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Heavy Rare Earths Limited (ASX:HRE)

ALERT: Price-sensitive ASX Announcement for HRE
Current share price for HRE : $0.040 -0.001 (-2.44%)+
Announcement
Release
4 Aug 2025 10:10AM
Price at Release
$0.041
Full Release
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Summary
Heavy Rare Earths Limited (HRE) has entered into a binding agreement with Havilah Resources Limited (HAV) to acquire a 100% interest in the Prospect Hill tenement (EL 6692), which adjoins HRE’s existing Cowalinya project in the Norseman region of Western Australia. The deal comprises an upfront cash payment, deferred share consideration, and a net smelter royalty. Through this acquisition, HRE aims to expand its resource base and consolidate its position in a region known for rare earth element (REE) mineralization. The Prospect Hill tenement contains clay-hosted REE mineralization similar to Cowalinya, offering strong exploration potential and the opportunity for operational synergies. The transaction is subject to several standard conditions precedent, including third-party and regulatory approvals. The acquisition is expected to strengthen HRE’s portfolio and support its strategy to become a significant supplier of heavy rare earths.
Key Points
  • HRE has signed a binding agreement to acquire the Prospect Hill project (EL 6692) from Havilah Resources.
  • The Prospect Hill tenement is adjacent to HRE’s Cowalinya rare earths project in Western Australia.
  • Acquisition terms include an upfront payment of $200,000, the issue of 4 million HRE shares, and a 1% net smelter royalty on future production.
  • Completion is subject to standard conditions, including regulatory and third-party approvals.
  • Prospect Hill tenement hosts clay-hosted rare earth element mineralization similar to HRE’s existing Cowalinya resource.
  • The acquisition is anticipated to increase HRE’s clay-hosted REE resource inventory and exploration upside.
  • HRE plans to undertake further exploration to confirm and expand on historical results at Prospect Hill.
  • The transaction aligns with HRE’s growth strategy to consolidate and expand its portfolio of high-quality rare earth assets.
  • Synergies are expected from operational proximity between Prospect Hill and Cowalinya.
  • The acquisition supports HRE’s ambition to emerge as a key supplier of heavy rare earths from Australia.
IMPORTANT NOTE: This information is autogenerated and has not been reviewed for accuracy or completeness. You should refer to the full announcement here for further information.