Hastings Technology Metals Ltd. provided the following update on key activities associated with the development of the Yangibana Rare
Earths Project, located in the Upper Gascoyne and Pilbara regions of Western Australia.
Hastings' flagship Yangibana Project (which comprises a mine and beneficiation plant at the Yangibana site, and
a hydrometallurgical plant at Onslow), with an annual production volume of 15,000 tonnes of mixed rare earth
carbonate (MREC) contains one of the most highly valued Neodymium/Praseodymium ("NdPr") deposits in the
world with NdPr:TREO ratio of up to 52% in some areas. The Project is permitted for long-life production and
with offtake contracts signed and debt finance in advanced stage. First shipment of MREC on ship is targeted by
mid-2025, subject to final approvals and completion of funding requirements. Activities at both the Yangibana mine site and Onslow hydrometallurgy plant site were progressively ramped up throughout the last three months to ensure readiness for the start of main construction, anticipated to commence around mid-2023. YANGIBANA ENABLING WORKS: Enabling works commenced in 2022 to build the site infrastructure required to support the workforce and logistics required for the mine development and construction of the beneficiation plant. Significant progress has been made on these activities since December 2022, and the site will be ready for main construction to commence around mid-2023. As of February 2023, early works progress at Yangibana is approximately 70% completed, including: Site Access Road: Construction of 25km access road alignment trafficable with two lanes to connect with shire road network - 80% complete. Kurbilli Accommodation Village: 126 of 300 beds are in place and supplied with power - 80% complete. Yangibana Airstrip: Construction progressed to 80% completion - will allow for up to 70-seater aircraft. Communications: A series of communication towers installed to allow permanent high speed communication with site - 100% complete. Additional enabling works contracts such as the civil works for beneficiation plant area will be awarded in March-23. ONSLOW EARLY WORKS ADVANCED: At February 2023, early works at Onslow represent 25% completion, and included: Completion of the site geotechnical investigation activities to support final earthworks and civil design. Completion of enabling works at the Onslow water bore site, including site earthworks and construction of office establishment. Commitment for accommodation with Discovery Parks for approximately 200 rooms through the 24 months
construction period. RESOURCE AND RESERVES GROWTH STRATEGY: The last few months continued Hastings' long standing track record of expanding the Yangibana JORC Resources and Ore Reserves since the initial drilling occurred in 2014. This can be summarised as follows. An Exploration Target of 40-60Mt at 0.7-1% total rare earth oxides (TREO) for the 2023 exploration program is
currently being scoped. Only 36% of the 66km of potential ironstone veins have been drilled to resource status at
the Yangibana Project. Veins drilled to resource status are shown in green; veins and potential extensions are
shown in orange (Figure 6). Potential is high to identify additional veins once additional geophysics surveys are
flown over peripheral areas.