Ann: HPA Prefeasibility Study Update, page-7

Take note of the Coloured Highlightedtext below.
Several important steps have been achieved since the last Update.

#1. Como Engineers COMPLETED PFS work. Finalizing Graphics.
#2. Financial model being completed by FTI Consulting
#3. HPA CONFIRMED by Phase Analysis (X-Ray Diffraction XRD)
#4. SCI assisting to build Mini-Pilot plant
#5. Rotary Tube Furnace has been delivered and being installed!
#6. Metallurgical Test work is ongoing to optimise HPA for the DFS! Next stage DFS has been started!

Nothing bad and only good in the points mentioned above.
#3. point lays to rest ANY doubts about the quality/grade of the HPA.
Furnace is here and being installed. Why would this be happening IF the PFS was lame??? What would be the point??
So evidently management KNOW the PFS is good and will be progressed to DFS stage.

Yak52 Oh and YES I still own ALL my shares............thank you very much (down rampers)!

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Australian Securities Exchange Announcement 21 May 2021
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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 finalizing 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 Plantto 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.
Test work 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.

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