Hastings Technology Metals (HAS) Q1 2026 TU earnings summary

Executive summary

• Completed formation of the Yangibana Unincorporated Joint Venture (UJV) with Wyloo, with Wyloo acquiring a 60% interest and assuming management of the project, significantly de-risking development and funding.

• Cancelled $123 million in Exchangeable Notes owed to Wyloo, eliminating all related debt and improving the capital structure.

• Acquired the Whiteheads gold project and subsequently entered a binding agreement to sell the entire gold portfolio to Metal Bank Ltd, sharpening focus on rare earths and niobium.

• Conducted a successful North American engagement tour, elevating project profile and attracting investor and government interest.

Financial highlights

• Cash outflows for the quarter: $0.4 million on exploration, $1.3 million on project development, and $0.15 million on directors' fees and salaries.

• Cash and cash equivalents at 30 September 2025: $0.8 million.

• Post quarter-end, sold Neo Performance Materials Inc shares for $14.6 million and raised $2.1 million via ATM facility.

Outlook and guidance

• Updated capital and operating cost estimates for the Yangibana Project expected in coming quarters.

• Operating cash outflows expected to decrease as Wyloo funds 60% of ongoing project expenditure under the UJV.

• Focus to remain on advancing Yangibana and Brockman projects following gold asset divestment.