Heavy Minerals Limited announced that the metallurgy results for the Port Gregory Garnet Project have been received from IHC Mining. The results highlight that the potential products produced could be marketed as 30/60 mesh and 80 mesh blasting grade products and 80 mesh and 120 mesh water jet cutting products. The ilmenite stream has the potential to also add revenue to the project as a valuable by-product The produced combined garnet product is high grade and is determined to contain 98.3% garnet.

IHC Mining recently completed scoping study level metallurgical and process development test work on a bulk sample from HVY's Port Gregory garnet project. Scoping study level metallurgical test work was completed, resulting in: Evaluation of material processability, Development of a conceptual metallurgical process, Testwork metallurgical balances including mass yields, grades, and recoveries, Generation of potential products, Identification of any potential metallurgical risks and opportunities and Recommendations for progressing the project to the next phase of feasibility. Follow-up QEMSCAN analysis to determine garnet mineral liberation characteristics to assist with recovery optimisation is planned.

Following the outcomes of the Scoping Study and Preliminary Economic Analysis (PEA), HVY will determine further bulk sampling testwork required to develop samples for potential "offtakers". The Port Gregory Garnet Project consists of six tenements totalling 227.28 km2 located approximately 50 km North of Geraldton. The Port Gregory Garnet Project is the initial focus of the Company and is prospective for industrial minerals, in particular garnet.

The Project has a JORC Mineral Resource estimate of 135 Mt @ 4.0% (THM) or 4.9 Mt Contained garnet. The Port Gregory Mineral Resource estimate is reported at a cut-off grade of 2.0% THM. This table conforms to guidelines set out in the JORC Code (2012).

At a cut-off grade of 2.0% THM the Port Gregory deposit comprises a total Mineral Resource of 135 Mt @ 4.0% THM, 10% SLIMES and 10% OS (Over Size) containing 5.4 Mt of THM with an assemblage of 90% garnet, 4% ilmenite, 1% rutile and 0.6% zircon. The JORC categories are specifically stated as: an Indicated Mineral Resource of 88 Mt @ 3.8% THM, 10% SLIMES and 9% OS containing 3.3 Mt of THM with an assemblage of 89% garnet, 4% ilmenite, 2% rutile and 0.6% zircon; and an Inferred Mineral Resource of 47 Mt @ 4.5% THM, 10% SLIMES and 11% OS containing 2.1 Mt of THM with an assemblage of 91% garnet, 4% ilmenite, 1% rutile and 0.5% zircon.