Announcement PDF Western Australia’s new High-Grade HREO project Market Update | August 2026 Subron Heavy Rare Earths Project High-grade domains with 38%+ HREO:TREO ratio Heavy Rare Earths Limited | ASX:HRE 2 The information contained in this document (“Document”) has been prepared by Heavy Rare Earths Limited (referred to as “HRE Limited” or “the Company”). The purpose of this Document is to provide background information to assist readers in obtaining a general understanding of the Company's proposals and objectives. It is not and should not be considered as an offer or invitation to apply for or purchase any securities of the Company or as a recommendation or inducement to make an offer or invitation in respect of securities in the Company. No agreement to subscribe for securities will be entered into on the basis of this Document or any information contained in this Document. The Company has authorized the distribution of this Document to recipients (“Recipients”), subject to the terms of this Important Notice and Disclaimer, to assist them in deciding whether they wish to proceed with a further investigation of the Company. However, the information in this Document is not intended to form the basis of any investment decision in relation to the Company or its assets and should not be considered as a recommendation to the Recipient to invest in the Company or acquire the Company’s assets. This Document is not a prospectus, product disclosure document or other offering document under Australian law or under the law of another jurisdiction. The Recipient should carry out and should rely on their own independent review, investigation, analysis and due diligence of HRE Limited and its operations, business and assets. The information in this Document, which is selective and does not purport to contain all the information that the Recipient may require to evaluate the opportunity, has not been independently verified by the Company or any other person. The Company releases material information as announcements to the ASX (ASX:HRE). Recipients seeking further information in respect of the Company should review the Company’s announcements as released to the ASX from time to time. 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Nor do the Disclosers accept any responsibility to inform the Recipients of any matter arising or coming to its attention after this date. Neither the Company nor its representatives or agents undertake any obligation to to inform Recipients of any matter arising or coming to their notice after the above date which may affect any matter referred to in this Document or to provide the Recipients with access to any additional information or to correct any inaccuracies herein which may become apparent. Neither the receipt of this Document by any person nor any information contained in it or supplied with it or subsequently communicated to any person in connection with a proposed investment in or purchase of the Company’s assets constitutes, or is to be taken as constituting, the giving of investment, financial product, legal, tax or other advice authorized to any such person. Each such person should make their own independent investigation and assessment, including obtaining their own professional advice. The distribution of this Document (including electronic copies) outside Australia may be restricted by law and persons who come into possession of this Document outside of Australia should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable securities laws. This Document must not be copied, reproduced, distributed or passed to others at any time without the prior written consent of the Company. By accepting this Document, Recipient’s acknowledge and agree to be bound by the above statements. Competent Persons Statement The Exploration Results contained in this Document have been extracted from ASX releases dated 21 October 2024,30 October 2024, 12 December 2025 and 30 June 2026. The Company confirms that it is not aware of any new information or data that materially affects the Exploration Results contained in the 21 October 2024,30 October 2024, 12 December 2025 and 30 June 2026 ASX releases. All material assumptions and technical parameters supporting the Exploration Results in the ASX releases dated 21 October 2024,30 October 2024, 12 December 2025 and 30 June 2026 continue to apply and have not materially changed. Important Notice and Disclaimer 3 Board and Corporate Snapshot Gabriel Chiappini Non-Executive Chairman Mr Gabriel Chiappini is a Corporate Advisor with over 20 years’ experience as a director, capital markets participant and a governance professional. He is a current director of EMC Gold Corporation (ASX:EM3) and Invictus Energy Limited (ASX:IVZ) and also served as the 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 Dr Amanda Buckingham is a geophysicist with more than 30 years of experience in mineral exploration. In addition to co-founding Cygnus Metals Limited (ASX: CY5) and Desert Minerals 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 the Managing Director of Warriedar Resources Limited (ASX: WA8) which was taken over by Capricorn Metals (ASX:CMM) in 2025 for ~$300 million. Graeme Morissey Non-Executive Director Mr Graeme Morissey is a Chartered Accountant with extensive experience serving as Chief Financial Officer (CFO) for a number of mining and mineral exploration companies listed on the Australian Securities Exchange (ASX). Graeme was the Chief Financial Officer for Warriedar Resources Limited (ASX: WA8). He a Chartered Accountant (CA) and a Member of the Australian Institute of Company Directors (MAICD) and holds a Bachelor of Commerce from McMaster University in Canada. Shares on Issue (post capital raise) $~10.9million Market Cap (@ $0.039) $~2.4million Cash (@ 30/6/26) + Cap Raise $2.029m 280million Jason Barnett Managing Director & CEO Mr Jason Barnett is an experienced mining executive with more than 20 years of 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. Heavy Rare Earths Limited | ASX:HRE 4 Subron Heavy Rare Earths project – (100%, WA) • Subron HREO discovery (formerly Cowalinya) - High-grade domains >500ppm, with HREO:TREO ratio > 38% • Rapid progress by using existing data from previous drilling • Opportunity to quickly release maiden high-grade, HREO-focused resource Prospect Hill – (earning 80%, SA) • Hosts high-grade tin mineralisation, including 5 metres @ 3.32% Sn • Recent mapping expands host structure to 1.85km • Maiden drill program – all approvals in place Radium Hill - (earning 80%, SA) • Highly prospective 6km-long critical minerals corridor (Sc, Y, U, REE) • Mineralisation previously processed for uranium (1954 and 1961 - 1.9 Mlbs U3O8 production) • Scandium produced from “residues”plus some yttrium oxide in 1960s1 Project Portfolio Comprises HREO, Tin, Uranium, Sc, & REE’s 1 Source Port Pirie Former Uranium & Rare Earth Treatment Plan – Radiation & Environmental Management Plan v.01 (2016) Heavy Rare Earths Limited | ASX:HRE 5 Subron Heavy Rare Earths project (formerly‘Cowalinya’) High grade domains, with exceptionally high HREO ratio • Existing JORC inferred resource of 159Mt @ 870 ppm TREO 2 • Project located on non-farming, unallocated crown land, 110km NNE of Port of Esperance, 350km to Kalgoorlie. • Mineralisation hosted within 3 horizontal layers, with average ~13m of overburden. • Drilling widely spaced at 400m (N-S) by 200m (E-W) • Database of >500 drill holes, with material in storage. 2 See Company ASX release dated 3rd October 2023 Heavy Rare Earths Limited | ASX:HRE 6 Subron Heavy Rare Earths project (formerly‘Cowalinya’) Pipeline of HREO prospects and potential catalysts • Existing data recently reviewed by independent expert, Claudio Sheriff who identified high-grade domains, with exceptionally high HREO:TREO ratio of 38% • Low-cost opportunity exists to define a high-grade, high-HREO, material resource within the broader mineralised region • Work planned - Mineralogy characterisation (Scanning Electron Microscope - SEM) - Metallurgical test work – floatation aimed at specific layers within the geology to simplify the processing flowsheet • Goals - The high-grade HREO ratio zones may be amenable to concentrate, yielding a high-value proposition for processing - Understand scandium mineralisation - Armed with SEM and upgraded JORC resource = collaboration with industry leaders Heavy Rare Earths Limited | ASX:HRE 7 Subron review identified high grade domains of Pr, Nd, Tb, Dy, Y Exceptional 38% HREO:TREO ratio Applying a 300ppm HREO cut-off, Mr Sheriff discovered higher grade zones with weighting toward heavy rare earths: • 150 Significant Intercept drill intervals3; including • 454 individual 1m intervals grading > 300ppm HREO • for an average 1653ppm TREO, with 579ppm HREO representing a 38% HREO ratio 3 See Company ASX release dated 27th July 2026 Heavy Rare Earths Limited | ASX:HRE 8 Subron: High-grade HREO prospects Seawolf is a priority target: 8m @ 3057ppm TREO, 1344ppm HREO, for a 42% HREO ratio4 4 See Company ASX release dated 27th July 2026 Heavy Rare Earths Limited | ASX:HRE 9 Subron – Why is it different? Deep structures, and high basket value due to strong HREO ratio Magnetic survey show the underlying deep-seated NE-SW structures which tap into the mantle and bring up the HREOs Source https://barklyrareearths.com/announcements/7476999 Peer table published by Barkly identified Subron (formerly‘Cowalinya’) as having a near sector-leading ratio, and noting this was prior to current review HG domains against regional magnetics supporting the north-west interpretation 10 “Residual clay occurrences aren’t rare, however the cluster of HREO domains in a Sea of regional prospectivity emerging at Subron are remarkable” - Claudio Sheriff Claudio Sheriff REE Specialist Mr. Sheriff is an experienced geologist with greater than 20 years of expertise in the exploration sector in Australia, Indonesia and Chile. Mr. Sheriff has been involved in prominent Australian Rare Earths discoveries, including: Voltaic’s Strategic Resources’ (ASX:VSR) ‘Neo MREO-Ga’ discovery in the Gascoyne; Asra Minerals’s (ASX:ASR) ‘Yttria-REO-Sc’ Residual Clay deposit discovery; Northern Minerals’ (ASX:NTU) ‘Wolverine’ HREE deposit Mr. Sheriff holds a Bachelor of Science – Minerals Exploration and Mining geology from Curtin University REE Expert Claudio Sheriff reveals true value at Subron Review of existing data reveals exceptional opportunity Heavy Rare Earths Limited | ASX:HRE 11 • Prospect Hil (Sn + U) • Radium Hill (U REE + Sc +Y) • Billeroo (U) Earn in with Havilah resource (ASX : HAV) $3 million over 3 years across all projects for 80%5, $1.5 million on Prospect Hill Sn over 3 years6. South Australia Critical Minerals Scandium, Uranium, Tin, REE and Yttrium 5 See Company ASX release dated 4th February 2026 6 See Company ASX release dated 28th October 2025 Heavy Rare Earths Limited | ASX:HRE 12 • Shear zone hosted system, where drilling outlined steep- dipping tin mineralisation over 500 metres of strike, up to 120 metres depth and still open down-dip and along strike. • Acquired dataset includes 71 RC holes, 19 percussion holes, 40 trenches, and numerous soil, stream and rock samples, over 6 main tin projects • Dataset includes numerous high-grade tin intersections at South Ridge6 - 3 metres @ 4.85% Sn from 44 metres (PHRC03) - 5 metres @ 3.32% Sn from 84 metres (PHRC55) - 6 metres @ 2.33% Sn from 14 metres (PHP-15) Prospect Hill Project South Australia’s largest and most advanced tin project Plan view of South Ridge prospect with selected drill and trench intersections. 6 See Company ASX release dated 28th October 2025 Heavy Rare Earths Limited | ASX:HRE 13 • Recent surface mapping has extended the host structure to 1.85km and identified parallel structures for future targeting • Maiden Drilling Program up to 3,200m of RC and DD - Confirm mineralisation - Extend mineralisation - Collect material for metallurgy and produce a saleable product - Maiden MRE • All approvals in place • Government push to process critical minerals at Port Pirie Prospect Hill Project 3,200m RC and Diamond program approved Plan view of South Ridge form recent mapping which identified extensions to the mineralized shear zone and addition parallel structures. Heavy Rare Earths Limited | ASX:HRE 14 • Along strike from the historic mine, with a production history of uranium and scandium at Port Pirie (1950’s) • Mine produced 1.9 Mlbs @ 1,170 ppm U3O8 between 1954 and 19617 (though never assayed for Rare Earths, Yttrium or Scandium) • Established processing flow sheet for uranium and scandium • Potential opportunity to extract further value through production of a rare earths concentrate Radium Hill Project Uranium and Scandium produced from mineralisation The Radium Hill Mine circa 1955 7 See Company ASX release dated 21st October 2024 Heavy Rare Earths Limited | ASX:HRE 15 • High grade mineralisation with surface rock samples8; • SA government supporting critical mineral processing at Port Pirie - eg Nystar (Trafigura) antimony production • Planned drill program to target shallow open pitable mineralisation. • Partnering with ANSTO who have done significant previous work on the scandium and REE tailings at Port Pirie9. • PEPR submitted, Heritage survey arranged. • First time drilling will be assayed for uranium and REEs (1950s relied primarily on gamma probe surveys) Radium Hill Project Drilling - First time assaying for U, Sc and REEs 8 See Company ASX releases dated 30 October 2024, 12th December 2025, 19th May 2025 9 See Company ASX release dated 30th June 2026 Heavy Rare Earths Limited | ASX:HRE 16 2026-27 Planned Work Funded to deliver significant news flow Subron Q3 2026 Q4 2026 Q1 2027 Growth Opportunities Mineralisation characterisation / SEM work Maiden HG “heavy” resource Targeted metallurgical test work Heritage / Drilling preparation Industry partnerships Prospect Hill Q3 2026 Q4 2026 Q1 2027 Drilling Assays Metallurgical Work – saleable product Radium Hill Q3 2026 Q4 2026 Q1 2027 Drill planning / Heritage ANSTO initial leaching and mineralogy results Drilling Assays Heavy Rare Earths Limited | ASX:HRE 17 Subron • HREO“ discovery”of high-grade domains >500ppm HREO & >38% HREO:TREO ratio • Rapid progress including maiden high-grade HREO resource CY2026 Prospect Hill • High-grade tin mineralisation, including 5 metres @ 3.32% Sn • Maiden drill program – all approvals in place Radium Hill • Production history from adjacent mine – same mineralisation – uranium and scandium produced 1950-60s • Planning for maiden drill program - first time ever multi element assays inclusive of REEs and Sc Summary Refreshed, Funded, Significant news flow 18 Thank You Jason Barnett Managing Director A Level 21, 459 Collins Street Melbourne, VIC 3000 E info@hreltd.com.au Contact Us Heavy Rare Earths Limited | ASX:HRE 19 Appendix - Subron (formerly‘Cowalinya’) Subron Pipeline of HREO prospects and potential catalysts • Low-cost opportunity exists to define a high-grade, high-HREO, material resource within the broader mineralised region. • The new name ‘Subron’ is an acronym of ‘Submarine Squadron’, which refers to the interpreted submarine-like geometry of the HREO-rich mineralisation, and symbolically reflects its potential as a source of heavy rare earths for the AUKUS submarine program.