• Establishes a southeast Asian processing hub for rare earth feedstock
• Potential 30,000 tpa of MREC capacity following ramp-up
• Thailand offers lower operating costs, logistics advantages, and potential tax incentives

Hastings Technology Metals Ltd (ASX: HAS) has executed a binding Term Sheet with Enuo Holdings Pte Ltd to acquire a fully-permitted hydrometallurgical Mixed Rare Earth Chloride (MREC) processing facility in Kabin Buri, Thailand. The total consideration is capped at US$15 million, comprising Hastings shares, production-contingent deferred payments, and commissioning costs funded by Enuo. The acquisition provides Hastings with immediate access to a fully permitted hydrometallurgical MREC processing facility in a lower-cost jurisdiction, delivering a capital-efficient pathway to early production and revenue. The partnership with Enuo enables commissioning to commence using Enuo-supplied African monazites, de-risking the route to first revenue ahead of processing third-party feedstock, including potentially that from the Yangibana Rare Earths and Niobium Project. The Thai plant has a potential capacity of 30,000 tpa of MREC following ramp-up, providing significant flexibility to treat multiple feedstocks. Thailand offers lower operating costs, logistics advantages, and potential tax incentives of up to 13 years of corporate tax exemption, subject to approval by the Thailand Board of Investment (BOI).

Targeting initial MREC production of approximately 5,000 tpa in Q4 CY2026, with full ramp-up to 30,000 tpa from third-party feedstock, including potentially Yangibana concentrate.

The acquisition transforms the future of Hastings, establishing a southeast Asian processing hub for rare earth feedstock and providing a capital-efficient pathway to early production and revenue. It positions Hastings to move faster, deploy capital more efficiently, and accelerate its entry into the global rare earth supply chain.