Announcement PDF Heavy Rare Earths Limited Corporate Directory 30 June 2026 2 Corporate Directory Heavy Rare Earths Limited | ABN 35 648 991 039 | 30 June 2026 Directors Mr Gabriel Chiappini (Non-Executive Chairman) Mr Jason Barnett (Managing Director & CEO) Dr Amanda Buckingham (Non-Executive Director) Mr Graeme Morissey (Non-Executive Director) Company secretary Mr Justin Mouchacca Registered office Level 21, 459 Collins Street Melbourne, Victoria, 3000 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 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. Heavy Rare Earths Limited Contents 30 June 2026 3 Contents Managing Director’s review ....................................................................................... 4 Board of Directors ...................................................................................................... 6 Review of operations.................................................................................................. 7 Directors' Report ...................................................................................................... 19 Auditor’s Independence declaration ......................................................................... 34 Statement of profit or loss and other comprehensive income................................... 35 Statement of financial position ................................................................................. 36 Statement of changes in equity ............................................................................... 37 Notes to the financial statements ............................................................................. 38 Consolidated entity disclosure statement................................................................. 53 Directors' declaration................................................................................................ 54 Independent auditor's report to the members of Heavy Rare Earths Limited ........... 55 Shareholder information........................................................................................... 59 Heavy Rare Earths Limited Managing Director’s review 30 June 2026 4 Managing Director's Review FY2026 was a truly transformational year for Heavy Rare Earths Limited - one in which a refreshed Board and management team reset the Company's strategic direction and began the process to unlock substantial new value across our existing project portfolio. I joined HRE as Managing Director and CEO during the final quarter of the year, and I want to begin by thanking the Board for the opportunity to lead the Company at such a pivotal time. Having spent the past several months immersing myself in the detail of our portfolio projects, I can say with real confidence that the platform built over FY2026 leaves HRE exceptionally well positioned heading into FY2027, and I am genuinely excited about what lies ahead. Nowhere is that more evident than at our Subron Rare Earths Project (formerly Cowalinya) in Western Australia. During the year we engaged rare earths and critical minerals consultant Claudio Sheriff to undertake a strategic review of our existing 159 million tonne @ 870ppm TREO JORC Inferred Resource, with a specific focus on heavy rare earth oxides (HREOs). The results exceeded our expectations. Claudio's work identified 10 high-grade domains across a combined 12.9km of newly mapped structural corridors, including an outstanding intercept of 8m @ 3,057ppm TREO at the newly named Seawolf prospect, grading 1,344ppm HREO for a 42% HREO ratio. Across the broader dataset, HREOs represent approximately 38% of contained TREO on average - well above the ratios typical of most rare earth deposits globally, where the bulk of contained value usually sits in the more abundant light rare earths (NdPr). Given the outsized role heavy rare earths play in defence and advanced manufacturing supply chains, and the well-documented shortage of supply outside China, this is a genuinely differentiated, high-value characteristic for HRE to build on. I share Claudio's enthusiasm for what this project can become, and further work on mineralogy, re-domaining of the resource and metallurgical testwork is the pathway to unlock this opportunity. At Prospect Hill, we spent FY2026 converting a large, high-quality historical dataset into a fully permitted drilling program. Early in the year we completed the acquisition of the full suite of mineral rights across the project, including the tin rights at the South Ridge prospect, unlocking the pathway to a maiden Mineral Resource Estimate. Extensive surface mapping extended the known South Ridge Shear zone to 1.85km, and by year end we held both our Program for Environment Protection and Rehabilitation approval and Aboriginal Heritage Clearance from the Dieri Aboriginal Corporation. We enter FY2027 with a drilling contractor engaged and an expanded 38-hole, 3,400m maiden drilling program ready to commence as soon as road access allows. At Radium Hill, reconnaissance sampling defined an 8km Critical Minerals Corridor carrying high-grade uranium, scandium, yttrium and rare earths alongside the historic Radium Hill Mine, with encouraging early evidence of monazite and xenotime mineralisation identified through our ongoing collaboration with the University of Adelaide. An amended agreement with Havilah Resources brought all of these elements, not just uranium, into HRE's earn-in and waived the minimum spend requirement, materially expanding our exposure to a basket of commodities now commanding strong global demand. Post year-end, we were also pleased to announce a collaboration with the Australian Nuclear Science and Technology Organisation (ANSTO), whose Minerals unit will support metallurgical testwork and processing pathway development at Radium Hill using their specialist rare earth and critical minerals expertise. We are now also planning a maiden drilling program at Radium Hill, subject to the necessary permits and heritage clearances, as we look to bring this project to a similar stage of readiness as Prospect Hill. Heavy Rare Earths Limited Review of operations 30 June 2026 5 I want to first thank our Board and our exploration and technical teams for the work delivered this year. I would also like to sincerely thank our shareholders for their continued support and confidence in the Company through a period of significant change - it is not taken for granted, and it is what allows us to pursue the ambitious program that lies ahead. With three advanced projects heading into FY2027, HRE is well positioned to deliver material news flow across tin, uranium and rare earths in the year ahead. Jason Barnett Managing Director & CEO Heavy Rare Earths Limited Board of Directors 30 June 2026 6 Board of Directors Jason Barnett Managing Director & CEO An experienced mining executive with more than 20 years' expertise across the critical minerals and gold sectors in Australia and Canada. His career combines strong technical credentials with extensive experience in operations, resource geology consulting, project management, business development and corporate strategy. He holds a Bachelor of Geology from Macquarie University and an MBA from the University of Western Australia. Gabriel Chiappini Non-Executive Chairman A Corporate Advisor with over 20 years' experience as a director, capital markets participant and governance professional. He is a current director of EMC Gold Corporation (ASX:EM3) and Invictus Energy Limited (ASX:IVZ), and also served as Governance Chair (Australia) at Adriatic Metals plc from pre-IPO in 2017 through to its USD$1.3bn takeover by DPM Metals. Amanda Buckingham Non-Executive Director A geophysicist with more than 30 years of experience in mineral exploration. In addition to co-founding Cygnus Metals Limited (ASX:CY5) and Desert Metals Limited (ASX:DM1), she serves as a director of several private companies, including Plutonic Limited, and is an Adjunct Research Fellow at the University of Western Australia. Amanda was previously Managing Director of Warriedar Resources Limited (ASX:WA8). Graeme Morissey Non-Executive Director A Chartered Accountant with extensive experience serving as Chief Financial Officer for a number of mining and mineral exploration companies listed on the ASX. Graeme was previously CFO of Warriedar Resources Limited (ASX:WA8). He is a Chartered Accountant (CA) and a Member of the Australian Institute of Company Directors (MAICD), holding a Bachelor of Commerce from McMaster University in Canada. Heavy Rare Earths Limited Directors' report 30 June 2026 7 REVIEW OF OPERATIONS Heavy Rare Earths Limited (ASX:HRE) is an Australian critical minerals exploration company with a portfolio spanning tin, uranium, scandium and rare earths projects in the Mid-West region of Western Australia, and the Curnamona Province of eastern South Australia. In South Australia, HRE's 2,949km2 Curnamona portfolio comprises the Prospect Hill Tin and Uranium Project and the Radium Hill Uranium-Scandium-Rare Earths Project, and the earlier-stage Billeroo Uranium Project. In Western Australia, the Company holds the Subron Rare Earths Project, an advanced, JORC-resourced heavy rare earth deposit. During the period, the Company completed a strategic review at Subron that identified genuinely differentiated high-grade heavy rare earth domains within the existing resource, secured full mineral rights across two of its key South Australian projects, identified extensions to the structures that host mineralisation at Prospect Hill's South Ridge tin deposit and completed all preparations and permitting for a maiden drill campaign. At Radium Hill, a new 8km critical minerals corridor was defined. Figure 1. Location of HRE's Subron (formerly Cowalinya) Rare Earths Project, close to Esperance port and the Kalgoorlie Rare Earths Processing Facility. Heavy Rare Earths Limited Directors' report 30 June 2026 8 Figure 2. Location of HRE's project areas within the Curnamona Province, South Australia. SUBRON RARE EARTHS PROJECT, WESTERN AUSTRALIA The Subron Rare Earths Project (formerly Cowalinya) is located in south-central Western Australia, within an area of unallocated crown land approximately 110km north-north-east of the port of Esperance and 350km south of Lynas Rare Earth’s Kalgoorlie Rare Earths Processing Facility. The project hosts a JORC-compliant Inferred Mineral Resource of 159 million tonnes at 870ppm1 Total Rare Earth Oxides (TREO), of which 28% comprises the higher-value magnetic rare earths (Pr, Nd, Tb and Dy). The resource is supported by an extensive drilling database of more than 550 aircore holes, together with assay, density, weathering and geology data, and stored sample material available for further metallurgical testwork. During the year, HRE engaged rare earths and critical minerals consultant Mr Claudio Sheriff to undertake a Strategic Review of Subron, with a specific focus on heavy rare earth oxides (HREO). This work was prompted by the sharp re-rating of heavy 1 Refer to ASX announcement 3 October 2023 – Substantial increase in Mineral Resources at Cowalinya. Heavy Rare Earths Limited Directors' report 30 June 2026 9 rare earth markets over FY2026, driven by their critical role in defence and energy transition applications and the global push to secure supply chains outside China. Figure 3. Subron high-grade HREO domains and AC drilling assay results across the Bering and Bismarck corridors. The review re-interrogated HRE's existing drilling database against underlying magnetics and structural trends, and identified 10 high-grade HREO domains, named Nordenfelt, Oberon, Narval, Tunny, Virginia, Seawolf, Hunley, Blume, Flach and Garrett, across a combined 12.9km of newly delineated structural corridors within and adjacent to the existing resource area. Applying a cut-off of greater than 300ppm HREO to the drilling database returned 150 Significant Intercept drill intervals, averaging 1,653ppm TREO with 579ppm HREO for a 38% HREO ratio, a genuinely high-grade profile by the standards of residual clay-hosted rare earth deposits. A cut-off of greater than 1,000ppm TREO returned 190 Significant Intercept intervals at an average grade of 1,685ppm TREO. Heavy Rare Earths Limited Directors' report 30 June 2026 10 Figure 4. Subron high-grade HREO domains, showing structural corridor, strike length and significant intercepts. The standout result was recorded at the newly named Seawolf prospect, part of the Bismarck corridor, which returned 8m at 3,057ppm TREO (1,344ppm HREO, 42% HREO ratio) from 27m in hole AC360. Other high-grade intercepts across the identified domains include2: ● 11m at 4,606ppm TREO (1,365ppm HREO, 31% HREO ratio) from 24m, Nordenfelt domain (AC225) ● 4m at 3,611ppm TREO (1,751ppm HREO, 48% HREO ratio) from 36m, Blume domain (AC363) ● 4m at 2,593ppm TREO (1,453ppm HREO, 57% HREO ratio) from 20m, Virginia domain (AC200) ● 3m at 2,246ppm TREO (1,481ppm HREO, 66% HREO ratio) from 38m, Blume domain (AC321) Post year-end, the Company confirmed these results position Subron as one of the highest HREO-ratio residual clay-hosted rare earth deposits identified to date, with the heavy fraction, yttrium, terbium and dysprosium oxides in particular making up a substantial proportion of total contained value. These initial findings will now be followed up with re-domaining of the existing JORC Mineral Resource around the newly defined high-grade zones, together with detailed mineralogical characterisation and metallurgical testwork, with the objective of defining a smaller tonnage, higher value resource of substantial strategic value. Subron's location is a further point of leverage for the Company. The project sits within trucking distance of the recently constructed Kalgoorlie Rare Earths Processing Facility and has road access to the deep-water port of Esperance, giving HRE a potential processing and logistics pathway that many undeveloped rare earth deposits in Australia lack. Combined with the existing resource base, extensive drilling database and sample material already in storage, the Company believes Subron can be advanced efficiently and at relatively low cost as the strategic review moves into its next phase. 2 Refer to ASX announcement 27 July 2026 – Strategic Review Highlights Heavy Rare Earths at Subron (formerly Cowalinya). Heavy Rare Earths Limited Directors' report 30 June 2026 11 Figure 5. Rare earth oxide distribution within Subron's >300ppm HREO drilling assay dataset. PROSPECT HILL TIN AND URANIUM PROJECT, SOUTH AUSTRALIA The Prospect Hill Project is located on the north-western margin of the Curnamona Craton in South Australia, and comprises three contiguous exploration licences (EL5891, EL6271 and EL6933) covering a total of 75km2. The project hosts both the South Ridge tin deposit and uranium exploration targets within the adjacent Wattleowie Valley. During the year, HRE completed the acquisition of the full suite of mineral rights across Prospect Hill from Havilah Resources Limited, expanding on its existing uranium-only earn-in to secure an All Minerals Rights Agreement covering the previously discovered tin deposit at South Ridge. Prospect Hill is the largest and most advanced tin project in South Australia, and tin is classified as a critical mineral by the governments of the United States, Canada and the United Kingdom. Figure 6. Summary of outcropping geology across EL5891, showing the South Ridge tin prospect Heavy Rare Earths Limited Directors' report 30 June 2026 12 The acquisition delivered HRE an unusually large historical dataset, assembled by several previous operators over four decades, including assay results from 56 historic drillholes at South Ridge3. Standout historic intersections include: ● 3m @ 4.85% Sn from 44m (PHRC03) ● 5m @ 3.32% Sn from 84m (PHRC55) ● 10m @ 1.16% Sn from 33m (PHRC04) ● 6m @ 2.33% Sn from 14m (PHP-15) Figure 7. Plan view of the South Ridge tin prospect showing selected historic drill and trench intersections. Figure 8. South Ridge Lode extensions, showing the total mapped mineralised strike now extending to 1.85km. 3 Refer to ASX announcement 28 October 2025 – Acquisition of Prospect Hill Tin Project & All Mineral Rights. Heavy Rare Earths Limited Directors' report 30 June 2026 13 A systematic review of this database also identified previously unrecognised base metal and silver credits associated with the tin mineralisation, including a historic intersection of 8m @ 80g/t Ag, 0.45% Cu, 0.87% Zn and 0.84% Pb, in addition to 0.51% Sn. Field crews subsequently completed detailed surface geological mapping and pXRF traversing across the western extensions of South Ridge, confirming the main South Ridge Shear Zone is up to 10m wide and extending the total mapped outcrop to 1.85km of strike. The work also identified a 450m-long western extension tested by only seven historic drillholes, two of which intersected high-grade tin (4m @ 1.04% Sn from 111m, PHRC56; 1m @ 1.38% Sn from 34m, PHRC59), along with several previously unrecognised parallel structures warranting future drill testing. On the strength of these results, HRE increased the scope of its planned maiden drilling program at South Ridge from 24 holes for 2,500m to up to 38 holes for 3,400m, comprising a mix of reverse circulation and diamond drilling, and designed to both expand the known mineralisation model and collect material for metallurgical testwork and a maiden Mineral Resource Estimate. The Company also secured the key approvals required to commence drilling. A Program for Environment Protection and Rehabilitation (PEPR) was submitted to South Australia's Department for Energy and Mining and subsequently granted post year-end. In parallel, HRE worked closely with the Dieri Aboriginal Corporation, the registered Native Title Body Corporate for the area, and an independent anthropologist to complete a Cultural Heritage Clearance survey over the proposed drill sites, building on an earlier successful clearance completed with the Dieri in 2017. Figure 9. HRE's Exploration Manager, an anthropologist and representatives of the Dieri Aboriginal Corporation inspecting a proposed drill site at Prospect Hill. With both approvals in place, a South Australian drilling contractor has been engaged, camp sites finalised and collar pegs set, with the maiden program to commence once regional roads re-open to heavy vehicle traffic following an unusually wet start to the year across South Australia. The Company believes the still-undefined relationship between the tin mineralisation and the associated base metal and silver credits identified at South Ridge represents further upside to be tested as part of ongoing field investigations. HRE looks forward to updating shareholders as this fully-permitted maiden drill program at South Australia's largest tin project gets underway. Heavy Rare Earths Limited Directors' report 30 June 2026 14 RADIUM HILL URANIUM-SCANDIUM-RARE EARTHS PROJECT, SOUTH AUSTRALIA The Radium Hill Project is located in the southern Curnamona Craton and hosts the historic Radium Hill Mine, Australia's first dedicated uranium mine, which produced 2.6 million lbs of U3O8 (at approximately 0.12% U3O8) between 1954 and 1961. During the year, an airborne magnetic-radiometric survey was processed and interpreted alongside HRE's historical database to define priority drill targets along the Radium Hill Line of Lode, north-east of the historic mine. Figure 10. Preliminary structural interpretation of the Radium Hill airborne magnetic-radiometric survey This was followed by a reconnaissance rock chip sampling program across an 8km linear zone extending from the historic mine, which returned strong uranium grades as anticipated, together with consistently anomalous scandium (up to 969ppm Sc2O3) and yttrium (up to 2,236ppm Y2O3) extending up to 5km from the mine. This work defined what HRE has named the Bonython Critical Minerals Corridor (BCMC), an 8km-long, north-east-trending structural zone corresponding to the axial plane of a regional fold, along which historic small-scale mining activity has been recorded for more than a century. Two targets returned particularly significant results: Bristowe's/Railway, less than 1km from the historic mine, returned up to 721ppm Sc2O3, 1,728ppm Y2O3 and 0.36% U3O8; while Bonython Hill, 5km along strike, confirmed the anomalism extends well beyond the immediate mine area, returning up to 284ppm Sc2O3, 1,309ppm Y2O3 and 0.15% U3O8. During the period, HRE also secured a positive amendment to its earn-in agreement with Havilah Resources Limited, expanding the scope of the agreement from uranium-only rights to an All Minerals Agreement covering the full suite of elements defined along the BCMC, including yttrium, vanadium, scandium and rare earths. Havilah also agreed to waive the minimum expenditure commitment previously due in January 2026, while HRE confirmed its intention to progress an aggressive exploration campaign, including a maiden drill program at Radium Hill. Heavy Rare Earths Limited Directors' report 30 June 2026 15 Figure 11. Radium Hill project showing the Bonython Critical Minerals Corridor (BCMC) with selected high-grade rock chip results (U%, Sc ppm, Y ppm, REE ppm). In parallel, HRE has been collaborating with researchers at the University of Adelaide, as part of the Australian Research Council's Centre for Critical Resources for the Future, to characterise the mineralogical setting of the rare earths, scandium, yttrium and uranium at Radium Hill. Scanning Electron Microscope analysis of initial samples from the historic mine and from Taylor's Shaft, a pre-WWII uranium working at the northern end of the BCMC, confirmed the presence of the accessory minerals monazite and xenotime intergrown with the well-documented davidite-rutile-ilmenite mineralisation that characterises Radium Hill-style deposits. Monazite and xenotime are both well-understood sources of critical rare earths with established commercial processing flowsheets, adding to the project's potential value proposition. Additional samples collected along the corridor between the historic mine and Taylor's Shaft are being processed, with results to guide the design of HRE's maiden drilling program at Radium Hill in the year ahead. As at year end, this program remained subject to the necessary permits and heritage clearances, which HRE intends to progress following the approach successfully taken at Prospect Hill. Heavy Rare Earths Limited Directors' report 30 June 2026 16 Figure 12. SEM image of sample 25RH08 from the BCMC, showing Radium Hill iron-titanium ore minerals (davidite, rutile) intergrown with monazite and xenotime. Post the reporting period, the Company announced a collaboration with ANSTO Minerals, a world leader in rare earth and critical minerals process development. Radium Hill mine has a unique history as Australia’s first uranium mine, and our findings have built upon the historical data to identify a diverse suite of desirable critical minerals. ANSTO Minerals’ expertise and ability to translate this to the development of practical processing options for HRE will build upon their prior work on the Radium Hill Mine tailings and will be invaluable to unlock the full value of the uranium, scandium and rare earths. We look forward to relaying their findings to investors when they become available Billeroo Uranium Project, South Australia HRE holds rights to the U-bearing Billeroo Palaeochannel in the western part of the Curnamona Province, part of a broader ground position previously referred to as the Lake Namba-Billeroo Uranium Project. The palaeochannel hosts significant uranium mineralisation at Boss Energy's nearby Gould's Dam resource and has otherwise been tested by only a single historic drillhole. Early in the reporting period, geophysical consultants RESPOT merged passive seismic/gravity survey data along the Billeroo Palaeochannel, collected across four separate grids both up-channel and down-channel of Gould's Dam, with regional magnetic, radiometric and gravity data and adjacent passive seismic surveys held by Boss Energy. The combined dataset highlighted strong similarities with the fault/channel interaction observed at Gould's Dam and will assist in planning HRE's maiden drilling program along the palaeochannel. Heritage site clearance survey requests were also initiated with the Adnyamathanha Traditional Lands Association Aboriginal Corporation. Heavy Rare Earths Limited Directors' report 30 June 2026 17 Figure 13. Updated HRE earn-in rights to the Billeroo Uranium Project. During the March 2026 quarter, HRE agreed with Havilah Resources to sharpen its ground position at Billeroo. Under the amended arrangement, Havilah retained the Namba palaeochannel ground, while HRE retained the rights to the Billeroo Palaeochannel area itself - the portion of the project the Company considers more prospective for uranium and closer to established uranium resources. This rationalisation focuses HRE's exploration effort and future drilling on the highest-priority ground within the project. 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-off 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. Heavy Rare Earths Limited Directors' report 30 June 2026 18 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. 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 Beneficial Percentage held EL 6041 – Radium Hill SA, Australia 80%* EL 6594 – Radium Hill SA, Australia 80%* EL 5831 – Radium Hill SA, Australia 80%* EL 5891 – Prospect Hill SA, Australia 80%** EL 6271 – Prospect Hill SA, Australia 80%** EL 6933 – Prospect Hill SA, Australia 80%** EL 5848 – Lake Namba-Billeroo SA, Australia 80%** EL 5785 – Lake Namba-Billeroo SA, Australia 80%** EL 5824 – Lake Namba-Billeroo SA, Australia 80%** EL 5915 – Lake Namba-Billeroo SA, Australia 80%** EL 5940 – Lake Namba-Billeroo SA, Australia 80%** EL 6056 – Lake Namba-Billeroo SA, Australia 80%** EL 6356 – Lake Namba-Billeroo SA, Australia 80%** EL 6358 – Lake Namba-Billeroo SA, Australia 80%** EL 6408 – Lake Namba-Billeroo SA, Australia 80%** EL 6409 – Lake Namba-Billeroo SA, Australia 80%** EL 6410 – Lake Namba-Billeroo SA, Australia 80%** EL 6411 – Lake Namba-Billeroo SA, Australia 80%** EL 6434 – Lake Namba-Billeroo SA, Australia 80%** EL 6546 – Lake Namba-Billeroo SA, Australia 80%** EL 6661 – Lake Namba-Billeroo SA, Australia 80%** EL 6662 – Lake Namba-Billeroo SA, Australia 80%** E63/1972 – Subron WA, Australia 100% E63/2144 – Subron WA, Australia 100% E63/2595 – Subron (application) WA, Australia 100% E63/2596 – Subron (application) WA, Australia 100% EL33101 – Duke NT, Australia 100% EL33194 – Duke NT, Australia 100% * U, Sc and REE rights only. Subject to meeting earn-in expenditure obligations. ** U rights only. Subject to meeting earn-in expenditure obligations. Heavy Rare Earths Limited Directors' report 30 June 2026 19 The directors present their report, together with the financial statements, on the company for the year ended 30 June 2026. 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 Gabriel Chiappini (Non-Executive Chairman) appointed Chairman 17 October 2025 Ms Amanda Buckingham (Non-executive Director) appointed 10 October 2025 Mr Graeme Morissey (Non-executive Director) appointed 5 November 2025 Mr Jason Barnett (Managing Director & CEO) appointed 9 June 2026 Mr John Byrne (Non-executive Director) resigned 10 October 2025 Mr Richard Brescianini (Non-executive Director) resigned 6 November 2025 Principal act