Hastings Technology Metals Ltd (ASX:HAS) First Construction Blast at Yangibana Rare Earths Project

Australia's next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to announce that it has successfully completed its first blast of construction waste material required for the ongoing completion of its early infrastructure works packages, including construction of access roads, airstrip and village accommodation. This is an important milestone in the development of the early works infrastructure and allows advancement towards full scale process plant construction over the coming months.

Yangibana is expected to produce rare earth concentrates for more than 15 years and will contribute some 6-8% of the world's production of Neodymium and Praseodymium, the two most sort after rare earth elements.

Hastings anticipates that a large percentage of the A$658 million project spend will be awarded to companies based in Australia, with the majority going to companies based in Western Australia.

As at the end of May 2022 contracts have been awarded for village earthworks and construction, communications and water supply infrastructure and other miscellaneous works.

Andrew Reid, Hastings' Chief Operating Officer, said:

"The Hastings team is progressing on many work fronts at Yangibana, ably supported by its trusted contracting partners. Getting the airstrip, communications and accommodation infrastructure is vital to allow the activation of the large workforce required to commence process plant construction once FID has been announced. Hastings is excited by progress made to date and is on track for commissioning during the latter part of 2024."

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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