Hastings Technology Metals (HAS) H1 2026 earnings summary

Executive summary

• Completed Yangibana Project transaction with Wyloo, transitioning to a 40% joint venture interest and reducing funding obligations.

• Exited gold asset exposure by disposing of Whiteheads, Ark, and Darcy projects, receiving Metal Bank Limited shares and distributing them to shareholders.

• Raised $6.6 million in equity to support operations and project expenditure.

• No dividends declared or paid for the period.

Financial highlights

• Net loss after tax of $2,210,478 for the half-year, a significant improvement from a $164,107,405 loss in the prior period, which was impacted by impairments and finance costs.

• Total comprehensive gain of $2,195,099, compared to a loss of $165,151,705 in the previous year.

• Cash and cash equivalents increased to $4,925,067 as of 31 December 2025, up from $688,219 at 30 June 2025.

• Total assets decreased to $104,591,712 from $222,767,205, reflecting the joint venture transaction.

• Total liabilities reduced to $12,346,965 from $137,259,139, mainly due to cancellation of Exchangeable Notes.

Outlook and guidance

• Additional funding required to progress Yangibana Project to Final Investment Decision (FID) within the next 12 months.

• Joint venture structure with Wyloo expected to improve project bankability and financing terms.

• Ongoing discussions with investment banks and potential strategic partners for future capital raisings and funding.

• Non-binding agreement with Ucore Rare Metals Inc. for potential supply and processing partnership in North America.