# HRE: 2026 Annual Report to Shareholders Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/hre-2026-annual-report-to-shareholders--18f18dde-fe02-4616-b7e7-9af030da7b39 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03146230 Publisher: asx Original announcement: 2026-09-30T04:58:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T05:06:09.406Z Atlas analysis updated: 2026-09-30T05:06:09.406Z - Company: Heavy Rare Earths Limited - Ticker: HRE - Exchange: ASX - Region: Western Australia - Primary commodity: Rare earths - Secondary commodities: Tin, Uranium, Scandium, Yttrium, Terbium, Dysprosium, Silver, Copper, Zinc, Lead - Document categories: Resource update, Capital raise, Other - Extracted: 2026-09-30 05:06:10 UTC Narrative sentiment: 0.10 · Bullish ## Minestarters Atlas summary Heavy Rare Earths Limited's annual report for FY2026 highlights a strategic reset and future plans for its critical minerals portfolio. A review of the Subron Rare Earths Project identified high-grade heavy rare earth oxide domains within its existing historical JORC Inferred Resource, indicating potential for a higher-value resource. The company also secured full mineral rights for the Prospect Hill Tin and Uranium Project and plans maiden drilling programs for both Prospect Hill and Radium Hill, funded by a post-year-end capital raise, despite a going concern warning in its financial statements. Reasoning: The annual report outlines a strategic reset and future plans for its rare earths, tin, and uranium projects, including a post-year-end capital raise to fund upcoming drilling. While the resource estimate presented is historical, the strategic review of its heavy rare earth potential is a positive development for future exploration, despite ongoing financial uncertainty. - Positive factor: Strategic review identified high-grade HREO domains at Subron, indicating potential for a higher-value resource. - Positive factor: Post-year-end capital raise provides funding for planned drilling programs and project advancement. - Positive factor: Full mineral rights secured for Prospect Hill and an amended agreement for Radium Hill expand project scope. - Negative factor: The company issued a going concern warning in its financial statements, indicating financial uncertainty. - Negative factor: The resource estimate presented is historical and not new information, limiting its novelty. - Negative factor: Drilling programs at Prospect Hill and Radium Hill are planned but not yet commenced or reported, delaying new results. Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 5 ## Classification and evidence **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The resource estimate for Subron is entirely classified as Inferred, indicating a lower level of geological confidence. Evidence · table > Inferred Context: 159 **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The entire resource estimate for Subron is in the Inferred category, meaning no Measured or Indicated resources are present. Evidence · table > Inferred Context: 159 **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The mineral resource estimate is stated to be JORC-compliant, adhering to Australian reporting standards. Evidence · text > JORC-compliant Inferred Mineral Resource **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Mr Robin Rankin, a Member of the Australasian Institute of Mining and Metallurgy \(MAusIMM\) and Chartered Professional, is named as the Competent Person for the resource estimate. Evidence · text > The Mineral Resources contained in this report were compiled by Mr Robin Rankin. Mr Rankin is a Member \(\#110551\) of the Australasian Institute of Mining and Metallurgy \(MAusIMM\) and accredited since 2000 as a Chartered Professional by the AusIMM in the Geology discipline. **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The effective date of the resource estimate is 30 September 2023, while the annual report is for 30 June 2026, making the estimate over two years old. Evidence · text > Summary Estimate of Mineral Resources for Cowalinya Project as at 30 September 2023. **Historical Estimate Only** Polarity: negative Definition: Estimate pre-dates or does not comply with current JORC/NI 43-101 standards — requires verification drilling. Why it applies: The document explicitly states that the resource information is extracted from a prior ASX release dated 3 October 2023 and that no new information materially affects it. Evidence · text > The Mineral Resources contained in this report have been extracted from ASX release dated 3 October 2023. The Company confirms that it is not aware of any new information or data that materially affects the Mineral Resources contained in the 3 October 2023 ASX release. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The resource estimate clearly states a cut-off grade of 400 ppm TREO-CeO2. Evidence · text > Reported above a cut-off grade of 400 ppm TREO-CeO2 ## Extracted facts Stored fact records: 3. Some facts used in scoring do not have a stored record. ## Resource Estimates (3) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hre-2026-annual-report-to-shareholders--18f18dde-fe02-4616-b7e7-9af030da7b39#fact-resource-facts-0) Subron Rare Earths Project · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Subron Rare Earths Project - Commodity: rare\_earths - Region: australia\_wa - Reported Region: Western Australia - Ticker: HRE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Robin Rankin - Resource group id: resource:93b20cada735887f0dcf #### Resource Data - Category: inferred - Tonnes: 159000000 - Grade: 870 - Grade Unit: ppm - Cutoff Grade: 400 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2023-09-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical JORC Inferred resource estimate for TREO, explicitly stated as unchanged from a 2023 announcement, thus having low novelty and confidence due to its age and category, despite being JORC compliant. - Positive factor: The resource is JORC compliant and signed off by a Competent Person, providing a level of credibility. - Negative factor: The resource is entirely in the Inferred category, which is the lowest confidence level. - Negative factor: The estimate is historical, with an effective date of September 2023, making it over two years old and reducing its current relevance. - Negative factor: The document explicitly states no new information materially affects this resource, indicating low novelty. Evidence · table > 870 Context: 159 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hre-2026-annual-report-to-shareholders--18f18dde-fe02-4616-b7e7-9af030da7b39#fact-resource-facts-1) Subron Rare Earths Project · rare\_earths Historical result Needs review: historical\_restatement #### Identity - Project: Subron Rare Earths Project - Commodity: rare\_earths - Region: australia\_wa - Reported Region: Western Australia - Ticker: HRE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Robin Rankin - Resource group id: resource:93b20cada735887f0dcf #### Resource Data - Category: inferred - Tonnes: 159000000 - Grade: 242 - Grade Unit: ppm - Cutoff Grade: 400 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2023-09-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical JORC Inferred resource estimate for Magnet REOs, explicitly stated as unchanged from a 2023 announcement, thus having low novelty and confidence due to its age and category, despite being JORC compliant. - Positive factor: The resource is JORC compliant and signed off by a Competent Person, providing a level of credibility. - Negative factor: The resource is entirely in the Inferred category, which is the lowest confidence level. - Negative factor: The estimate is historical, with an effective date of September 2023, making it over two years old and reducing its current relevance. - Negative factor: The document explicitly states no new information materially affects this resource, indicating low novelty. Evidence · table > 242 Context: 159 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/hre-2026-annual-report-to-shareholders--18f18dde-fe02-4616-b7e7-9af030da7b39#fact-resource-facts-2) Subron Rare Earths Project · scandium Historical result Needs review: historical\_restatement #### Identity - Project: Subron Rare Earths Project - Commodity: scandium - Region: australia\_wa - Reported Region: Western Australia - Ticker: HRE #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Mr Robin Rankin - Resource group id: resource:93b20cada735887f0dcf #### Resource Data - Category: inferred - Tonnes: 159000000 - Grade: 32 - Grade Unit: ppm - Cutoff Grade: 400 - Cutoff Unit: ppm #### Prior Estimate - Resource Date: 2023-09-30 #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-10-03T00:00:00.000Z #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a historical JORC Inferred resource estimate for Scandium, explicitly stated as unchanged from a 2023 announcement, thus having low novelty and confidence due to its age and category, despite being JORC compliant. - Positive factor: The resource is JORC compliant and signed off by a Competent Person, providing a level of credibility. - Negative factor: The resource is entirely in the Inferred category, which is the lowest confidence level. - Negative factor: The estimate is historical, with an effective date of September 2023, making it over two years old and reducing its current relevance. - Negative factor: The document explicitly states no new information materially affects this resource, indicating low novelty. Evidence · table > 32 Context: 159 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.0 years before this release ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.