Announcement PDF Heavy Rare Earths Limited ACN 648 991 039 Level 21, 459 Collins Street, Melbourne VIC 3000 | +61 3 8630 3321 | info@hreltd.com.au | Page 1 of 6 ASX:HRE 30 October 2025 ASX Announcement September 2025 Quarterly Activities Report Highlights • Prospect Hill Tin Project: Acquisition of all mineral rights. Rich data set identifies priority targets and key prospect, South Ridge, which has potential to quickly deliver maiden MRE • Prospect Hill Uranium Project: Results from passive seismic/gravity survey merged with other geophysical results to inform drilling program • Radium Hill Uranium-Scandium-Rare Earths Project: Results from airborne magnetic-radiometric survey interpreted in context of historic data to identify priority targets • Lake Namba-Billeroo Uranium Project: Survey results to assist maiden drilling program • Corporate: Board strengthened through the recruitment of Non-Executive Director, Dr Amanda Buckingham, the current CEO of Warriedar Resources Ltd; and the election of Mr Gabriel Chiappini as the Company’s Non-Executive Chairman Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to provide the Quarterly Activities Report for the period ending 30 September 2025. HRE’s total South Australian portfolio covers 2,949km2 and includes the Prospect Hill Tin Project and Uranium Project, the Radium Hill Project, and the Lake Namba- Billeroo Project (Figure 1). Figure 1. Location of HRE’s project areas and uranium deposits1 in the Curnamona Province. 1 Data sources: - Boss Energy Ltd (ASX: BOE) Annual Report 2024. Heavy Rare Earths Limited ACN 648 991 039 Level 21, 459 Collins Street, Melbourne VIC 3000 | +61 3 8630 3321 | info@hreltd.com.au | Page 2 of 6 ASX:HRE Prospect Hill Tin Project, South Australia The Company announced during the quarter it had acquired all the mineral rights to the Prospect Hill Project inclusive of the previously discovered tin deposit at the South Ridge prospect. An EGM was held post quarter end during which this acquisition was voted for overwhelmingly, and subsequently completed. The Prospect Hill Tin project is the largest and most advanced tin project in South Australia and represents a significant and rare opportunity for the Company to become a key player in a high-value commodity that has strongly supportive macro and that is classified as a critical mineral by major governments including the US, Canada, and the UK. The acquisition comes with a large data set accumulated over time by several operators. The aggregate picture makes it clear that the project is highly prospective for tin mineralisation, specifically cassiterite. It offers some priority targets, as well as one prospect, South Ridge (Figure 2), where the Company anticipates being able to compile a maiden mineral resource estimate within a short timeframe given the advanced nature of exploration here, including assays from 56 drill holes, with intersections including: • 3m @ 4.85% Sn from 44m (hole PHRC03) • 5m @ 3.32% Sn from 84m (PHRC55) • 6m @ 2.33% Sn from 14m (PHP-15) Figure 2. Plan view of South Ridge prospect with selected drill and trench intersections. The Company is currently collating all the historical geological, geochemical, and geophysical data into a single database to provide an exploration framework and fast-track drilling at South Ridge with the aim of accelerating a maiden Sn Mineral Resource Estimate, and to acquire material for metallurgical testwork. Heavy Rare Earths Limited ACN 648 991 039 Level 21, 459 Collins Street, Melbourne VIC 3000 | +61 3 8630 3321 | info@hreltd.com.au | Page 3 of 6 ASX:HRE Prospect Hill U Project, South Australia Geophysical consultants, ResourcePotentialsPty Ltd (RESPOT), merged datafroma passiveseismic/gravity survey over Wattleowie Valley in the eastern portion of the Prospect Hill Project with regional magnetic, radiometric and gravity data to interpret pathways for potential U-bearing groundwaters, shedding off U and RE- anomalous basement granites to the south. The results of this work will assist with planning HRE’s maiden drilling program in the Wattleowie Valley. Heritage site clearance survey requests have been initiated with both the Dieri Aboriginal Corporation and Adnyamathanha Traditional Lands Association Aboriginal Corporation. Radium Hill Uranium-Scandium-Rare Earth Project, South Australia During the quarter, data from an airborne magnetic-radiometric survey was processed and interpreted by Southern Geoscience Consultants in Perth and the Company’s geological team is corroborating these resultsagainst the historical databaseto determine HRE’spriority drill-holetargets.Finalisation of the target generation workstream is expected during the December quarter. Figure 3: Preliminary structural interpretation of Radium Hill airborne magnetic survey showing major cross-cutting structures within the Radium Hill Anticline The Company believes there is considerable potential to discover extensions to the mineralisation along Radium Hill’s Line of Lode, north-east of the Radium Hill Mine, where 2.6 million lbs @ 0.12% (1,200 ppm or 2.6 lb/t) U3O8 was mined between 1954 and 1961. The Company collected approx. 60kg of bulk davidite ore from stockpiles at surface at the Radium Hill project, specifically within the historic Radium Hill Mine Lease, Heavy Rare Earths Limited ACN 648 991 039 Level 21, 459 Collins Street, Melbourne VIC 3000 | +61 3 8630 3321 | info@hreltd.com.au | Page 4 of 6 ASX:HRE to establish a technically and commercially feasible method for concentrating Radium Hill-style mineralisation. The bulk sample is currently undergoing testwork in the laboratories of Auralia Metallurgy in Perth, Western Australia. Lake Namba-Billeroo Uranium Project, South Australia During the quarter, RESPOT also meshed seismic/gravity data from the Billeroo Palaeochannel with regional magnetic, radiometric and gravity data, and data from adjacent Boss Energy passive seismic surveys. Results will assist with planning HRE’s maiden drilling program in the Billeroo Palaeochannel. Heritage site clearance survey requests have been initiated with the Adnyamathanha Traditional Lands Association Aboriginal Corporation. Corporate Post quarterend,theCompany announced several board appointments inlinewith itsstrategy to accelerate its exploration program across its prospective Uranium and Critical Minerals portfolio. These included election of Mr Gabriel Chiappini to Non-Executive Chairman, and the appointment of Dr Amanda Buckingham as a Non-Executive Director. Gabriel is a Chartered Accountant with over 25 years’ experience as a director, capital markets participant, private equity, investment banking and a governance professional. He is a current member of the Australian Institute of Company Directors and Institute of Chartered Accountants (Australia). Gabriel has served as a HRE Non-Executive Director since February 2025. Dr Amanda Buckingham agreed to join the board of Heavy Rare Earths as a Non-Executive Director, effective 10 October 2025. Dr Buckingham is a geophysicist with over 30 years’ experience in mineral exploration. Amandaco-founded FathomGeophysics inlate2007,providingexplorationtargeting servicestojunior, mid- tier and major mining companies across multiple jurisdictions. She has extensive exploration experience globally. John Byrne agreed to retire as Chair to focus on his other business activities. The board is highly appreciative of John’s extensive contributions since his appointment to the HRE board February 2022, during which time he saw the company acquire and advance its portfolio of highly prospective projects. Appendix 5B related party payments Amountsincluded insection6.1 of the Appendix5B relate to Director’sfeespaid forthe September2025 quarter. Interests in Mining Tenements Below is a summary of the mining tenements held by the Company at the end of the quarter: Mining Tenement Location Beneficial Percentage held Interest acquired/farm-in or (disposed)/farm-out during the quarter E63/1972 – Cowalinya Project WA, Australia 100% - E63/2144 – Cowalinya Project WA, Australia 100% - E70/6397 – Perenjori Project WA, Australia 100% - E70/6398 – Perenjori Project WA, Australia 100% - E59/2905 – Perenjori Project WA, Australia 100% - EL33101 – Duke Project NT, Australia 100% - EL33194 – Duke Project NT, Australia 100% - EL 6041 – Radium Hill SA, Australia 80%* - Heavy Rare Earths Limited ACN 648 991 039 Level 21, 459 Collins Street, Melbourne VIC 3000 | +61 3 8630 3321 | info@hreltd.com.au | Page 5 of 6 ASX:HRE EL 6594 – Radium Hill SA, Australia 80%* - EL 5831 – Radium 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%** - EL 5891 – Prospect Hill SA, Australia 80%** - EL 6271 – Prospect Hill SA, Australia 80%** - EL 6933 – Prospect Hill SA, Australia 80%** - * U, Sc and REE rights only. Subject to meeting earn-in expenditure obligations. ** U rights only. Subject to meeting earn-in expenditure obligations. - Ends - This announcement has been approved by the Board of HRE. For more information, please contact: Gabriel Chiappini Chair BoD +61 417 717 480 info@hreltd.com.au Alex Cowie NWR Communications +61 412 952 610 alexc@nwrcommunications.com.au 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 uranium-and 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. Heavy Rare Earths Limited ACN 648 991 039 Level 21, 459 Collins Street, Melbourne VIC 3000 | +61 3 8630 3321 | info@hreltd.com.au | Page 6 of 6 ASX:HRE The Company confirms that it is not aware of any new information or data that materially affects the Cowalinya Mineral Resources or Exploration Target as contained in the 3 October 2023 and 23 October 2023 ASX releases, respectively. All material assumptions and technical parameters underpinning the Cowalinya Mineral Resources and Exploration Target in the ASX releases dated 3 October 2023 and 23 October 2023 respectively, continue to apply and have not materially changed. 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. Rule 5.5 ASX Listing Rules Appendix 5B (17/07/20) Page 1 + See chapter 19 of the ASX Listing Rules for defined terms. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report Name of entity HEAVY RARE EARTHS LIMITED ABN Quarter ended (“current quarter”) 35 648 991 039 30 September 2025 Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 1. Cash flows from operating activities - - 1.1 Receipts from customers 1.2 Payments for (164) (164) (a) exploration & evaluation (b) development - - (c) production - - (d) staff costs (28) (28) (e) administration and corporate costs (105) (105) 1.3 Dividends received (see note 3) - - 1.4 Interest received 19 19 1.5 Interest and other costs of finance paid - - 1.6 Income taxes paid - - 1.7 Government grants and tax incentives - - 1.8 Other (provide details if material) - - 1.9 Net cash from / (used in) operating activities (278) (278) 2. Cash flows from investing activities - - 2.1 Payments to acquire or for: (a) entities (b) tenements - - (c) property, plant and equipment - - (d) exploration & evaluation - - (e) investments - - (f) other non-current assets - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 2 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 2.2 Proceeds from the disposal of: - - (a) entities (b) tenements - - (c) property, plant and equipment - - (d) investments - - (e) other non-current assets - - 2.3 Cash flows from loans to other entities - - 2.4 Dividends received (see note 3) - - 2.5 Other (provide details if material) - - 2.6 Net cash from / (used in) investing activities - - 3. Cash flows from financing activities - - 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities - - 3.3 Proceeds from exercise of options - - 3.4 Transaction costs related to issues of equity securities or convertible debt securities - - 3.5 Proceeds from borrowings - - 3.6 Repayment of borrowings - - 3.7 Transaction costs related to loans and borrowings - - 3.8 Dividends paid - - 3.9 Other (provide details if material) - - 3.10 Net cash from / (used in) financing activities - - 4. Net increase / (decrease) in cash and cash equivalents for the period 4.1 Cash and cash equivalents at beginning of period 1,935 1,935 4.2 Net cash from / (used in) operating activities (item 1.9 above) (278) (278) 4.3 Net cash from / (used in) investing activities (item 2.6 above) - - 4.4 Net cash from / (used in) financing activities (item 3.10 above) - - Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 3 + See chapter 19 of the ASX Listing Rules for defined terms. Consolidated statement of cash flows Current quarter $A’000 Year to date (3 months) $A’000 4.5 Effect of movement in exchange rates on cash held - - 4.6 Cash and cash equivalents at end of period 1,657 1,657 5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts Current quarter $A’000 Previous quarter $A’000 5.1 Bank balances 1,657 1,935 5.2 Call deposits - - 5.3 Bank overdrafts - - 5.4 Other (provide details) - - 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 1,657 1,935 6. Payments to related parties of the entity and their associates Current quarter $A'000 6.1 Aggregate amount of payments to related parties and their associates included in item 1 35 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 4 + See chapter 19 of the ASX Listing Rules for defined terms. 7. Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 7.1 Loan facilities - - 7.2 Credit standby arrangements - - 7.3 Other (please specify) - - 7.4 Total financing facilities - - 7.5 Unused financing facilities available at quarter end - 7.6 Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well. N/A 8. Estimated cash available for future operating activities $A’000 8.1 Net cash from / (used in) operating activities (item 1.9) (278) 8.2 (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - 8.3 Total relevant outgoings (item 8.1 + item 8.2) (278) 8.4 Cash and cash equivalents at quarter end (item 4.6) 1,657 8.5 Unused finance facilities available at quarter end (item 7.5) - 8.6 Total available funding (item 8.4 + item 8.5) 1,657 8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 5.96 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. 8.8 If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not? Answer: N/A 8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful? Answer: N/A 8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: N/A Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered. Appendix 5B Mining exploration entity or oil and gas exploration entity quarterly cash flow report ASX Listing Rules Appendix 5B (17/07/20) Page 5 + See chapter 19 of the ASX Listing Rules for defined terms. Compliance statement 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A. 2 This statement gives a true and fair view of the matters disclosed. Date: 30 October 2025 Authorised by: The Board of Directors Notes 1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so. 2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report. 3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity. 4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [name of board committee – eg Audit and Risk Committee]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”. 5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations, the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.