• Binding term sheet signed to acquire 49% of a fully permitted hydrometallurgical plant in Thailand
• Secured African monazite concentrate feedstock under a 2-year offtake agreement
• Thailand plant targeting first MREC production in Q4 2026, ahead of Yangibana project

Hastings Technology Metals has signed a binding term sheet to acquire a 49% interest in a fully permitted hydrometallurgical plant in Kabin Buri, Thailand from Enuo Holdings. The plant has a current capacity of 6,000 tpa MREC output, expandable to 36,000 tpa from 2028. The total consideration is capped at US$15M, structured primarily as Hastings shares and production-contingent deferred payments. The acquisition establishes Hastings as a near-term MREC production hub, with the plant targeting first production in Q4 2026, ahead of the company's Yangibana project. Hastings has also executed a Framework Offtake Agreement with Enuo for the supply of a minimum 5,000 tpa of African-sourced monazite concentrate (≥54% TREO) to the Thailand plant. Hastings has also signed a Technical Services and Research Agreement with Enuo to undertake targeted metallurgical and beneficiation test work on ore from the Yangibana and Brockman projects, with a focus on optimising rare earth and niobium recovery.

Unaudited management estimates project Year 1 revenue of US$53.4M and pre-tax profits of US$21.6M (Hastings' 49% interest: US$10.6M). Following a planned 5,000 tpa input capacity expansion, production is expected to scale to 12,000 tpa MREC output from Year 2, with projected annual revenue of US$106.8M and pre-tax profits of US$43.8M (Hastings' 49%: US$21.5M).

The acquisition of the Thai hydromet plant establishes Hastings as a near-term MREC production hub, with first production targeted for Q4 2026 using African monazite concentrate feedstock. This positions the company to generate cash flow ahead of the Yangibana project coming online. Hastings is also progressing the technical and commercial development of its Yangibana and Brockman projects in parallel.