Announcement PDF Heavy Rare Earths Limited ABN 35 648 991 039 Annual Report - 30 June 2025 Heavy Rare Earths Limited Corporate directory 30 June 2025 Directors Mr John Bryne (Non-executive Chairman) Mr Richard Brescianini (Non-executive Director) Mr Gabriel Chiappini (Non-executive Director) Company secretary Mr Justin Mouchacca Registered office Level 21, 459 Collins Street Melbourne, Victoria 3000 Ph: +61 3 8630 3321 Principal place of business Level 21, 459 Collins Street Melbourne, Victoria, 3000 Share register Boardroom Pty Ltd Level 8, 210 George Street Sydney, NSW, 2000 Ph: 1300 737 760 (within Australia) Ph: +61 2 9290 9600 Auditor William Buck Audit (Vic) Pty Ltd Level 20, 181 William Street Melbourne, Victoria 3000 Stock exchange listing Heavy Rare Earths Limited shares are listed on the Australian Securities Exchange (ASX code: HRE) Website www.hreltd.com.au Corporate Governance Statement The Company's Corporate Governance Statement has been released to ASX on this day and is available on the Company's website at the following link: https://hreltd.com.au/about-us/corporate-governance/ 1 Heavy Rare Earths Limited Contents 30 June 2025 Review of operations Directors' report Auditor's independence declaration Statement of profit or loss and other comprehensive income Statement of financial position Statement of changes in equity Statement of cash flows Notes to the financial statements Consolidated entity disclosure statement Directors' declaration Independent auditor's report to the members of Heavy Rare Earths Limited Shareholder information 2 3 11 22 23 24 25 26 27 39 40 41 45 Heavy Rare Earths Limited Review of operations 30 June 2025 The Company’s exploration focus during the 2025 financial year was as follows: Acquisition of Uranium Exploration Assets in South Australia During the March 2025 quarter, the Company completed a transaction with Havilah Resources Limited (ASX: HAV; “Havilah”) to acquire a significant portfolio of uranium (U) exploration assets in eastern South Australia. The transaction involves HRE earning an 80% initial interest in the U rights on three projects by spending $3 million over three years, including a minimum of $1 million in the first year, on exploration and development activities. Under the transaction, HRE issued to Havilah: (i) 38,000,000 fully paid ordinary shares in HRE; and (ii) 17,500,000 unlisted options, each with an exercise price of $0.06 and a term of 3 years from their date of issue. The portfolio comprises highly prospective U targets on the Radium Hill, Lake Namba-Billeroo and Prospect Hill projects that together comprise a total area of 2,949 km2. They are located in South Australia’s Curnamona Province which hosts two operating in-situ recovery (ISR) U mines at Four Mile (Heathgate Resources Pty Ltd) and Honeymoon (Boss Energy Limited), with another on care and maintenance at Beverley, an historic hard-rock U operation at Radium Hill, and U resources and deposits at several other sites (Figure 1). Initial targets for HRE include extensions of the Radium Hill U deposit, prospective geology north and east of Prospect Hill, the northern and southern extensions of the Billeroo Palaeochannel, and the southern Namba Palaeochannel. Radium Hill Uranium-Critical Minerals Project, South Australia At HRE’s Radium Hill Project, there is considerable potential to discover extensions of U mineralisation along the Radium Hill Line of Lode, north-east of the historic Radium Hill Mine where 2.6 Mlbs @ 0.12% U3O8 was mined between 1954 and 1961. In addition to earning an initial 80% interest in the U rights at Radium Hill, HRE’s transaction with Havilah includes said initial interest in the scandium (Sc) and rare earth (REE) rights. There has been no exploration undertaken at Radium Hill since mining operations ceased. During the December 2024 and June 2025 quarters the Company reported assay results from reconnaissance sampling of mineralisation from historic dumps and drill core, and from outcrop, both within the Radium Hill Mine site lease which is excluded from HRE’s project area and from known prospects which are in the project area. All mineralised samples collected showed high concentrations of U and the critical minerals Sc and REE (Figure 2) with Sc grades comparing favourably with leading Australian Sc resources. During the June 2025 quarter the Company reported results from a detailed low-altitude fixed-wing magnetic-radiometric survey over a large part of the Radium Hill project area centred on the line of lode NE-SW structural corridor. The data shows significantly higher resolution than was previously available over the project area (Figure 3). Geological and structural interpretation of this data set, incorporating field mapping and sampling, and the digital capture and analysis of historic mining/drilling/trenching data from mid-1940s to the early-1960s, is nearing completion, and is expected to provide the foundation for HRE’s drill targeting at Radium Hill during the 2026 financial year. 3 Heavy Rare Earths Limited Review of operations 30 June 2025 Figure 1. Location of HRE’s project areas and uranium deposits in the Curnamona Province, South Australia1 1 Data sources: - Boss Energy Limited (ASX: BOE) Annual Report 2024. - Marmota Limited (ASX: MEU) ASX announcement 26/10/2023: “Marmota to grow Junction Dam uranium resource”. - SARIG SA Geodata MINDEP Database https://drillhole.pir.sa.gov.au/MineralDepositDetails.aspx?DEPOSIT_NO=962. - Wilson T 2015. Uranium and uranium mineral systems in South Australia – Third edition, Report Book 2015/00011. Department of State Development, South Australia, Adelaide. - World Nuclear Association: https://world-nuclear.org/information-library/appendices/australia-s-uranium-mines. 4 Heavy Rare Earths Limited Review of operations 30 June 2025 Figure 2. Location of reconnaissance rock samples at Radium Hill showing assays for oxides of U, Sc and REE. 5 Heavy Rare Earths Limited Review of operations 30 June 2025 Figure 3. Radium Hill airborne survey showing major improvement in magnetic detail. Prospect Hill Uranium-Critical Minerals Project, South Australia The primary target horizon for sedimentary U deposits at the Prospect Hill Project in the northern Flinders Ranges is a Cretaceous-age glacial sandstone/tillite sitting directly on Mesoproterozoic basement. This geological setting is analogous to the Four Mile West deposit (44.9 Mlbs U3O82) located approximately 35 km to the south. During the March 2025 quarter a passive seismic/gravity survey was completed over the Wattleowie Valley in the eastern portion of the project area. A multidisciplinary approach to interpreting this new survey with regional geophysical and geological data has highlighted pathways for potential U-bearing groundwaters shedding off U- and REE-anomalous basement granites to the south (Figure 4). This will form the basis of HRE’s maiden drilling program in the Wattleowie Valley during the 2026 financial year. 2 https://www.energymining.sa.gov.au/industry/minerals-and-mining/mining/major-projects-and-mining-activities/major-operating-and-approved-mines/fourmile-uranium-mine 6 Heavy Rare Earths Limited Review of operations 30 June 2025 Figure 4. Geology of Prospect Hill project area showing potential U-bearing groundwater pathways. Subsequent to the end of the 2025 financial year, the Company announced a transaction with Havilah to expand its 80% initial interest to all mineral rights from the current U-only rights on the Prospect Hill Project. The project hosts significant polymetallic mineralisation dominated by the critical mineral tin (Sn) where historic drilling of 56 holes has confirmed Sn mineralisation over 500 m of strike and to a depth of 120 m at the South Ridge deposit. Completion of the transaction is subject to shareholder approval at a General Meeting. Lake Namba-Billeroo Uranium Project, South Australia HRE has access to approximately 35 km of the U-bearing Billeroo Palaeochannel in the western part of the Lake NambaBilleroo Project which has only been tested by a single drillhole in 1970. This palaeochannel hosts significant U mineralisation at Boss Energy’s Gould’s Dam resource (25 Mlbs U3O83) (Figure 1). During the March 2025 quarter passive seismic/gravity surveys were completed along the Billeroo Palaeochannel at four separate grids both up-channel (closer to source granites to the south) and down-channel from Gould’s Dam (Figure 5). A multidisciplinary approach to interpreting these new surveys with regional geophysical and geological data highlights strong similarities with fault/channel interaction observed at Gould’s Dam. HRE’s maiden drilling program along the Billeroo Palaeochannel during the 2026 financial year is aimed at investigating these similarities. 3 Boss Energy Limited (ASX: BOE) Annual Report 2025 https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-029862356A1280946&v=c2533a54e2514fb77a8f93f84db686e1125273e9 7 Heavy Rare Earths Limited Review of operations 30 June 2025 Figure 5. Billeroo Palaeochannel showing location of Passive Seismic/Gravity grids A-D. Perenjori Uranium Project, Western Australia The Company’s 100 per cent-owned Perenjori project is located in the Mid West region of Western Australia. The exploration model being investigated by HRE at Perenjori is a calcrete (palaeochannel-hosted) uranium deposit. Palaeochannel-hosted REE deposits within the same drainage system are also possible. Virtually no exploration for these deposit types is evident from historic reports During the June 2025 quarter, the Company undertook a program of soil sampling along 12 lines across the inferred thalweg (interpreted from earlier passive seismic surveys) of the targeted palaeochannels. At the Gingaba Well prospect, strongly elevated U soil assays show an excellent spatial correlation with an 8 km-long airborne radiometric anomaly (Figure 6). The spatial footprint of this anomaly is similar to those observed over significant Western Australian calcrete U deposits4 at Yeelirrie (128.1 Mlbs U3O8), Lake Maitland (29.6 Mlbs U3O8) and Centipede/Millipede (30 Mlbs U3O8). The Gingaba Well U prospect represents a drill-ready project for HRE. 4 Yeelirrie U resource (Cameco Corporation): https://www.cameco.com/sites/default/files/documents/2024-mineral-reserves-and-resources.pdf. Lake Maitland and Centipede/Millipede U resources (Toro Energy Limited; ASX: TOE): https://www.toroenergy.com.au/wpcontent/uploads/2024/10/Homsany_Richard_Toro-Energy-Ltd.pdf. 8 Heavy Rare Earths Limited Review of operations 30 June 2025 Figure 6: Uranium in soil assays, Gingaba Well target. Interests in Mining Tenements Below is a summary of the mining tenements held by the Company as at the date of this report. Mining Tenement Location EL 6041 – Radium Hill EL 6594 – Radium Hill EL 5831 – Radium Hill EL 5891 – Prospect Hill EL 6271 – Prospect Hill EL 6933 – Prospect Hill EL 5848 – Lake Namba-Billeroo EL 5785 – Lake Namba-Billeroo EL 5824 – Lake Namba-Billeroo EL 5915 – Lake Namba-Billeroo EL 5940 – Lake Namba-Billeroo EL 6056 – Lake Namba-Billeroo EL 6356 – Lake Namba-Billeroo EL 6358 – Lake Namba-Billeroo EL 6408 – Lake Namba-Billeroo EL 6409 – Lake Namba-Billeroo EL 6410 – Lake Namba-Billeroo EL 6411 – Lake Namba-Billeroo EL 6434 – Lake Namba-Billeroo EL 6546 – Lake Namba-Billeroo EL 6661 – Lake Namba-Billeroo EL 6662 – Lake Namba-Billeroo E70/6397 – Perenjori SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia SA, Australia WA, Australia Beneficial Percentage held 80%* 80%* 80%* 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 80%** 100% 9 Heavy Rare Earths Limited Review of operations 30 June 2025 E70/6398 – Perenjori E59/2905 – Perenjori E63/1972 – Cowalinya E63/2144 – Cowalinya EL33101 – Duke EL33194 – Duke WA, Australia WA, Australia WA, Australia WA, Australia NT, Australia NT, Australia 100% 100% 100% 100% 100% 100% * U, Sc and REE rights only. Subject to meeting earn-in expenditure obligations. ** U rights only. Subject to meeting earn-in expenditure obligations. Mineral Resources Statement The following information is provided in accordance with Listing Rule 5.21. Summary Estimate of Mineral Resources for Cowalinya Project as at 30 September 2023. JORC RESOURCE CLASS TONNES (Mt) TREO (ppm) MAGNET REOs (ppm) MAGNET REOs/TREO Sc2O3 (ppm) Inferred 159 870 242 28% 32 TREO = La2O3+CeO2+Pr6O11+Nd2O3+Sm2O3+Eu2O3+Gd2O3+Tb4O7+Dy2O3+Ho2O3+Er2O3+Tm2O3+Yb2O3+Lu2O3+Y2O3 Magnet REOs = Pr6O11+Nd2O3+Tb4O7+Dy2O3 Reported above a cut-o grade of 400 ppm TREO-CeO2 Competent Person Statement The Mineral Resources contained in this report were compiled by Mr Robin Rankin. Mr Rankin is a Member (#110551) of the Australasian Institute of Mining and Metallurgy (MAusIMM) and accredited since 2000 as a Chartered Professional by the AusIMM in the Geology discipline. He is Principal Consulting Geologist and operator of independent geological consultancy GeoRes. Mr Rankin has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (the JORC Code). Mr Rankin consents to the inclusion in this announcement of the matters based on the Mineral Resources in the form and context in which it appears. The Mineral Resources contained in this report have been extracted from ASX release dated 3 October 2023. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resources contained in the 3 October 2023 ASX release. All material assumptions and technical parameters supporting the Mineral Resources in the ASX release dated 3 October 2023 continue to apply and have not materially changed. 10 Heavy Rare Earths Limited Directors' report 30 June 2025 The directors present their report, together with the financial statements, on the company for the year ended 30 June 2025. Directors The following persons were directors of the company during the whole of the financial year and up to the date of this report, unless otherwise stated: Mr John Byrne (Non-Executive Chairman) Mr Richard Brescianini (Non-executive Director) (Transitioned from Executive Technical Director on 21 May 2025) Mr Gabriel Chiappini (Non-executive Director) appointed 31 January 2025 Mr Ryan Skeen (Non-Executive Director) resigned 31 January 2025 Principal activities The principal activities of the Company during the period consisted of exploration activities for uranium at the Company’s areas of interest located in South Australia and Western Australia. Main Business activities include: - Completing the acquisition of its 80% interest in the uranium rights on three projects held by Havilah Resources Limited in eastern South Australia and commencing exploration activities on these projects. - Continuing exploration activities on projects that focus on uranium at Perenjori in Western Australia, and rare earth elements (REEs) at Cowalinya in Western Australia and Duke in the Northern Territory. - Conducting a review on potential business development opportunities capable of enhancing the portfolio and driving shareholder returns. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. Review of operations The loss for the company after providing for income tax amounted to $3,215,987 (30 June 2024: $1,308,284). Significant changes in the state of affairs On 21 October 2024 the Company announced it has entered into a binding Term Sheet with Havilah Resources Limited (ASX: HAV; “Havilah”) to acquire a significant portfolio of uranium exploration assets in the uranium rich Curnamona Province of eastern South Australia (‘Acquisition’). The transaction involves HRE earning an 80% initial interest in the uranium rights on three projects by spending $3 million over three years, including a minimum of $1 million in the first year following completion of the Acquisition, on exploration and development activities. Under the Term Sheet and subject to satisfying the conditions precedent, HRE is required to issue to Havilah: (i) (ii) 38,000,000 fully paid ordinary shares in HRE (“Consideration Shares”); and 17,500,000 unlisted options, each with an exercise price of $0.06 and a term of 3 years from their date of issue (“Consideration Options”). Havilah will be free-carried until the completion of a bankable feasibility study (“BFS”) on any uranium deposit discovered. Following completion of a BFS, Havilah will have the right to contribute its pro-rata share of all future expenditure, or otherwise dilute to a 1.5% net smelter royalty (“NSR”) on production from that uranium deposit. Completion of the Acquisition took place on 7 January 2025. The Company also announced that it had received firm commitments for a two-tranche placement to raise $1,200,000 (before costs) at an issue price of $0.03 per share (“Placement”), being a 15.1% discount to the Company’s 15-day volume weighted average price (“VWAP”) and a 11.4% discount to the 30-day VWAP to the close of trading on Friday 18 October 2024. In addition to the Placement, the Company announced that it was proposing, subject to shareholder approval, to undertake a non-renounceable entitlement offer to existing shareholders of one (1) share for every two (2) shares held in the Company (“Entitlement Offer”) at an issue price of $0.03 per share, to raise up to $1,264,000 (before costs). 11 Heavy Rare Earths Limited Directors' report 30 June 2025 The Entitlement Offer was fully underwritten by Cygnet and Taylor Collison Limited (“Taylor Collison”), with each of Cygnet and Taylor Collison underwriting 50% of the Entitlement Offer respectively. On 11 November 2024 the Company issued 16,000,000 fully paid ordinary shares (Shares) pursuant to the Placement with an issue price of $0.03 (3 cents) per share, raising $480,000. On 28 November 2024, the Company sought shareholder approval for the Acquisition at its Annual General Meeting of shareholders. This was approved by the shareholders. On 29 November 2024, the Company announced a fully underwritten non-renounceable pro rata offer to Eligible Shareholders of 42,137,575 New Shares at an issue price of $0.03 per New Share on the basis of 1 (one) New Share for every 2 (two) Existing Shares held to raise approximately $1.26 million before issue costs (Entitlement Offer). On 23 December 2024 the Company issued 42,137,633 Shares pursuant to the Entitlement Offer raising $1,264,129 (before costs) and 24,000,000 Shares to settle the second tranche of the Placement, raising $840,000 before costs. The Company also issued 9,621,099 Shares to settle outstanding Directors fees and consultant liabilities with an issue price of $0.03 (3 cents) per share. On 7 January 2025 the Company announced that it had completed the acquisition of its interest in the Uranium rights for the Acquisition and issued the 38,000,000 Consideration Shares and 17,500,000 Consideration Options. The Company also issued 10,000,000 Shares pursuant to Introductory fee for the Acquisition. On 31 January 2025, Mr Gabriel Chiappini was appointed Non-executive Director and Mr Ryan Skeen resigned. There were no other significant changes in the state of affairs of the company during the financial year. Matters subsequent to the end of the financial year On 4 August 2025, the Company announced it has executed a binding Term sheet with Havilah Resources Limited to expand its rights to all minerals from the current uranium-only rights on the Prospect Hill project, which lies in the northern Flinders Ranges of South Australia. The completion of the transaction is subject to shareholder approval; and the Company and Havilah otherwise obtaining all required legal, third party and other required approvals and/or consents for the proposed transaction to proceed. On 11 August 2025, the Company issued 2,500,000 unlisted options under employee incentive scheme, each with an exercise price of $0.06 and term of 3 years from the date of issue. On 24 August 2025 a total of 11,350,000 unlisted options exercisable at $0.30 and 4,350,000 unlisted options exercisable at $0.40 expired unexercised. The options were issued as part of the Company's initial public offering. No other matter or circumstance has arisen since 30 June 2025 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years. Likely developments and expected results of operations The Company will continue to conduct exploration activities at its project areas and these activities will include sampling, drilling, assay, metallurgical test work and, if warranted, scoping level feasibility studies. The Company continues to review potential new opportunities. If the Directors are successful in acquiring new projects or entering into a joint venture, it is expected that part of the funding held by the Company may be directed to the purchase of that project and to the exploration and development plan for that project. It may be that additional cash will be required to fund any of these events should they eventuate. In that case the Directors will be required to review the funding options available to the Company. Business risk management The Company is committed to the effective management of risk to reduce uncertainty in the Company’s business outcomes and to protect and enhance shareholder value. There are various risks that could have a material impact on the achievement of the Company’s strategic objectives and future prospects. 12 Heavy Rare Earths Limited Directors' report 30 June 2025 Key risks and mitigation activities associated with the Company's objectives are set out below: Exploration risk The Company has no operating revenue and is unlikely to generate any operating revenue in the foreseeable future. Exploration and development costs and pursuit of its business plan will use funds from the Company's current cash reserves and future equity or debt raisings. The development of one or more of its projects may require the Company to raise further capital in the future. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price (or Offer Price) or may involve restrictive covenants which limit the Company's operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. The Company’s funding requirements are reviewed on a regular basis in order to mitigate future funding risk. Regulatory risk The Company’s mining and exploration activities are dependent upon the maintenance (including renewal) of the tenements in which the Company has or acquires an interest. Maintenance of the Company’s tenements is dependent on, among other things, the Company’s ability to meet the licence conditions imposed by relevant authorities. Although the Company has no reason to think that the tenements in which it currently has an interest will not be renewed, there is no assurance that such renewals will be given as a matter of course and there is no assurance that new conditions will not be imposed by the relevant authority or whether the Company will be able to meet the conditions of renewal on commercially reasonable terms, if at all. The Company works with local government and mining departments to ensure it meets the required level of reporting requirements and to reduce any potential for breach of regulatory requirements. Future funding risk Exploration and development involve significant financial risk and capital development. The Company may require further capital to achieve its objective of transitioning from explorer to producer. In addition, if the Company acquires any new project it may need to raise further capital to fund the acquisition or exploration at the project once acquired. For the foreseeable future, it is expected that this funding will be obtained from equity financing. Any equity financing undertaken will dilute existing Shareholders. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse effect on the Company's activities and could affect the Company's ability to continue as a going concern. The Company’s funding requirements are reviewed on a regular basis in order to mitigate future funding risk. Environmental regulation The Company holds participating interests in a number of exploration tenements. The various authorities granting such tenements require the tenement holder to comply with the terms of the grant of the tenement and all directions given to it under those terms of the tenement. To the best of the Directors' knowledge, the Company has adequate systems in place to ensure compliance with the requirements of all environmental legislation described above and are not aware of any breach of those requirements during the financial year and up to the date of the Directors' report. 13 Heavy Rare Earths Limited Directors' report 30 June 2025 Information on directors Name: Title: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Mr John Byrne Non-Executive Chairman Mr Byrne has 40 years’ experience in the natural resource industry as a financial analyst, investor and mine developer. John formed and mentored Cambrian Mining Plc in 2002, which started with net assets of GBP£1.4 million and before being acquired in 2008 had net assets of GBP£149 million. John has been Chairman and CEO of numerous successful resource companies, including Western Coal Corp which was capitalised at less than C$1 million when he joined, and was sold for C$3.3billion in 2010. Currently Mr Byrne is the Chairman of Lions Bay Capital Limited (LBI:TSXV) and Fidelity Minerals Limited (FMN:TSXV), both listed on the Toronto Ventures Exchange. Mr Bryne was previously Chairman of ASX listed Kalina Power Limited (ASX:KPO) and Jervois Global Limited (then Jervois Mining Limited) (ASX:JRV). Lions Bay Capital Limited (LBI: TSXV); Fidelity Minerals Limited (FMM: TSXV) None 2,087,500 fully paid ordinary shares as of the date of this report Mr Richard Brescianini Non-executive Director (transitioned from Executive Technical Director on 21 May 2025) B. Sc (Hons) Mr Brescianini is a qualified geoscientist with an Honours degree from the University of Tasmania and is a member of the Australian Institute of Geoscientists and Australian Society of Exploration Geophysicists. Richard commenced his career in mineral exploration with BHP Minerals in 1987 working in teams focused on the discovery of base and precious metal deposits across Australia and North America. His experience includes working as the Director of the Northern Territory Government’s Geological Survey and working for rare earths developer Arafura Rare Earths Limited (ASX:ARU) for 14 years in its executive management team. None None 4,058,887 fully paid ordinary shares as of the date of this report 14 Heavy Rare Earths Limited Directors' report 30 June 2025 Name: Title: Qualifications: Experience and expertise: Mr Gabriel Chiappini Non-Executive Director (appointed 31 January 2025) CA, GAICD Gabriel is a Chartered Accountant with over 20 years’ experience as a director, capital markets participant and a governance professional. He is a current member of the Australian Institute of Company Directors and Institute of Chartered Accountants (Australia). Gabriel’s professional foundation was laid with Ernst & Young (EY) Perth. Following EY, he moved onto various corporate roles in London and Perth as detailed below. For the last 20 years Mr Chiappini has been managing his own Consulting Firm offering Corporate Advisory, Governance Services, and Non-executive Director services to a variety of ASX and start-up companies. He has provided advice and services on equity raisings exceeding AUD$850m, debt financing in excess of AUD$350m and assisted his clients with both divestment and acquisition strategies. Recently he managed and assisted with the vending in of seven ASX IPO’s and RTO’s. Other current directorships: Former directorships (last 3 years): Interest in shares Name: Title: Qualifications: Experience and expertise: Other current directorships: Former directorships (last 3 years): Interests in shares: Gabriel has had a diverse and successful career as an ASX/public company director inclusive of Chairman, Non-executiv