Cowalinya Re-Assay Program Delivering Rare Earth Grade Increase

Heavy Rare Earths Limited (“HRE” or “the Company”) is pleased to report results from 67 of 729 re-assayed two-metre composite samples from 102 air core holes drilled at its Cowalinya rare earth project in 2021, which show a 14.8% length-weighted average increase in total rare earth oxides (“TREO”).

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• Re-assaying of samples above the Cowalinya resource cut-off grade delivers an average increase of 14.8% in total rare earths

The samples being re-assayed were the basis of HRE’s maiden mineral resource at the Cowalinya project in the Norseman-Esperance region of Western Australia. Inferred Resources totalling 28 million tonnes @ 625 ppm TREO have been estimated in clay-rich saprolite.¹ Mineralisation is relatively flat-lying, averages 8-9 metres thick, and remains open in all lateral directions.

Assays reported in this announcement are the first from HRE’s Analytical (Re-Assay) Program (refer to ASX announcement 30 August 2022). The 67 two-metre composites from 16 mineralised holes drilled mainly in the southern part of the Cowalinya South resource (Figure 1) correspond to 43 four-and two-metre composites that were originally assayed by 4-Acid Digest/ICP-MS (‘near total digest’) by LabWest Minerals Analysis (“LabWest”) in 2021. These 43 original composites reported values above the 300ppm TREO-CeO2 cut-off used in estimating resources at Cowalinya. LabWest has now assayed the 67 new two- metre composites using Lithium Borate Fusion/ICP-MS (‘total digest’) and this allows for a direct comparison with the original 4-Acid Digest assays.

Assays from these 67 samples show that the dual strategy of analysis by Lithium Borate Fusion/ICP-MS and adopting finer compositing of samples delivers a length-weighted average increase of 14.8% in TREO grade for samples where the original analytical work by 4-Acid Digest/ICP-MS returned assays above 300ppm TREO-CeO2. See Table 1 for comparison of results.

These initial positive results are consistent with HRE’s earlier assay comparison work (12.2% average increase in TREO grade)² and further support routine two-metre sample compositing by HRE for assay by Lithium Borate Fusion/ICP-MS as the basis for future grade estimation of rare earth mineralisation from its resource exploration and expansion program at Cowalinya.

The Company will announce further results on completion of the Analytical (Re-Assay) Program.

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