Heavy Rare Earths Limited has released new assay results from its soil sampling program at the Perenjori uranium project in Western Australia. The latest results confirm a significant uranium target at the Gingaba Well anomaly, where soil assays recorded values up to 116 parts per million. This target, which spans an 8‐kilometre airborne radiometric anomaly, shows a strong spatial correlation between surface soil measurements and underlying geological features, similar in style to other well‐known calcrete-hosted uranium deposits in the region. The company collected 231 soil samples along traverses spaced approximately 500 meters apart, applying a state-of-the-art Ultrafine+™ analytical method. Quality control measures, including field duplicates that consistently reproduced uranium and total rare earth values within 5% to 7% variance, underpin the reliability of these results. Early data from previous surveys in 2024 recorded uranium values as high as 138 parts per million, further supporting the potential of this anomaly. When compared to established uranium deposits in Western Australia, the airborne response at Gingaba Well is notable, with readings that are competitive with those recorded at deposits such as Yeelirrie, Lake Maitland, and Centipede/Millipede. The exploration model under investigation suggests a palaeochannel- or calcrete-hosted uranium deposit, similar to significant finds in Namibia and Western Australia. Heavy Rare Earths Limited plans to advance this project by undertaking shallow drilling to test the geological and mineralisation characteristics beneath the surface anomaly. These drilling activities, which will be the first on the company’s Perenjori tenements, are pending the necessary cultural heritage and government approvals. From a market sentiment perspective, there are reasons for both optimism and caution. On the bullish side, the strong assay results and the clear correlation with an extensive airborne anomaly indicate the potential for a sizeable uranium deposit, offering encouraging prospects for future resource expansion. However, from a bearish standpoint, the project remains in the early exploration stage with no drilling completed to date, and results are based on a small portion of the soil sample. Additionally, further work is subject to regulatory hurdles and approvals, which could delay progress. For beginner traders watching the sector, these factors suggest careful consideration of both the exciting potential breakthroughs and the inherent risks in early-stage exploration projects.