HEAVY MINERALS LIMITED — Director's Dealing 2022

Dec 15, 2022

ASX Announcement Date: 16 DEC 2022

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CORRECTION TO CHANGE OF DIRECTOR’S INTEREST NOTICE

Heavy Minerals Limited (ACN 647 831 833) (“ Heavy Minerals ” or the “ Company” ) would like to advise that in the Change of Director’s Interest Notice announced on 15 December 2022, there was an error in the number of fully paid ordinary shares held after change. The amount should have been 4,106,546 and has been corrected in the attached revised Change of Director’s Interest Notice.

This announcement has been authorised by the Non-Executive Chairman of the Company.

Ends

For further information, please contact:

Heavy Minerals Limited

Adam Schofield, Non-Executive Chairman Ph: +61 (08) 9481 0389

E: info@heavyminerals.com

Media & Investor Enquiries

Peter Taylor, NWR Communications Ph: +61 (0) 412 036 231

E: peter@nwrcommunications.com.au

About Heavy Minerals Limited

The Company’s projects are prospective for industrial minerals including but not limited to Garnet, Zircon, Rutile and Ilmenite. The Company’s initial focus is the Port Gregory Garnet Project which has a JORC (2012) Resource of 4.9 million tonnes of contained Garnet and 500 thousand tonnes of ilmenite. The Company’s other project is the Inhambane Heavy Mineral Project in Mozambique which contains a JORC (2012) inferred Mineral Resource of 51 million tonnes @ 3.4% total heavy mineral.

To learn more please visit: www.heavyminerals.com

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HEAVY MINERALS LIMITED | ABN: 26 647 831 883 Registered Address: Level 8, London House, 216 St George's Terrace, Perth, Western Australia 6000 | Phone: +61 8 9481 0389 | Fax: +61 8 9463 6103 Non-Executive Chairman: Adam Schofield | Non-Executive Director: Greg Jones | Non-Executive Director: Wayne Richards E-mail: info@heavyminerals.com | Website: www.heavyminerals.com Company Secretary: Stephen Brockhurst

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity Heavy Minerals Limited

ABN 26 647 831 883

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Adam Schofield
Date of last notice	9 December 2022

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	N/A
Date of change	9 & 13 & 14 December 2022
No. of securities held prior to change	3,937,621 Fully paid ordinary shares 1,000,000 Unquoted $0.25 options expiring 14 September 2024 500,000 Unquoted Class B performance rights expiring 14 September 2026
Class	Fully paid ordinary shares
Number acquired	168,925 Fully paid ordinary shares
Number disposed	Nil

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	60,235 Fully paid ordinary shares at $0.105 each (total $6,324.68) 87,450 Fully paid ordinary shares at $0.115 each (total $6,532.92) 1,795 Fully paid ordinary shares at $0.1175 each (total $210.91) 19,445 Fully paid ordinary shares at $0.12 each (total $2,333.40)
No. of securities held after change	4,106,546 Fully paid ordinary shares 1,000,000 Unquoted $0.25 options expiring 14 September 2024 500,000 Unquoted Class B performance rights expiring 14 September 2026
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	On market purchases

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract	N/A
Nature of interest	N/A
Name of registered holder (if issued securities)	N/A
Date of change	N/A
No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed	N/A
Interest acquired	N/A
Interest disposed	N/A
Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation	N/A
Interest after change	N/A

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 2

Appendix 3Y Change of Director’s Interest Notice

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed above traded during a+closed period where prior written clearance was required?	No
If so, was prior written clearance provided to allow the trade to proceed during this period?	N/A
If prior written clearance was provided, on what date was this provided?	N/A

• See chapter 19 for defined terms.

01/01/2011

Appendix 3Y Page 3