Highlights

  • Prospect Hill’s planned maiden drilling programme expanded to 38 holes for 3,400 metres.
  • The South Ridge Shear was mapped over 1.85 kilometres.
  • Weather-related road access affected the planned drilling start.
  • The company reported a placement and entitlement-related fundraising activity.

Heavy Rare Earths Limited (ASX:HRE) explores critical minerals across Australian projects, including tin and rare earth elements. Its September 2026 activities report outlined a broader maiden drilling programme at Prospect Hill in South Australia, technical assessment at Subron in Western Australia and work at Radium Hill. Funding activity accompanied these exploration plans, while site access remained an immediate limitation at Prospect Hill.

Prospect Hill Programme Broadens

The company expanded its planned South Ridge programme to as many as 38 reverse circulation and diamond holes totalling 3,400 metres. Surface mapping has traced the South Ridge Shear over 1.85 kilometres. The objectives include collecting geological data for a potential maiden Mineral Resource Estimate and obtaining samples for metallurgical evaluation. These aims do not establish that a mineral resource has already been defined.

Although approvals for the planned work were reported as available, unusually heavy rain disrupted road access for vehicles needed for drilling. ASX:HRE therefore identified road conditions as a prerequisite for mobilisation. The distinction matters because a permitted drilling programme is not necessarily an active programme, and the report did not establish a confirmed commencement date independent of access.

Subron Rare Earth Work Continues

At the Subron project, the company reviewed geological information and identified ten higher-grade heavy rare earth domains across approximately 12.9 kilometres of strike. The review referenced 150 intercepts above 300 ppm heavy rare earth oxides, averaging 1,653 ppm total rare earth oxides and 579 ppm heavy rare earth oxides. These are exploration intercepts; they do not by themselves describe recoverable commercial production.

ASX:HRE outlined follow-up mineralogy, reassaying for gallium and hafnium, metallurgical testwork and a potential revision of resource domains. It also referred to two exploration licence applications covering 410 square kilometres. Those applications had not been granted in the September update, and heritage access would be needed before proposed drilling on relevant ground.

Radium Hill and Technical Studies

At Radium Hill in South Australia, July 2026 collaboration work with ANSTO Minerals involved mineralogy and leaching investigations. Surface sampling identified values up to 959 ppm scandium oxide and 2,236 ppm yttrium oxide, alongside 3,597 ppm triuranium octoxide. ASX:HRE reported heritage engagement and regulatory submissions ahead of a proposed maiden drilling programme; laboratory results do not replace later resource estimation.

Funding Through the September Quarter

The company described a $1.3m placement involving 46,428,571 shares at $0.028 each, together with an entitlement offer and subsequent shortfall placement. The entitlement offer raised $348,127 by its September close, while the later shortfall placement raised $379,992. Combining financing initiatives across different dates requires care: not every amount was received within the September reporting period.

Cash on hand at 30 September 2026 was A$873,000, compared with A$459,000 at the preceding quarter end. Quarterly operating cash outflow was A$441,000, including A$176,000 in exploration expenditure. Financing cash inflow was A$855,000 net. ASX:HRE estimated 1.98 quarters of available funding at the quarter-end expenditure rate, before certain post-quarter receipts.

Key Insights

The widened tin drilling design and multi-project test programmes show where ASX:HRE concentrated its 2026 exploration activity. Actual drilling progress depends on access, while the Subron and Radium Hill programmes require additional field and technical evidence. Financing receipts after September should be distinguished from the cash balance reported at quarter end.