Hastings Technology Metals Ltd (ASX:HAS) Quarterly Activities Report

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 31 March 2022. Most of the activity focused on the Company's Yangibana Rare Earths Project (Yangibana) in the Gascoyne region of Western Australia.

Highlights

- Yangibana Post-tax Net Present Value8 ("NPV8") increases by 84% to $1,012 million.

o Post-tax Internal Rate of Return ("IRR") of 26%.

o Life of Mine pre-tax Free Operating Cashflow increases by 71% to $4,376 million.

o Revised capital cost estimated at A$582 million (including contingency $658 million)

o Project is 'shovel-ready' following a comprehensive review and assessment of current inflationary pressures present in Western Australia.

o Capital payback period forecast at 2.7 years from commencement of production.

- Hastings raises A$40 million in strategic placement to L1 Capital.

- L1 Capital's shareholding increased to 14.94% of enlarged capital base following the Placement

- The $17.4m Acid-Bake Kiln to be constructed at Onslow was approved for fabrication with the design well advanced.

- Northern Australia Infrastructure Facility (NAIF) approves $140 million loan facility with 121/2-year tenor, subject to pre-completion conditions.

- Yangibana is the first Australian rare earths project to receive NAIF commitment.

- NAIF loan forms part of A$300-400 million of total debt financing required for Yangibana.

- Hastings had $131.3 million in cash and equivalents as of 31 March 2022 (prior to receipt of options exercised in April 2022).

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/G539GT48

Charles Lew 
Executive Chairman 
+65 6220 9220

Matthew Allen 
Chief Financial Officer 
+61 8 6117 8634

Andrew Reid 
Chief Operating Officer 
+61 8 6117 8621

For media and investor queries, please contact:

Peter Klinger 
Cannings Purple 
+61 411 251 540 pklinger@canningspurple.com.au

Peter Kermode 
Cannings Purple 
+61 411 209 459 pkermode@canningspurple.com.au