Ann: Dual stream test work on HPA recoveries, page-6

excellent announcement.

Very good to see TB is keeping us well informed now with any developments KRR is having. keep it up TB and BoD!

some of the key phrases used are very interesting and send a message. [remember what cannot be said - ASX]

1/. [This announcement details the new HPA related developments and redesign of the process flow sheet may have a positive impact on the economics of the SSM project PFS.]

2/. [Breakthrough in the refining process has now precipitated Al as an intermediate product from which 99.98% High Purity Alumina (HPA) has been produced]

3/. [the non-magnetic waste fraction (70% of the mined volumes) grades 15-16% Al2O3]
[Test work in the coming weeks will also trial the potential of the new HPA process to extract Aluminafrom the waste fraction that is generated at the concentrate stage of theprocess.]

4/. [KRR is now able to remove 95% of the Al as an intermediate compound]

5/. [Purification of the intermediate Al rich product has produced a 99.98% Al2O3 (3N8) HPA] [note HPA N4 has previously been processed]

6/. [ This further processmodification may provide the added advantage for a smaller scale start-up SMM project and its futurescalability of V, Ti and Fe production in proportion to prices and demand. ]

7/. [The drilling of the Junction vanadium deposit on the granted Mining Lease M80/267 provides furtheroptionality for the development and timing of the SSM project.]
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All of the above highlights say much more than words or what's ABLE to be released in this announcement. Restrictions by the ASX on forward looking statements etc mean much cannot be said in the announcement.

point # 7 says that we have a mining lease and are able to ramp up quickly and get operational mining without waiting on approvals for a ML.

point #6 says that we can reduce the size of the plant and have a small scale start up and add on with scaleability as needed. This would lower the CAPEX significantly and also timeframe for setup.
Will certainly be helpful in getting [if needed] a JV Partner and /or Debt finance to self fund! this is the elephant in the room IMO.

Point #5 says while we have previously and still can produce HPA N4, now we can get 99.98 N3 at the first stage of processing and of course refine it further to N4/N5. Less cost, simpler and better for the recovery of the other products.

Point # 4 says 95% of the Al can be removed as Al203 {3N8} at that first stage as in point # 5. WOW excellent !!

Some very good indications here that this SSM Project will definitely become an operational mine.

Yak52