King River Resources Limited provided this update on the ongoing engineering and laboratory work which supports and enhances the Definitive Feasibility Study (DFS) for the Type 1 Precursor Processing Plant. As reported on the 8th of September 2021 KRR chose to pursue the opportunities associated with the processing of Company's 5N (99.999%) purity Type 1 Precursor (an Aluminium Salt) required in the battery manufacturing industry. As reported on the 4th of January 2022 KRR identified an opportunity to convert Company's Type 2 Precursor to High Purity Alumina.

Over the course of the DFS ongoing laboratory work to investigate new products and processes has identified a more economical and environmentally friendly way to produce High Purity Alumina. This process route differs from the route that the earlier Prefeasibility Study utilised and supports both a potentially cheaper and more environmentally friendly way to produce High Purity Alumina. The current plant design for the 2000tpa 5N Aluminium precursor plant design basis is for a highly modular plant to allow for both future production expansion and product variation therefore is unaffected by this development.

Adding this additional process train into the scope of the DFS will open up more market opportunities for High Purity Metals giving it the option to produce either of the products depending on market demand. COMO Engineers have confirmed that this scope can be added into the DFS with no immediate impact to the project schedule. The new process route also facilitates the direct production of other aluminium precursors which are under ongoing investigation by the laboratory.

Type 1 Precursor ­ Campaign 5: Source Certain International (SCI) has continued to run the laboratory pilot plant to confirm and optimise the ARC process and produce market samples. Campaign 5, like the previous runs, resulted in >99.999% purity for Precursor 1. The Type 1 Precursor Aluminium salt product from Campaign 5 was produced from an industrial chemical compound feedstock by the ARC Process. SCI assayed the Type 1 Precursor products using the ICP-MS and ICP-AES methods.

As with previous campaigns, SCI completed 4 duplicate analyses on the Campaign 5 batch to improve confidence in the results and the >99.999% purity is an average of the 4 repeat assays. Each Precursor purity result was calculated by the addition of all the assayed element impurities that reported above the detection limit then subtracting this result from 100%. Variability in the results is due to differences in the test sample and the analytical precision.

The main contaminants in the Precursor are silicon (Si), potassium (K), sodium (Na), calcium (Ca), nickel (Ni) and cobalt (Co). Campaign 6 is underway trialling some further improvements in the process.