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    HAS   AU000000HAS0

HASTINGS TECHNOLOGY METALS LIMITED

(HAS)
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Hastings Technology Metals Ltd (ASX:HAS) Commonwealth Environmental Approval for Hydro Plant Onslow

10/25/2021 | 05:54pm EST

Perth, Australia, Oct 26, 2021 - (ABN Newswire) - Australia's next rare earths producer Hastings Technology Metals Ltd (ASX:HAS) (HAM:5AM) is pleased to announce that the Federal Government's Department of Agriculture, Water and the Environment (DAWE) has finalised its environmental approval for the hydrometallurgical plant of the Company's Yangibana Rare Earths Project's (Yangibana), in the Gascoyne region of Western Australia.

Highlights:

Development of the Yangibana Rare Earths Project has achieved a major milestone with Commonwealth environmental approval for the downstream processing plant:

- Department of Agriculture, Water and the Environment (DAWE) approval to proceed with construction of Yangibana's downstream rare earths processing plant - Onslow Rare Earths Plant - at Ashburton North Strategic Industrial Area (ANSIA).

- DAWE approval follows DevelopmentWA Board sign-off last month for Hastings to enter discussions for an option to lease ANSIA Lot 600.

- Building Yangibana's hydrometallurgical plant at ANSIA is key to Hastings' downstream processing program as it offers access to piped natural gas, plentiful supply of water and grid power.

- ANSIA location reduces by up to 80% the volumes of consumables and reagents needed to be transported to the Yangibana mine site.

- Early-stage civil works at Yangibana mine site have commenced.

DAWE has given Hastings approval to proceed with constructing the Onslow Rare Earths Plant at the Ashburton North Strategic Industrial Area (ANSIA), approximately 15km south-west of the coastal town of Onslow. As previously announced by Hastings, the Onslow Rare Earths Plant will perform the hydrometallurgical processing of rare earths oxide concentrate from Yangibana into mixed rare earth carbonate (MREC) containing high levels of neodymium and praseodymium concentrate (NdPr). NdPr are vital components used to manufacture permanent magnets that are required in advanced technology products ranging from electric vehicles to wind turbines, robotics, medical applications and digital devices.

ANSIA has been identified by the WA Government as a location suitable for strategic industrial developments, a position now further endorsed by the DAWE approval for Yangibana. Construction of the hydrometallurgical plant is due to begin in 2022, after the completion of early works at Yangibana mine site and in line with Hastings' target to produce its first MREC in early 2024.

Commenting on Commonwealth environmental approval for construction of Yangibana's hydrometallurgical plant, Hastings Technology Metals Executive Chairman Charles Lew said:

"This is a significant milestone for our Yangibana Rare Earths Project and further endorses Hastings' decision last year to decouple the processing plant from the Yangibana mine site. The Commonwealth environmental approval will allow Hastings to construct the Onslow Rare Earths Plant for a full production rate of 15,000 tonnes of MREC per annum, unlocking the high-quality and NdPr-rich rare earths carbonate that we will produce at Yangibana.

"Importantly, the Commonwealth approval is another positive step in Hastings' journey to become Australia's next rare earth producer. Debt financing talks are advancing well and scheduled for conclusion before the end of this year and early stage civil works at the Yangibana mine site are in progress."

To view tables and figures, please visit:
https://abnnewswire.net/lnk/FZ85EE63


<b>About Hastings Technology Metals Ltd:</b>

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.

Brockman 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.

<b>Contact:</b>

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

Copyright (C) 2021 ABN Newswire. All rights reserved., source Press Releases English

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Sales 2022 - - -
Net income 2022 -16,9 M -12,0 M -12,0 M
Net Debt 2022 263 M 188 M 188 M
P/E ratio 2022 -20,5x
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Capitalization 400 M 284 M 285 M
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EV / Sales 2023 8,43x
Nbr of Employees 21
Free-Float 82,3%
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Managers and Directors
Matthew Gerard Allen Chief Financial Officer
Foon Keong Lew Executive Chairman
Andrew Reid Chief Operating Officer
Steinmetz Jean-Claude Non-Executive Director
Neil John Hackett Joint Secretary & Non-Executive Director