Hastings Technology Metals (HAS) Q3 2025 TU earnings summary

Executive summary

• Entered exclusive, non-binding term sheet for a 60:40 unincorporated joint venture with Wyloo for the Yangibana Rare Earths and Niobium Project, with Wyloo as manager and operator and option to increase to 70%.

• All Exchangeable Notes owing to Wyloo cancelled and debt repaid early, ahead of October 2025 maturity.

• Hastings retains 40% share of project revenue and cash flows, and 100% ownership of Brockman Heavy Rare Earths and Ark Gold tenements.

• $2.6 million raised in March 2025 via private placement; $6.6 million in cash and cash equivalents as of 31 March 2025.

Financial highlights

• $2.6 million raised through private placement to existing shareholders and new investors in March 2025.

• $6.6 million in cash and cash equivalents at quarter end.

• Cash outflows for exploration and evaluation: $0.7 million; project development: $2.4 million; directors' fees and consulting: $227,175.

Outlook and guidance

• Yangibana Project fully permitted and positioned to meet rare earth supply gap driven by electric vehicles and wind turbines.

• Project to be developed in two stages, with initial focus on mine and beneficiation plant producing 37,000 tonnes per annum of mixed rare earth concentrate.

• Downstream processing opportunities, including hydrometallurgical plant, under assessment.