Your directors submit the interim financial report of the consolidated entity consisting of Hastings Technology Metals Ltd (
The following summary of events were significant milestones in the state of affairs of the Group during the year:
- Signing of an Off-Take Contract for the supply of mixed rare earths carbonate with Sky Rock Rare Earth New Materials Co Ltd;
- Increase in Yangibana JORC 2012 resources to 21 million tonnes;
- Signing of the Design and Supply Contract for the Acid Bake Kiln with FLSmidth Pty Ltd;
- EPA releases environmental review for public consultation
- Raising $13.97 million (before costs) through the issue of 66,563,008 shares at 21 cents each;
- Major aeromagnetic target identified at Yangibana; and
- Signing of a Project Finance Mandate with KfW IPEX-Bank.
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About Hastings Technology Metals Ltd
Hastings Technology Metals Ltd (ASX:HAS) is advancing its Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.
Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.
Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.
The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition).
The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.
Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.
Chief Operating Officer
General Manager Exploration