Updated DFS Confirms De-Risked Pathway to Production Revised

• Robust project economics confirmed for Stage 1 with a pre-tax NPV8 of $649 million, 34% IRR, and a 2.4-year payback.
• Low-risk open pit mining operation and whole-of-ore flotation process with 85.7% TREO recovery.
• Substantial free cash flow with average EBITDA of A$108 million per annum and total LOM EBITDA of A$2,037 million.
• Low-cost operating profile with an average LOM cash operating cost of A$162.21/t ROM.
• Fully permitted project with environmental and statutory approvals secured.

Hastings Technology Metals Ltd (ASX: HAS) has released an updated Definitive Feasibility Study (DFS) for Stage 1 of the Yangibana Rare Earths and Niobium Project in Western Australia. The DFS confirms robust project economics, including a pre-tax NPV8 of $649 million, a 34% IRR, and a 2.4-year payback period. The project involves conventional open pit mining and a beneficiation plant producing rare earth concentrate. Key highlights include a 19-year mine life fully underpinned by Ore Reserves, a low-cost operating profile, and substantial infrastructure already delivered. The project is held through the Yangibana Joint Venture (YJV) between Wyloo (60%) and Hastings (40%). The updated DFS supports the YJV's progression towards a Final Investment Decision (FID).

Pre-tax NPV8 of $649 million, 34% IRR, and a 2.4-year payback period.

The project is well-positioned to become Australia's next rare earth producer, with a short runway to production and compelling economics.