Announcement PDF Heavy Rare Earths Limited ACN 648 991 039 High-Quality Uranium Portfolio in a Producing District in South Australia ASX:HRE NWR Communications Uranium Lunch Presentation February 2025 HRE Important Notice and Disclaimer 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. 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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 advice 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 and 30 October 2024. 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 and 30 October 2024 ASX releases. All material assumptions and technical parameters supporting the Exploration Results in the ASX releases dated 21 October 2024 and 30 October 2024 continue to apply and have not materially changed. HEAVY RARE EARTHS LIMITED 2 HRE HRE’s South Australian Uranium Portfolio – Sensible Acquisition Terms HRE has the right to earn an 80% interest in the uranium rights for three high-quality projects from Havilah Resources HEAVY RARE EARTHS LIMITED HRE can earn its 80% interest through exploration expenditure including: • Spending $1 million within the first year • Spending a further $2 million within 3 years of the acquisition On completion of a feasibility study Havilah will be required to contribute to ongoing expenditure or dilute to a 1.5% royalty HRE has $2.8M in cash at bank (post transaction) 3 HRE Corporate Snapshot Capital Structure ASX: HRE Shares on Issue 208 million Market Capitalisation (@ $0.03) $6.2 million Cash (@ 31/12/24) $2.8 million Debt Nil Enterprise Value $3.4 million Top 20 Holders 61.7% Non-Executive Chairman – John Byrne Mr Byrne has 40 years’ experience in the natural resource industry as a financial analyst, investor and joined and developer. John has been Chairman and CEO of numerous successful resource companies, including Western Coal Corp which was capitalised at less than C$1 million when he joined and was sold for CAD$3.3bn in 2010. Executive Director – Richard Brescianini Mr Brescianini is a qualified geoscientist who commenced his career in mineral exploration with BHP Minerals in 1987 working in teams focused on the discovery of base and precious metal deposits across Australia and North America. More recent experience includes Director of the Northern Territory Government’s Geological Survey and working for rare earths developer, Arafura Rare Earths, in the executive management team. Non-Executive Director – Gabriel Chiappini Mr Chiappini has over 20 years’ experience as a director, capital markets participant and a governance professional. Through his consulting firm he has provided advice and services on equity raisings exceeding AUD850m, debt financing in excess of AUD350m and assisted clients with both divestment and acquisitions strategies. Gabriel has wide ranging corporate restructuring experience in the USA, Europe and the Middle East and is a current director of 2 ASX-listed entities. Company Secretary & Chief Financial Officer – Justin Mouchacca Mr Mouchacca is a Chartered Accountant and Fellow of the Governance Institute of Australia with over 15 years' experience in public company responsibilities including statutory, corporate governance and financial reporting requirements. Since July 2019, Mr Mouchacca has been principal of JM Corporate Services and is Company Secretary and Financial Officer for a number of ASX-listed entities and unlisted public companies. HEAVY RARE EARTHS LIMITED 4 HRE HRE Exploration Portfolio HEAVY RARE EARTHS LIMITED 5 HRE A World-Class Uranium District • Agreement with Havilah covering uranium-rich Curnamona region of South Australia. • HRE to acquire initial 80% of the uranium rights (and REE-Sc rights at Radium Hill) • Frome Embayment - world-class sedimentary uranium district, two active in-situ recovery (ISR) uranium mines and resources of >250 Mlbs U3O8: • • ~3,000km2 across three uranium projects in the – Beverley Operation has produced >40 Mlbs U3O8 during 20 years of continuous operation. Total resources comprise 166 Mlbs @ 2,766 ppm U3O8. – Honeymoon - Boss Energy recently produced their first barrels of yellowcake. Defined resources of 71.6 Mlbs U3O8. PROSPECT HILL PROJECT The Curnamona region also holds several significant, basement-hosted, uranium and REE deposits including: – Mount Gee – 69.2 Mlbs U3O8 @ 615 ppm; – Crocker Well – 14.8 Mlbs U3O8 @ 529 ppm; – Radium Hill Mine - produced 1.9 Mlbs of U3O8 @ 1,170 ppm/t U3O8 during the 1950s (0.5Mlbs remain at depth). Australia’s two producing, uranium-only, mines are in South Australia, a prouranium mining jurisdiction. HEAVY RARE EARTHS LIMITED 6 HRE Introducing HRE’s Projects Radium Hill (57 km2) PROSPECT HILL PROJECT • Brownfields - mineralised strike extensions of historic Radium Hill Mine where 1.9 Mlbs U3O8 was produced (from resource of 2.6 Mlbs) along with REE and Scandium between 1950 -1961. Significant potential for discovery of further uranium +/- REE mineralisation. Lake Namba-Billeroo (~2,820 km2 ) • Over 150 km palaeochannel strike length, highly-prospective for discovery of uranium mineralisation, amenable to ISR mining. Yarramba palaeochannel to the east holds ~57 Mlbs U3O8, the Billeroo palaeochannel hosts known resources of 25 Mlbs U3O8. Prospect Hill (75 km2 ) • Geologically analogous setting to, and just 25 km north of, the high-grade Beverley/4 Mile Uranium Operation (produced 40 Mlbs U3O8 to date). Prospect Hill has never been explored for uranium. HEAVY RARE EARTHS LIMITED 7 HRE Radium Hill Uranium Mine • Radium Hill Mine produced 1.9 Mlbs @ 1,170 ppm U3O8 (1950-1961). • The first “AUKUS” - agreement between Australia, UK and USA. • Australia’s first uranium mine - 1,200 people at the townsite. • Lode-style mineralisation - conventional underground mining, upgraded to 0.7% U3O8 onsite. Concentrate railed to Port Pirie for processing. • First description of mineralisation, by Sir Douglas Mawson in 1908, recorded significant REEs in addition to uranium. • Located 90 km southwest of Broken Hill, a town with a rich mining history and workforce. The Radium Hill Mine circa 1955. Project includes the strike extensions of the past-producing Radium Hill Mine. HEAVY RARE EARTHS LIMITED 8 HRE Radium Hill Uranium Mine Cross Section view • Mine site closed in 1962 and there has been no exploration of the ML or lode strike extensions since. • No modern exploration data. Longitudinal Section view • Historical records suggest strong structural control to shear zone-hosted mineralisation in multiple lode zones with potential to identify zones of thickening as future drill targets. HEAVY RARE EARTHS LIMITED 9 HRE Radium Hill Uranium-Rare Earth Project • ~55 km2 of highly prospective tenure immediately adjacent and along strike of the historic Radium Hill Mine. • SA Government mining only took place within the Radium Hill ML (now an SA Government reserve). • Uranium, REE and scandium mineralisation extends over 5 km of strike. • Historic drill data present but difficult to access/ poor quality. • No assays for REE or Scandium located in 1950’s era data. • In the early 1960s, just as the mine was closing, the SA Government established a plant to recover scandium from tailings at Port Pirie. • Recent reconnaissance sampling by HRE to understand Radium Hill ore retuned highly elevated REE (up to 3.6% TREO) and scandium (up to 1081 ppm Sc2O3) in addition to high uranium (1.63% U3O8). • Significant opportunity for discovery of uranium-REE resources along strike from the historic Radium Hill Mine. HEAVY RARE EARTHS LIMITED 10 HRE Lake Namba-Billeroo Uranium Project • Within the Frome Embayment where resources comprise >250 Mlbs palaeochannel-hosted U3O8, all within 100 km of the project. • ~2,820 km2 tenure prospective for palaeochannel-hosted uranium mineralisation. • Over 150 km of highly-prospective palaeochannels with known uranium mineralisation including: – Billeroo Palaeochannel – Namba Palaeochannel – Tinko Palaeochannel. • There is strong potential for the discovery of significant and economic uranium resources. • No exploration has been undertaken since 2012. HEAVY RARE EARTHS LIMITED 12 HRE HONEYMOON MINE – BOSS ENERGY HEAVY RARE EARTHS LIMITED 13 HRE Billeroo Uranium Project • Potential for sediment-hosted uranium upstream and downstream from Boss Energy’s Gould’s Dam deposit (25 Mlbs U3O8). • HRE has ~75 km of the Billeroo Palaeochannel’s northern extension, just 16 km north of Gould’s Dam. • ~30 m of Eyre Formation sands with lignitic material – the ideal uranium host, identified in a drillhole in 1972 with no follow-up. • Currently completing passive seismic and gravity surveys to delineate the palaeochannel and areas of structural complexity in underlying basement. • Results expected before April – will be used as basis for drill testing in H2 2025. HEAVY RARE EARTHS LIMITED 14 HRE Billeroo Uranium Project • Boss Energy have identified follow-up targets along the Billeroo palaeochannel downstream from Gould’s Dam up to the boundary with HRE’s project area – “Fenceline” and “Bayes Dam”. No information available to date. • The well-endowed and grossly under-explored Billeroo Palaeochannel represents a high-priority exploration target. HEAVY RARE EARTHS LIMITED 15 HRE Lake Namba Uranium Project: Namba Palaeochannel HEAVY RARE EARTHS LIMITED 16 HRE Prospect Hill Uranium Project • ~75 km2 tenure prospective for palaeochannel-hosted uranium mineralisation. • Located 30 km north of the Heathgate Resources Beverley Uranium Operation which has: – Produced >40 Mlbs U3O8 over 20 years of continuous operation; and – Resources comprise 166 Mlbs U3O8 @ 2766 ppm. • Heathgate tenements surround HRE’s project on three sides. • Situated in analogous geological position to the high-grade Four Mile deposits. Tertiary/Cretaceous sediments immediately adjacent to uranium-rich basement. • Never explored for uranium. HEAVY RARE EARTHS LIMITED 17 HRE Prospect Hill Uranium Project • “The Four Mile discovery Uranium –rich groundwater was made essentially by drilling an area not previously considered prospective due to its close proximity to the range front between the northern Flinders Ranges and the Lake Frome Plains.” (Hore, S. and Hill, S., 2009). • Wattelowie Valley has never been drilled. HEAVY RARE EARTHS LIMITED 18 HRE HRE’s South Australian Uranium Portfolio – A Summary • Three highly prospective projects in a pro-uranium mining jurisdiction. • Projects within a world-class sedimentary uranium district which contains two active in-situ recovery (ISR) uranium mines and resources of >250 Mlbs U3O8. • Sedimentary uranium targets within close proximity to existing producers – potential clients. • Uranium present in 2 of the 3 projects and has never been tested for in the 3rd. • No exploration for uranium for the past 12-60 years. HEAVY RARE EARTHS LIMITED 19 Heavy Rare Earths Limited ACN 648 991 039 info@hreltd.com.au +61 3 8630 3321 ASX:HRE