Ann: Chairman's Update AGM 26 November, page-2

Its funny to see all the doomsayers & haters here carrying on for several months sowing seeds of distrust etc.
Nothing been done, they don't know what they are doing, etc etc were written by "some" individuals on our KRR threads.
Yet below is just a small part of what KRR and Management have been doing this year, the year of COVID19 and its bloody good.

The company has again shown its still on track and on target to complete the Speewah PFS and offer a new PPP PFS Option to move forwards with.
It has stated that Como Engineers have completed the CAPEX and OPEX in May & Nov 2020 respectively [Charmans Update - 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.] The work carried out during the year on the Speewah PFS has benefited the final outcome for that PFS as well as new PPP PFS being finalised for Jan/Feb 2021.

• 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).
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The discovery that Speewah Concentrate was no longer a requirement because of developments in the processing routes brought about the following possible changes and this was duly announced - [19 Nov 2020 KRR Announcement]

• 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 test work and engineering will be required to finalise the PFS, which is now

expected in Q1 2021.

• 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.

Of note for those concerned about the Gold prospects at MT Remarkable WA & Treasury Creek NT the following was also released today -

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

So we can expect Gold Assays before the release of the final PFS Announcements next Jan/Feb.

Again to "those" particular persons who keep saying detrimental words about the company, the above shows the company has been doing work this year and quite complex work with real gains made in processing design and HPA trials and a PFS about to be dropped on the desk. Not bad work at all.

Yak52