Hastings Technology Metals (HAS) Status Update summary

Asset portfolio and recent developments

• Focus on two primary assets: Yangibana rare earths (JV with Wyloo) and Whiteheads Gold in Kalgoorlie.

• Yangibana JV is 60% Wyloo, 40% Hastings, with equal management and marketing representation.

• Whiteheads Gold acquisition aims for rapid monetization and cash flow, leveraging existing infrastructure.

• Brockman and Ark Gold assets offer further exploration and monetization potential.

Yangibana project status and outlook

• Fully permitted, 17-year mine life, 30Mt resource, 21Mt reserves; $158M spent on infrastructure.

• JV with Wyloo cancels $120M exchangeable note, de-risking the project and leveraging Wyloo's technical/financial strength.

• Remaining capex is $289–316M; FID targeted within 12 months, with first production expected Q4 2027.

• Project economics: post-tax NPV $865M, IRR 31%, annual EBITDA $250M, LOM free cash flow $3.3B.

• Offtake agreement with ThyssenKrupp covers two-thirds of output, supporting project finance.

Whiteheads Gold project and gold strategy

• Acquisition cost: $370K cash, 3M shares, plus up to $800K contingent on resource milestones.

• Historic high grades (up to 49g/t) and proximity to four processing plants enable fast-track production.

• Initial target: 5,000oz reserve, with potential for 50,000oz across three prospects.

• Open-pit mining, contractor model, and existing infrastructure minimize capex and accelerate cash flow.

• Gold price assumptions are conservative, ensuring profitability at lower price points.