Announcement PDF Mineral Sands and Rare Earths Conference Yangibana Rare Earths Project Tim Gilbert Executive General Manager Mining Operations 19 March 2024 Hastings Technology Metals Ltd | ASX:HAS 1 DISCLAIMER DISCLAIMER COMPETENT PERSONS’ STATEMENT This presentation has been prepared by Hastings Technology Metals Limited (“Company” or “Hastings”). This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in the Company. This presentation has been made available for information purposes only and does not constitute a prospectus, short form prospectus, profile statement or offer information statement nor does it constitute investment or financial product advice (nor taxation, accounting or legal advice) and it is not intended to be used as a basis for making an investment decision. This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (without incurring any obligation to do so). The information in this presentation relating to Mineral Resources and Ore Reserves have been prepared by a Competent Person in accordance with the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) and have been extracted from the release titled ‘Annual Report to shareholders’ dated 28 September 2023 which is available to view at www.asx.com.au under the code “HAS” (the original release). The Company confirms that it is not aware of any other new information or data that materially affects the information included in the original market announcement and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. Hastings confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcements. To the maximum extent permitted by law neither the Company, nor its related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to any person or entity as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or provided in connection with it, or any omission from this presentation, nor as to the attainability of any estimates, forecasts or projections set out in this presentation. Any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities in the United States or any other jurisdiction where it would be illegal. It does not include all available information and should not be used in isolation as a basis to invest in the Company. FORWARD LOOKING STATEMENTS This presentation 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 the presentation. The information that relates to Mineral Resources is based on information compiled by David Princep and Lyn Widenbar. Both Mr Princep and Mr Widenbar are independent consultants to the Company and members of the Australasian Institute of Mining and Metallurgy (“AusIMM”). Mr Princep and Mr Widenbar have sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Person as defined in the JORC Code. The information that relates to the Ore Reserves at Bald Hill, Simon’s Find, Fraser’s, Auer, Auer North, Yangibana and Yangibana North is based on information reviewed or work undertaken by Mr Stephen O’Grady. Mr O’Grady is an independent consultant to the Company, a member of the AusIMM, and a Director of Intermine Engineering Consultants. Mr O’Grady has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the preparation of mining studies to qualify as a Competent Person as defined by the JORC Code. Mr O’Grady consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. The scientific and technical information that relates to process metallurgy is based on information reviewed by Ms Narelle Marriott (former General Manager Process Development) of Hastings Technology Metals Limited. Ms Marriott is a member of the AusIMM and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined by the JORC Code. Ms Marriott owns shares in the Company and participates in the Company’s employee share plan. Ms Marriott consents to the inclusion in this announcement of the matters based on their information in the form and context in which it appears. The information that relates to Exploration Results in relation to the Yangibana Project is based on information compiled by Dr Louis Schürmann (PhD) (Chief Geologist) of Hastings Technology Metals Limited. Dr Schürmann is a Fellow of the AusIMM and has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the JORC Code. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Dr Schürmann consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears. 2 CORPORATE SNAPSHOT Significant value upside from development of the Yangibana Rare Earths Project (“Yangibana Project”) $0.63 $81.5 million Share price1 Market capitalisation 129.4 million $42 million Ordinary shares on issue2 Cash balance at 31 December 20233 $294 million 21.15% Net Assets Investment in rare earth materials and magnet producer Neo Performance Materials (TSX:NEO) Yangibana Project Reserve inventory of 20.9mt with high NdPr:TREO ratio Current mine life of 17 years with significant upside Investment of $142 million in early works WESTERN AUSTRALIA Onslow Carnarvon Gascoyne Junction Major shareholders 12% Executive Chairman Charles Lew and family 8.45% L1 Capital ~45% Top 20 Shareholders 1 At 18 March 2024 Geraldton Retail Institutions Employees Other 2 Additional 6.5 million shares issued to Alpha Investment Partners as collateral for $50 million At-The-Market facility 3Inclusive of $3.6m in restricted cash Perth 3 HASTINGS’ STRATEGY Building on the long-life of the Yangibana Project to unlock value through downstream processing opportunities Rare Earth Concentrate Mixed Rare Earth Carbonate Rare Earth Oxides Metals and Alloys Permanent Magnets Mining and Beneficiation Processing Separation Refining Manufacturing Yangibana Mine and Beneficiation Plant Establishing Hastings as a leading Australian supplier of rare earth concentrate Pursue downstream opportunities Developing processing capability to capture higher margins Mine to magnet Exploring opportunities to build a vertically integrated rare earths to magnet business through its 21.15% investment in Neo Performance Materials Inc. 4 PROJECT OVERVIEW 5 13X YANGIBANA PROJECTS TO MEET 2032 DEMAND Supply deficit for rare earths driven by growth in demand for permanent magnets this decade Global REO Magnet Demand – Anticipated Growth1 Electric Vehicles / mobility Wind Power Industrial Consumer NdPr Oxide – Forecast Supply and Demand Balance Supply Other Demand Demand • Early 2026 First Concentrate – Yangibana Project CAGR 7.8% • Compound Annual Growth Rate (“CAGR”) of 7.8% for rare earth magnets driven predominantly by electric vehicles and renewable energy technologies Significant demand gap to continue growing for the next decade Supply • +189% • • 13x Yangibana Projects required by 2032 to support demand Near-term supply-side risks due to long project development lead times Market-wide cost escalations impacting potential developers +180% 2023 2032 2023 1 Global REO Magnet Demand represents rare earth elements used in magnets only (Nd, Pr, Dy, Tb oxides) Source (Global REO Magnet Demand – Anticipated Growth): Adamas Intelligence Forecast (April 2023) Source (NdPr Oxide – Forecast Supply and Demand Balance): Adamas Intelligence Forecast (Rare Earth Magnet Outlook to 2040 Q2/2023) 2032 6 UNIQUE TIER ONE ASSET World-class deposit with unrivalled high percentage of NdPr:TREO in the orebody in a tier one jurisdiction, supplying the critical raw materials for rare earth magnets Average NdPr:TREO Ratio1 Sichuan (China) 14% Mountain Pass (US) NdPr is critical to the energy transition 16% Kangankunde (Malawi) 20% Ngualla (Tanzania) 21% Bayan Obo (China) 21% Mt Weld (Western Australia) Nolans (Northern Territory) 23% 26% Songwe Hill (Malawi) 33% Yangibana Project (Western Australia) 37% Average NdPr:TREO ratio surpassing most global projects 37% average NdPr:TREO ratio over life of mine, with up to 52% in certain parts of the orebody 1Refer to Slide 24 7 YANGIBANA PROJECT SNAPSHOT1 Fully permitted and high-margin project with multigenerational opportunities for the Gascoyne region 17 years 20.9mt Life of mine Ore Reserves 37% High margins Average NdPr:TREO ratio over life of mine, with up to 52% in certain parts of the orebody First quartile on global operational margin curve, as assessed by CRU Group2 ~1.1mtpa 37,000tpa Material to the crusher, followed by a grinding and flotation circuit Rare earth concentrate at 27% TREO, containing ~3,400tpa of NdPr oxide Employment Economic contribution Construction Jobs Operations Jobs >470 >270 >$1 billion in Commonwealth tax income >$240 million in WA state royalties >$65 million in Native Title royalties 1Refer ASX Announcement: “Corporate Presentation - Staged Development Strategy”, dated 31 May 2023 2CRU Independent report: “Updated REE Prices and Margin 2023”, dated 23 August 2023 8 PROJECT EXECUTION SIGNIFICANTLY DE-RISKED Yangibana Project is shovel ready and fully permitted to move into development Key Workstreams Execution and cost management Technical and regulatory • Fully permitted for development and first concentrate production in 2026 • $210 million EPC contract awarded to GR Engineering Services for construction of process plant • Native Title agreement in place with Traditional Owners • $120 million invested in construction of non-processing infrastructure – completed in Q4 2023 • Completion of Staged Development Study in Q2 2023 • Mine plan optimisation for first five years targeting lower strip ratios while maintaining grade to the process plant • $22 million invested in long-lead critical path items • Engineering designs for beneficiation plant at 81% complete Beneficiation plant flowsheet extensively tested and de-risked • • Detailed design for bulk earthworks, civil and structural elements advanced Commercial and funding • • • • Offtake agreement in place for twothirds of annual concentrate production with thyssenkrupp Materials Trading Binding term sheet in place with Baotou Skyrock for integrated tolling and offtake agreement for a minimum of 10,000tpa of concentrate Non-binding indicative financing proposals received from multiple parties Final due diligence phase progressed including investor and bank site visits and due diligence calls with Hastings partners Operational Readiness • Experienced management team in place with strong track record of project delivery • Ongoing work to build internal processes and capabilities • Negotiation ongoing on key commercial agreements, including: o Power purchase agreement for the Project’s power station o Catering contract issued to market for competitive tender 9 CAPITAL COSTS $142 million capital investment1 provides strong base to ramp up construction $52 $22 Non-Processing Infrastructure $120 million invested to date1 in finalising early site works • Kurrbili Accommodation Village • Yangibana Airstrip • SipHon Well Borefield • Site Access Roads $120 $503m $309 Critical path equipment $22 million invested to date1 in long lead items • In Transit/Delivered – SAG Mill and Regrind Mill • Fabrication – Flotation Cells, Thickener, Mill Liner Handler EPC contract $210 million contract awarded to leading WA engineering and construction company GR Engineering Services2 1As of 31 December 2023 2Refer ASX Announcement: “HAS Reduces Yangibana Delivery Risk - Awards EPC Contract”, dated 3 May 2023 Remaining capital cost Non Processing Infrastructure Critical Path Equipment Contingency 10 YANGIBANA PROJECT’S PROGRESS Kurrbili Village SipHon Borefield Yangibana Airstrip SAG Mill Shell 11 MINING SCHEDULE1 Process plant site 1.5 1.0 0.5 Bald Hill Fraser's Yangibana North Yangibana Auer North Auer Year 17 Year 16 Year 15 Year 14 Year 13 Year 12 Year 11 Year 10 Year 9 Year 8 Year 7 Year 6 Year 5 Year 4 Year 3 0.0 Year 2 Mining model is strategically designed to target zones with well-defined grade and strip ratios, ensuring efficient extraction and maximising resource value, while maintaining feed grade to the process plant 2.0 Year 1 Lower strip ratio 2.5 Ore Tonnes Mined (Mt) Focus on first five year to identify cost saving and enhance economic returns Life of mine optimised mining sequence by orebody 3.0 Simon's find Strategically located close to eight-kilometre long zone of economic mineralisation at Bald Hill, Simon’s Find and Fraser’s Higher free cashflow Maximising returns in the early years of operations and reducing in the capital payback period High margins Leveraging favourable basket composition with high NdPr, the Yangibana Project is expected to be one of the highest margin producers globally, sitting in the first quarter of CRU’s operational margin curve 1Refer ASX Announcement: “Binding Term Sheet Signed for Integrated Tolling and Offtake”, dated 16 February 2024 12 BENEFICIATION PLANT CONSTRUCTION EPC contract in place with leading engineering and construction firm GR Engineering Services $210 million contract1 Fixed price lump sum portion of $180 million and provisional sum portion of $30 million Key benefits Lowers project delivery risks, lower cost, greater certainty on timeframe, process and product quality guarantees Performance guarantees Commissioning and operational support to ensure facility achieves quality and throughput guarantees 1Refer ASX Announcement: “HAS Reduces Yangibana Delivery Risk - Awards EPC Contract”, dated 3 May 2023 13 BENEFICIATION PROCESS Conventional flotation process which has been extensively tested and de-risked Recovered grade of ~27% TREO Feed grade of 1% TREO Crushing Grinding Regrinding Flotation >100 bench scale tests Completed at four commercial labs to develop robust beneficiation flowsheet >80 variability samples Covering expected range of grade and mineralogy tested through standard flowsheet Two pilot plant tests Input of 1.1mtpa of mined ore Successfully validated simple and effect flowsheet Successful bulk samples For use in downstream engineering equipment design test work Scale up from 150kg/h to 124t/h Output of 37,000tpa of rare earth concentrate Translation of process development batch and pilot programs into engineering design 14 OPERATING SUSTAINABLY Leading ESG credentials outperforming our peers and competitors in sustainability performance Health and Safety Climate Change Five years lost time injury free Commitment to minimum 40% renewables allowed for in capital forecast for Yangibana power station Public benefit Cultural Heritage >470 and >270 jobs during construction and operations respectively and >$1 billion in commonwealth tax income and >$240 million in state royalties Voluntary native title project agreement in place with the Thiin-Mah Warriyangka, Tharrkari and Jiwarli People Agency Rating Agency Rating Included in Sustainalytics’ 2024 ESG top rated companies list Gold Rating – ranked in the top five per cent of companies assessed Formal supporter of the Task Force on Climate-Related Financial Disclosures Participant of the Ten Principles of the UN Global Compact Positively assessed against the IFC performance standards (World Bank) Positively assessed against the Equator Principles IV (World Bank) 15 PROJECT ECONOMICS AND OFFTAKE ARRANGEMENTS 16 BUILDING A DIVERSIFIED CUSTOMER BASE1 Higher rare earth oxide revenue achieved through an integrated offtake and processing arrangement with negotiations underway to conclude similar arrangements for remaining volumes within thyssenkrupp framework Increased payability for the Yangibana Project’s concentrate through outsourcing multistage processing to mixed rare earth carbonate and rare earth oxides No upfront capital cost required for hydrometallurgical and oxide separation plant Stage 1 – Yangibana Project Mining and Beneficiation Rare Earth Concentrate Indicative Domestic Operating Costs2 Indicative China Processing Costs3 Integrated Processing and Offtake Agreement Hydrometallurgy Mixed Rare Earth Carbonate Oxide Separation Rare Earth Oxides ~US$13 to 27/kg REO ~US$2 to 6/kg REO Up to 75% lower refer Slide 24 3 Based on integrated tolling and offtake agreement with Baotou Sky Rock thyssenkrupp Materials Trading Baotou Skyrock Rare Earth New Material Co., Ltd Counterparty headquartered Essen, Germany Baotou, China Binding Framework Agreement Agreement type towards take or pay offtake contract Binding Term Sheet for processing and offtake arrangement Agreement term 10 years (commencing on start of production) 5 years (from operations start) + 5 years (at Hastings’ election) Quantity Years 1-5 ~67% of production 10,000tpa Years 6-10 ~30% of production Up to 70% lower 1 Refer ASX Announcement: ”Presentation - Offtake and Economics Update”, dated 16 February 2024 2 Source: Counterparty 17 ROBUST PROJECT ECONOMICS1 Improved metrics driven by move from previous domestic profit-sharing model to realising 100% of net revenue, as well as lower processing fees under the Baotou Skyrock agreement $865 million Post-tax NPV11 (ungeared) $9,639 million Net revenue (Life of Mine) 61% 31.28% 34% $3,345 million Post-tax IRR (ungeared) Free cash flow (Life of Mine) 14% 3.4 years 82% $258 million Payback period Average EBITDA per annum 23% 48% Key Material Assumptions / Updates The Base Case Financial Model (“BCFM”) assumptions adopted in the Staged Development Study released on 31 May 2023 continues to apply and has not materially changed, save for the following key updates: • Offtake and payabilities: Shift from domestic profit-sharing model to rare earth concentrate sale and third-party processing (hydrometallurgical and oxide separation) to achieve a full rare earth oxide basket price, on terms expected in the term sheet with Baotou Skyrock. Adjustments to yields and costs may be required following pre-production pilot test work, as contemplated in the Term Sheet. Negotiations are ongoing with other potential customers to conclude similar arrangements. • Spent capital cost: $142 million of capital cost estimate incurred as of 31 December 2023. • • • Commodity price: Average 10-year blended neodymium and praseodymium (“NdPr”) oxide price (Wood Mackenzie, CRU, Adamas Intelligence) of US$121/kg real, 2024$ (reduction from US$129/kg adopted in the Staged Development Study). Stage 1 standalone: The impact of Stage 2 for the Yangibana Project (i.e. the potential hydrometallurgical plant) is excluded from the economic analysis. Mining: Mine schedule optimisation for the first five years of mining targets lower strip ratio zones of the Yangibana Project’s ore bodies, while maintaining the grade to the beneficiation plant. The total ore processed remains at 20.9Mt, the mine life remains at 17 years, and annual average production of rare earth concentrate remains at 37,000tpa as per the ASX Announcement ‘Yangibana Ore Reserves increase by 25%’ dated 6 February 2023 • • Macroeconomics: FX Forward (Bloomberg January 2024), 10-year average AUD:USD 0.65. Cost assumptions: Incorporation of MREC and oxide separation fees based on the fees provided in the Term Sheet, updated power tariffs (40% renewable) from Independent Power Producer, and other revisions for escalation. 18 1 Refer ASX Announcement: ”Presentation - Offtake and Economics Update”, dated 16 February 2024 FUTURE GROWTH OPTIONALITY 19 RESOURCE AND RESERVE DEVELOPMENT Significant exploration targets providing growth optionality Exploration focus Priority areas identified to expand mine life beyond initial 17 years to build long-term value for shareholders 66km strike length Significant exploration upside with only one-third of strike length (24km) defined as a resource Exploration target1 40 – 60 million tonnes, confined to ironstone hosted mineralisation Existing 29.93mt Mineral Resource has been defined over 24km of strike length Additional exploration potential strike length of 42km identified 1 Refer to Slide 24 – Mineral Resources (Measured and Indicated) are inclusive of those Mineral Resources modified to produce the Ore Reserves Disclaimer: There is no certainty that further exploration work will result in the determination of Mineral Resources (or Ore Reserves) 20 STRATEGIC HIGHLIGHTS Significant progress made to de-risk the pathway to first concentrate production in 2026 Globally significant world-class asset World-class rare earth deposit with high proportion of neodymium and praseodymium (average of 37% over mine life) in the rare earth basket, producing minerals critical to the global energy transition De-risked project execution strategy Shovel ready and fully permitted with $142 million invested in non-processing infrastructure and long-lead critical path equipment and EPC contract in place to commence main construction High margin offtake supporting robust project economics New processing and offtake arrangement to deliver improved economic returns including post-tax NPV11 of $865 million and IRR of 31.28% and enhance project funding options and flexibility ESG focus Leading ESG credentials assessed by independent third-parties, providing employment and business development opportunities for local communities and Traditional Owners Clear long-term strategy to maximise value Yangibana is a multi-generational project with significant exploration upside to support the increase in mine life, while also evaluating opportunities for value-adding downstream processing opportunities 21 22 Follow us on Hastings Technology Metals Limited ABN 43 122 911 399 Level 6, 197 St Georges Terrace Perth Western Australia 6000 T: +61 8 6117 6118 E: info@hastingstechmetals.com hastingstechmetals.com 23 APPENDIX A: SOURCE DOCUMENTS PEER COMPRISON – NDPR:TREO RATIO Mine Ownership Ticker Stage of Development Capex (A$m) Reserves Tonnage (mt) TREO Grade Yangibana Hastings Technology Metals Ltd HAS:ASX Pre-production 503 20.93 0.90% Songwe Hill Mkango Resources Ltd MKA:TSXV Feasibility 479 18.15 1.16% Nolans Arafura Rare Earths Ltd ARU:ASX Pre-production 1,680 29.50 2.90% Mt Weld Lynas Rare Earths Ltd LYC:ASX Production N/A 19.7 8.60% Bayan Obo China Northern Rare Earth Group HighTech Co Ltd 600111:CH Production N/A >2,200 2.55% Ngualla Peak Rare Earths Limited PEK:ASX FEED Completed 441 18.5 4.8% Proved and Probable 21% Kangankunde Lindian Resources Limited LIN:ASX Stage 1 Feasibility due Q1/2024 N/A 261 (Resource) 2.19% Inferred 20% Mountain Pass MP Materials Corp MP:NYSE Production N/A 29.3 6.32% Proven and Probable 16% 28 February 2023: SEC Filing: Form 10-K – Annual Report, Sichuan Rising Nonferrous Metals Share Co. Ltd 600259:CH Production N/A N/A N/A N/A 14% 15 December 2020: Ord Minnett Report, “Hastings Tech Metals, Thematic Firing” Category NdPr:TREO ratio Proven and Probable Proven and Probable Proven and Probable Proven and Probable Proven and Probable 37% 33% 26% 23% 21% Source 6 February 2023: ASX Announcement: “Yangibana Ore Reserves Increase by 25%” 5 July 2022: SEDAR Announcement: “Mkango Announces Results of Definitive Feasibility Study For The Songwe Hill Rare Earths Project In Malawi - NPV of US$559.0 Million And IRR of 31.5%” 11 November 2022: ASX Announcement: "Nolans Project Update" 13 December 2023: ASX Announcement: "Arafura Rare Earths: Equity Raise Presentation" 6 August 2018: ASX Announcement: “Lynas announces a 60% increase to Mt Weld Ore Reserves, one of the world’s richest sources of Rare Earths” 15 December 2020: Ord Minnett Report, “Hastings Tech Metals, Thematic Firing” S&P Capital IQ Pro: Property ID 31805 Reserves and Resources 24 October 2022: ASX Announcement: “Ngualla Rare Earths Project Completion of Bankable Feasibility Study Update” 30 November 2023: ASX Announcement: “Completion of FEED Study” 3 August 2023: ASX Announcement: “Maiden Mineral Resource” 7 Feb 2024: ASX Announcement: “Indaba Mining Conference Presentation” HYDROMETALLURGICAL AND SEPARATION COSTS OF DOMESTIC DEVELOPERS AND OPERATIONS Mine Ownership Ticker Total Costs / Processing Costs ($m) REO Production (tpa) Nolans Arafura Rare Earths Ltd ARU:ASX US$138m 4,919t 7 February 2019: ASX Announcement: “Nolans DFS Delivers Robust Project Economics” 11 November 2022: ASX Announcement: “Nolans Project Update” Mt Weld Lynas Rare Earths Ltd LYC:ASX A$346.2m 16,780t 12 October 2023: ASX Announcement “2023 Annual Report” Eneabba Iluka ILU:ASX A$160m 12,400t 4 April 2022: ASX: Announcement “Eneabba Rare Earths Refinery – Final Investment Decision Presentation” Source Note: Cost indication range was based on Hastings’ Onslow Hydrometallurgical study and desktop analysis of peers’ processing costs escalated to 2024 real$. Note estimates are a desktop study only. AUD/USD rate of 0.65 was adopted. MINERAL RESOURCES AND ORE RESERVES1 TOTAL JORC (2012) MINERAL RESOURCES (30 OCTOBER 2022) TOTAL JORC (2012) ORE RESERVES BY DEPOSIT (6 EFBRUARY 2023) Category mt %TREO %NdPr TREO tonnes Deposit mt %TREO %NdPr NdPr: TREO Measured 4.97 0.96 0.37 47,721 Bald Hill 8.12 0.79 0.32 41 Indicated 19.51 0.88 0.32 171,936 Fraser’s 1.77 1.01 0.43 43 Sub-total 24.49 0.90 0.33 219,657 Simon’s Find 2.69 0.53 0.28 53 Inferred 5.45 1.05 0.31 57,298 Auer 2.83 0.96 0.34 35 TOTAL 29.93 0.93 0.32 276,955 Yangibana 1.31 0.79 0.37 47 Yangibana North 4.21 1.29 0.34 26 TOTAL 20.93 0.90 0.33 37 1 Refer ASX announcement “Yangibana Ore Reserves Increase by 25%”, dated 6 February 2023; numbers may not add due to rounding; for reference that the Ore Reserves stated is included as part of the Mineral Resources Disclaimer: There is no certainty that further exploration work will result in the determination of Mineral Resources (or Ore Reserves) 24 APPENDIX B: CORPORATE STRUCTURE Separate ring-fenced funding structures with Wyloo convertible note secured over Neo shares Hastings Technology Metals Limited (ASX: HAS) 100% 100% Gascoyne Metals Pty Ltd 100% Convertible note security is over TSX-listed Neo Performance Materials Inc. shares Yangibana Pty Ltd Shareholding in Neo Performance Materials Inc. (TSX: NEO) Investment in Neo Performance Materials Inc. and limited recourse funding is ring fenced Share security 100% Yangibana Rare Earths Project 21.15% Yangibana Project encompasses 100% owned tenements through Yangibana Pty Ltd and tenements owned 100% by Gascoyne Metals Pty Ltd HTM Investments (One) Pty Ltd Ring fenced Yangibana Project funding structure Ring fenced Neo convertible note structure 25