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Hastings Technology Metals Ltd (ASX:HAS) State Government Commendation for Yangibana RE Project

on 9/15/2021
Australia's next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is pleased to announce that it has received the commendation of Premier Mark McGowan and the Western Australian Government for the Company's development of the Yangibana Rare Earths Project (Yangibana), in the State's Gascoyne region.

Premier McGowan said Hastings' development of Yangibana was expressly aligned with the State's Future Battery Industry Strategy, which aims to expand the range of future battery minerals that are extracted and processed in Western Australia. Appendix 1 provides a copy of the public commendation that Hastings has received.

The Premier's commendation follows the West Australian Department of Jobs, Tourism, Science and Innovation (JTSI) acknowledging that the Yangibana Project represents a strategic opportunity for investment and growth to position the State as a reliable supplier of speciality rare earth minerals.

DevelopmentWA approval for ANSIA Lot 600

The Premier's commendation coincides with the DevelopmentWA Board approving Hastings' application to enter into discussions for an option to lease Lot 600 within the Ashburton North Strategic Industrial Area (ANSIA) for a tenure period of up to 30 years. ANSIA, approximately 15km southwest from Onslow, is a well-connected industrial precinct that also houses the Chevron-operated Wheatstone LNG project. Lot 600 is the proposed site for Yangibana's hydrometallurgical plant. DevelopmentWA board approval is an important Yangibana Project milestone that enables Hastings to complete detailed engineering, planning and secondary permitting for early works of the hydrometallurgy plant infrastructure.

Yangibana mine site fly camp operational, civil works advancing

Early works as part of a $20 million infrastructure scope of activities are now underway at the Yangibana mine site. The 60-bed fly camp is operational and key staff and contractors are operating from the site. Enabling infrastructure works will continue ahead of the plant construction activities and mine development planned for 2022.

As Hastings announced last month - see ASX announcement dated 25 August 2021 Site Works Commence at Yangibana Rare Earths Project - the initial construction focus will encompass:

- Access roads connecting the mine site to the public Shire roads;

- A 2,000m-long airstrip capable of accommodating aircraft up to 50 seat capacity;

- A 300-bed accommodation village;

- A multi-tower communications microwave link to connect the site to the public intra-state network;

- Water reticulation from the borefield to the processing plant; and

- Ongoing geotechnical activities.

Yangibana Project finance progressing quickly

Hastings has made significant progress towards securing the project finance required to fund Yangibana's construction, with extensive due diligence undertaken by potential lenders since late July. Potential lenders are now preparing final credit submissions and Hastings is expecting responses to be received during Q4 2021.

Hastings is actively engaged with leading project finance banks in Australia and Europe as well as specialist mining funds in addition to the Commonwealth's Northern Australia Infrastructure Facility, Finland's export credit agency (Finnvera) and Germany's state bank (KFW-Ipex Bank).

Once firm credit-approved commitments are received in Q4 2021, the drafting of formal loan documentation will be undertaken ahead of completion of standard conditions precedent and first drawdown in 2022.

Following the Company's announcement of a significant increase in Yangibana's Ore Reserves - see ASX announcement dated 27 July 2021 Yangibana Ore Reserve Tonnes Up 37%, NdPr Tonnes up 18% - Hastings is updating the project economic outputs. These outputs will also incorporate the latest general market consensus for NdPr pricing. The updated project economic outputs will be provided to investors with the confirmation of the final project debt finance position.

Commenting on the McGowan Government commendation and positive progress at Yangibana, Hastings Technology Metals Executive Chairman Charles Lew said:

"I would like to personally thank Premier McGowan and the Government of Western Australia for their support of Hastings and our ambition to contribute towards the State's Future Battery Industry Strategy through the development of our Yangibana Project.

"I am incredibly proud of the Hastings team's commitment and dedication to the challenge of building Australia's next rare earths operation in the Gascoyne region of Western Australia.

"Early works activity is gathering momentum at Hastings across a number of fronts as we move into readying Yangibana for plant construction to commence.

"The acceleration in decarbonisation globally in the past 12 months has placed an increasing impetus on the Yangibana Project to play a vital part in the transition to a cleaner energy mix, a message we are hearing loud and clear from our offtake partners in Europe and Asia. Yangibana is in the right place at the right time to support this transition."

To view tables and figures, please visit:

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

Peter Kermode 
Cannings Purple 
+61 411 209 459

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