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 32 ASX:HRE 1 October 2026 ASX Announcement Subron Rare Earths Project On Track for High- Value, HREO Resource Upgrade Highlights • HREO & Critical minerals database work underway to enable re-domaining of the existing 159Mt @ 870ppm TREO JORC Inferred Resource1 targeting a new, smaller-tonnage but substantially higher- value, higher grade-TREO, Mineral Resource Estimate by Q4 2026 • Historical high-grade, high heavy rare earth ratio intervals (>38% HREO) recovered and submitted for Scanning Electron Microscopy (SEM) and TESCAN Integrated Mineral Analyser (TIMA) work to identify host minerals and guide processing route selection • Re-assaying of historical sample pulps in process for critical minerals including gallium (Ga) and hafnium (Hf) to potentially add further value and processing optionality to Subron. Heavy Rare EarthsLimited (“HRE”or“theCompany”) is pleased toprovideanupdate onactivities across itsSubron rare earths project, with fundamental database work on track to deliver a new, high-grade Mineral Resource Estimate focused on recently identified, high-grade TREO, high-HREO and critical mineral domains, by Q4 2026. Managing Director and CEO, Jason Barnett, commented: “The Subron Rare Earths Project is the standout story for HRE this quarter. Through the valuable work done by rare earths expert Claudio Sheriff, we determined the resource contains genuinely differentiated, high-value, heavy rare earth domains. The work now underway is about sharpening the picture, including reprocessing and re-domaining our existing database around the highest-value material to deliver a new, high-HREO mineral resource estimate. Importantly, this is inexpensive work, as the majority of the drilling and assay data alreadyexists, so this is a rapid low-cost route to materially upgrade the quality of what we report to the market. Our metallurgical program for Subron is likewise accelerating. Understanding exactly which minerals are hosting these rare earths is fundamental to selecting the right processing route, and the SEM and TIMA work, together with re-assaying for critical minerals like gallium and hafnium, is enhancing that picture. Following a recent capital raise and rights issue, we are well funded and look forward to generating meaningful value for investors through the work being undertaken.” 1 Refer to ASX Announcement dated 3 October 2023 titled ‘Substantial increase in Mineral Resources at Cowalinya’ 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 32 ASX:HRE Subron Strategic Review Progress Work is progressing at pace on the next phase of value creation at Subron, HRE's advanced, JORC-resourced heavy rare earths project in south-central Western Australia. Following the strategic review completed recently, which identified 10 high-grade heavy rare earth oxide (HREO) domains across 12.9km of newly mapped structural corridors within the existing 159 Mt @ 870ppm TREO Resource, the Company initiated fundamental database work to prepare an updated Mineral Resource Estimate. Figure 1. Subron high-grade HREO domains, the focus of thecurrent database andredomaining exercise. Critically, the majority of the underlying data required for this work, assay results, geological logging and structural interpretation from more than 550 historical aircore holes, is already in hand. The task is one of re-domaining, i.e. rather than conducting new drill programs, the Company will re-interrogate the existing database in the context of current pricing of heavy rare earths, to more tightly define the smaller-tonnage, high-value zones carrying the highest 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 32 ASX:HRE concentration of heavy rare earths and associated critical minerals. This makes it a comparatively fast and inexpensive pathway to a materially upgraded mineral resource statement, which the Company is targeting for release by mid Q4 2026. Figure 2. HRE'srareearthsand critical minerals consultant, Mr Claudio Sheriff, with mineralisedmaterial from hole AC360 (27-33m), which returnedanaverage gradeof 8m@ 3057ppmTREO; 1344ppm HREO at a 42% HREOratio. The focus on heavy rare earths reflects their outsized importance to defence and advanced manufacturing supply chains, and the acute shortage ofsupply outside China. Subron's identified domains, including the standout Seawolf prospect, carry HREO ratios well above 38% of contained TREO - materially higher than the low-single-digit to low- teens ratios typical of most rare earth deposits globally. In parallel with the resource upgrade, HRE is advancing the metallurgical characterisation needed to define a processing pathway. High-value, high heavy-ratio intervals - those returning greater than 38% TREO as HREO - have beensubmitted for ScanningElectron Microscopy, paired with TESCAN IntegratedMineralAnalyser (TIMA) analysis, to identify the specific minerals hosting the rare earths. This mineralogical work is a key input into determining the most viable processing route for the deposit. Of particular interest, is insight into defining secondary rare earth minerals within the higher-value interpreted domains. The Company is also re-assaying historical sample pulps to test for additional critical minerals, including gallium and hafnium, with the first batch of results expected shortly. Separately, intervals identified above a 200ppm HREO cut-off, are being submitted for multi-element MMA analysis. A full stock-take of Subron sample material held at 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 32 ASX:HRE HRE's Osborne Park storage facility is nearing completion, ensuring the Company has ready access to mineralisation for the metallurgical sighter testwork program to come. Figure 3. HRE's sample storage facilityin Osborne Park, holding material from historical drilling and metallurgical testwork that will expedite the Company's work programs. This all positions Subron todeliver a smaller-tonnage but significantly higher-gradeand higher-value resourcewithin thenext quarter, alongside themineralogical foundation for a definedprocessingpathway. It follows ondirectly from the standout results of the strategic review, including an intercept in hole AC360 (27m to 33m) grading an average of 8m @ 1,344ppm HREO at a 42% HREO ratio - among the highest-grade heavy rare earth intervals identified anywhere within the resource to date, and a strong indication of the calibre of material the re-domaining exercise is now working to define at scale. This announcement has beenapproved by the Board of HRE For more information, please contact: Jason Barnett Managing Director +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 5 of 32 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 Claudio Sheriff. Mr Sheriff is a member of the Australasian Institute of Mining and Metallurgy. He is a consultant to Heavy Rare Earths Limited. Mr Sheriff has more than 20 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 Sheriff 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 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, suchstatementsinvolverisksand uncertainties andnoassurancecan begiven thatactual resultswillbe 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 6 of 32 ASX:HRE Appendix A – The Prospectivity Pyramid at Subron Figure 6. HRE’s high grade prospects,regional targetsand conceptual targetsat Subron. 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 32 ASX:HRE Appendix B – 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 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 32 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC28 16 18 2 582 40% 489 33% 1468 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 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 32 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC115 26 28 2 706 37% 403 21% 1922 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 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 32 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC225 26 28 2 3731 52% 1814 25% 7222 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 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 32 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC281 22 24 2 443 31% 247 17% 1412 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 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 32 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC360 29 31 2 1550 43% 1393 39% 3608 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 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 32 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC440 20 22 2 1328 39% 1277 38% 3385 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 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 32 ASX:HRE From To Interval MREO MREO/TREO HREO HREO/TREO TREO Hole ID (m) (m) (m) ppm % ppm % ppm AC518 21 23 2 329 20% 45 3% 1630 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 ASX Announcement ASX:HRE 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 32 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 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 32 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 7.8 44.3 7.5 47.3 10.8 32.7 3.2 25.3 3.7 382.2 AC18 16 18 2 336.6 221.1 132.9 533 113.4 23 65.2 9.8 46 7.9 19.7 2 15.5 2 182.9 AC21 22 24 2 100.2 368.5 60.5 282.3 57.1 12.6 61.1 9 37 8.6 20.9 2.7 22.4 2.6 246.4 AC21 24 26 2 82.9 267.8 43.9 200.6 41.9 9.4 48.1 7.1 30.8 7.4 17.8 2.1 18.2 2.2 228.6 AC21 26 27 1 117.2 423.8 73.3 335.9 78.9 17.4 67.1 10.2 68.3 11.3 29.7 3.8 23.9 3.1 297.2 AC21 27 28 1 99.5 282.5 45.8 203 45.2 10.8 49.2 7.6 41.8 8 20.8 2.8 16.2 2.4 246.4 AC27 30 32 2 122 270.2 37.7 166.8 35.8 6.1 35.4 5.4 39.1 8.5 22.8 3 16.5 2.3 271.8 AC27 32 34 2 175.9 466.8 61.6 242.6 50.9 8.4 45 6.7 45.2 7.5 18.6 2.5 15.8 2.1 191.8 AC28 14 16 2 283.8 117.9 70.3 293.9 56.6 13.3 45 6.8 43.2 9.5 27.7 3 20.8 2.9 320 AC28 16 18 2 313.1 136.4 88.3 370.9 70.5 16.6 55.2 7.5 44.5 8.7 22.6 3 15.9 2.1 312.4 AC28 18 20 2 247.5 228.5 77.1 321.9 63.5 16.1 56.3 8 52.6 9.1 23.7 3.1 19.1 2.7 307.3 AC28 20 22 2 453.9 226 174 818.8 170.5 41.9 132.6 18.6 105.6 18.8 48.5 5.5 34.5 4.2 553.7 AC28 22 24 2 302.6 120.5 101.7 487.6 101.1 26.4 89.8 12.5 73.3 14.8 39 4.5 26.8 3.6 480 AC28 34 36 2 124.3 331.7 53.3 239.1 44.6 7.8 28.9 4.4 25 4.9 13.2 1.7 11 1.6 153.7 AC28 38 39 1 126.7 336.6 52.3 217 42.6 8.7 41 5.9 30.9 5.9 14.8 2.1 16.3 1.6 177.8 AC29 20 22 2 659.1 1003.6 225.9 839.8 161.2 40.4 126.8 17.8 110.6 16.6 41.2 5.2 33.6 4.4 391.1 AC29 22 24 2 206.4 976.6 72.1 271.8 54.2 13 43.3 6.7 33.3 5.9 14.5 2.2 13.2 1.3 146 AC29 24 26 2 229.9 680.5 66.2 268.3 50 11.3 41 6.6 34.1 6.5 17.7 2.9 19.1 2.2 177.8 AC29 26 28 2 457.4 782.5 163.1 646.2 122.9 27.2 101.9 15.5 76.2 13.8 35.6 5 33.5 3.2 398.7 AC29 30 32 2 248.6 238.3 88.1 342.9 66.7 15.2 59.2 8.7 46 8.5 21.5 3.5 22.5 2.2 254 AC29 32 34 2 431.6 315.7 126.9 501.6 92.8 22.9 93.9 14.7 76.2 15 38.2 5.9 38.7 4 473.7 AC30 30 32 2 276.8 525.8 64.3 212.3 35.7 6.7 25.5 3.5 15.8 2.6 5 0.8 5 0.5 60.3 ASX:HRE 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 17 of 32 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 AC33 16 18 2 316.7 762.8 100.8 334.8 46.4 9.5 15.1 1.8 5.5 0.7 1.1 0.1 0.9 0.1 9.8 AC33 26 28 2 150.1 452.1 61.4 290.4 64.9 18.6 57.3 8.1 41.4 8.8 21.7 2.7 17.6 2.2 233.7 AC35 18 20 2 591.1 127.8 178.8 636.9 115 29.3 105.9 14.1 83.1 15.4 41.2 6 29.9 3.7 405.1 AC35 24 26 2 217 472.9 53.6 194.8 31.2 7.8 27.7 3.5 22 3.9 11.8 1.3 10.4 1.4 121.5 AC35 28 30 2 194.7 385.7 48.8 189 32.8 8.6 29.9 3.9 24.6 4.7 13.7 1.9 12.2 1.6 153.7 AC36 28 30 2 99.3 229.7 28.3 142.3 32 8.8 43.6 6.4 36.6 9.4 27 4.2 22.3 3.2 346.7 AC37 20 21 1 188.8 393.1 52.2 212.3 42.7 10.1 46.1 8.4 44.9 8.3 23.8 3.4 19.7 2.9 293.4 AC41 14 16 2 268.6 148.6 83.2 348.8 69.9 18 50.4 6.8 38.9 7.9 20.6 2.2 17 2.2 224.8 AC41 22 24 2 115.9 298.5 43.1 197.1 41.4 11.3 33.4 5 30.8 6.5 17 2 13.3 1.9 184.1 AC42 12 14 2 243.9 554 53.6 148.1 13 2.7 6.6 0.8 3 0.6 1.2 0.1 1 0.1 9.4 AC58 26 28 2 272.1 646.1 73.2 261.3 47.9 6.3 36.2 4.6 22.5 3.4 8.3 1 5.6 0.9 116.4 AC60 26 27 1 98.7 287.4 47.7 212.3 45.7 10.3 43 6.8 39.7 8 23.2 3.1 17.9 2.7 245.1 AC70 20 22 2 181.8 496.3 67.7 200.6 23.7 4.8 12.8 1.7 6.7 0.9 2.2 0.2 1 0.2 16.9 AC81 24 26 2 715.4 230.9 235.6 890 179.7 38.2 129.1 17.6 88.8 16.2 40.9 6.3 37.2 5.2 463.5 AC81 26 28 2 700.2 240.8 155.9 629.9 126.4 30.8 130.2 17.6 92.6 18.6 49.2 7.1 41.3 5.9 723.8 AC89 16 18 2 476.2 195.3 119.1 408.2 47.7 8.8 16.9 1.9 5.7 0.8 1.6 0.2 1.6 0.2 15.1 AC89 26 28 2 430.4 332.9 115.3 454.9 90.8 23.2 85 12.2 65.9 13.4 38.4 4.9 31 5.1 429.2 AC89 28 30 2 215.8 299.7 67.1 279.9 60.8 14.7 52.3 7.1 39.1 7.8 21.4 3 17.6 3.1 226 AC89 30 32 2 136 334.1 46.4 192.5 45.3 9.9 41.5 5.8 29.4 5.7 15.9 2 13.4 2.2 160 AC90 32 34 2 197 163.4 77.9 324.3 71 20.8 55.7 8.6 49.4 9.9 31 4.3 28.2 4.7 285.7 AC90 34 36 2 164.2 113.4 62.8 279.9 64.8 18.8 56.5 8.3 45.6 8.7 25.4 3.7 25.7 4.3 209.5 AC101 22 24 2 170.1 244.5 58.4 253.1 51.3 14.6 55.6 8.3 40.5 7.9 20.5 2.8 15.5 2.2 248.9 AC101 24 25 1 179.4 224.8 67.9 256.6 51 1.8 37.3 5.2 35.6 6.5 16.7 2.1 8.1 1.5 190.5 AC104 26 28 2 133