Heavy Minerals Limited announced that drilling has been completed at its 100% owned Port Gregory Project. The Company has completed a 139 hole - 4455 metre Air Core drill program that is intended to improve the classification of the existing JORC Mineral Resource prior to commencing a pre-feasibility study and to also potentially increase the total resource based on extension drilling to the east, north and south. The Company is awaiting receipt of the first batch of assay results with the majority of the results anticipated in early February 2023.

The Company anticipates delivering a Mineral Resource update in March 2023. The Company will commence its maiden 1400 metre Air Core drilling program at the Red Hill Project Site in early January 2023. Assay results for the Red Hill Program are anticipated to be received in March 2023 with a potential resource being released in Second Quarter CY 2023 pending positive results.

Timing for the release of the results from both drilling programs are subject to laboratory throughput capabilities and HVY interpretation and compilation. The objective of this program was to infill the existing drilling to improve the classification of the existing resource and to extend the current resource by drilling the open extensions to the east, north and south. the planned infill drill holes and the extension drill holes.

The maiden Air Core drilling program at Red Hill, will begin in early January. The objective of this program is to delineate a potential resource based on exciting results generated by the company during an Auger program earlier in the year the planned drill holes for the program.