March 2023 Quarterly Activities Report And Appendix 5B

Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to announce its March 2023 quarterly activities report for the third quarter since listing on the Australian Securities Exchange (ASX).

• 441-hole rare earth exploration and resource expansion drilling program at Cowalinya complete with thick sequences of clay-rich saprolite intersected across the project area
• Assays from 257 holes deliver numerous high-grade intercepts up to 7222 ppm TREO
• Discovery of Western Zone of mineralisation within a 5-kilometre x 3-kilometre area features thickest mineralised intercept to date – 42 metres @ 790 ppm TREO
• New applications for rare earth exploration tenements lodged in Western Australia
• Well-funded to progress with company objectives and exploration activities

Cowalinya Rare Earth Project, Western Australia

Resource Exploration and Expansion Drilling Program

During the quarter the Company announced assays from 296 of its 441-hole resource exploration and expansion drilling program at Cowalinya (refer to ASX announcements 3 January 2023, 31 January 2023, 1 March 2023 and 29 March 2023) completed in the September-December 2022 period.

These assays confirmed the widespread occurrence of shallow, thick and/or high-grade rare earth mineralisation in clay-rich saprolite over a 5 x 3-kilometre area west and south-west of the Cowalinya South deposit (Figure 1). This Western Zone discovery is open to the north and north- west, has an average thickness of 11.3 metres, and includes the following significant drill intercepts (on a grade-thickness basis) reported during the quarter:

• 14 metres @ 1033 ppm TREO from 22 metres (AC212)
• 10 metres @ 2087 ppm TREO from 17 metres (AC221)
• 17 metes @ 1069 ppm TREO from 11 metres (AC223)
• 19 metres @ 3190 ppm TREO from 16 metres (AC225)
• 42 metres @ 790 ppm TREO from 12 metres (AC226)
• 14 metres @ 1135 ppm TREO from 10 metres (AC269)
• 26 metres @ 1113 ppm TREO from 14 metres (AC274)
• 18 metres @ 1344 ppm TREO from 19 metres (AC275)
• 10 metres @ 1580 ppm TREO from 29 metres (AC279)
• 29 metres @ 701 ppm TREO from 14 metres (AC287)
• 24 metres @ 747 ppm TREO from 11 metres (AC289)
• 12 metres @ 1207 ppm TREO from 18 metres (AC302)
• 16 metres @ 814 ppm TREO from 25 metres (AC309)
• 36 metres @ 656 ppm TREO from 18 metres (AC312)
• 12 metres @ 1212 ppm TREO from 22 metres (AC344)
• 21 metres @ 867 ppm TREO from 24 metres (AC387)
• 20 metres @ 755 ppm TREO from 15 metres (AC411)
• 22 metres @ 1018 ppm TREO from 16 metres (AC412)
• 16 metres @ 929 ppm TREO from 11 metres (AC415)
• 6 metres @ 2597 ppm TREO from 9 metres (AC424).

Figure 1: Plan view of Cowalinya air core drilling on E63/1972 showing holes with significant intervals of REE mineralisation and drilled extent of Western Zone. Background image: Landgate digital elevation model.

Figure 2: Cross section along Western Zone drill line A-B (6356600N). Location of A-B shown on Figure 1.

Subsequent to the end of the quarter, the Company announced assays from another 57 air core holes (refer to ASX announcement 12 April 2023) which further enhanced the potential for a material increase in rare earth resources for the project. The process to update the project’s resource inventory is expected to commence during May 2023 following receipt of assays from a further 36 holes in the south-eastern part of the Company’s E63/1972 tenement.

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