*Hastings Technology Metals (HAS) – March 2025 Quarterly Summary

1. Key Developments

• Yangibana Joint Venture (JV):

  • Hastings and Wyloo signed a 60:40 JV deal for the Yangibana Rare Earths and Niobium Project.

  • Wyloo is the project manager/operator and can increase their stake to 70%.

  • Hastings’ debt to Wyloo (Exchangeable Notes) has been partially cleared by transferring Neo shares.

• Downstream Future:

  • Stage 2 hydrometallurgical plant development remains part of JV scope.

  • Hastings keeps 100% of the Brockman heavy rare earths project and Ark gold tenements.

• Niobium Testwork:

  • Laboratory test produced a 50.59% Nb₂O₅ concentrate from Yangibana ore – outstanding grade.

  • Recovery rates still need improvement but commercialization of niobium looks viable.

2. Financial Overview

• Cash:

  • $6.6M cash on hand at March 31, 2025.

• Capital Raising:

  • $2.6M raised via share placement in March 2025.

• Debt:

  • $5.7M insurance and senior loan facilities outstanding.

  • ~$125M face value of Exchangeable Notes remains, but is progressively being cancelled.

• Expenditure:

  • Operating cash burn: ($1.17M) in the quarter.

  • Investment cash burn: ($3.11M) mainly on development.

  • Financing inflow: $1.96M (from equity raise).

• Quarterly Burn Rate:

  • Current cash covers about 3.4 quarters at the current spending rate.

3. Project Development

• Yangibana Project:

  • 33% of total $474M capex spent ($158M to date).

  • Remaining ~$315M capex shared according to JV split.

• Hastings Residual Equity Requirement:

  • ~$32M equity needed assuming 50:50 debt/equity structure.

4. Corporate

• CFO Teck Lim resigned but stayed temporarily as consultant.

• Ongoing exploration and environmental compliance activity.

Forward Outlook

Positive Drivers	Risks / Watchpoints
Wyloo’s strong technical and financial backing significantly de-risks project development	Hastings' cash is low ($6.6M) – likely to need another capital raise or debt deal within 9–12 months
JV structure significantly reduces Hastings' funding burden and operational risks	Exchangeable Notes (~$125M) still need final resolution and full cancellation
Niobium concentrate success provides potential new revenue stream beyond rare earths	Yangibana construction still in early-mid stages; project execution risk remains
Retention of 100% of Brockman Project provides future strategic flexibility	Rare earth market prices are volatile, which may affect long-term revenue expectations
Hastings now well-positioned to benefit from rising demand for NdPr for EVs, renewables	Share dilution risk if large equity raises are needed to cover development funding

Overall Assessment

Hastings has successfully de-risked a major chunk of its business through the Wyloo JV and debt cancellation.
It now holds a free-carried 40% stake in a highly strategic rare earth project with realistic financing needs ahead.
However, cash management will be critical over the next 6–12 months — a small capital raise or strategic financing is likely required to see them comfortably through Yangibana’s next construction phases.

If niobium commercialization proves successful, Hastings’ future cash flows could be meaningfully enhanced beyond current forecasts.

✅ In short: After a rough 2024, Hastings is back on a credible pathway to production, but it’s still early days.

*gpt4o