• Acquisition of Hydromet Plant progressing, targeting first MREC production in Q4 2026
• Proven 7-stage caustic cracking process to convert 5,000 tpa Monazite Concentrate into 6,000 tpa premium MREC flakes
• Expansion to 12,000 tpa MREC output planned for Year 2, generating strong cashflows

Hastings Technology Metals Ltd (ASX: HAS) provides a comprehensive overview of its proprietary caustic-leach hydrometallurgical process flowsheet for the Kabin Buri Hydromet Plant in Thailand. Following the announcement of a Framework Offtake Agreement with Enuo Holdings Pte Ltd for the supply of African Monazite Concentrate, the Company now presents the complete operating model underpinning the pathway to first Mixed Rare Earth Chloride (MREC) flake production, targeted for Q4 2026. The Hydromet Plant represents a strategic step for Hastings, establishing a near-term downstream revenue stream that complements the Yangibana Rare Earths and Niobium Joint Venture Project in Western Australia. The proven seven-stage caustic cracking and hydrochloric acid leaching process converts 5,000 tpa of Monazite Concentrate (≥54% TREO) input into 6,000 tpa of premium-grade MREC flakes at Phase 1 nameplate output. An expansion to 12,000 tpa MREC output is planned for Year 2, generating strong cashflows. The Hydromet Plant's location in Thailand's Eastern Economic Corridor is expected to deliver materially lower unit costs relative to Western jurisdictions.

Year 1 revenue is projected at US$53.40M generating estimated pretax profits of US$21.6M (US$10.6M based on Hastings' 49% interest). Following the planned 5,000 tpa input capacity expansion, production scales up to 12,000 tpa MREC output from Year 2, with annual revenue projected at US$106.8M and pretax profits of US$43.8M (Hastings' 49% = US$21.5M).

The Hydromet Plant is progressing through final pre-commissioning milestones, with commissioning targeted for completion by June 2026 and first MREC flake production expected in Q4 2026. The Company is advancing plans for a Phase 2 expansion to 12,000 tpa MREC output, and a Phase 3 scale-up to 36,000 tpa MREC production.