Highlights

• Phase 2 drilling at Kurundi Main returned 7m @ 5.8g/t Au (with 1m @ 26g/t Au) with deeper intersections indicating mineralisation remains open at depth.
• Drilling revealed three new gold-copper-silver bearing structures, and a new target zone was discovered 250m northeast of Kurundi Main.
• Notable findings at Millers included 1m @ 0.7% Cu and gold-bearing zones at Tarragans.
• KRR completed the sale of the Speewah Project to Tivan, with no further shares required under the price protection clause.
• KRR repurchased over 3.17 million shares during Q1 2025.
• Drilling will resume in April at Kurundi with deeper testing and follow-up on newly discovered structures.

King River Resources Ltd (ASX:KRR) continued to advance exploration at the Kurundi Project, part of the broader Tennant East Project area, during the March 2025 quarter. This exploration forms a key component of the AU$2 million drilling program, targeting prospective IOCG and gold zones identified in the 2023 geophysical surveys across sites including Rover East, Tennant East, Barkly, and Kurundi.

In addition to its exploration work, the quarter saw the completion of the sale of Speewah project and continued progress with its ongoing share buyback program.

Promising gold results at Kurundi

KRR’s reverse circulation (RC) drilling at the Kurundi Project focused on both the Kurundi Main and regional targets. The primary aim of this program was to test geophysical and structural targets identified through drone magnetic surveys and ground exploration.

Drilling results for Phase 2 Kurundi Main drilling and regional targets were reported during the quarter.

Kurundi Main Drilling Results

• Deeper drilling intersected 11m @ 0.69g/t Au from 69m depth (approximately 60m vertical), including higher-grade sections of 1m @ 3.39g/t Au and 1m @ 2.54g/t Au (Hole TTRC175), improving on earlier results from hole TTRC105.
• Infill hole TTRC176 returned 7m @ 5.8g/t Au, including 3m @ 11.9g/t Au and 1m @ 26g/t Au from 32m depth. This confirmed the southerly plunge of high-grade mineralisation and enhanced understanding of the high-grade footwall zone.
• Exploration drilling also revealed three newly mineralised structures, yielding up to 0.15g/t Au, 0.25% Cu, and 26 ppm Ag. Additionally, a new structural target was discovered 250m northeast of Kurundi Main, intersecting historic underground workings at 10–12m depth.

Kurundi Regional Discoveries:

• At Millers, geochemically anomalous ironstones have been encountered, with grades including 1m @ 0.7% Cu, 1% S, and 40ppm Bi — indicative of Tennant Creek-style IOCG mineralisation.
• Drilling at Tarragans revealed gold-bearing structures with intercepts of up to 1.17g/t Au.

In total, 36 RC holes were drilled as part of the Kurundi Phase 2 campaign, covering 2,472m. The drilling program not only tested new structures but also extended the known mineralisation at Kurundi Main to both the north and south, as well as deeper below the main zone.

Completion of Speewah Project Sale

King River finalised the sale of its Speewah Project to Tivan, executing a Deed of Release, in February 2025. Under a revised agreement, KRR would receive additional Tivan shares only if the value of its existing 100 million shares fell below AU$10 million based on Tivan's 30-day VWAP as of 17 February 2025. With the VWAP exceeding AU$0.10, no further shares were required to be issued.

Subsequently, KRR released its security interest in Speewah Mining Pty Ltd, concluding all contractual obligations.

On-Market Share Buy-Back Update

As part of its ongoing share buy-back program, KRR repurchased 3,175,474 shares during the March quarter for a total of AU$25,403, averaging AU$0.008 per share. The buy-back activity continued into the current quarter.

What lies ahead?

Drilling activities at Kurundi for 2025 are set to begin in April 2025. The initial focus will be on deeper extensions beneath the main zone, where recent drilling intersected strong gold mineralisation, veining, and structure. Drilling will also target a newly discovered mineralised structure with historic underground workings located near the main zone.

The program will then shift to IOCG targets Kuiper 1 and 2, significant magnetic and gravity anomalies identified during KRR’s 2023 geophysical survey. Additional drill targets are expected to emerge as geophysical assessments and 2024 assay analysis progress. Ionic leach soil sampling has been completed at Kuiper 1 and 2 and results are pending. These results aid in refining drill priorities and positioning.

Other areas under evaluation include Rover East, Pioneer, EL31623, and Barkly.

The company’s cash position as at 31 March 2025 was AU$5,342,471.

KRR shares traded at AU$0.007 per share on 10 April 2025.