Cowalinya Re-Assay Program Confirms Rare Earth Grade Increase

• Re-assaying of samples above the Cowalinya resource cut-off grade delivers an average increase of 3.8% in total rare earths

This represents a 3.8% increase in grade over the original assays which average 825 ppm (Table 1) in contrast to the more modest resource grade of 625 ppm that includes significant dilution in the grade estimate.

HRE earlier reported interim results from 67 two-metre composites from 16 holes drilled mainly in the southern part of the Cowalinya South resource (refer to ASX announcement 4 October 2022). For these samples a length-weighted average increase in TREO grade of

14.8% over the original assays was presented. The difference between that interim and this final (3.8% increase) result is likely due to spatial and compositional variation in rare earth- bearing phases across the resource, potentially linked to basement litho-types and long-lived weathering processes. This variation is being further investigated by HRE in the context of its metallurgical program.

The results from the Analytical (Re-Assay) Program confirm routine two-metre sample compositing for assay by Lithium Borate Fusion/ICP-MS (‘total digest’) as the basis for future grade estimation of rare earth mineralisation from the Company’s ongoing resource exploration and expansion drilling program at Cowalinya. Several batches of saprolite and end-of-hole basement samples from the drilling program have been delivered to LabWest Minerals Analysis in Perth for assay, with first results expected to be reported next month.

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