Announcement PDF Annual Report 2026 | I Annual Report Year ended 30 June 2026 II | Annual Report 2026 Acknowledgement of Country Hastings Technology Metals Ltd acknowledges the Thiin-Mah, Warriyangka, Tharrkari and Jiwarli People, the Traditional Owners of the country on which Yangibana sits, whose continuing partnership we value deeply. We pay our respect to their Elders, past and present, and extend that respect to all Aboriginal and Torres Strait Islander peoples today. We acknowledge the Traditional Custodians on the land in which we operate. Corporate Information ABN 43 122 911 399 Directors Mr Charles Lew (Executive Chairman) Mr Guy Robertson (Executive Director) Mr Malcolm Randall (Non-Executive Director) Mr Jean Claude Steinmetz (Non-Executive Director) Company Secretary Mr Guy Robertson Registered office Level 3, 5 Mill Street Perth WA 6000 Telephone: +61 (8) 6117 6118 Principal place of business Level 3, 5 Mill Street Perth WA 6000 Australia Share register Automic Group Level 5, 191 St Georges Terrace Perth WA 6000 Telephone: +61 1300 288 664 Solicitors Steinepreis Paganin – Perth WA Australia Bankers National Australia Bank – Perth WA Australia Westpac Banking Corporation – Sydney NSW 2000 Australia Auditors RSM Australia Partners Level 32, Exchange Tower 2 The Esplanade Perth WA 6000 Website www.hastingstechmetals.com Securities Exchange Australian Securities Exchange ASX Code: HAS Annual Report 2026 | 1 02 Letter from the Chairman 06 Review of Operations 11 Mineral Resources and Ore Reserves Statement 16 Directors’ Report 23 Remuneration Report (Audited) 36 Corporate Governance Statement 38 Auditor’s Independence Declaration 39 Consolidated Statement of Profit or Loss and Other Comprehensive Income 40 Consolidated Statement of Financial Position 42 Consolidated Statement of Changes in Equity 43 Consolidated Statement of Cash Flows 44 Notes to the Consolidated Financial Statements 88 Consolidated Entity Disclosure Statement 89 Directors’ Declaration 90 Independent Auditor’s Report 94 Additional Shareholder Information 97 Tenement Schedule 2 | | Letter from the Chairman Letter from the Chairman A year of transition and repositioning The year was marked by significant changes to the Group’s asset portfolio and development strategy. The unincorporated joint venture with Wyloo over the Yangibana Rare Earths and Niobium Project was completed in September 2025, with Hastings retaining a 40% participating interest and Wyloo holding the remaining 60% interest and was appointed manager and operator. This reduced the Group’s direct exposure to the future funding requirements of Yangibana while preserving a substantial interest in the Project. During the year, the Company also completed the divestment of its Western Australian gold assets, primarily its Whiteheads Gold Project located in Kalgoorlie to Metal Bank Limited (Metal Bank). On the back of a strong gold price last year, this transaction provides marketable liquidity to our gold assets. It also allows for an independent strategy for developing these assets within a gold focussed ASX listed company thereby not compete for resources within the Group. The Metal Bank shares received as consideration were distributed in specie to eligible Hastings shareholders at the record date of 4 December 2025. Importantly, in March 2026, the Company entered into a binding term sheet with Enuo Holdings Pte Ltd to acquire a 49% interest in a hydrometallurgical processing plant at Kabin Buri, Thailand. The proposed investment enables Hastings to fast track and develop an earlier and more capital-efficient pathway into mixed rare earth chloride production using third-party feedstock, independent of the Yangibana development timetable. Dear Shareholders, It is my pleasure to present Hastings Technology Metals’ Annual Report for the financial year ended 30 June 2026. " " Letter from the Chairman | | 3 Yangibana Joint Venture Completion of the Yangibana unincorporated joint venture on 21 September 2025 followed after shareholderapprovalon30July2025.Asaresult,WylooGascoynePtyLtdholdsa60%participating interest and acts as manager and operator, while Hastings retains a 40% participating interest. At completion, the remaining Wyloo Exchangeable Notes were cancelled and the final cash settlement of $7.363 million was paid. The settlement was principally funded from the sale of the Group’s remaining investment in Neo Performance Materials Inc. for approximately $14.6 million. Completion removed the Exchangeable Note liability from the Group’s balance sheet and reduced Hastings’ direct funding exposure to Yangibana from 100% to 40%. Activity following completion focused on integrating the Hastings and Wyloo technical teams, reviewing the life-of-mine plan and engineering packages, and completing an updated Definitive Feasibility Study for Yangibana Stage 1. The updated study, released after year end on 13 July 2026, reported an estimated initial Stage 1 capital requirement of $333.4 million on a 100% Project basis, a pre-tax net present value at an 8% discount rate of approximately $649 million and an ungeared pre-tax internal rate of return of 34%. The study supports a 19-year mine life based entirely on Proved and Probable Ore Reserves. No Final Investment Decision has been made and development remains subject to securing the required funding. Wyloo subsequently advised that, as part of its broader capital allocation priorities, it intended to divest its 60% participating interest in the Yangibana Project. A sale process commenced in April 2026 and attracted interest from a number of prospective investors. The process has introduced some uncertainty around the timing of the next phase of Project development. As at the date of this letter, Wyloo's sale process remains ongoing, and Hastings continues to engage constructively while considering the implications for the Project and the Company's retained 40% interest. Last October, the joint venture also entered into a non-binding Heads of Agreement with Ucore Rare Metals Inc. to evaluate a potential long-term offtake arrangement for Yangibana concentrate and hydrometallurgical processing options in the United States. Any definitive arrangement remains subject to further technical and commercial evaluation and agreement between the parties. 4 | | Letter from the Chairman Thailand hydrometallurgical plant In the non-China rare earth to magnet supply chain, it is acknowledged that the bottleneck lies in the mid- stream hydrometallurgical processing. Earlier this year, Hastings identified an opportunity in Thailand to invest in a hydrometallurgical processing plant that can be fast tracked to convert third party mineral concentrate into an intermediate chloride product that is suitable for multiple downstream oxides separation customers. In March, we entered into a binding agreement to acquire a 49% interest in this Mixed Rare Earth Chloride ("MREC") hydromet plant at Kabin Buri, located approximately 175 kilometres east of Bangkok within Thailand's Eastern Economic Corridor. The plant is approximately 150 kilometres from the Port of Laem Chabang, providing access to established shipping routes serving customers in the United States, Europe and Asia. Consideration for the acquisition is capped at US$15 million and involves the issue of a total of 23 million new Hastings shares to Enuo at A$0.50 per share and three deferred payments totalling US$5.5 million over a three year period from commencement of production, and a refundable US$0.5 million deposit in the event that the acquisition is not completed. The deferred payments preserves the Company's cash thereby mitigating start up operational risks. Construction work at Kabin Buri has commenced and we are targeting commissioning date of first quarter 2027. A number of major plant equipment has arrived on site and the existing building is being prepared for internal equipment installation and construction work. By securing a foothold in a mineral processing facility of this nature in a low cost jurisdiction, this strategic move has not only significantly cut short the time it would have taken to build the equivalent in Australia but also at a significantly lower capital cost. In the future, when Yangibana comes into production, it serves as a potential supply of concentrate feedstock to Kabin Buri. In the meantime, to support near term feed requirements for Kabin Buri, the Company entered into a framework agreement with Enuo for the supply of African-sourced monazite concentrate. Since announcing the proposed acquisition, the Company has received interest from potential customers and counterparties regarding future MREC supply. This, together with the Company's assessment of the plant economics, supported a review of the proposed initial plant capacity. In July, the Company announced that the proposed initial installed capacity would be doubled to approximately 10,000 tonnes per annum of feed, targeting approximately 12,000 tonnes per annum of MREC output. Following the decision to expand the proposed plant capacity, a number of transaction and implementation workstreams have required revision, including transaction documentation, plant design and contracting arrangements, licence amendments and other applicable approvals. The expanded scope also requires additional funding beyond that originally contemplated. Completion of the acquisition is at an advanced stage. The Company has also initiated an application for investment promotion status with Thailand's Board of Investment. If approved, the promotion may provide a range of investment incentives, including a corporate income tax holiday of between eight and thirteen years, subject to the final approval terms and applicable conditions. These matters remain a key focus for the Board and management as the Company works towards completion and implementation of the revised development plan. Following completion, Hastings will manage and operate the plant in conjunction with Enuo Holdings, its technical partner. Acquisition and Divestment of Whiteheads Gold Project Hastings entered into a binding term sheet to acquire Great Western Gold Pty Ltd (the “Whiteheads Gold Project”) in May 2025 at a modest acquisition cost of $370,000 cash and 3 million HAS shares issued at A$0.30 per share (a combined cost of A$1.27 million). Soon after its completion in August, the Company was presented with an opportunity to divest Whiteheads together with its undeveloped Ark and Darcy gold tenements into Metal Bank, an ASX listed gold focussed junior mining company. Given the timing of this event and the strong uplift in gold price in 2025, the Board agreed to spin out its gold portfolio via an in specie distribution so as to accelerate the development of Whiteheads and not compete for resources if it remains within the Hastings group. Accordingly, the divestment was completed on 5 December 2025. Metal Bank issued 160,022,264 shares to Hastings as consideration for Whiteheads, Ark and Darcy, with a fair value of approximately A$3.20 million at the date of disposal. The shares were subsequently distributed in specie to eligible Hastings shareholders on 11 December 2025 at a ratio of 0.7213 Metal Bank shares for each Hastings share held. The transaction transferred the future funding and management of the gold assets to Metal Bank while enabling eligible Hastings shareholders to retain direct exposure to their future performance. Mr Tim Gilbert, formerly the Company’s Chief Operating Officer, was appointed Chief Executive Officer of Metal Bank and I joined the Metal Bank Board as a Non-Executive Director. 4 | | Letter from the Chairman Letter from the Chairman | | 5 Financial position and funding The Group recorded a net loss after tax of $5.1 million for the year, compared with a loss of $222.1 million in the prior year. The substantial reduction principally reflected the non-recurrence of the significant impairment charges and losses associated with the Exchangeable Notes recognised in the prior year, together with lower finance costs following cancellation of the remaining notes. Net cash outflows from operating activities were $5.1 million. At 30 June 2026, the Group held cash and cash equivalents of $3.7 million and had net current liabilities of $0.2 million. The Company completed several capital raising initiatives during the year and received $3.0 million from the exercise of options. This included the exercise of the Equator attaching options and exercises of listed HASO options before their expiry on 1 May 2026. A $1.0 million strategic placement to Malaco Mining Sdn Bhd was also completed in June 2026. The Group will require additional funding to meet its corporate expenditure, its share of expenditure under the Yangibana joint venture and the costs associated with completing and developing the Thailand plant investment. The financial statements therefore contain a material uncertainty related to going concern. The Directors’ Report and Note 1 to the financial statements explain the Group’s funding position, available alternatives and the basis on which the financial statements have been prepared. One integrated strategy - mine to market Going forward, what all this means is that your Company may resemble more of a mid-stream processor than a pure mining company. Kabin Buri gives us near-term rare earth processing capacity and an early path to cash flow. Yangibana gives us optionality for the years beyond. In time the two can connect, with Yangibana concentrate shipped to Thailand for processing, as the plan is to scale toward 36,000 tonnes per annum by late 2028 or early 2029 so as to coincide with Yangibana coming online should the stars align. We have managed the Company's capital with discipline throughademandingandchangingmarket.Westructured the Kabin Buri acquisition to protect cash and mitigate risks as we move into production in a new geographical location. In June, we welcomed Malaco Mining, who possess the intellectual property for oxides separation, as a new strategic shareholder through a A$1 million placement. This relationship provides for optionality to downstream oxides separation in the future. Outlook We enter the new financial year with momentum and renewed vigour - building a hydromet processing plant targeting commissioning in the first quarter of 2027 and a path to early cash flow. Meanwhile we will examine all viable options to monetise or develop the right set of terms for our 40% interest in Yangibana. There is much still to do in an industry shaped by a fast growing and changing landscape for rare earth magnets. We are confident that with the assets in our portfolio, the prospects for growth within the supply chain is encouraging. Our people and our partners None of this happens without a team of dedicated people who are focused on the tasks ahead. I thank our executive team, led by our Chief Executive Officer, Vince Catania, our professional team of engineers, geologists and sector specialists across Australia and Thailand, and my fellow directors for their continued guidance and support. And last but not least, I thank you, our shareholders, for your patience and your belief in Hastings through a pivotal year. Yours sincerely, Charles Lew Executive Chairman 6 | | Review of Operations WYLOO 60% 40% HASTINGS Yangibana Joint Venture Review of Operations Project Overview Hastings Technology Metals Limited holds a 40% participating interest in the Yangibana Rare Earths and Niobium Project in the Upper Gascoyne region of Western Australia. The remaining 60% participating interest is held by Wyloo Gascoyne Pty Ltd, which acts as manager and operator of the Yangibana unincorporated joint venture. The Group also holds a 100% interest in the Brockman Rare Earths and Niobium Project in the East Kimberley region of Western Australia. In March 2026, the Company entered into a binding term sheet to acquire a 49% interest in a hydrometallurgical mixed rare earth chloride processing plant at Kabin Buri, Thailand. The Group maintained its mining and exploration tenements in good standing throughout the year. Yangibana remains permitted for its currently proposed development. Completion of the Yangibana joint venture The Company executed a Transaction Agreement with Wyloo on 15 May 2025 to establish an unincorporated joint venture over the Yangibana Project. Following shareholder approval on 30 July 2025, the transaction completed on 21 September 2025 upon execution of the Joint Venture Agreement. Wyloo acquired a 60% participating interest and was appointed manager and operator of the joint venture. Hastings retained a 40% participating interest and continues to participate in joint venture governance and commercial decisions in accordance with the Joint Venture Agreement. At completion, the remaining Wyloo Exchangeable Notes were cancelled and the outstanding cash settlement of $7.363 million became payable. The settlement was subsequently paid within the required 45-day period. The cash settlement was funded principally from the sale of the Group’s remaining investment in Neo Performance Materials Inc. during the December 2025 quarter for proceeds of approximately $14.6 million. The balance of the proceeds was retained for working capital and project expenditure. Following completion, the Group recognises its rights to the assets and obligations for the liabilities of the Yangibana joint operation in proportion to its 40% participating interest. The transaction reduced the Group’s direct funding exposure to the Project from 100% to 40% and removed the Exchangeable Note liability from the Group’s balance sheet. Yangibana activities Following Wyloo’s appointment as manager and operator, activity was directed towards integration, technical review and preparation of an updated Definitive Feasibility Study rather than the commencement of main construction works. The Hastings and Wyloo technical teams reviewed the life- of-mine plan, engineering packages and processing pathway for Yangibana Stage 1. Potential downstream processing alternatives were also considered, including the possible future processing of Yangibana concentrate through the proposed Thailand plant. Any such arrangement would require agreement between the Yangibana joint venture participants. The non-process infrastructure delivered in prior periods remains in place and is being maintained. This includes the 294-room Kurrbili accommodation village, airstrip, main access road, communications infrastructure and water borefields. Major long-lead processing equipment procured in prior periods also remains under preservation arrangements. More than $160 million has been invested in infrastructure and long-lead equipment for the Project. Review of Operations | | 7 $649 million 19 years 34% 37,000 tonnes/annum 2.4 years 8,524 tonnes/annum Pre-tax NPV @ 8% Mine life Pre-tax IRR Peak Concentrate Production Payback Period Average Contained TREO ECONOMICS PROJECT SCALE Wyloo sale process Following completion of the updated study, Wyloo commenced a formal process to sell its 60% participating interest in the Yangibana joint venture. Wyloo continues to act as manager and operator while that process is underway. Hastings is monitoring the process and its implications for the Company’s 40% participating interest, joint venture governance, project funding and the pathway towards a Final Investment Decision. No binding agreement for the sale of Wyloo’s interest had been announced at the date of this report. Ucore Heads of Agreement On 31 October 2025, the Yangibana joint venture participants entered into a non-binding Heads of Agreement with Ucore Rare Metals Inc. The Heads of Agreement establishes a framework to negotiate a potential long-term offtake arrangement for up to 37,000 tonnes per annum of Yangibana rare earth concentrate. It also provides for the parties to evaluate the technical and economic feasibility of processing Yangibana concentrate at a proposed hydrometallurgical facility in Louisiana, United States, or another qualified third-party facility in the United States. The Heads of Agreement has a term of 24 months and is non-binding other than in relation to confidentiality and governing law. Any offtake or processing arrangement remains subject to technical assessment, negotiation of commercial terms and execution of definitive agreements. Updated Definitive Feasibility Study On 13 July 2026, the Company announced the results of the updated Definitive Feasibility Study completed by Wyloo as manager of the joint venture. Yangibana Stage 1 comprises open pit mining and a beneficiation plant producing a rare earth concentrate. The study reported the following principal outcomes on a 100% Project basis: estimated initial capital expenditure of $333.4 million, of which Hastings’ 40% share is approximately $133 million; a pre-tax net present value at an 8% discount rate of approximately $649 million; an ungeared pre-tax internal rate of return of 34%; a payback period of approximately 2.4 years from first production; a 19-year mine life supported entirely by Proved and Probable Ore Reserves; peak concentrate production of approximately 37,000 tonnes per annum at 27% total rare earth oxides; average life-of-mine concentrate production of approximately 31,570 tonnes per annum; and average annual contained production of approximately 8,524 tonnes of total rare earth oxides, including approximately 3,090 tonnes of neodymium and praseodymium. The financial outcomes are sensitive to assumptions including rare earth prices, concentrate payability, foreign exchange rates, operating costs and project funding. The study does not constitute a decision to proceed and no Final Investment Decision has been made. Approximately $333.4 million of funding is required to complete Yangibana Stage 1 on a 100% Project basis. There is no certainty that the joint venture will secure the required funding on acceptable terms or within the anticipated timeframe. The Mineral Resource Estimate referred to in this report was first reported by the Company in its ASX announcement titled “Drilling along 8km long Bald Hill - Frasers Trend Increases Indicated Mineral Resources by 50%” dated October 2022. The Ore Reserve was first reported in the Company’s ASX announcement titled “Yangibana Ore Reserve Increase by 25%” dated 6 February 2023. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed. The Company also confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified. 8 | | Review of Operations Thailand hydrometallurgical plant On 31 March 2026, the Company entered into a binding term sheet with Enuo Holdings Pte Ltd to acquire a 49% interest in a hydrometallurgical mixed rare earth chloride processing plant at Kabin Buri in Thailand. The existing plant is located on an approximately 80,000 square metre site with four principal buildings and supporting infrastructure. The site is approximately 175 kilometres by road from Laem Chabang deep-water port. The existing facility holds a Thai factory licence and water approvals, although further amendments and approvals are required for the proposed expanded plant configuration. The transaction is intended to provide the Group with a potentialnear-termpathwayintomixedrareearthchloride production using third-party monazite concentrate. The plant may also provide a future processing option for Yangibana concentrate, subject to technical evaluation and agreement between the Yangibana joint venture participants. Consideration for the 49% interest is capped at US$15 million and comprises: a US$0.5 million cash deposit paid on signing, refundable if completion does not occur and deductible from the total consideration; 23 million Hastings shares to be issued at a fixed price of $0.50 per share on completion; approximately US$1.0 million of commissioning expenditure to be funded by Enuo and credited against the total consideration; and approximately US$5.5 million of deferred cash consideration payable in three annual instalments, subject to the plant satisfying defined production and sales conditions. At 30 June 2026, the Group had paid the refundable US$0.5 million deposit, recognised as a refundable deposit within other current assets. Completion had not occurred and remained subject to finalisation of transaction documentation and satisfaction of the applicable closing conditions. Feedstock and processing arrangements On 10 April 2026, the Company entered into a framework agreement with Enuo for the supply of African-sourced monazite concentrate. The agreement was announced on 14 April 2026 and initially provided for a minimum annual supply of 5,000 tonnes over a two-year term, with an option to extend for a further year. Feedstock is to meet agreed specifications, including a minimum grade of 54% total rare earth oxides on a dry basis, and is to be delivered to Laem Chabang under individual purchase orders. Pricing will be determined under those purchase orders by reference to the applicable monthly index pricing. On 22 April 2026, the Company released details of the proposed seven-stage process flowsheet. The process incorporates grinding, caustic cracking, water leaching and filtration, hydrochloric acid dissolution, purification, concentration and crystallisation, together with a separate by-product recovery circuit. 8 | | Review of Operations Review of Operations | | 9 NIOBIUM PENTOXIDE 41.6 million tonnes Expanded plant design On 14 July 2026, the Company announced plans to incorporate an increase in the proposed plant capacity into the initial build. The revised design provides for approximately 10,000 tonnes per annum of feed capacity and approximately 12,000 tonnes per annum of mixed rare earth chloride output, compared with the original design of 5,000 tonnes of feed and 6,000 tonnes of output. Enuo’s proposed minimum annual feedstock supply was correspondingly increased to 10,000 tonnes. The incremental capital cost associated with the increased capacity was estimated at approximately US$3 million. First production from the expanded plant is targeted for the first quarter of calendar year 2027. The revised design remains subject to final engineering, contracting arrangements, amendments to relevant licences and approvals, completion of the acquisition and the availability of funding. The production timetable is also subject to construction, commissioning, feedstock quality and operational performance. The Company has not entered into any binding agreement for the sale of mixed rare earth chloride from the plant. Any financial projections previously released by the Company are unaudited internal management estimates, are subject to significant uncertainty and do not constitute a profit forecast. Niobium and metallurgical test work In January 2026, the Company entered into a Technical Services and Research Agreement with Enuo covering metallurgical and beneficiation test work on ore from the Yangibana and Brockman projects. The programme is evaluating potential recovery of niobium and other by-products alongside rare earth production, improvements to beneficiation and flotation performance, and potential overseas processing routes. Test work commenced on Yangibana material and was subsequently extended to material from Brockman. The Yangibana Measured and Indicated niobium Mineral Resource remains unchanged at 6.73 million tonnes at 2,305 ppm Nb2 O5 for 15,501 tonnes of contained Nb2 O5 within the Bald Hill and Simon’s Find deposits. No material new niobium test work results were reported during the year. Brockman Rare Earths and Niobium Project The Group holds a 100% interest in the Brockman Rare Earths and Niobium Project, located approximately 16 kilometres south-east of Halls Creek in the East Kimberley region of Western Australia. Brockman hosts a Mineral Resource of 41.6 million tonnes at 0.35% niobium pentoxide, together with heavy rare earths, zirconium and hafnium. Material from Brockman was incorporated into the Enuo metallurgical test work programme during the year. The programme is intended to assess processing pathways and identify technical knowledge that may be applied across both Brockman and Yangibana. No material new exploration or metallurgical results were reported for Brockman and its Mineral Resource remains unchanged. Gold assets On 21 August 2025, the Group completed the acquisition of Great Western Gold Pty Ltd, which held a 75% joint venture interest in the Whiteheads Gold Project and other associated tenements. Consideration comprised a cash payment of $370,000 and the issue of 3,000,000 fully paid ordinary Hastings shares. Additional deferred consideration of up to $800,000 in Hastings shares was contingent on the achievement of specified Mineral Resource milestones. An initial drilling programme at Whiteheads commenced in September 2025 and results from the Seven Leaders prospect were announced in November 2025. On 29 September 2025, the Company entered into a binding agreement to divest Whiteheads together with the Ark and Darcy gold assets to Metal Bank Limited. The transaction was approved by Hastings shareholders at the Annual General Meeting held on 28 November 2025 and completed on 5 December 2025. Metal Bank issued 160,022,264 fully paid ordinary shares to Hastings as consideration. Those shares had a fair value of approximately $3.2 million at the date of disposal. TheMetalBanksharesweredistributedinspecietoeligible Hastings shareholders on 11 December 2025 at a ratio of 0.7213 Metal Bank shares for each Hastings share held. The transaction enabled eligible sh