| Announcement Date: | 2022-02-21 |
|---|---|
| Announcement Type: | Feasibility Study |
| Announcement Code: | JORC |
| Company name: | Hastings Technology Metals Ltd. |
| Project name: | Yangibana |
| Location: | Australia |
| Commodities: | Rare Earth |
| Highlight: | DFS results incl. post-tax NPV (8%) of A$1.012B & IRR of 26% |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | Australia’s next rare earths producer, Hastings Technology Metals Ltd (ASX: HAS) (Hastings or the Company) is pleased to announce significant progress on, and improved project economics for, its Yangibana Rare Earths Project (Yangibana), in Western Australia’s Gascoyne region. The updated project economics, based on a Definitive Feasibility Study (DFS) completed by Hastings in 2017 and revised in late 2021, follows an extensive and comprehensive review period, extending over three years, which has sought to de-risk project execution, optimise the flowsheet and enhance project economics. Key to this process was validating the capex required to bring Yangibana into operation considering the current inflationary environment and tightening labour market in Western Australia. Following this review period, the management team now have a high degree of confidence in the quantum of capital required and are proceeding to finalise funding arrangements for Yangibana ahead of proposed commencement of plant construction activities forecast to commence in H2 2022. The $20 million early works program to deliver the core site infrastructure at Yangibana is underway with plant and personnel achieving good progress to date. |
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