How Hastings’ 60:40 JV with Wyloo Could Transform Yangibana’s Future
Hastings Technology Metals has formalized a 60 – 40 unincorporated joint venture with Wyloo for the Yangibana Rare Earths and Niobium Project, significantly reducing capital costs and advancing development. The company also moves to diversify with a conditional acquisition of the Whiteheads Gold Project and appoints Vince Catania as CEO.
- 60, 40 joint venture established between Hastings and Wyloo for Yangibana Project
- Cancellation of Wyloo exchangeable notes and early debt repayment reduces Hastings’ capital burden
- Hastings retains full ownership of Brockman Heavy Rare Earths and Ark Gold projects
- Conditional acquisition of Great Western Gold grants option on Whiteheads Gold Project
- Vince Catania appointed CEO to lead next phase of growth
Strategic Partnership Formalized
Hastings Technology Metals Ltd has taken a decisive step forward by signing a definitive Transaction Agreement with Wyloo Consolidated Investments to establish a 60 – 40 unincorporated joint venture (UJV) for the Yangibana Rare Earths and Niobium Project. This formalizes the earlier non-binding term sheet and positions Wyloo as the UJV manager and operator, holding a 60% interest, while Hastings retains 40%.
The agreement includes the cancellation of all exchangeable notes owed to Wyloo and an early repayment of debt, effectively reducing Hastings’ remaining capital cost exposure by approximately $126 million for its 40% share. This financial restructuring significantly de-risks the project funding and accelerates the pathway to a Final Investment Decision and construction.
Project Development and Niobium Test Work Progress
Development activities at Yangibana continue with a focus on non-process infrastructure and procurement of long-lead equipment. As of June 30, 2025, Hastings has spent 38% of the $474 million total capital budget. Concurrently, niobium test work is advancing, aiming to optimize recovery rates and confirm the potential for a saleable niobium pentoxide by-product, which would add further value to the project’s economics.
Portfolio Expansion with Gold Acquisition
In a strategic diversification move, Hastings executed a conditional binding term sheet to acquire all shares in Great Western Gold Pty Ltd, which holds an option to acquire a 75% interest in the Whiteheads Gold Project near Kalgoorlie. This acquisition complements Hastings’ existing gold tenements, including the Ark and Darcy projects, signaling the company’s ambition to evolve into a multi-commodity producer encompassing rare earths, niobium, and gold.
Leadership and Financial Position
Vince Catania, previously General Manager Corporate and a key negotiator of the joint venture, has been appointed CEO, underscoring Hastings’ commitment to advancing Yangibana and its broader portfolio. The company reported $1.7 million in cash at quarter-end, bolstered by a $3.6 million placement in July, providing a modest runway as it transitions into the next development phase.
Operationally, Hastings maintained a strong safety record with zero total recordable injuries and continued environmental compliance activities. The company also undertook right-sizing of its workforce to align with its evolving operational status and joint venture arrangements.
Looking Ahead
With the joint venture agreement in place and the gold acquisition underway, Hastings is strategically positioned to leverage Wyloo’s technical and financial expertise while reducing its capital risk. The next milestones will include progressing the Final Investment Decision for Yangibana and advancing exploration and development at Whiteheads, setting the stage for a diversified growth trajectory.
Bottom Line?
Hastings’ joint venture with Wyloo and gold acquisition mark a pivotal shift towards funding certainty and multi-commodity growth, but execution risks remain as development accelerates.
Questions in the middle?
- How will Wyloo’s role as UJV operator influence project timelines and cost management?
- What are the key conditions and timelines for completing the Whiteheads Gold Project acquisition?
- How will Hastings manage funding requirements beyond the current cash and placement proceeds?
