Heavy Rare Earths LimitedH
Heavy Rare Earths Limited (ASX: HRE) is an Australian critical-minerals explorer whose only mineral resource is rare earths, at its Subron project in Western Australia, while most of its exploration targets uranium. In the Curnamona Province of eastern South Australia it holds the Radium Hill and Lake Namba-Billeroo uranium projects, in which it is earning an initial 80% interest from Havilah Resources, and Prospect Hill, where it is using historical data to define a high-grade tin resource alongside uranium targets. In Western Australia it holds the Subron rare earths project, 70 km southeast of Norseman, the company's only JORC resource: 159 Mt at 870 ppm TREO, all Inferred. HRE is re-domaining that estimate around high-grade heavy rare earth zones and targets a new, higher-grade resource estimate in the fourth quarter of 2026. It also holds the Duke rare earth project near Tennant Creek in the Northern Territory.
Notable vs. Peers
- Financials score of 3/10 is weaker than the peer average of 5/10.
Lifecycle Milestones
Jurisdiction (40%)9/10
Western Australia: Fraser PPI 2025 is 88.53 of 100 (rank 13 of 68), which maps to 9 on this site's scale. Registered Melbourne, Victoria; ASX-listed; 100% of projects are in Australia (South Australia's Curnamona Province and Flinders Ranges; Western Australia's Mid West and near Norseman; Northern Territory near Tennant Creek) -- Tier-1 jurisdiction throughout, standard score for an Australian-domiciled, Australian-asset ASX explorer.
Infrastructure (40%)No verified figure
Researched with nothing found: no source we could cite confirms or rules out an existing mill, road access, grid power, or tailings facility at Subron Rare Earths Project, southeast of Norseman, Western Australia, Australia (checked Oct 5, 2026; recheck due Apr 3, 2027). Counts at a neutral 5/10 until one does.
Nearby producing mine (20%)Not yet researched
No producing mine within 50 km in our reference list (nearest listed: Scotia-Green Lantern (Norseman) (Pantoro Gold Limited), 65 km). That list doesn't cover every mining district yet, so a longer distance isn't scored as remote.
Acquisition Susceptibility
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 in the research, a producer that already owns part of the company, is scored from its disclosed strategic shareholders. A producer that is a joint-venture or earn-in partner on the project, rather than a shareholder, isn't captured yet.
How this score is built
- Disclosed pending dealSub-score: Not scored
No pending acquisition or merger disclosed (checked)
Not scored: having no deal in flight isn't held against a company.
Weight 26.25% - Producer's strategic stakeSub-score: Not scored
No producer holds a disclosed stake on file (holder register researched) See holders
Not scored: most juniors that do get bought had no prior toehold, so a missing stake says little either way.
Weight 25% - Distance to a producing mineSub-score:4.5/10
Nearest producing mine: Scotia-Green Lantern (Norseman) (Pantoro Gold Limited), 65 km
10 next to a producing mine, 8 at 20 km, 5 at 50 km, 0 beyond 200 km.
Weight 22.5% · 46% here - Lifecycle stageSub-score:3.5/10
Stage: Resource Definition
Feasibility and permitting score 10, where deals cluster, and production 5.5; earlier stages score less, down to 1 at grassroots.
Weight 15% · 31% here - JurisdictionSub-score:9/10
Australia: jurisdiction score 9/10
Our jurisdiction score, used as is: higher means lower political and permitting risk.
Weight 6.75% · 14% here - CommoditySub-score:2/10
Primary commodity: Other
Gold 10, copper 8, silver 5, nickel and uranium 4, others 2: most majors' deals are for gold.
Weight 4.5% · 9% here
Weight is each input's share of the full score. “Here” is its share of this company's score: inputs that aren't scored are left out and the rest re-weighted, never counted as zero.
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.
Non-Executive Director of Heavy Rare Earths Limited. 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
A plain-language summary of this company's technical-report findings isn't written yet. See the cited figures on this page and the documents below.