Hastings Advances Rare Earths Ambitions with Saudi MOU and Strong Project Progress

Strategic Partnership with Saudi Arabia

Hastings Technology Metals has taken a significant step forward in its rare earths ambitions by entering into a non-binding Memorandum of Understanding (MOU) with the Ministry of Investment of Saudi Arabia (MISA). Selected as one of nine parties under the Kingdom’s Global Supply Chain Resilience Initiative (GSCRI), Hastings is positioned to explore the development of a fully integrated downstream rare earths processing facility within Saudi Arabia.

The MOU outlines a collaborative framework where MISA will assist Hastings in refreshing its Bankable Feasibility Study (BFS) to reflect the potential location of the Stage 2 hydrometallurgical plant in Saudi Arabia. This partnership also aims to secure strategic joint venture partners, facilitate access to Saudi-based funding, including support from the Saudi Industrial Development Fund which can finance up to 75% of project costs, and provide guidance on licensing and regulatory matters.

Yangibana Project Development Progress

Back in Western Australia, Hastings continues to advance its flagship Yangibana Rare Earths and Niobium Project. As of 31 December 2024, the company has expended approximately 33% of its $474 million capital budget, with $158 million spent primarily on non-process infrastructure and long-lead equipment for the beneficiation plant.

Notably, over 20 critical equipment packages have been delivered and finalized, including the horizontal belt filter, flocculant plant, and wet screen. The completion of these major equipment payments is expected to significantly reduce capital expenditure in the coming quarters.

Encouraging Niobium Test Work and Resource Update

Hastings has also reported promising results from laboratory test work aimed at recovering niobium from Yangibana ore. Preliminary findings indicate significantly improved concentrate grades compared to previous tests, bolstering the potential for a multi-commodity recovery process. The company plans to provide an updated Niobium Mineral Resource Estimate in the March 2025 quarter, which could enhance the project’s economic profile.

Financial Position and Corporate Updates

Financially, Hastings remains well-positioned with $8.8 million in cash and cash equivalents at quarter-end. The company secured $5 million through unsecured loan notes from Equator Capital Management, with options issued to investors to further incentivize participation. Discussions with Wyloo Consolidated Pty Ltd have resulted in the loan notes becoming unsecured, reflecting ongoing support from key stakeholders.

Operationally, Hastings maintained a Total Recordable Injury Frequency Rate of zero, underscoring its commitment to safety. The company also received dividend income and tax refunds related to its 21.5% stake in Neo Performance Materials, a TSX-listed rare earths processor, providing additional financial flexibility.

Leadership Strengthening Project Execution

To drive the next phase of development, Hastings appointed Peter Phan as Project Director for Yangibana. Phan brings extensive experience managing large-scale mining projects, including the $3 billion Ashburton Channel Iron Deposits Stage 1 development. Additionally, Bella Luntungan joined as General Manager Finance, bringing two decades of financial and operational expertise from ASX and TSX-listed mining companies.

These leadership appointments signal Hastings’ intent to accelerate project delivery and capitalize on the growing demand for rare earth elements critical to electric vehicles, renewable energy, and advanced technologies.