Heavy Rare Earths LimitedH
Heavy Rare Earths Limited (ASX: HRE, ABN 35 648 991 039) is a Melbourne-registered exploration and development company admitted to the ASX 2022-08-22, currently describing itself in its own materials as 'an Australian uranium and critical minerals exploration and development company' (per its most recent 2026 ASX announcement boilerplate). The company holds a genuinely mixed, dual-commodity portfolio: by project count and tenement area, uranium dominates -- Radium Hill, Prospect Hill and Lake Namba-Billeroo (all South Australia, ~2,949 km2 combined, 80% earned in from Havilah Resources ASX:HAV) and Perenjori (Western Australia, 100%-owned) all target uranium primarily, and all remain at GRASSROOTS/undrilled-or-drill-ready stage. By resource maturity, rare earths dominates: the company's ONLY project with any published JORC resource is Subron (formerly Cowalinya), 70km SE of Norseman, Western Australia, 100%-owned and REE-only -- a 159 Mt @ 870 ppm TREO Inferred Mineral Resource (400ppm TREO-CeO2 cutoff), most recently upgraded 2026 (a 468% increase from the prior estimate, 12.9km of high-grade heavy-REO mineralised strike across 10 domains, 28% valuable magnet rare earths / 23% strategic heavy rare earths by composition), reaffirmed unchanged in the audited FY2025 Annual Report (lodged ASX 2025-09-30). Genuine co-mineralization has also been confirmed at Radium Hill (Curnamona Province's Olary Domain, SA): a Feb 2026 announcement reported rock-chip assays showing uranium, scandium, yttrium and REE together in the same samples (one sample: 0.35% U3O8, 721ppm Sc, 1,727ppm Y, 15,477ppm REE), and the same Feb 2026 deal expanded the company's uranium-project rights to include yttrium and scandium. A 2026-06-30 strategic review pivoted Subron toward heavy rare earth oxides (dysprosium/terbium). This record uses commodity=URANIUM as primary, per the company's own current self-description and majority tenement portfolio, with rare earths recorded as a secondary MinerCommodity tag (see technicalReportNote for why 'OTHER' rather than a dedicated REE value) -- this is a genuine, deliberate dual-commodity judgment call, not a default.
Notable vs. Peers
- Financials score of 10/10 is stronger than the peer average of 7.5/10.
Lifecycle Milestones
A relative ranking of how closely this company matches the profile of juniors that have actually been acquired — not a probability, and not a reason to buy. Acquisitions are rare: only a few dozen significant deals happen a year across a universe of thousands of juniors, so even a high score here describes a long shot. The strongest signal the underlying research identifies — whether a major already holds a JV, earn-in, or 5–19.9% strategic stake — isn't tracked yet and is absent from this score.
Your Rankings
Management Team
Chartered Accountant with 20+ years directing ASX companies and providing corporate advisory services; provided advice on equity raisings exceeding AUD$850m. Also directs Black Dragon Gold Corporation and Invictus Energy Limited.
Mining professional with over 20 years in critical minerals and gold sectors across Australia and Canada; geology and MBA degrees from Australian universities.
Geophysicist with 30+ years mineral exploration experience; co-founded Fathom Geophysics; previously worked with Rio Tinto and founded multiple ASX-listed companies.
Chartered Accountant experienced as CFO for multiple ASX-listed mining companies; 15 years in audit at EY, KPMG and Grant Thornton plus capital-markets and M&A expertise.
Chartered Accountant with over 15 years' experience in public-company responsibilities. Principal of JM Corporate Services since 2019, serving as Company Secretary for multiple ASX-listed entities.
Insiders, Investors & Smart Money
Notable shareholders and insiders whose involvement is worth knowing about, plus what we're seeing from institutional/large-investor activity.
No smart-money tracking (institutional/large-investor activity) for this miner yet — this is a planned feature, not live data.
No notable insiders tracked for this miner yet.
Reports, Presentations & Documents
JUDGMENT CALL RECORDED (see also the markManualResearchChecked note on 'commodity' below). This company's stage (RESOURCE_DEFINITION) is set by Subron's 159 Mt @ 870 ppm TREO Inferred JORC resource -- the company's most advanced project and the only one with any published resource, per this schema's documented 'most advanced project sets stage' convention (see Stage enum doc comment, prisma/schema.prisma). ouncesFound is deliberately left NULL rather than populated with Subron's REE tonnage: Miner.commodity is set to URANIUM (per the company's own current self-description and majority tenement portfolio), and this schema's own ouncesFoundUnit convention explicitly states the unit's meaning is disambiguated BY commodity (e.g. 'lb' on a URANIUM row means lbs U3O8) -- writing Subron's REE tonnage into a URANIUM-tagged ouncesFound field would misrepresent it as a uranium resource, which it is not; no uranium project anywhere in the portfolio has any resource estimate at all. This is a genuine, structural mismatch between which project sets the company's stage (Subron, REE) and which commodity is tagged primary (URANIUM) -- not an unresearched gap, and not evidence being laundered across projects (the stage claim and this note both point at the same project, Subron; only the ouncesFound field's commodity-typed unit is the obstacle). The full REE resource figure and its citation are recorded in this description instead. The Commodity enum (prisma/schema.prisma) has no dedicated rare-earths value -- the secondary MinerCommodity row below uses OTHER as the least-wrong fit; a future schema change adding a real REE value should migrate this row.