September 2023 Quarterly Activities Report and Appendix 5b

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

• Metallurgical program delivers excellent diagnostic leach results for Cowalinya rare earth project (WA)
  
• Major soil sampling program completed at Duke rare earth project (NT)
• Merino rare earth project tenements (WA) granted
• Well-funded to advance Company objectives and exploration activities with expenditure to reduce over the coming quarters

Cowalinya Rare Earth Project, Western Australia

The Company’s 100 per cent-owned Cowalinya project comprises three granted exploration licences E63/1972, E63/2144 and E63/2145 approximately 110 kilometres north-north-east of Esperance.

Mineral Resources and Exploration Target

In mid-2023 HRE commissioned independent geological consultancy GeoRes to update the project’s Mineral Resources and estimate an Exploration Target using assays from its September-December 2022 441-hole, 12,569-metre aircore drilling program. This work continued during the quarter and included a site visit by the Competent Person (“CP”), Mr Robin Rankin of GeoRes, in July (Figure 1).

Subsequent to the end of the quarter, the Company reported a very substantial growth in Inferred Mineral Resources to 159 million tonnes @ 870 ppm TREO using a 400 ppm TREO- CeO₂ grade cut-off (Table 1; refer to ASX announcement 3/10/2023). This result represents material increases in resource tonnes (468%), grade (39%), and contained rare earths (690%) on the project’s maiden Mineral Resources of 28 million tonnes @ 625 ppm TREO, reported at the lower cut-off grade of 300 ppm TREO-CeO₂.

Click here for the full ASX Release