Annual Report to shareholders
Annual Report to shareholders
Perth, Sep 24, 2019 AEST (ABN Newswire) - In November 2017 Hastings Technology Metals Ltd (ASX:HAS)(FRA:5AM) reported the successful completion of a Definitive Feasibility Study (DFS) for the Yangibana Project based on the production of Mixed Rare Earths Carbonate (MREC) rich in Neodymium (Nd) and Praseodymium (Pr), critical materials used in the manufacture of permanent magnets.

In the twelve months following completion of the DFS, Hastings confirmed capital requirements, completed flotations pilot plant studies, and testing hydrometallurgical equipment for suitable duty capacity. Additional drilling in Bald Hill, Frasers and the Auer trend of deposits lead to increases in both the mineral resources and mining reserves.

In November 2018, an updated JORC Mineral Resource estimation was completed by independent consultant Lynn Widenbar and Associates incorporating updated drilling results from Bald Hill, Fraser's, Auer and Auer North deposits. Measured plus Indicated Resources increased by 6.7% to 13.38 million tonnes with Total Resources increasing to 21.67 million tonnes, containing >80,000 tonnes of neodymium and praseodymium oxide.

Hastings then completed a 100kg/hr pilot processing circuit test, operating 24 hours per day continuously over 8 days at ALS Metallurgy in Balcatta, Western Australia. The flowsheet consisted of milling, rougher flotation, regrind and cleaner flotation stages. The flotation circuit selectively concentrated the rare earths-bearing mineral monazite into a final product whilst discarding 95% of the original rock waste mass. Flotation process design was reconfirmed, as the performance output of the pilot plant improved over the course of the 8 days.

On the back of the updated resource a new mining reserve estimate was undertaken by a Mining Consultancy Group (Snowden) based on Measured and Indicated Mineral Resources at each of Bald Hill, Fraser's, Auer, Auer North, Yangibana, Yangibana West and Yangibana North deposits. The updated reserve estimate remains surface mining focussed and involved whittle optimisations, pit designs and the development of new mine schedules.

The bulk of the near surface mineralisation (at least to 100m vertical depth) is hosted by iron oxides and hydroxides termed ironstone, being the alteration products of the primary hosts ferro carbonatite and phoscorite intrusive veins. The main rare earths-bearing mineral is monazite which itself has locally undergone alteration at shallow depths (to 25m depth) to its hydrous equivalent rhabdophane and to rare earths-bearing Al-phosphates such as florencite.

Ore Reserves tonnages from the new estimate increased by 34% to 10.35 million tonnes at 1.22%TREO including 0.43%Nd2O3+Pr6O11. The updated Ore Reserve extends mine life by 3 years, supporting a +10 year operational life for the Project.

Since the DFS the project NPV has decreased by 4% to $447 million due to capital cost increases as a result of the board mandated decision to source, where possible, only Tier 1 process plant equipment suppliers with the capabilities to provide unrivalled equipment performance guarantees and field support and backup.

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About Hastings Technology Metals Ltd

Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is a leading Australian rare earths company, with two rare earths projects hosting JORC-compliant resources in Western Australia.

- The Yangibana Project hosts Probable Reserves totaling 5.15 million tonnes at 1.12% TREO including 0.45% Nd2O3+Pr6O11 within JORC Resources totalling 21.0 million tonnes at 1.17% TREO (comprising Measured Resources of 3.9 million tonnes at 1.19% TREO, Indicated Resources of 8.6 million tonnes at 1.25% TREO and Inferred Resources of 8.4 million tonnes at 1.09% TREO), including 0.40% Nd2O3+Pr6O11.

- The Brockman deposit contains JORC Indicated and Inferred Resources totalling 41.4 million tonnes (comprising 32.3mt Indicated Resources and 9.1mt Inferred Resources) at 0.21% TREO, including 0.18% HREO, plus 0.36% Nb2O5 and 0.90% ZrO2.

- Rare earths are critical to a wide variety of current and new technologies, including smart phones, electric vehicles, wind turbines and energy efficient light bulbs.

- The Company aims to capitalise on the strong demand for rare earths permanent magnets created by expanding new technologies.



Charles Lew
T: +65-9790-9008 /+61-8-6117-6118

Valerie Quay
Legal Counsel & Business Planning
T: +65-9781-3220

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