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Hastings Technology Metals Ltd (ASX:HAS) Quarterly Activities Report
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 Australia's next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to report on exploration and development activities for the three-month period to 31st March 2021. Most of the activity focused on the Company's Yangibana Rare Earths Project ("Yangibana") in the Gascoyne region of Western Australia.
Highlights
- Hastings raised $100.7 million (before costs) through a two-tranche equity placement priced at $0.19 per share, with funds to be used to advance development of the Yangibana Rare Earths Project.
- Tranche One raised $57.2 million and was fully underwritten by Canaccord Genuity and supported by institutional investors. Tranche Two was approved by Hastings's shareholders at a General Meeting on 29th March 2021 and raised an additional $43.5 million, with strong support from existing sophisticated shareholders as well as from L1 Capital, a well-established global investment manager.
- Drilling at the Yangibana and Auer deposits, part of the Yangibana Rare Earths Project, returned favourable results that extended the mineralisation at depth and remains open, with further follow- up drilling planned.
- Yangibana rare earths project Mineral Resource re-estimation work commenced and is nearing completion based on the five key deposits drilled during the 2020 exploration program.
- Ongoing Mineral Resource and Ore Reserves calculation including detailed mine design and infrastructure optimisation at the Yangibana site will deliver an updated life-of-mine plan in June 2021 quarter.
- Application was submitted for grant funding under the Modern Manufacturing Initiative (MMI) scheme as announced by the Federal Government on 19 February 2021.
- As of the end of the March 2021 quarter, the average price of neodymium praseodymium oxide reached RMB582,500 per tonne (or US$90 per kg), more than double the price in the same quarter previous year because of strong demand from the renewable energy and EV markets in Europe and China.
- The S&P Dow Jones Indices advised that Hastings was admitted to the S&P/ASX All Ordinaries Index, effective prior to the open of trading on 22nd March 2021.
- Hastings had $82.7 million in cash and equivalents as at 31st March 2021 prior to the receipt of final $32.7 million Tranche 2 placement proceeds (before costs).
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/Y388URC2
Charles Lew
Chairman
T: +65-6220-9220 /+61-8-6117-6118
Andrew Reid
Chief Operations Officer
T: +61-487-888-787
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