Updated DFS Confirms De-Risked Pathway to Production

• Robust project economics confirmed with $649M NPV8 and 34% IRR
• Open pit mining and flotation process plant producing rare earth concentrate
• 19-year mine life fully supported by Ore Reserve
• $333.4M capital cost with a 2.4-year payback
• Infrastructure including accommodation village and airstrip already delivered

Hastings Technology Metals Ltd has updated its Definitive Feasibility Study (DFS) for Stage 1 of the Yangibana Rare Earths and Niobium Project, confirming robust project economics. The study highlights a pre-tax NPV8 of $649 million, a 34% Internal Rate of Return (IRR), and a 2.4-year payback period. Stage 1 involves open pit mining and a mineral beneficiation plant producing rare earth concentrate. The project is supported by a 19-year mine life fully underpinned by an Ore Reserve of 20.93 Mt at 0.90% TREO. Infrastructure including a 294-room accommodation village, airstrip, and main access road is already delivered. The total Stage 1 capital cost is estimated at $333.4 million, with all key permits and environmental approvals secured.

Pre-tax NPV8 of $649 million, 34% IRR, 2.4-year payback, $333.4M capital cost

Hastings is progressing towards Final Investment Decision (FID) with the updated DFS, aiming to commence production and cash flow while preserving optionality for downstream processing.