful and material, should	No substantial new information is available
exploration data	be reported including (but not limited to): geological	other than that reported above.
	observations; geophysical survey results; geochemical
	survey results; bulk samples – size and method of
	treatment; metallurgical test results; bulk density,
	groundwater, geotechnical and rock characteristics;
	potentialdeleterious orcontaminating substances.
Further work	The nature and scale of planned further work (eg tests for	Additional drilling and geophysics will be
	lateral extensions or depth extensions or large-scale	completed once the results from the
	step-out drilling).	current program and reviewed, assessed
	Diagrams clearly highlighting the areas of possible	and interpreted.
	extensions, including the main geological interpretations
	and future drilling areas, provided this information is not
	commercially sensitive.

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