Announcement PDF 28 April 2025 QUARTERLY ACTIVITIES REPORT FOR THE PERIOD ENDED 31 MARCH 2025 HIGHLIGHTS • Hastings and Wyloo have signed an exclusive, non-binding term sheet to enter into an Unincorporated Joint Venture (“UJV”) for the Yangibana Rare Earths and Niobium Project (“Yangibana Project” or the “Project”) 1. • Key commercial terms include: o 60:40 UJV with Wyloo holding a 60% participating interest and Hastings’ wholly owned subsidiary, Yangibana Jubilee Pty Ltd (“YJPL”) holding a 40% participating interest. o Cancellation of all Exchangeable Notes owing to Wyloo and early repayment of debt in full ahead of maturity in October 2025. o Hastings retains a 40% share of revenue (rare earth, niobium and other by-product credits) and Project cash flows. o UJV includes both Stage 1 of the Yangibana Project and Stage 2 Hydrometallurgical Plant. o Wyloo will act as the UJV Manager and Operator with an option to increase its participating interest to 70%. • Wyloo brings established technical and financial credentials and the UJV provides a credible path to funding and development with the potential for significant job and economic opportunities for the Gascoyne region. • Significantly reduced remaining capital cost of $126m for Hastings’ 40% interest and residual equity of $32 million assuming 50:50 project gearing structure. • Hastings will retain 100% of the Brockman Heavy Rare Earths Project, and Ark Gold tenements. • $2.6 million raised in March 2025 through private placement to existing shareholders and new investors 2. • $6.6 million in cash and cash equivalents as at 31 March 2025. Hastings Technology Metals Ltd (ASX:HAS) (“Hastings” or “the Company”), is pleased to report on its development, corporate, and exploration activities for the three-month period ended 31 March 2025. 1 2 Refer ASX Announcement “Hastings Yangibana project in 60 / 40 JV with Wyloo” dated 20 February 2025 Refer ASX Announcement “Proposed Issue of Securities” dated 21 March 2025 Page 1 of 8 CORPORATE & SUSTAINABILITY Health and Safety A Total Recordable Injury Frequency Rate of 0.00 was maintained for the quarter. Environment The quarter represented a peak period of environmental statutory reporting and compliance initiatives. This included ongoing environmental monitoring and statutory reporting in accordance with regulatory approvals, and initiatives to support future phases of planning and site activities. Annual reporting was completed across a range of approvals instruments, including environmental licence under Part V of the Environmental Protection Act; implementation of conditions under the Environmental Protection and Biodiversity Conservation (“EPBC”) Act; and annual environmental reporting and related Mine Rehabilitation Fund (“MRF”) reporting. An update to the existing Yangibana Works Approval under Part V of the Environmental Protection Act was finalised, and the Department of Water and Environmental Regulation (“DWER”) granted this licence amendment in February 2025. Ongoing activities include statutory reporting, implementing on-site compliance monitoring and rehabilitation, regulatory stakeholder dialogue, and supporting preparation for next phase of site implementation. JOINT VENTURE WITH WYLOO FOR YANGIBANA During the quarter, Hastings executed an exclusive non-binding term sheet with respect to a UJV with Wyloo on the Yangibana Project. The UJV with Wyloo involves the establishment of a strategic partnership between Hastings and Wyloo, through which the parties will jointly own and participate in the Yangibana Project as follows: a. Wyloo – 60% participating interest in the UJV, UJV manager and operator; and b. YJPL (Hastings) – 40% participating interest in the UJV with pro-rata representation on the UJV management committee. Page 2 of 8 Figure 1 Wyloo and Hastings teams (left to right): Teck Lim (Chief Financial Officer – Hastings), Vince Catania (General Manager Corporate – Hastings), Luca Giacovazzi (Chief Executive Officer – Wyloo) and Joel Turco (Chief Development Officer – Wyloo). As part of the joint venture transaction, the parties executed a share purchase agreement (“SPA”) pursuant to which Hastings will sell to Wyloo 8,350,311 shares held in Neo Performance Materials Inc. (“Neo”), representing an approximate 19.99% interest in Neo (“Transferred Neo Shares”). The Transferred Neo Shares have a value of A$79.8m 3, which was paid to Wyloo by way of a set-off against the outstanding amount of the Exchangeable Notes. Security over the Transferred Neo Shares has been released and these shares have been transferred to Wyloo and Exchangeable Notes of the corresponding value have been cancelled. Hastings’ portfolio of assets and tenements post completion is set out in Figure 2 below. This includes 40% JV participating interest in Stage 1 of the Yangibana Project and 40% of the Stage 2 downstream Hydrometallurgical Plant Project. In addition, Hastings will retain 100% of the Brockman Niobium and Heavy Rare Earths Project, Ark Gold and exploration tenements. 3 Converted at an AUD/CAD exchange rate of 0.9025 Page 3 of 8 Figure 1 Group Structure FUNDING Placement In March 2025, the Company issued 8,281,250 ordinary fully paid shares, raising $2.6 million to fund working capital requirements. Hastings’ Executive Chairman, Mr Charles Lew, participated in the issue to the extent of 801,250 shares which will require shareholder approval at the next shareholders meeting 4. Partial Cancellation of Exchangeable Notes Exchangeable Notes issued to Wyloo in October 2022 have been partially cancelled. A reduction in face value of the Exchangeable Notes equal to the value of the Neo share purchase price of A$ 79,848,403 (C$72,063,184) security over the Transferred Neo Shares (8,350,311 shares) has been released. Upon Wyloo earning a 60% participating interest in the UJV over the Project, security over the remaining 623,816 shares (1.49%) will be released and Hastings will settle the value of those shares via cash payment to Wyloo, and the balance of the Exchangeable Notes will be completely cancelled. Hastings has the flexibility to meet the final payment of A$6.0m by selling the remaining 623,816 Neo shares held (current market value of A$6.0m). 4 Refer ASX Announcement “Proposed issue of securities” dated 21 March 2025 Page 4 of 8 YANGIBANA PROJECT DEVELOPMENT Development Activities As at 31 March 2025, 33% of the Yangibana Project’s budget remains spent to date. Main activities are for non-process infrastructure and long-lead equipment for the beneficiation plant. o o o $474 million $158 million (as at 31 March 2025) $315 million (including contingency of $27 million) Total Capital Cost Budget Capital Expenditure Spent to Date Remaining Capital Cost Budget Yangibana - Updated Capital Cost Estimate Capital cost A$m % Processing Plant & NPI 201.0 42% Enabling Works 5 114.1 24% Subtotal - Direct Capital Cost 315.1 67% Hastings Project Management 50.2 11% Other Indirects 6 81.3 17% Subtotal - Indirect Capital Cost 131.5 28% Contingency/Reserve 26.9 6% Total Capital Cost 473.5 100% Incurred to 31-Dec-24 158.2 33% Processing Plant & NPI Enabling Works Remaining (incl. contingency) 315.3 67% Hastings Project Management Other Indirects 6% 17% 42% 11% 24% Contingency NIOBIUM AND PROCESSING TEST WORK The first stage of test work was successfully completed in a certified laboratory with outstanding results upgrading the ore (0.41%, Nb2O5) to produce a concentrate with a grade of 50.59% Niobium Pentoxide (Nb2O5). The "end of test" flow sheet consisted of grinding the ore to P80=0.074mm, gravity separation to remove slimes, Low Intensity Magnetic Separators to remove iron and High Intensity Magnetic Separators to remove silicates and then flotation consisting of a rougher and 4 stage cleaner flotation. Recovery was relatively low, as expected, during the trial process and the next stage of test work will focus on increasing Nb recovery through optimising pre-concentration steps, optimising flotation conditions and flotation flowsheet configuration. Hastings is confident that additional Nb2O5 will be added to the Yangibana resource and into reserve following this successful test work and outstanding results, and that a saleable niobium pentoxide byproduct is achievable from Yangibana ore. 5 6 Enabling works - represents: equipment, roads, aerodrome, village, borefields construction Other indirects - represents: fuel, accommodation, IT & comms, health & safety, consultants, insurances and other Page 5 of 8 Management Update Mr Teck Lim resigned from his role as Chief Financial Officer of Hastings and provided support on a consultancy basis until 24 April 2025. During his tenure, Mr Lim was involved with the development of an integrated processing strategy, downstream development opportunities in Saudi Arabia, and the Joint Venture with Wyloo. The Board thanks Mr Lim for his contribution and wishes him all the best in his future endeavours. Quarterly Expenditure During the quarter, the Company had cash outflows on exploration and evaluation costs of $0.7 million, and cash outflows for project development of $2.4 million. $227,175 was paid in respect of directors’ fees, salaries, and consulting fees. Hastings had $6.6 million in cash and cash equivalents as of 31 March 2025. Authorised by the Board for release to the ASX. FOR FURTHER INFORMATION CONTACT: Charles Lew Executive Chairman +65 6220 9220 Vince Catania General Manager, Corporate +61 408 230 277 MEDIA ENQUIRIES: Matt Worner VECTOR Advisors +61 429 522 924 mworner@vestoradvisors.au Page 6 of 8 ABOUT HASTINGS TECHNOLOGY METALS LIMITED Hastings Technology Metals Limited is a Perth-based rare earths company focused on the development of its 100% owned Yangibana Rare Earths and Niobium Project. Located in the Gascoyne region of Western Australia, the Yangibana Project contains one of the most highly valued deposits of NdPr in the world with an NdPr to Total Rare Earth Oxide ratio of up to 52% in some areas of the orebody. With an initial mine life of 17 years, the Yangibana Project will become a globally significant source of NdPr, a critical component in the manufacture of permanent magnets used in advanced technology products including electric vehicles, renewable energy, humanoid robotics, and digital devices. The Yangibana Project is fully permitted for immediate development and is well-timed to meet the forecast supply gap for rare earth elements accelerated by the growth in electric vehicles and wind turbines, both vital for the global energy transition. It will be developed in two stages with an initial focus on the construction of the mine and beneficiation plant to produce 37,000 tonnes 7 per annum of mixed rare earth concentrate. Hastings continues to assess downstream processing opportunities including the development of a hydrometallurgical plant to capture more of the rare earth value chain. Hastings recognises in its geological model and mine plan the potential for a multi-commodity recovery process stream which underpins the economic recovery of rare earth minerals and associated critical minerals like ferro-columbite, and hafnium-enriched zircon. For more information, please visit www.hastingstechmetals.com FORWARD LOOKING STATEMENTS This release contains reference to certain intentions, expectations, future plans, strategies and prospects of the Company. Those intentions, expectations, future plans, strategies and prospects may or may not be achieved. They are based on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warranty, express or implied, is made by the Company, or any of its directors, officers, employees, advisers, or agents that any intentions, expectations, or plans will be achieved either totally or partially or that any particular rate of return will be achieved. Given the risks and uncertainties that may cause the Company’s actual future results, performance, or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations, future plans, strategies and prospects. The Company does not warrant or represent that the actual results, performance, or achievements will be as expected, planned or intended. The Company is under no obligation to, nor makes any undertaking to, update or revise such forward looking statements, but believes they are fair and reasonable at the date of this release. Hastings confirms that all material assumptions underpinning the forecast financial information and production targets in the ASX releases dated 31 May 2023 and 15 February 2024 continue to apply and have not materially changed. In addition, production targets and forecast financial information are based on Ore Reserves and Mineral Resources (Measured and Indicated), and no inferred mineral resources nor exploration information is included. 7 Page 7 of 8 APPENDIX – MINING TENEMENTS HELD YANGIBANA PROJECT Gascoyne Metals Pty Ltd (70%) / Yangibana Pty Ltd (30%) Tenement Locality Status E09/2296 WA Live E09/2298 WA Live E09/1703 WA Live E09/1704 WA Live E09/1705 WA Live E09/1706 WA Live E09/2333 WA Live M09/0159 WA Live M09/0161 WA Live M09/0163 WA Live G09/0011 WA Live G09/0013 WA Live Yangibana Jubilee Pty Ltd (100%) Tenement G09/0017 G09/0018 G09/0020 G09/0021 G09/0022 G09/0026 G09/0027 G09/0028 L09/0093 L09/0095 L09/0096 L09/0097 M09/0158 M09/0162 M09/0176 M09/0178 E09/1700 E09/1943 E09/1944 E09/2018 Locality WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA Status Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Gascoyne Metals Pty Ltd (100%) Tenement E09/1989 E09/2007 E09/2084 E09/2086 E09/2095 E09/2129 E09/2137 E09/2334 E09/2364 E09/2403 E09/2404 G09/0010 G09/0014 G09/0023 G09/0024 G09/0025 G09/0029 L09/0066 L09/0067 L09/0068 L09/0069 L09/0070 L09/0071 L09/0072 L09/0074 L09/0075 L09/0080 L09/0081 L09/0082 L09/0083 L09/0085 L09/0086 L09/0087 L09/0089 L09/0091 M09/0157 M09/0179 Locality WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA WA Status Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live Live BROCKMAN PROJECT ARK GOLD PROJECT Hastings Technical Metals Ltd (100%) Hastings Technical Metals Ltd (100%) Tenement E80/5248 P80/1626 P80/1628 P80/1629 P80/1630 Locality WA WA WA WA WA Status Live Live Live Live Live Tenement E09/2385 E09/2399 Page 8 of 8 Locality WA WA Status Live Live