Todd River Resources : Berkshire Valley Exploration Update

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ASX Announcement

7 December 2021

Exploration Update for the Berkshire Valley Ni-Cu-

PGE Project

Key Points:

• Approximately 190 shallow reconnaissance aircore holes completed to date along the Eastern Trend targeting previously identified Ni-Cu-PGE geochemical anomalies;
• Minor sulphides intersected in 13 aircore holes to date within the northern Cu-PGE anomaly;
• Best PGE geochemical anomaly on the Eastern Trend still to be drilled;
• RC program on Eastern Trend to commence week beginning 10 December
• Extensional and infill aircore as well as two RC holes completed on the Western Trend to follow up areas of interest from earlier in 2021;
• Moving Loop Electromagnetic survey postponed until January 2022 due to several issues with crew availability.

Todd River Resources Limited (ASX: TRT) (Todd River or the Company) is pleased to provide the following update on the aircore and RC drilling program that is underway at its 100% owned Berkshire Valley Ni-Cu-PGE Project in Western Australia (Figure 1).

Drilling

The aircore and RC drilling program underway at Berkshire Valley is approximately 60% complete with 190 holes completed and around 150 holes remaining to be drilled on the Eastern Trend. Drilling along the Eastern Trend has identified the presence of sulphides (up to 5% total sulphides) in partly weathered and fresh gabbros and pyroxenites in 13 holes on 6 drill lines, all within the 1.8Km long coincident Cu-PGE auger geochemical anomaly previously reported (ASX announcement 2 August 2021). The sulphides appear to be predominantly pyrrhotite and pyrite and occur over intervals of up to 18 metres in hole BVAC0558.

Importantly, trace levels of chalcopyrite are present in a number of holes drilled to date as part of a sulphide suite dominated by pyrrhotite and pyrite. When read with a portable XRF analyser, the samples with chalcopyrite run at approximately 0.1-0.2% Cu which is highly anomalous.

The holes that have intersected sulphides are highlighted in Figure 2. Analytical results from this drilling, including those for platinum (Pt) and palladium (Pd), are expected in late January 2022. Significantly, the geochemical anomalies with the highest Pt and Pd values on the Eastern Trend are yet to be drilled. The drill rig will commence these lines in the next few days.

ABN 45 600 308 398

4/24 Parkland Rd, Osborne Park WA 6017 | PO Box 1205 Osborne Park WA 6916 P [phone] | F [phone] | E [e-mail]

www.trrltd.com.au

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On the Western Trend, a small infill and extensional aircore program was completed at the northern part of the April 2021 drilling area to follow up a number of low level Ni and Cu anomalies that have been subsequently defined. In addition, two RC holes to 154m and 130m depth were completed. The RC holes drilled through amphibolite and intersected trace sulphides, logged as pyrrhotite and pyrite, in both holes. The samples from this drilling have been submitted for assay.

Moving Loop Electromagnetic Survey (MLTEM)

A detailed MLTEM survey that was expected to start in late November has been postponed until early January as a result of recent government vaccine mandates that have impacted on crew availability. The Company expects the survey to be completed by the end of January with any drilling required to follow up the survey to commence thereafter.

Next Steps

Over the next two months the Company's focus will remain at Berkshire Valley. As a priority, the planned RC drilling of high priority targets on the Eastern Trend will commence as the aircore program is completed and the logging of the aircore holes will allow the RC program to be refined and optimised. It is expected that the RC program will be completed in early 2022.

In addition, drilling of any targets identified during the MLTEM survey is also expected to take place in early 2022 once targets are identified and defined.

Will Dix, Managing Director of Todd River Resources, commented:

"This is an excellent start to the drilling campaign on the Eastern Trend. Seeing multiple shallow holes over significant strike with sulphides including some chalcopyrite present in gabbroic and pyroxenitic geology absolutely validates both the exploration model and the approach we have taken at Berkshire Valley.

We are eagerly awaiting the analytical results to determine whether there are any PGE's associated with the sulphides and we continue to progress the drilling with the strongest PGE anomalies still to be tested, as well as the RC holes we have planned.

Whilst it's disappointing that our EM crew has become unavailable in the short term, we are fortunate that this will only postpone the program by around 4 weeks and we can look forward to completing the survey in January. This is an exciting time for the Company and we look forward to sharing the assay results with shareholders as soon as they are received."

Release authorised by the Board of Todd River Resources

Enquiries: Will Dix

+ 61 (0) 8 6166 0255

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Figure 1 - Berkshire Valley Project Location Map

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For	Figure 2 - Eastern Trend Aircore Drilling Status showing completed holes and holes which
intersected sulphides over Pt+Pd geochemistry.

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About Todd River Resources

Todd River Resources (ASX: TRT) is an Australian-based resources company that has base and precious metal projects in Western Australia and the Northern Territory. The Company has a base metal resource at its Mt Hardy Project and several exciting Ni-Cu-PGE and base metal projects in Western Australia including Berkshire Valley in the south west Yilgarn.

With a strong management team and tight capital structure, Todd River is well placed to pursue additional base metal opportunities across its extensive exploration portfolio that also includes the large applications in the Bangemall Region of Western Australia.

Forward Looking Statements

This announcement includes forward-looking statements. These statements relate to the Company's expectations, beliefs, intentions or strategies regarding the future. These statements can be identified by the use of words like "will", "progress", "anticipate", "intend", "expect", "may", "seek", "towards", "enable" and similar words or expressions containing same.

The forward-looking statements reflect the Company's views and assumptions with respect to future events as of the date of this announcement and are subject to a variety of unpredictable risks, uncertainties, and other unknowns. Actual and future results and trends could differ materially from those set forth in such statements due to various factors, many of which are beyond our ability to control or predict. Given these uncertainties, no one should place undue reliance on any forward looking statements attributable to the Company, or any of its affiliates or persons acting on its behalf. The Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Neither the Company nor any other person, gives any representation, warranty, assurance, nor will guarantee that the occurrence of the events expressed or implied in any forward-looking statement will actually occur. To the maximum extent permitted by law, the Company and each of its advisors, affiliates, related bodies corporate, directors, officers, partners, employees and agents disclaim any responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise.

Competent Person Statement

The information in this report that relates to Exploration Results is based on information compiled by William Dix, who is a full time employee of Todd River Resources. Mr Dix is a member of the Australian Institute of Mining and Metallurgy. Mr Dix has sufficient experience of relevance to the style of mineralization and the types of deposits under consideration, and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Dix consents to the inclusion in this report of the matters based on information in the form and context in which it appears.

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