1,000,000 Ordinary Shares of Heavy Rare Earths Limited are subject to a Lock-Up Agreement Ending on 22-AUG-2023. These Ordinary Shares will be under lockup for 365 days starting from 22-AUG-2022 to 22-AUG-2023.

Details:
7,787,220 fully paid ordinary shares classified by ASX as restricted securities and to be held in escrow until August 24, 2024, being 24 months from the date of Quotation.

1,000,000 fully paid ordinary shares classified by ASX as restricted securities and to be held in escrow for a period of 12 months from the date of issue.

9,850,000 options exercisable at AUD0.30 on or before August 24, 2025, classified by ASX as restricted securities and to be held in escrow until August 24, 2024, being 24 months from the date of Quotation.

4,350,000 options exercisable at AUD0.40 on or before August 24, 2025, classified by ASX as restricted securities and to be held in escrow until August 24, 2024, being 24 months from the date of Quotation.