Heavy Minerals Limited announced the updated Mineral Resource estimate for the Port Gregory Garnet Project of 166 Mt @ 4.0% (THM) at a 2.0% THM cut-off grade. The 89% garnet fraction of the THM is in line with previous results resulting in 5.9 Mt of contained garnet. Significant resource upside potential still exists with mineralisation open to the south within HVY' tenure.

The updated Mineral Resource estimate increases the tonnage of material above the cut-off grade by 23% and results in an increase in contained garnet of 20%. JORC Mineral Resource Estimate: The Port Gregory Mineral Resource estimate is reported above a cut-off grade of 2.0% THM. This table conforms to guidelines set out in the JORC Code (2012).

The Mineral Resource outline for the Port Gregory deposit. At a cut-off grade of 2.0% THM the Port Gregory deposit comprises a total Mineral Resource of 166 Mt @ 4.0% THM, 10% SLIMES and 9% OS (oversize) containing 6.6 Mt of THM with an assemblage of 89% garnet, 4% ilmenite, 2% rutile/anatase and 1% zircon. The JORC categories are specifically stated as: a Measured Mineral Resource of 126 Mt@ 3.8% THM, 10% SLIMES and 9% OS containing 4.7 Mt of THM with an assemblage of 88% garnet, 4% ilmenite, 2% rutile/anatase and 0.6% zircon; an Indicated Mineral Resource of 20 Mt @ 6.5% THM, 8% SLIMES and 9% OS containing 1.3 Mt of THM with an assemblage of 92% garnet, 4% ilmenite, 1% rutile/anatase and 1% zircon; and an Inferred Mineral Resource of 20 Mt @ 2.9% THM, 11% SLIMES and 13% OS containing 0.6 Mt of THM with an assemblage of 89% garnet, 4% ilmenite, 2% rutile/anatase and 1% zircon.

Drilling Techniques: Aircore (AC) drilling was used to obtain samples for analysis with an additional 162 AC holes for 5,180.5 metres and 5,329 samples, drilled to an average depth of 33 m. 9 holes were twinned as a part of this drill program. Bostech Drilling was engaged to drill out this program (Figure 5) with their Truck mounted Drillboss 200 AC rig. These holes and assays were added to the already drilled holes and assay results.

AC drill sample recovery is monitored by reviewing the sample mass of the total weight of the 1.0 m interval weighed both on site as a wet sample and at the laboratory as a dried sample. The entire sample passes through the on-board rotary splitter and the sample collected in a pre-numbered calico bag. The bulk reject is not collected and is shovelled back down the hole upon completion The drilling program was undertaken in dry conditions with holes drilled vertically and spaced at 100 m across strike and 250 m along strike.

The program involved in-filling the previous 500 m spaced drill lines and extending the footprint of the defined Mineral Resource further to the east. The spacing /density of the holes is deemed to adequately define the mineralisation in the Mineral Resource estimate and this was confirmed with variography and an assessment of the mineral assemblage composites which determine the mineralogy.