Inferred MRE

Inhambane

JORC Inferred MRE 90 Mt @ 3.0% THM. Borders Rio Tinto’s Mutamba project.

Resource (Inferred)

90 Mt

JORC 2012

THM grade

3.0%

Heavy minerals

Ownership

70%

HVY

Tenement

10255C

Pending

Inferred MRE

Inhambane — 70% HVY

Inhambane is HVY’s Mozambique mineral-sands position. The project carries a JORC Inferred Mineral Resource Estimate of 90 Mt @ 3.0% THM and borders Rio Tinto’s Mutamba project.

Tenement

Mining licence application 10255C is pending with INAMI (Mozambique National Institute of Mines), succeeding the predecessor exploration licence 4658L.