Business Summary

Heavy Rare Earths Limited is an Australia-based rare earth exploration and development company. The Company's projects include Cowalinya Rare Earth Project and Duke Rare Earth Project. The Cowalinya Rare Earth Project is located approximately 70 kilometers (km) south-east of Norseman, Western Australia. The Cowalinya Rare Earth Project comprises a single 230 square kilometers exploration license E63/1972 on unallocated crown land hosting granitic type rocks in the Central Biranup Zone of the Albany Fraser Orogen. The mineralization targeted is shallow, flat lying, supergene concentrations of rare earths present in the weathering profile overlying granitic basement. The Duke Rare Earth Project is located approximately 50 km north-west of Tennant Creek. The Duke Rare Earth Project comprises two exploration licenses, such as EL33101 and EL33194, both awaiting grant, covering a combined area of approximately 255 square kilometers on the Phillip Creek pastoral lease.