Announcement PDF ASX ANNOUNCEMENT Heavy Rare Earths Limited (ASX: HRE) 4 August 2025 HRE TO ACQUIRE ADVANCED TIN PROJECT WITH ALL MINERAL RIGHTS AT PROSPECT HILL • HRE to acquire rights to South Australia’s largest known and most advanced tin project at Prospect Hill in the Northern Flinders Ranges • HRE considers Prospect Hill to be an exceptional tin opportunity based on extensive historic exploration data. Tin projects of this calibre are uncommon in Australia. • Historic drilling has confirmed tin mineralisation over 500 metres of strike and to a depth of 120 metres at the South Ridge prospect. This includes 56 holes, many with high-grade tin intercepts including: o 3 metres @ 4.85% Sn from 44 metres (hole PHRC03) o 5 metres @ 3.32% Sn from 84 metres (PHRC55) o 6 metres @ 2.33% Sn from 14 metres (PHP-15) • Prior petrological and metallurgical studies indicate tin is mostly present as cassiterite, 80% of which can be recovered by gravity processing methods • Several nearby prospects with high tin grades from surface sampling present exploration discovery opportunities • Planned follow-up work to establish Mineral Resources at South Ridge • Tin is on critical minerals lists of many western economies due to looming supply deficits and geopolitical concerns • Prospect Hill represents a material addition to HRE’s current suite of projects with a critical and clean energy minerals focus Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to announce it has entered into a binding Term Sheet with Havilah Resources Limited (ASX: HAV; “Havilah”) 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 (Figure 1). On signing the Term Sheet, HRE’s non-executive Chairman, John Byrne, said, “This transaction on Prospect Hill with our major shareholder Havilah Resources is to the clear benefit of both parties. We appreciate their ongoing support in considering and agreeing our proposal to expand our mineral interests during the initial year of our commercial engagement. “The Company is excited about the advanced opportunity on offer at the South Ridge tin prospect. Whilst we will maintain the momentum on our uranium JV projects at Radium Hill, Prospect Hill and Lake Namba-Billeroo, this transaction offers the potential for HRE to move quickly to advanced studies on the small-scale extraction of tin.” Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 1 TRANSACTION SUMMARY HRE has executed a binding ‘other minerals’ Term Sheet (“Agreement”) with Havilah that secures it the right to acquire an 80% initial interest in all Havilah’s rights to non-uranium minerals within the Prospect Hill project area. It builds on the existing agreement (“Existing Agreement”) with Havilah in which HRE is currently earning an 80% initial interest in Havilah’s rights to uranium mineralisation hosted by Cretaceous age and younger sediments on the same three project area tenements (refer to ASX announcement 21 October 2024). Under the Agreement, to acquire the 80% interest HRE must spend a minimum of $1,500,000 on exploration and development of non-uranium minerals within 3 years, including $350,000 in the first year. As part of this expenditure obligation, to acquire the 80% interest the Company is required to drill a minimum of 2,500 m during the first 18 months and a minimum of 1,250 m in the second 18 months of the 3-year earn-in term (3,750 m in total) (taken together, the “Earn-In Requirement”). Once HRE has earned the 80% interest in Havilah’s non-uranium mineral rights by satisfying the Earn-In Requirement, a joint venture (“JV”) will be formed and Havilah will be free-carried until the completion of a bankable feasibility study (“BFS”) on any non-uranium mineral deposit discovered. Following completion of a BFS, Havilah will have the right to contribute its 20% pro-rata share of all future JV expenditure or otherwise dilute to below a 10% JV interest and receive a 1.5% net smelter return (NSR) royalty on production. HRE and Havilah entered into a tenement access and mineral rights agreement (“TAMRA”) as part of the Existing Agreement. The Company confirms that the TAMRA will continue to govern its access rights to Havilah’s Prospect Hill project exploration licences under the Agreement. Subject to completing the Earn-In Requirement, HRE will reimburse Havilah an aggregate amount of $1,800,000 being reimbursement of Havilah’s historical exploration expenditure on the project. Payment of these funds will be deferred until such time cashflows from a future non-uranium mining or processing operation at Prospect Hill are available or HRE elects to make the reimbursement payment earlier. Completion of the transaction is subject to the following conditions precedent: i) ii) shareholder approval (including for the purposes of Listing Rule 10.1) which will be sought at an Extraordinary General Meeting (“EGM”) proposed to be held as soon as practicable. The Notice of Meeting for the EGM will include an independent expert’s report, which is required for the transaction to be considered under Listing Rule 10.5.10; and HRE and Havilah otherwise obtaining all required legal, third party and other required approvals and/or consents for the proposed transaction to proceed. BACKGROUND The Prospect Hill project comprises three contiguous exploration tenements EL5891, EL6271 and EL6933 covering a total area of 75 km2. The western portion of the project area features outcropping rocks of the Curnamona Craton (Mt Painter/Mt Babbage Inliers) which hosts significant polymetallic mineralisation dominated by tin (Sn). Tin is present as cassiterite and this will be the initial focus of HRE’s non-uranium exploration and development activities at Prospect Hill. Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 2 The project area has seen a number of relatively short-lived campaigns of exploration for tin and other metals since the mid-1980s at times when tin prices were substantially lower than they are today. This work resulted in the discovery of several high-grade tin prospects at surface. The best explored of these is the South Ridge prospect where drilling of 56 holes has outlined tin-rich mineralisation in a well-defined lode structure over a strike length of about 500 m. Highly mineralised drill intercepts from South Ridge include: • • • • • • 3 m @ 4.85% Sn from 44 m in PHRC03 5 m @ 3.32% Sn from 84 m in PHRC55 6 m @ 2.33% Sn from 14 m in PHP-15 6 m @ 1.85% Sn from 24 m in PHP-2 8 m @ 1.48% Sn from 11 m in PHRC24 10 m @ 1.16% Sn from 33 m in PHRC04. Figure 1: Location of HRE projects in the Curnamona Craton, South Australia. HRE plans to fast-track drilling work at South Ridge in the coming months with the aim of estimating a maiden Mineral Resource for the project and to acquire material for metallurgical testwork. Limited testwork to date has focused on producing a concentrate with gravity separation. The application of advanced sensor-based ore sorting technology to cassiterite Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 3 mineralisation such as that offered by TOMRA1 could represent a substantial opportunity for HRE at South Ridge. The proposed acquisition of non-uranium mineral rights at Prospect Hill broadens HRE’s exposure to clean energy, and strategic and critical minerals, complementing its co-product critical mineral scandium (Sc) and rare earth (REE) opportunities at its high-grade Radium Hill uranium project (refer to ASX announcement 19 May 2025). Importantly, uranium (target commodities at Prospect Hill and Radium Hill), tin (Prospect Hill), and scandium and rare earths (Radium Hill) have been identified by a number of Western governments as being strategic or critical to their economies and, in the case of tin, scandium and rare earths, highly vulnerable to supply chain disruption (Table 1). Tin is used in a wide variety of products including solder (electronics), chemicals (PVC stabilizers, polymer catalysts), tinplate (food packaging), alloys (bearing metal, coatings), and inorganic (ceramics, glazes) and organic (plastics, wood preservatives, pesticides, fire retardants) compounds. Tin futures2 are at US$34,000 per tonne, holding close to the threemonth high of US$35,100 as persistently low supply coincides with evidence of robust demand. Investment in new tin supply has been relatively weak for some time, with only one significant mine entering the market in the last five years. According to the International Tin Association3 looming deficits and geopolitical concerns will renew the search for new tin projects and the next decade will see a new wave of government-supported investment to secure sustainably sourced supply that needs to grow by an estimated 50,000 tonnes per annum for the technology surge to 2030. Table 1: Critical minerals targeted at HRE’s Prospect Hill and Radium Hil projects. COUNTRY/REGION1 URANIUM TIN Australia Canada ✓ ✓ EU ✓ India Japan ✓ ✓ ✓ ✓ South Korea UK USA SCANDIUM RARE EARTHS2 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ 1. Selected critical minerals are shown for each country/region. Australia has declared 31 critical minerals, Canada 29, EU 30, India 30, Japan 36, South Korea 33, UK 18 and USA 50. 2. RARE EARTHS are Lanthanum (La), Cerium (Ce), Praseodymium (Pr), Neodymium (Nd), Samarium (Sm), Europium (Eu), Gadolinium (Gd), Terbium (Tb), Dysprosium (Dy), Holmium (Ho), Erbium (Er), Thulium (Tm), Ytterbium (Tb), Lutetium (Lu) and Yttrium (Y). 1 https://www.tomra.com/mining 2 https://tradingeconomics.com/commodity/tin 3 https://www.internationaltin.org/tin2030-a-vision-for-tin/ Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 4 REGIONAL GEOLOGY The Prospect Hill project lies in the Mt Painter/Mt Babbage Inliers at the north-western margin of the Palaeo-Mesoproterozoic Curnamona Craton, a geological province that is well-endowed in critical and clean energy minerals such as copper (Cu), REEs and U (Figure 2). Figure 2: Regional geology of Palaeo-Mesoproterozoic Mt Painter and Mt Babbage Inliers. The Mt Painter/Mt Babbage Inliers, and Curnamona Craton in general, have geological similarities with the nearby Gawler Craton most notably concerning the relationship of base, precious and critical minerals mineralisation with an igneous intrusion dating event from around 1590 Ma. The exception to this is the Prospect Hill Block separated from the rest of the Mt Babbage Inlier by a major, as yet unnamed, E-W fault, passing through the middle of the project area (Figure 3). To the north of the fault, the Prospect Hill Block is host to less intense, higher-level deformation with several, cross-cutting, younger (1560 Ma), granitoids such as the White Well Granite and Prospect Hill Porphyry. The 1580 Ma Terrapinna Granite lies south of the fault. LOCAL GEOLOGY AND MINERALISATION The Mt Babbage Inlier in the project area is dominated by Palaeoproterozoic volcanics and volcaniclastics which have been intruded by multiple, younger, Mesoproterozoic, granitoids (1560 Ma). The core of the Inlier is unconformably overlain by Neoproterozoic Adelaidean metasediments to the west and Cretaceous and younger sediments to the north and east (Figure 3). Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 5 Figure 3: Summary of outcropping geology in EL5891 and location of Sn prospects. Unlike the older (1590 Ma) igneous event, younger granites are anomalous in Sn as well as other critical minerals (copper (Cu), fluorine (F), tungsten (W), uranium (U), molybdenum (Mo) and rare earths (REEs)) representing a variety of mineralisation styles4. Intrusion of younger granites into Petermorra Volcanics are interpreted to be responsible for Sn-rich polymetallic mineralisation in the Prospect Hill area. At least three styles of Sn mineralisation have been recognised: i) ii) iii) Epigenetic fault/shear mineralisation associated with anomalous F, U, yttrium (Y), zinc (Zn) and Cu. Seen at the South Ridge prospect, this is the most significant style; A silica-muscovite-tourmaline association, seen at surface in elliptical or pod-like accumulations. The 3D dimensional shape of this mineralisation is unknown but they may represent shoots or “pipes”. Although limited in extent these represent significant targets due to their high-grade nature (e.g., up to 56% Sn at the Black Rock prospect); and Anomalous Sn has also been recorded in “skarn-like” zones with epidote + actinolite + sphene + grossular garnet. HRE considers the Prospect Hill Block to be a unique, highly prospective terrain in which to discover Sn-rich deposits. 4 Teale, G. S. (1993). Mesoproterozoic of the Curnamona Craton and Mount Painter and Mount Babbage Inliers, Volume 1. In J. F. Drexel & W. V. Preiss (Eds.), The Geology of South Australia. Adelaide: South Australia Geological Survey Bulletin 54 Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 6 EXPLORATION HISTORY AND POTENTIAL Prospect Hill’s remote location at the extreme northern end of the Flinders Ranges provided logistical challenges to early prospectors and miners in the 19th and early 20th centuries. There is evidence of prospecting pits and shallow shafts targeting Cu mineralisation at what is now known at the North Ridge Prospect (Figure 3). Until the latter part of the 20th century little exploration of note had been conducted in the Prospect Hill Block. Anomalous Sn in stream sediment samples collected by Marathon Petroleum (Marathon) in 1980 led to the discovery of outcropping cassiterite-rich mineralisation at South Ridge. Several other Sn prospects were also outlined (Figure 3), some with anomalous base metals, highlighting the area’s prospectivity. Outcrop samples from the South Ridge prospect returned assays up to 13% Sn, 0.8% Pb (lead), 175 g/t Ag (silver), 3.95% Cu, 2040 ppm Y and 4150 ppm Bi (bismuth). Channel sampling by Marathon indicated a well-defined zone of silicification and shearing within volcaniclastics with channel sample intervals including: Line 4150E: 6.2 m @ 2.74% Sn Line 4050E: 0.6 m @ 1.70% Sn Line 3950E: 2.6 m @ 0.7% Sn. Drill testing of South Ridge mineralisation commenced in 1986 by North Flinders Mines (North Flinders) with the completion of two percussion holes PHP-1 and 2, the second of which intersected rich cassiterite mineralisation, returning: PHP-2: 6 m @ 1.85% Sn from 24 m. Despite this high-grade Sn mineralisation, North Flinders undertook no further work. In the late 1980s Lynch Mining Ltd undertook detailed ground magnetics and radiometrics, followed by stream, soils and rock chip sampling, delineating numerous zones of interest. They focussed on detailed mapping and sampling of the South Ridge prospect, defining a zone over 300 m in strike length and up to 15 m in width, noting that mineralisation pinched and swelled along strike and was hosted by a siliceous “lode horizon” with distinctive mineralogy including fluorite, garnet, quartz and gahnite in addition to cassiterite. Shallow percussion drilling of 17 holes was undertaken during two campaigns. Eleven drill holes at South Ridge highlighted continuity of Sn-rich mineralisation along the lode horizon. The best drill intersections, using a 0.1% Sn cutoff, included: PHP-5: 4 m @ 0.72% Sn from 3 m and 5 m @ 1.77% Sn from 11 m PHP-6: 2 m @ 1.51% Sn from 18 m PHP-8: 3 m @ 1.26% Sn from 17 m PHP-15: 6 m @ 2.33% Sn from 14 m. Three drill holes were designed to test the zone at >100m depth but all three showed significant deviation from the original plan and it was likely they did not reach the target5. In addition, anomalous base and precious metal values were returned in some drill holes, including 5 m @ 0.46% Cu, 1 m @ 1.8% Zn, 2 m @ 1.8% Pb and 3 m @ 64 g/t Ag. 5 Lynch mining Pty Ltd EL 2158. Annual Report Mar 1997 to Mar 1998 ENV09178 Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 7 Surface exploration work was completed at the North Ridge prospect area where rock chip sampling returned anomalous levels of Cu (up to 15.2%). Limited drill testing of the Central Ridge prospect intersected strongly anomalous Sn mineralisation from multiple zones below quartz-tourmaline outcrop. From five completed drill holes the best intersections were: PHP-11: 3 m @ 0.29% Sn from 2 m and 2 m @ 0.23% Sn from 29 m PHP-12: 1 m @ 0.45% Sn from 10 m and 1 m @ 0.34% Sn from 30 m. In 2005 Havilah Resources Limited (Havilah) entered into an earn-in arrangement with thethen tenement holders, Teale and Associates Pty Ltd and Adrian Brewer. They completed infill and extensional drilling at the South Ridge prospect and drill test targets along North Ridge across two campaigns in 2007/08 and 2017/18. In 2007, 10 reverse circulation (RC) drill holes, totalling 879 m, were completed at South Ridge and 9 holes totalling 483 m at North Ridge. The South Ridge program continued to intersect high-grade Sn mineralisation including: PHRC01: 5 m @ 0.39% Sn from 33 m PHRC02: 9 m @ 0.52% Sn from 43 m PHRC03: 3 m @ 4.85% Sn from 44 m PHRC04: 10 m @ 1.16% Sn from 33 m PHRC05: 3 m @ 1.35% Sn from 13 m. In addition to geochemical assays, the drill samples also provided material for petrological examination, for check assaying at independent laboratories, and 3 composite samples for sighter metallurgical testwork at Burnie Research Laboratory. In 2008, a further 24 RC holes totalling 2,231 m were completed at South Ridge with intersections including: PHRC23: 9 m @ 0.93% Sn from 28 m PHRC24: 8 m @ 1.48% Sn from 11 m PHRC37: 5 m @ 0.85% Sn from 93 m PHRC38: 2 m @ 0.85% Sn from 100 m PHRC40: 2 m @ 0.71% Sn from 129 m. Plans to test extensions of South Ridge mineralisation were delayed for several years due to Native Title negotiations. During this time an extensive program of pXRF soil sampling was undertaken. A total of 1,565 sites were sampled, the results of which clearly highlight known Sn prospects (Figure 4), allowing a better understanding of mineral zonation and also adding a new prospect – Black Rock, the westernmost Sn mineralisation at Prospect Hill. Field checking of this anomaly uncovered several small but very high-grade outcrops with up to 58% Sn. Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 8 Figure 4: Colour contoured pXRF soil assays across main Sn prospects at Prospect Hill. In 2016 Havilah was granted assistance from the South Australian Government PACE program to drill test the western extension of South Ridge as well as several other prospects. Drilling commenced in 2017 at western South Ridge (8 holes for 712 m) with subsequent work at the Fly Hill (9 holes for 712 m) and Petermorra (2 holes for 236 m) prospects, and the newly discovered Black Rock prospect (9 holes for 612 m). Havilah reported that its drilling successfully extended known mineralisation at South Ridge for an additional 220 m to the west with potential for further extension despite low-grade results in the westernmost holes. Significantly, two drill holes in the final drilling program at South Ridge in 2017 intersected >1% Sn at 75 – 90 m vertical depth: PHRC55: 5 m @ 3.22% Sn from 84 m PHRC56: 4 m @ 1.03% Sn from 111 m. Drill hole PHRC54 at Fly Hill intersected two zones of anomalous Sn mineralisation – 2 m @ 0.2% Sn from 4 m and 4 m @ 0.7% Sn from 62 m, including 1 m @ 1.3% Sn. Three drill holes at the Black Rock prospect encountered intervals of 0.2% Sn but failed to replicate the high grades obtained from surface sampling for reasons not yet understood. In summary, 90 holes have been drilled at Prospect Hill during multiple, short-lived campaigns over four decades, with the focus overwhelmingly on the South Ridge prospect (Table 2). Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 9 Table 2: Previous exploration drilling summary at Prospect Hill project, 1986-2017. PROSPECT YEAR/S NO. HOLES TOTAL METRES South Ridge 1986, 1994, 1996, 2007, 2008, 2017 56 4,641 Central Ridge 1994 5 170 North Ridge 2007 9 483 Petermorra 2017 2 236 Fly Hill 2017 9 712 Black Rock 2017 9 612 90 6,854 TOTAL PROSPECT HILL TIN MINERALISATION – SOUTH RIDGE The most advanced prospect at Prospect Hill is South Ridge where drilling and costeaning has outlined mineralisation within a linear, steeply-dipping structural zone of silicification and distinctive gangue mineralogy, known as the lode horizon, over 500 m of strike (Figure 5). Figure 5: Plan view of South Ridge prospect with selected drill and trench intersections. Within the lode horizon, Sn mineralisation (>0.1% Sn) varies from 1 m to 6 m true width and has been traced to over 100 m vertical depth (Figure 6). Surface mapping/trenching and percussion drilling indicate the potential effect of structural control which causes high-grade mineralisation to pinch and swell, with a shallow western dip to this trend. This was recognised in the final phases of drilling and is yet to be sufficiently tested. Structural control of mineralisation within a linear zone is often best depicted as distribution of total metal content (grade x length). Plotting total metal content for intersections at South Ridge (>0.1% Sn cutoff) indicates a shallow westerly dip to highest-grade mineralisation (Figures 6 and 7). This also highlights the potential to extend high-grade mineralisation at South Ridge at depth and to the west (Figure 7). Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 10 Significant Sn intersections (>0.1% Sn) and drill hole details from South Ridge are detailed in Tables 3 and 5. Figure 6: Longitudinal view of South Ridge prospect showing drill holes piercement points. open open open Figure 7: Longitudinal view of South Ridge prospect showing contoured total metal intersections. PROSPECT HILL MINERALISATION – OTHER PROSPECTS Tin mineralisation is widespread throughout the Mt Babbage Inlier. Although most work to date had focussed on South Ridge, several other prospects show potential for further discoveries. Drilling of these prospects has been reconnaissance to date with several intersections of strongly anomalous Sn +/- base and precious metal mineralisation. Table 4 lists significant Sn (>0.1% Sn) assays at the Central Ridge, North Ridge, Fly Hill and Black Rock prospects, and Table 5 lists details of all holes drilled to date at these prospects. High grade Sn mineralisation seen at surface at Black Rock and Fly Hill has not been replicated in drilling to date. Sn mineralisation at these other prospects differs from South Ridge in not being confined to a tabular, linear structure associated with quartz veins and Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 11 distinctive associated mineralogy such as fluorite and garnet. Sn at the other prospects is intimately associated with black tourmaline and silica and forms high-grade pods or potentially pipes. HRE considers that understanding the structural control to Sn mineralisation at these other prospects is key to unlocking their potential. There are many geological similarities with the well-known Zaaiplaats tin field in South Africa. In this district, cassiterite mineralisation is hosted as low-grade disseminations in granite and large, and uniquely mineralised, tourmaline-rich hydrothermal-pipe and lens-shaped orebodies6 which, although sometimes limited in horizontal extent, may be very high-grade and extend for many metres vertically. Detailed structural analysis of the other drilled prospects will be undertaken prior to further drill testing. PROSPECT HILL – POTENTIAL In summary, HRE proposes acquiring a strongly mineralised critical minerals project in the highly prospective Curnamona Craton. The Prospect Hill project comes with an extensive geological database collected over several decades that includes: • • • • • • • • • 350 rock samples; 4,520 soil samples; 305 stream samples; 40 trenches (536.8 m); 19 percussion holes (1,156 m); 71 RC holes (5,698 m); detailed geological mapping; extensive petrographic sampling; and metallurgical testwork. This database has demonstrated widespread Sn mineralisation at Prospect Hill and can provide a framework to rapidly upgrade the standout South Ridge Sn prospect to a Mineral Resource with targeted infill drilling and additional metallurgical testwork. There is potential to expand the mineral system down dip and along strike with additional drilling. HRE also regards other Sn prospects in the project area are underexplored and therefore represent significant opportunities to add to any future resource inventory. -- Ends -This announcement has been approved by the Board of HRE. For more information, please contact: Exploration Manager Joseph Ogierman info@hreltd.com.au 6 https://www.mdpi.com/2075-163X/10/4/379 Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 12 About Heavy Rare Earths Limited Heavy Rare Earths Limited (ASX: HRE) is an Australian uranium and critical minerals exploration and development company. HRE’s key exploration projects are in the uraniumand critical minerals-rich Curnamona Province of eastern South Australia and in the Mid-West region of Western Australia. Competent Person’s Statement The Exploration Results contained in this announcement were compiled by Mr Joseph Ogierman. Mr Ogierman is a Member (#4469) of the Australian Institute of Geoscientists (MAIG). He is a full-time employee of Heavy Rare Earths Limited. Mr Ogierman has more than 35 years’ experience in mineral exploration and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration to qualify as a Competent Person as defined in the 2012 JORC Code. Mr Ogierman consents to the inclusion in this announcement of the matters based on the Exploration Results in the form and context in which they appear. Forward Looking Statement This announcement includes “forward-looking statements” as that term within the meaning of securities laws of applicable jurisdictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that are in some cases beyond HRE’s control. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding HRE’s future expectations. Readers can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “risk,” “should,” “will” or “would” and other similar expressions. Risks, uncertainties and other factors may cause HRE’s actual results, performance, production or achievements to differ materially from those expressed or implied by the forward-looking statements (and from past results, performance or achievements). Readers are cautioned not to place undue reliance on forward-looking statements. Although HRE believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 13 Table 3: Significant Sn assays at South Ridge prospect. Prospect Hill project7. HOLE NO. FROM (m) TO (m) INTERVAL (m) Sn (%) PHP-1 20 22 2 0.15 PHP-2 includes 24 24 30 28 6 4 1.85 2.68 PHP-5 3 11 17 7 16 20 4 5 3 0.72 1.77 0.41 PHP-6 18 29 20 32 2 3 1.51 0.4 PHP-7 21 26 23 28 2 2 0.25 0.12 PHP-8 17 21 24 20 23 26 3 2 2 1.26 0.15 0.42 PHP-15 14 25 20 26 6 1 2.33 0.47 PHRC01 includes 33 33 38 35 5 2 0.39 0.84 PHRC02 includes 43 46 52 50 9 4 0.52 0.93 PHRC03 44 52 47 54 3 2 4.85 0.15 PHRC04 includes 33 39 43 43 10 4 1.16 2.28 PHRC05 13 26 16 29 3 3 1.35 0.24 PHRC07 27 28 1 0.79 PHRC08 71 76 5 0.16 7 Mineralised intervals do not contain more than a 1 m interval of <0.1% Sn. No top cut-off Sn grade was applied. Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 14 PHRC09 50 57 7 0.26 includes 50 51 1 0.86 PHRC10 includes 34 35 47 40 36 52 6 1 5 0.16 0.41 0.19 PHRC20 64 65 1 0.72 PHRC21 49 50 1 0.07 PHRC23 includes 28 30 37 33 9 3 0.93 2.06 PHRC24 includes 6 11 12 23 27 9 19 16 24 28 3 8 4 1 1 0.23 1.48 2.63 0.20 0.13 PHRC25 101 102 1 0.89 PHRC26 99 111 102 112 3 1 0.36 0.07 PHRC27 includes 84 85 94 86 10 1 0.25 1.07 PHRC28 76 78 2 0.08 PHRC29 includes 85 89 95 90 10 1 0.48 2.75 PHRC30 72 76 4 0.28 PHRC31 67 68 1 0.06 PHRC32 55 61 56 62 1 1 0.08 0.06 PHRC33 43 59 44 60 1 1 0.10 0.43 PHRC34 21 23 2 0.41 Heavy Rare Earths Limited (ASX:HRE) ACN 648 991 039 Level 21, 459 Collins Street, Melbourne, VIC 3000 www.hreltd.com.au 15 33 34 1 0.22 PHRC35 28 37 49 56 31 45 50 61 3 8 1 5 0.21 0.12 0.39 0.19 PHRC36 54 69 73 55 70 74 1 1 1 0.06 0.23 0.29 PHRC37 80 93 9