Hastings Technology Metals (HAS) AGM 2024 summary

Opening remarks and agenda

• Acknowledged traditional owners of the land, welcomed stakeholders, and outlined AGM procedures, including a Q&A session.

• Paid tribute to a recently lost staff member and recognized team contributions.

• Introduced board members and senior management, emphasizing the "One Dream, One Team" culture.

• Chairman Charles Lew delivered the opening address, followed by a corporate video and management presentation.

Financial performance review

• Total capital expenditure to date is AUD 223 million, with AUD 156 million on project costs and AUD 67 million on hydrometallurgical plant equipment.

• CapEx was reduced by AUD 56 million to AUD 474 million, with one-third of project CapEx completed.

• Post-tax NPV11 stands at AUD 865 million, IRR at 31.3%, and payback period of 3.4 years.

• Average annual EBITDA projected at AUD 258 million, with net revenue over mine life at AUD 9,639 million.

• $15.8 million rights issue and $50 million At-the-Market facility secured for working capital.

Board and executive committee updates

• Peter Phan appointed as Project Director, bringing 30 years of mining project experience.

• Board changes include JC taking over as head of the project review committee and Dr John McGarva as Neo's Board nominee.

• Remuneration structure was right-sized, reducing total salaries by 40%.

• Board comprises Charles Lew (Executive Chairman), Guy Robertson, Jean Claude Steinmetz, Neil Hackett, and Mal Randall.