Heavy Rare Earths (ASX: $HRE) June 2024 Quarterly Activities Report

Heavy Rare Earths Limited (ASX: $HRE) is pleased to announce its June 2024 quarterly activities report, highlighting progress at the Cowalinya Rare Earth Project in Western Australia. The company reported the development of a downstream flowsheet to a mixed rare earth carbonate (MREC) and the production of a 51.8% TREO MREC sample comprising 31.2% magnet rare earths. Additionally, HRE is actively reviewing project acquisition opportunities in critical minerals.

Executive Commentary on Cowalinya Rare Earth Project

The results of our program to develop a downstream flowsheet to a mixed rare earth carbonate (MREC) are promising. We have successfully produced a high-grade MREC sample containing a significant proportion of valuable magnet rare earths. This achievement marks a significant milestone in our efforts to enter the rare earth supply chain and demonstrates the potential of the Cowalinya deposit. We are now focused on the larger scale metallurgical program to optimize magnet rare earth recovery and reagent use, with the aim of producing an MREC product acceptable to downstream commercial separation plants.

Summary of June 2024 Quarterly Activities Report

Heavy Rare Earths Limited (ASX: $HRE) has made significant progress in the development of its Cowalinya Rare Earth Project, with the successful production of a high-grade MREC sample. The company is actively pursuing opportunities to strengthen its asset portfolio through project acquisition in critical minerals. Looking ahead, HRE aims to engage with organizations in the downstream rare earth supply chain to establish MREC product marketability and explore collaboration opportunities for the ongoing development of the Cowalinya project. The company's exploration results at the Perenjori Uranium-Rare Earth Project also show promise, with encouraging first-pass exploration results leading to an additional exploration licence application and plans for further soil sampling and potential drilling in 2024. HRE's expenditure is expected to decrease in the coming months as the company focuses on advancing its downstream metallurgical program, executing early-stage surface exploration at the Perenjori project, and exploring project acquisition opportunities in critical minerals.