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 35 ASX Announcement ASX:HRE ASX Announcement 28 October 2026 EIS Grant Awarded for Deeper Drilling at Subron Highlights • HRE has been awarded an Exploration Incentive Scheme (EIS) grant to drill test the interpreted source of heavy rare earth oxide (HREO) mineralisation at Subron. • The program will use reverse circulation (RC) drilling to test for HREO-dominant, xenotime- bearing structures within fresh basement. • Fresh-rock samples will support lithogeochemical, mineralogical, alteration and paragenetic studies aimed at defining the nature, controls and timing of mineralisation. • Drilling will target HREO-enriched zones and structurally favourable areas. • Results will assist HRE in assessing the potential for fresh-rock, lode-style HREE-dominant mineralisation beneath the known HREO-enriched regolith. • Drilling will be part of a wider program to expand and better define the HREO resources at Subron in CY 2027. Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to announce it has been awarded an Exploration Incentive Scheme (EIS) grant to cofund the drilling costs of a $150,000 drill program at the Subron Rare Earths project, Western Australia. The drill program is designed to investigate a deeper source of the HREO enrichment that has been demonstrated by extensive, shallow drilling previously carried out by the Company. Jason Barnett, Managing Director and CEO commented: “Securing EIS co-funding is a strong endorsement of our geological model at Subron. Our shallow drilling has already defined exceptional heavy rare earth enrichment in the shallow layers, and this program is designed to test whether that enrichment is fed by xenotime-bearing structures in the fresh basement rock below. Confirming a hard-rock source would add a significant new dimension to Subron’s potential and value.” The Exploration Incentive Scheme (EIS) is a Western Australian State Government initiative designed to promote and accelerate exploration in greenfield areas. The program started in April 2009 and is managed by the Geological Survey of Western Australia (GSWA) within the Department of Mines, Petroleum and Exploration (DMPE)1 . 1 Department of Mines, Petroleum and Exploration website 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 35 ASX:HRE The Company’s working geological model for the Subron project is that the enrichment in the shallow layers reflects hydrothermal deposition of xenotime within structures such as faults, shears, veins or breccias hosted by basement gneisses. End-of-hole sampling indicated zones of elevated HREO broadly parallel to magnetic stratigraphy. HREO enrichment within shears or faults is interpreted as potentially indicating xenotime rather than other rare earth element minerals. The existing resource-definition program conducted in 2021 and 2022, comprising 547 vertical air- core holes rarely, if ever, penetrated fresh rock. It has therefore not adequately tested for steeply dipping or subvertical zones of reworked xenotime-bearing structures or breccias. The drill program supported by the EIS grant is therefore designed to provide the fresh-rock evidence required toevaluate this modeland determine whether hydrothermal enrichmentextends below the HREO-enriched regolith. Angled RC holes are planned to test the margins of higher-grade domains. Eight holes are proposed, with planned hole depths of 180 metres intended to provide approximately 100 metres of fresh-rock. Holes will be drilled at an angle of approximately 60 degrees, representing about 40 metres of coverage across strike. Figures 1 and 2. Schematic cross section of the proposed deep RC holes to test the source feeder zones of the Subron mineralisation; and location of drill holes (white diamonds) within the bottom of hole contours. Targets include areas where existing drilling indicates HREO enrichment at contacts between magnetic and non-magnetic gneisses, together with strike extensions of those contacts. Areas affected by faulting, shearing or folding may also be prospective because of the additional structural preparation. Holes are planned across the known lithotypes, while drilling into non- enriched, LREO-dominant basement gneiss will provide a control dataset for comparison with any mineralised features. Concurrently, database work is underway to enable redomaining the existing 159Mt resource around the high-grade, high-HREO zones, targeting a smaller-tonnage but substantially higher- grade and higher-value Mineral Resource Estimate. 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 35 ASX:HRE HRE is also advancing the mineralogy needed to define a processing route. Intervals with HREO ratios above 38% have been submitted for Scanning Electron Microscopy (SEM) and TESCAN Integrated Mineral Analyser (TIMA) analysis to identify the minerals hosting the rare earths. Additionally, historical sample pulps are being re-assayed for galliumandhafnium, with first results expected shortly. Intervals above a 200ppm HREO cut-off have been submitted for multi-element analysis. A stock-take of Subron sample material at HRE's Osborne Park storage facility is nearly complete, giving ready access to material for metallurgical sighter testwork. HRE is also evaluating inviting ANSTO Minerals to collaborate on Subron, building on the collaboration at Radium Hill. Figure 3 and 4: The interpreted strike extensions of the Blume, Hunley and Seawolf prospects, and location of the project within Western Australia and in relation to key infrastructure –– ENDS –– This announcement has beenapproved by the Board of HRE For more information, please contact: Jason Barnett Managing Director and CEO +61 03 8630 3321 info@hreltd.com.au Alex Cowie NWR Communications +61 412 952 610 alexc@nwrcommunications.com.au 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 35 ASX:HRE 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. 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 announcement, 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 ACN 648 991 039 Level 21, 459 Collins Street, Melbourne VIC 3000 | +61 3 8630 3321 | info@hreltd.com.au | Page 5 of 35 ASX:HRE Annexure A – Table of results >1,000ppm TREO - Summary of REO distribution (Highlighted – MREO >500ppm and HREO>500ppm) From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC1 34 36 2 354 30% 421 36% 1166 AC2 16 18 2 476 34% 336 24% 1402 AC2 18 20 2 370 31% 227 19% 1190 AC2 20 22 2 383 28% 255 19% 1368 AC2 22 24 2 483 28% 342 20% 1730 AC2 26 28 2 364 29% 180 14% 1251 AC2 28 30 2 393 33% 157 13% 1193 AC4 26 28 2 430 36% 313 26% 1194 AC4 30 32 2 342 31% 208 19% 1087 AC4 34 35 1 394 31% 232 18% 1292 AC4 35 36 1 278 26% 178 17% 1066 AC5 32 34 2 363 36% 142 14% 1014 AC5 34 36 2 630 40% 211 13% 1582 AC6 26 28 2 271 25% 125 12% 1068 AC6 28 30 2 314 27% 122 10% 1175 AC6 30 32 2 284 27% 120 11% 1056 AC8 24 26 2 523 37% 359 25% 1414 AC8 26 28 2 768 36% 839 39% 2132 AC8 28 29 1 323 29% 469 42% 1107 AC9 28 29 1 309 28% 527 49% 1085 AC12 18 20 2 703 30% 344 15% 2313 AC12 20 22 2 231 19% 161 13% 1232 AC13 20 21 1 217 21% 131 13% 1038 AC16 22 24 2 329 32% 237 23% 1040 AC16 24 26 2 539 35% 463 30% 1533 AC16 26 28 2 587 35% 582 35% 1679 AC16 28 30 2 340 31% 317 29% 1089 AC17 28 30 2 374 28% 229 17% 1332 AC17 30 32 2 315 30% 456 44% 1042 AC17 32 34 2 342 27% 453 36% 1266 AC17 34 36 2 301 25% 565 48% 1188 AC18 16 18 2 835 49% 374 22% 1711 AC21 22 24 2 446 35% 423 33% 1292 AC21 24 26 2 324 32% 372 37% 1009 AC21 26 27 1 567 36% 532 34% 1561 AC21 27 28 1 343 32% 406 38% 1082 AC27 30 32 2 285 27% 411 39% 1043 AC27 32 34 2 407 30% 344 26% 1342 AC28 14 16 2 471 36% 492 37% 1315 AC28 16 18 2 582 40% 489 33% 1468 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 35 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC28 18 20 2 523 36% 498 35% 1436 AC28 20 22 2 1287 46% 964 34% 2807 AC28 22 24 2 776 41% 771 41% 1884 AC28 34 36 2 366 35% 252 24% 1045 AC28 38 39 1 349 32% 305 28% 1080 AC29 20 22 2 1355 37% 788 21% 3677 AC29 22 24 2 438 24% 280 15% 1861 AC29 24 26 2 425 26% 319 20% 1614 AC29 26 28 2 1024 36% 711 25% 2883 AC29 30 32 2 552 39% 441 31% 1426 AC29 32 34 2 812 36% 783 35% 2252 AC30 30 32 2 332 27% 126 10% 1241 AC33 16 18 2 489 30% 45 3% 1606 AC33 26 28 2 466 33% 412 29% 1431 AC35 18 20 2 1028 43% 734 31% 2383 AC35 24 26 2 305 26% 211 18% 1181 AC35 28 30 2 299 27% 255 23% 1106 AC36 28 30 2 246 24% 508 49% 1040 AC37 20 21 1 360 27% 461 34% 1350 AC41 14 16 2 548 42% 389 30% 1308 AC41 22 24 2 317 32% 305 30% 1001 AC42 12 14 2 219 21% 25 2% 1038 AC58 26 28 2 410 27% 205 14% 1506 AC60 26 27 1 352 32% 400 37% 1092 AC70 20 22 2 300 30% 47 5% 1017 AC81 24 26 2 1412 46% 843 27% 3095 AC81 26 28 2 1022 34% 1117 38% 2970 AC89 16 18 2 583 45% 53 4% 1299 AC89 26 28 2 739 35% 708 33% 2133 AC89 28 30 2 454 35% 392 30% 1316 AC89 30 32 2 319 31% 286 27% 1040 AC90 32 34 2 531 40% 498 37% 1332 AC90 34 36 2 461 42% 406 37% 1092 AC101 22 24 2 412 34% 417 35% 1194 AC101 24 25 1 416 38% 305 28% 1085 AC104 26 28 2 321 28% 488 43% 1133 AC104 28 30 2 352 31% 350 31% 1143 AC110 22 24 2 610 35% 481 28% 1727 AC110 28 29 1 356 28% 398 31% 1287 AC111 22 24 2 362 34% 246 23% 1068 AC112 21 23 2 582 39% 556 38% 1482 AC115 26 28 2 706 37% 403 21% 1922 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 7 of 35 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC115 28 29 1 505 31% 557 34% 1639 AC119 18 20 2 316 28% 59 5% 1148 AC122 18 20 2 714 32% 350 16% 2255 AC123 15 17 2 308 25% 61 5% 1230 AC129 21 23 2 397 21% 111 6% 1930 AC130 20 22 2 242 20% 107 9% 1212 AC130 32 34 2 296 29% 197 19% 1013 AC131 23 25 2 242 24% 17 2% 1000 AC134 14 16 2 468 29% 88 5% 1602 AC136 18 20 2 471 32% 484 33% 1457 AC137 17 19 2 416 41% 277 27% 1024 AC137 25 27 2 307 27% 638 56% 1132 AC142 16 18 2 447 29% 41 3% 1526 AC175 12 14 2 304 24% 133 10% 1286 AC179 16 18 2 691 32% 695 32% 2176 AC179 18 20 2 332 28% 409 35% 1177 AC181 17 19 2 518 40% 278 22% 1284 AC181 23 25 2 292 28% 165 16% 1045 AC184 22 24 2 332 31% 98 9% 1077 AC192 31 32 1 491 30% 357 22% 1618 AC194 22 24 2 476 43% 415 38% 1096 AC196 29 31 2 452 31% 681 47% 1441 AC198 41 43 2 556 39% 421 29% 1437 AC200 20 22 2 1000 35% 1381 48% 2869 AC200 22 24 2 664 29% 1525 66% 2317 AC201 32 34 2 1334 43% 1002 33% 3068 AC212 24 26 2 973 38% 554 22% 2563 AC212 26 28 2 604 40% 343 23% 1517 AC213 21 23 2 535 43% 354 28% 1246 AC213 23 25 2 394 38% 331 32% 1031 AC221 17 19 2 1758 31% 994 17% 5688 AC221 19 21 2 825 29% 581 20% 2843 AC223 17 19 2 525 40% 276 21% 1309 AC223 19 21 2 717 40% 475 26% 1804 AC223 23 25 2 483 28% 425 25% 1731 AC223 25 27 2 446 22% 626 30% 2062 AC225 16 18 2 491 40% 169 14% 1238 AC225 18 20 2 457 32% 309 21% 1449 AC225 20 22 2 330 26% 243 19% 1273 AC225 22 24 2 215 21% 111 11% 1017 AC225 24 26 2 2965 48% 1437 23% 6211 AC225 26 28 2 3731 52% 1814 25% 7222 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 8 of 35 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC225 28 30 2 1813 44% 1486 36% 4110 AC225 30 32 2 1557 39% 1467 37% 3983 AC225 32 34 2 912 38% 811 34% 2415 AC225 34 35 1 864 31% 989 36% 2782 AC226 26 28 2 531 34% 439 28% 1584 AC226 28 30 2 1060 38% 926 33% 2793 AC226 30 32 2 318 32% 257 25% 1009 AC226 46 48 2 364 28% 790 61% 1292 AC232 18 20 2 385 35% 83 8% 1086 AC232 20 21 1 423 36% 112 9% 1192 AC232 21 23 2 556 40% 174 13% 1376 AC235 25 27 2 288 28% 402 38% 1045 AC244 22 24 2 763 48% 527 33% 1584 AC244 26 27 1 304 28% 149 14% 1099 AC245 26 27 1 358 27% 77 6% 1347 AC246 18 20 2 472 37% 321 25% 1291 AC263 20 22 2 1187 45% 920 35% 2631 AC263 22 24 2 330 32% 319 31% 1027 AC265 32 34 2 347 28% 548 44% 1256 AC265 38 40 2 272 22% 168 14% 1234 AC268 26 28 2 904 36% 844 34% 2513 AC269 12 14 2 483 31% 179 11% 1579 AC269 14 16 2 459 27% 127 7% 1713 AC269 18 20 2 340 24% 92 6% 1446 AC269 22 24 2 380 32% 108 9% 1192 AC274 16 18 2 379 25% 297 20% 1506 AC274 18 20 2 401 35% 362 31% 1156 AC274 20 22 2 917 43% 771 36% 2117 AC274 22 24 2 622 35% 604 34% 1798 AC274 24 26 2 414 34% 440 36% 1217 AC274 26 28 2 370 34% 346 32% 1076 AC274 32 34 2 394 27% 396 28% 1437 AC275 19 21 2 1043 30% 187 5% 3492 AC275 23 25 2 227 22% 382 37% 1036 AC275 25 27 2 302 23% 448 34% 1325 AC275 27 29 2 563 29% 1170 61% 1932 AC275 29 31 2 602 31% 959 49% 1940 AC275 31 33 2 274 27% 598 59% 1005 AC279 31 33 2 991 41% 853 35% 2421 AC279 33 35 2 869 34% 1098 43% 2552 AC279 35 37 2 425 34% 432 35% 1250 AC280 20 22 2 602 34% 617 35% 1788 AC281 22 24 2 443 31% 247 17% 1412 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 9 of 35 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC281 26 28 2 324 31% 132 13% 1058 AC282 21 23 2 443 41% 198 18% 1087 AC286 13 15 2 200 16% 77 6% 1256 AC287 20 22 2 311 24% 74 6% 1300 AC287 24 26 2 557 34% 207 13% 1621 AC289 17 19 2 383 35% 253 23% 1084 AC289 25 27 2 373 30% 243 19% 1254 AC292 21 23 2 306 27% 109 10% 1146 AC292 27 29 2 533 36% 157 11% 1494 AC295 19 21 2 514 36% 227 16% 1421 AC301 22 24 2 356 31% 96 8% 1156 AC301 26 28 2 358 36% 131 13% 1001 AC302 26 28 2 1549 45% 550 16% 3455 AC302 28 30 2 484 40% 246 20% 1207 AC305 23 25 2 441 35% 447 35% 1270 AC306 19 21 2 688 42% 466 28% 1637 AC309 31 33 2 330 29% 298 26% 1133 AC309 35 37 2 385 33% 393 33% 1174 AC311 14 16 2 147 14% 20 2% 1028 AC312 38 40 2 266 25% 324 31% 1051 AC312 40 42 2 262 23% 535 46% 1159 AC321 38 40 2 590 27% 1499 68% 2200 AC321 40 41 1 660 28% 1447 62% 2337 AC322 25 27 2 479 36% 327 24% 1339 AC322 27 29 2 376 36% 394 38% 1048 AC324 24 25 1 1332 44% 962 32% 3046 AC326 34 36 2 1169 37% 1236 39% 3196 AC328 30 32 2 546 36% 647 42% 1534 AC343 24 26 2 433 37% 210 18% 1155 AC343 26 28 2 1079 39% 1019 37% 2753 AC344 26 28 2 582 24% 346 14% 2417 AC344 28 30 2 431 27% 149 9% 1600 AC344 32 34 2 327 26% 343 27% 1270 AC350 19 21 2 397 29% 148 11% 1367 AC354 19 21 2 623 33% 477 25% 1914 AC354 27 29 2 550 34% 518 32% 1611 AC356 30 32 2 540 34% 787 49% 1589 AC356 32 34 2 1080 34% 1687 54% 3131 AC359 16 18 2 2575 53% 253 5% 4839 AC359 22 24 2 659 42% 118 8% 1569 AC360 27 29 2 1106 40% 671 24% 2756 AC360 29 31 2 1550 43% 1393 39% 3608 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 10 of 35 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC360 31 33 2 1117 28% 2552 63% 4042 AC360 33 35 2 692 38% 759 42% 1820 AC361 22 24 2 335 28% 399 34% 1183 AC361 24 26 2 1106 29% 1918 51% 3795 AC363 34 36 2 440 35% 387 31% 1263 AC363 36 38 2 1203 33% 1751 48% 3611 AC366 31 33 2 253 25% 82 8% 1010 AC374 32 34 2 344 25% 542 39% 1376 AC382 17 19 2 853 45% 429 23% 1889 AC387 30 32 2 462 35% 386 29% 1312 AC387 32 34 2 511 35% 484 33% 1471 AC387 36 38 2 549 31% 468 26% 1784 AC388 21 23 2 506 27% 553 30% 1862 AC389 22 24 2 354 34% 372 36% 1038 AC391 28 30 2 1148 41% 909 32% 2807 AC396 20 22 2 928 37% 554 22% 2526 AC406 16 18 2 223 22% 13 1% 1002 AC409 21 23 2 265 24% 126 11% 1111 AC411 23 25 2 607 37% 578 35% 1638 AC412 18 20 2 1870 46% 1210 30% 4087 AC412 22 24 2 322 27% 296 25% 1204 AC413 21 23 2 282 27% 464 45% 1036 AC415 13 15 2 632 36% 594 34% 1743 AC415 15 17 2 570 34% 600 36% 1671 AC417 25 27 2 441 39% 380 34% 1133 AC417 27 29 2 432 31% 606 44% 1375 AC418 21 23 2 525 29% 228 12% 1831 AC418 23 25 2 627 27% 629 28% 2282 AC419 34 36 2 305 28% 479 45% 1076 AC424 9 11 2 574 56% 84 8% 1030 AC424 11 13 2 2128 66% 325 10% 3209 AC424 21 23 2 805 41% 697 35% 1968 AC424 23 25 2 655 33% 639 32% 1984 AC429 29 31 2 307 27% 336 30% 1129 AC430 19 21 2 577 39% 505 34% 1465 AC431 34 36 2 302 26% 339 29% 1175 AC433 18 20 2 255 25% 174 17% 1039 AC433 20 22 2 280 27% 211 21% 1018 AC433 24 26 2 389 33% 364 30% 1196 AC440 16 18 2 309 29% 445 42% 1071 AC440 18 20 2 1022 38% 1012 38% 2695 AC440 20 22 2 1328 39% 1277 38% 3385 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 11 of 35 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC441 10 12 2 460 27% 156 9% 1677 AC445 17 19 2 1224 47% 663 25% 2632 AC446 22 24 2 330 24% 101 7% 1376 AC446 24 26 2 524 22% 141 6% 2409 AC446 26 28 2 332 24% 146 11% 1371 AC446 28 30 2 302 25% 111 9% 1228 AC447 21 23 2 435 37% 230 19% 1189 AC452 21 23 2 426 32% 157 12% 1332 AC452 23 25 2 417 36% 161 14% 1161 AC453 24 26 2 199 16% 808 66% 1227 AC455 16 18 2 476 39% 125 10% 1234 AC458 37 39 2 367 29% 108 8% 1281 AC458 39 41 2 345 31% 113 10% 1106 AC467 23 25 2 511 41% 117 9% 1239 AC467 27 29 2 801 44% 212 12% 1811 AC467 29 31 2 798 43% 248 13% 1866 AC467 33 35 2 426 39% 185 17% 1105 AC467 37 39 2 336 33% 192 19% 1032 AC468 15 17 2 512 46% 92 8% 1115 AC468 25 27 2 384 34% 101 9% 1122 AC468 27 29 2 706 42% 291 17% 1693 AC468 29 31 2 455 35% 362 28% 1290 AC468 31 33 2 745 28% 325 12% 2631 AC469 31 33 2 311 30% 117 11% 1024 AC470 22 24 2 478 38% 247 19% 1269 AC471 18 20 2 548 43% 238 19% 1276 AC471 20 22 2 1029 41% 540 22% 2491 AC471 22 24 2 491 39% 280 22% 1263 AC472 21 23 2 325 23% 791 55% 1431 AC473 9 11 2 695 30% 294 13% 2319 AC473 11 13 2 344 32% 131 12% 1061 AC473 13 14 1 307 30% 106 10% 1015 AC487 18 20 2 502 27% 210 11% 1850 AC487 20 22 2 1366 26% 889 17% 5193 AC487 22 24 2 298 26% 148 13% 1126 AC492 15 17 2 279 21% 108 8% 1319 AC494 17 19 2 725 35% 219 11% 2068 AC494 19 21 2 555 38% 186 13% 1479 AC497 19 21 2 598 38% 489 31% 1564 AC509 26 28 2 448 37% 209 17% 1200 AC511 20 22 2 400 24% 280 17% 1695 AC511 22 24 2 358 28% 445 34% 1298 AC518 21 23 2 329 20% 45 3% 1630 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 12 of 35 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC520 31 33 2 1079 31% 934 27% 3449 AC532 36 38 2 629 39% 275 17% 1612 AC532 38 40 2 554 36% 425 28% 1525 AC540 25 27 2 665 32% 664 32% 2071 AC540 27 29 2 416 31% 317 23% 1358 AC544 31 33 2 345 25% 196 14% 1351 AC544 33 35 2 367 25% 171 12% 1454 AC544 35 37 2 317 31% 224 22% 1031 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 13 of 35 ASX:HRE Annexure B – Table of Drill Collars for all >1000ppm TREO intercepts HOLE ID NORTHING EASTING DEPTH DIP RL AC1 6358200 433200 39 90 270.2 AC2 6358200 433100 34 90 268.8 AC4 6358200 432600 36 90 280.9 AC5 6358200 432500 36 90 279.2 AC6 6358200 432400 32 90 277.0 AC8 6358200 432200 29 90 272.8 AC9 6358200 432100 30 90 270.6 AC12 6358600 433000 29 90 266.1 AC13 6358600 432900 21 90 265.4 AC16 6358600 432600 32 90 262.0 AC17 6358600 432500 39 90 260.5 AC18 6358600 432400 26 90 260.5 AC21 6358600 432100 28 90 262.0 AC27 6359000 432200 39 90 266.5 AC28 6359000 432100 39 90 266.0 AC29 6359000 432000 39 90 265.0 AC30 6359000 431900 39 90 264.0 AC33 6359000 431600 31 90 263.3 AC35 6359000 431400 33 90 259.4 AC36 6359020 431300 31 90 258.0 AC37 6359040 431200 21 90 257.5 AC41 6359365 430900 30 90 263.1 AC42 6359380 431000 22 90 263.1 AC58 6360600 430200 30 90 259.2 AC60 6360750 428150 27 90 261.4 AC70 6361000 427950 28 90 258.1 AC81 6361000 427300 36 90 258.0 AC89 6361250 427500 44 90 258.1 AC90 6361250 427400 36 90 258.9 AC101 6361500 427250 25 90 255.2 AC104 6361755 427245 39 90 257.0 AC110 6358001 432626 29 90 262.6 AC111 6357803 432597 31 90 262.8 AC112 6357601 432581 30 90 263.4 AC115 6357003 432618 30 90 260.8 AC119 6356202 432620 26 90 258.4 AC122 6357004 434595 22 90 271.9 AC123 6356803 434584 19 90 269.5 AC129 6355602 434612 34 90 262.6 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 14 of 35 ASX:HRE HOLE ID NORTHING EASTING DEPTH DIP RL AC130 6355405 434624 45 90 261.9 AC131 6355202 434614 28 90 261.0 AC134 6354605 434565 19 90 256.0 AC136 6354202 434630 22 90 255.9 AC137 6354996 433799 30 90 256.4 AC142 6354999 435001 26 90 259.9 AC175 6356590 431801 45 90 258.7 AC179 6358206 433800 45 90 267.6 AC181 6358204 433399 27 90 265.5 AC184 6358201 432805 25 90 261.6 AC192 6358206 430603 33 90 259.2 AC194 6358205 430198 50 90 257.7 AC196 6358202 429801 38 90 257.2 AC198 6358205 429402 46 90 259.2 AC200 6358201 429002 44 90 254.4 AC201 6358191 428802 47 90 256.7 AC212 6359813 430201 37 90 263.3 AC213 6359785 430000 39 90 261.5 AC221 6358596 428000 47 90 254.4 AC223 6359308 430398 29 90 258.1 AC225 6359305 430000 36 90 259.4 AC226 6359329 429799 55 90 260.1 AC232 6359395 427600 28 90 258.0 AC235 6359819 428196 27 90 260.4 AC244 6358993 434197 28 90 268.4 AC245 6359019 434404 28 90 270.6 AC246 6359023 434001 26 90 268.0 AC263 6359812 429196 24 90 263.2 AC265 6359463 429000 41 90 264.2 AC268 6359402 427798 37 90 259.9 AC269 6359394 427399 23 90 259.6 AC274 6358997 430601 41 90 260.1 AC275 6359002 430399 38 90 259.7 AC279 6359017 429598 40 90 258.6 AC280 6359006 429399 39 90 257.9 AC281 6359014 429198 34 90 259.5 AC282 6359018 428996 28 90 263.7 AC286 6358990 428198 28 90 254.6 AC287 6359001 427997 44 90 254.2 AC289 6358985 427599 36 90 256.3 AC292 6359002 427204 41 90 255.8 AC295 6358598 426999 31 90 255.8 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 15 of 35 ASX:HRE HOLE ID NORTHING EASTING DEPTH DIP RL AC301 6358580 429204 33 90 255.5 AC302 6358580 429402 33 90 255.5 AC305 6358666 430000 40 90 255.1 AC306 6358634 430204 30 90 259.1 AC309 6358579 430808 42 90 259.5 AC311 6358602 431208 31 90 260.9 AC312 6358599 431399 55 90 262.9 AC321 6358196 426808 42 90 255.2 AC322 6358197 427000 42 90 254.6 AC324 6358196 427402 26 90 255.4 AC326 6358198 427799 49 90 254.4 AC328 6358198 428201 37 90 258.4 AC343 6357809 432402 35 90 264.4 AC344 6357813 432197 35 90 263.3 AC350 6357773 430997 28 90 259.2 AC354 6357786 430201 30 90 258.7 AC356 6357797 429798 59 90 256.4 AC359 6357798 429199 51 90 255.7 AC360 6357800 428997 46 90 253.7 AC361 6357799 428801 27 90 257.1 AC363 6357801 428403 46 90 260.4 AC366 6357798 427801 34 90 255.1 AC374 6357380 433602 42 90 265.1 AC382 6357401 431799 30 90 262.0 AC387 6357360 430803 46 90 258.7 AC388 6357415 430602 30 90 258.0 AC389 6357399 430403 31 90 257.1 AC391 6357399 429999 37 90 257.2 AC396 6357012 433198 25 90 261.5 AC406 6357005 431001 21 90 259.7 AC409 6356998 430398 26 90 257.1 AC411 6356603 431401 36 90 258.4 AC412 6356601 431203 41 90 258.1 AC413 6356600 430996 28 90 257.1 AC415 6356604 430605 28 90 252.5 AC417 6356600 430199 30 90 255.6 AC418 6356597 430006 27 90 256.2 AC419 6356188 432792 38 90 259.7 AC424 6356201 431602 26 90 256.6 AC429 6356198 430599 32 90 256.9 AC430 6356194 430401 30 90 256.7 AC431 6356199 430204 37 90 255.4 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 16 of 35 ASX:HRE HOLE ID NORTHING EASTING DEPTH DIP RL AC433 6354597 434002 33 90 254.1 AC440 6354200 433800 40 90 254.6 AC441 6354202 433597 23 90 255.0 AC445 6362090 425792 21 90 258.4 AC446 6362103 424987 46 90 260.2 AC447 6362109 424589 28 90 NA AC452 6362139 422593 40 90 NA AC453 6362144 422192 28 90 NA AC455 6362612 421398 31 90 NA AC458 6363814 421420 49 90 NA AC467 6367069 418275 51 90 NA AC468 6367071 417472 47 90 NA AC469 6367076 417074 49 90 NA AC470 6367069 416672 44 90 NA AC471 6367086 416273 27 90 NA AC472 6367075 415874 31 90 NA AC473 6367085 415466 15 90 NA AC487 6361245 425397 29 90 262.7 AC492 6362095 425393 26 90 262.6 AC494 6360746 426000 35 90 263.7 AC497 6360749 427199 30 90 261.2 AC509 6356205 435200 51 90 266.1 AC511 6356184 435601 28 90 266.4 AC518 6355384 435600 28 90 263.6 AC520 6355391 436001 40 90 268.9 AC532 6364711 429572 47 90 NA AC540 6354201 435998 31 90 258.8 AC544 6358203 432610 40 90 261.2 ASX:HRE ASX:HRE Annexure C – Table of lanthanides assays for all >1,000ppm TREO intervals (Highlighted - Pr>100 ppm Nd>400 ppm Tb>10ppm Dy>60 ppm Y>300ppm) From To Interval La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 Hole ID (m) (m) (m) ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm AC1 34 36 2 127.8 314.5 42.3 213.5 47.1 9.3 47.4 7.2 43.5 8.9 24.9 3.5 19.5 2.6 254 AC2 16 18 2 267.4 359.9 75.9 304.4 58.9 11 44.6 5.7 30.8 6.1 16.1 2.5 17.6 2 199.4 AC2 18 20 2 243.9 377.1 54.5 244.9 42.7 9 29.5 4 23.5 4.4 13.4 1.7 11.5 1.5 128.3 AC2 20 22 2 283.8 475.4 55.9 253.1 44.1 8.9 32.3 4.6 25.5 4.7 13.2 1.9 11.6 1.6 151.1 AC2 22 24 2 227.5 716.2 72.5 309.1 62.2 12.4 49.6 6.7 32.6 6 12.5 2 11.2 1.2 208.3 AC2 26 28 2 211.1 518.4 56.4 241.4 43.8 8.3 29.3 3.9 18.8 3.2 9.1 1 5.4 0.8 99.8 AC2 28 30 2 221.7 445.9 66.2 255.4 47 10 34.2 4.6 20 2.9 7.1 1 5.9 0.4 70.5 AC4 26 28 2 225.2 261.6 68.6 272.9 52.5 11.8 42.1 5.7 30.1 5.8 15.7 2.5 17 1.8 180.3 AC4 30 32 2 183 383.3 53.3 217 42 7.9 27.4 4 25.7 4.3 12.1 1.4 9.3 1.2 114.9 AC4 34 35 1 233.4 463.1 65.7 250.8 47.1 8.2 27.6 4.2 26.5 4.9 13.5 1.6 11.2 1.3 133.3 AC4 35 36 1 209.9 422.6 53 170.3 31.7 6.4 25 3.8 19.4 3.7 9.6 1.3 7.5 1.1 100.7 AC5 32 34 2 147.8 383.3 59.8 241.4 39.7 7.1 23.6 3.4 18.5 2.9 7.8 1 6.6 0.8 70.6 AC5 34 36 2 194.7 578.6 95 429.2 73.5 12.7 48.9 6.1 26.2 4.5 9.8 1.6 10.4 1 90.3 AC6 26 28 2 231 457 52 171.5 31.8 6 21.3 2.7 13.2 2.3 5.5 0.8 5.8 0.6 66.5 AC6 28 30 2 258 498.7 61.1 194.8 39.4 6.7 19.1 2.8 15.6 2.6 6.5 0.7 4.3 0.6 63.5 AC6 30 32 2 214.6 454.5 54 178.5 34.2 5.8 17.2 2.7 14.9 2.4 6.7 0.9 5.1 0.7 63.4 AC8 24 26 2 143.1 439.8 72.7 326.6 72.8 14.1 45.4 7.2 44.2 7.6 21.5 2.7 15 2.1 199.4 AC8 26 28 2 136 491.4 91.8 463.1 110.4 21.7 83.6 13.9 89.2 16.8 50.3 6.4 37.9 5.2 514.3 AC8 28 29 1 94.1 271.5 43.6 187.8 40.5 9.8 47.3 7.3 44.3 9.2 26 3.4 20.6 3.2 298.4 AC9 28 29 1 64 238.3 38.4 177.3 40.1 11.4 50.3 7.4 45.3 10.2 28.4 3.5 23.7 4.1 342.9 AC12 18 20 2 504.3 807.1 129.3 449.1 78.7 9.5 65.1 7.9 37.9 7 16.4 2 11.4 1.5 185.4 AC12 20 22 2 160.7 699 41.4 142.3 27.9 3.3 22.6 3.2 16.1 3.3 8 1 7.4 1.2 95.1 AC13 20 21 1 146.6 562.6 40.2 131.8 25.6 2.6 19.9 2.9 16.2 2.7 7.5 1 6.9 1 69.8 AC16 22 24 2 160.7 347.6 51.1 201.8 41.9 7 30.2 4.3 29.4 4.9 15.6 1.8 13.8 1.9 128.3 ASX:HRE From To Interval La2O3 CeO2 Pr6O11 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb4O7 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 Y2O3 Hole ID (m) (m) (m) ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm AC16 24 26 2 255.7 339 85.3 324.3 64.9 11.5 55.9 8.2 56.5 9 25 3.3 21.9 2.9 269.2 AC16 26 28 2 303.8 277.6 86.6 354.6 74.3 12.3 65.8 8.9 62.3 11.4 35.2 4.1 28.1 3.7 350.5 AC16 28 30 2 194.7 276.4 52.2 204.1 44.6 5.9 36.3 5.2 33.5 7.3 19.9 2.1 16.2 2.4 187.9 AC17 28 30 2 229.9 533.1 68.9 229.8 41.5 8.4 31.7 4.9 28.9 4.5 11.2 1.3 7.5 1.1 129.5 AC17 30 32 2 84.4 234.6 39.2 179.6 47.5 8.9 41 6.8 41.7 9.1 27.6 2.7 23 3.3 292.1 AC17 32 34 2 161.8 357.5 50 200.6 42.8 8 42.5 6.5 42 9.1 25.7 2.4 21 2.8 293.3 AC17 34 36 2 118.5 258 38.2 166.8 41.4