Hastings Technology Metals has completed the sale of its gold assets, distributed shares to shareholders, and strengthened its rare earths project through a joint venture and a new US partnership.
- Gold portfolio sold to Metal Bank Ltd with in-specie share distribution
- Yangibana Rare Earths Project fully integrated under Wyloo joint venture
- Strategic partnership with Ucore Rare Metals to supply US processing facility
- Settlement of $7.4 million to Wyloo and sale of Neo shares for $14.6 million
- New metallurgical test work agreement targets value uplift at Yangibana
Gold Asset Divestment and Shareholder Value
Hastings Technology Metals has taken a decisive step in refining its strategic focus by completing the sale of its gold assets, including the Whiteheads, Ark, and Darcy projects, to Metal Bank Ltd. Finalised in early December 2025, the transaction was followed by an in-specie distribution of approximately 160 million Metal Bank shares to Hastings shareholders, allowing them to maintain direct exposure to the gold assets’ future upside under dedicated management.
This move not only streamlines Hastings’ portfolio but also returns value to shareholders, with the distributed shares valued at around $3.36 million at the time of transfer, representing a notable uplift from the initial deal valuation.
Yangibana Joint Venture Integration and Project Development
The company’s core rare earths asset, the Yangibana Project in Western Australia, is now fully managed under a joint venture with Wyloo Consolidated Investments, which holds a 60% stake. The December quarter saw the integration of technical teams and a focus on optimising the mine plan to maximise value. Early engineering and construction works progressed, benefiting from Wyloo’s project delivery expertise, which has significantly de-risked the development pathway.
Ongoing efforts to enhance mineral recovery and optimise capital and operating expenditures position the project well for upcoming discussions with government bodies and financiers, underscoring Hastings’ commitment to advancing this world-class rare earths resource.
Strategic North American Partnership
In a notable development, Hastings, Wyloo, and Ucore Rare Metals Inc. have entered a Heads of Agreement to explore supplying Yangibana’s rare earth concentrate to Ucore’s planned solvent extraction facility in Louisiana, USA. This collaboration aligns with broader US-Australia critical minerals initiatives aimed at securing supply chains for essential materials.
For Hastings, this partnership opens a potential direct channel into the US magnet materials market, diversifying offtake options and enhancing the project’s strategic value amid rising global demand for rare earth elements, particularly neodymium-praseodymium (NdPr) oxides used in electric vehicles and renewable energy technologies.
Financial Position and Corporate Updates
Financially, Hastings has strengthened its position by settling $7.4 million to Wyloo, completing its obligations under the joint venture agreement. The sale of its remaining Neo Performance Materials shares for $14.6 million further bolstered working capital, ending the quarter with $5.5 million in cash.
Management changes accompanied the gold asset divestment, with former COO Tim Gilbert appointed CEO of Metal Bank Ltd, and Hastings’ Executive Chairman Charles Lew joining Metal Bank’s board, ensuring continued strategic oversight of the gold portfolio.
Innovation and Market Outlook
Post-quarter, Hastings signed a technical services agreement with Enuo to conduct advanced metallurgical test work aimed at improving recovery of high-value by-products such as niobium. This initiative could enhance the project’s economics and expand downstream processing opportunities.
Market dynamics remain favourable, with NdPr oxide prices surging close to USD 100/kg, driven by supply constraints and growing demand for secure, non-Chinese sources. Niobium offers a stable price foundation and emerging growth potential in battery materials, complementing Hastings’ diversified rare earth portfolio.
Bottom Line?
With gold assets divested and rare earths development accelerating, Hastings is poised for a pivotal year as it deepens its US ties and advances Yangibana’s path to production.
Questions in the middle?
- How will the Ucore partnership impact Hastings’ rare earths offtake and revenue streams?
- What are the timelines and financing plans for Yangibana’s next development stages?
- How might metallurgical improvements affect project economics and product mix?