Hastings Technology Metals (HAS) investor relations material

Strategic positioning and project overview

• Transitioning to a mine-to-market rare earths producer with near-term revenue from a 49% stake in a fully permitted Thai hydrometallurgical plant, targeting first production in Q4 2026 and cash flow generation shortly after.

• The Yangibana JV project in Australia holds the country's highest-grade NdPr resource, with a 37% average NdPr:TREO ratio, a 20.9Mt ore reserve, and a minimum 17-year mine life.

• Over A$160M invested in Yangibana, which is fully permitted and shovel-ready, with a staged ramp-up plan for the Thai plant from 6,000 tpa to 12,000 tpa MREC output.

• The Thai plant is designed for feedstock flexibility, accepting monazite concentrates from multiple sources, and is supported by a binding offtake agreement for African monazite.

• Advanced discussions are ongoing with oxide separation customers in the US, Europe, and Asia, broadening market access.

Thai MREC processing plant and economics

• The Kabin Buri facility in Thailand is a modular, fully permitted hydromet plant with initial 6,000 tpa MREC output, expanding to 12,000 tpa in Year 2 after a US$3M upgrade.

• The plant's process offers high feedstock flexibility, redundancy, and low capital intensity, with MREC chloride flake commanding a ~27% price premium over carbonate equivalents.

• Year 1 gross revenue is projected at US$53.4M (100%), with a 49% pre-tax profit share of US$10.6M; Year 2 profit share rises to US$21.5M as capacity doubles.

• The plant benefits from Thailand's BOI promotion, targeting up to 13 years of corporate tax exemption, import duty exemptions, and full foreign ownership rights.

• African monazite feedstock secured under a binding offtake, with first shipment for commissioning in late May 2026.

Yangibana project details and competitive positioning

• Yangibana's 37% NdPr:TREO ratio is among the highest globally, producing more magnet-critical material per tonne than most peers.

• The project is fully permitted, with all regulatory approvals and significant capital already deployed.

• Peer comparison highlights Yangibana's superior NdPr:TREO ratio versus other major global rare earth projects.

• The JV structure gives 40% revenue and cash flow interest, with Wyloo seeking to sell its 60% stake amid strong market interest.

• Active work programs are underway to maximize value across NdPr, niobium, and HREE recovery pathways.