Announcement PDF 1 Corporate Presentation July 2026 ACCELERATING TOWARDS RARE EARTH PRODUCTION Delivering an Integrated Mine to Market Strategy ASX:HAS 2 DISCLAIMER This presentation has been prepared by Hastings Technology Metals Ltd (“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). “This presentation does not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. This presentation contain summary information about the Company and its activities which is current as at the date of this presentation. The information in this presentation is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of Australian law or the laws of any other jurisdiction.” 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, targets and prospects of the Company which 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, and does not undertake, to update or revise any forward looking statement, whether as a result of new information, future events or otherwise, except as required by law. “In particular, recipients should be aware that the financial projections set out in this presentation which relate to the Thailand MREC Processing Plant are unaudited internal management estimates prepared by the Company. The projections are based on assumptions that the Company considered reasonable as at the date of this presentation, but which are inherently subject to significant uncertainties and contingencies, many of which are outside the Company’s control. The assumptions may prove to be incorrect and the projections may not eventuate.Actual production volumes, revenues, cots and cashflows may differ materially from those projected. The financial projections have not been reviewed or audited by an independent third party and are provided by management for indicative purposes only; they do not constitute a profit forecast or financial product advice. Investors should not place undue reliance on those projections. Please refer to the slide in this presentation headed “Thai Plant Economic and Deal Structure” and to the Company’s announcements dated 14 April 2026 (“Hastings Secures Monazite Feedstock for Thai Hydromet Plant” and 22 April 2026 (“Hastings Reveals Thai Hydromet Plant Flowsheet”) for further details of such projections (including the assumptions which underpin them). No representation is made that any projection will be achievedThe recipient or any prospective investor must do its own research and form its own judgment in relation to any assumption, forecast or estimate contained in this presentation and not rely on any information in this presentation as being either absolute or the likely outcome. This presentation does not purport to exhaustively list the assumptions or risks which may influence such projections. COMPLIANCE STATEMENT (LISTING RULE 5.23) The Mineral Resource Estimate referred to in this announcement was first reported by the Company in its ASX announcement “Drilling along 8km long Bald Hill – Frasers Trend Increases Indicated Mineral Resources by 50%” dated October 2022. The Ore Reserve referred to in this announcement was first reported by the Company is its ASX announcement “Yangibana Ore Reserve Increase by 25%” dated 6 February 2023. The announcements are available to view on the Company’s website. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcement and, in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original market announcement. Refer to Appendix 1 for glossary of defined terms. 3 Hastings Snapshot 4 Yangibana Joint Venture REE & Nb Project 5 Thailand Hydromet Processing Plant 9 Timeline 18 Appendix 21 CONTENTS 4 Yangibana JV Project2 › Australia's highest-grade NdPr project: 37% avg NdPr:TREO (≥52%). › 20.9Mt Ore Reserve, 19 year LoM. › $649M NPV8, 34% IRR (pre-tax ungeared). › A$160M+ invested. Fully permitted, shovel-ready. A mine-to-market rare earths company, with near-term revenue HASTINGS SNAPSHOT Thailand Hydromet Plant1 › Acquired 49% interest in Thai MREC plant, first MREC targeted Q1 2027, for maiden cash flow. › 10,000tpa of feed / approx. 12,000tpa MREC output. › HAS share of pre-tax profit: US$15.5M in Year 1 (indicative). Mine-to-Market › Processing capability secured, soon operational. › Independent of any single ore source. › Accepts qualifying monazite concentrate, providing flexibility across ore sources as capacity scales. Refer Appendix for Ore Reserves and Mineral Resources 1. Refer ASX Announcement “Planned increase of Thailand MREC Plant Output Capacity to 12,000 tpa” dated 15 July 2026 2. Refer ASX Announcement “Updated DFS Confirms De-Risked Pathway to Yangibana Stage 1 Production” dated 13 July 2026 Growth & Upside › Staged ramp: 12,000 tpa initial MREC, expanding to 36,000 tpa (targeted for Q4 CY2028)1. › Brockman Nb & HREE Project: complementary critical minerals exposure to Yangibana's NdPr focus. › Advanced discussions with oxide separation customers in the US, Europe and Asia. 5 AUSTRALIA’S HIGHEST-GRADE NdPr RARE EARTHS PROJECT – FULLY PERMITTED, SHOVEL- READY Yangibana REE & Nb Project 20.9Mt JORC Ore Reserve 37% Avg NdPr:TREO A$160M+ Capital Spent To Date 19 yr Mine Life Refer Appendix for Ore Reserves and Mineral Resources 1. Refer Hastings ASX Announcement “Execution of Binding Agreement with Wyloo” dated 16 May 2025 Active Work Program Yangibana process flow review underway targeting maximisation of full basket value across NdPr, niobium and HREE recovery pathways. Results will inform construction parameters for an incoming JV partner, with potential to further improve overall project economics. Joint Venture (UJV)1 A UJV with HAS and Wyloo, with HAS retaining a 40% interest of project revenue and free cash flows. Wyloo currently running a strategic process to sell its 60% interest. 6 6 PRE-TAX NPV8 $649M 34% IRR (pre-tax, ungeared) STAGE 1 CAPITAL COST $333.4M NPV8 / capex ratio of 1.94 MINE LIFE 19 years fully underpinned by Ore Reserves LIFE OF MINE EBITDA $2,037M $108M average per annum RARE EARTH CONCENTRATE 37,000tpa peak output at 27% TREO NpDr CONTENT 37% of TREO >90% of forecast revenue Updated DFS Confirms De-Risked Pathway to Production YANGIBANA STAGE 1 WITH Refer ASX Announcement “Updated DFS Confirms De-Risked Pathway to Yangibana Stage 1 Production” dated 13 July 2026 Luca Giacovazzi (CEO, Wyloo): “Yangibana’s updated DFS reinforces its status as a capital-light rare earth project with a short runway to production. Benefiting from significant prior investment in project infrastructure, Yangibana delivers compelling economics, including a pre-tax IRR of 34 per cent and a pre-tax payback period of just 2.4 years. Supported by simple open-pit mining, a conventional flotation process, a 19-year mine life, and with all key permits and environmental approvals in place, Yangibana is well positioned to become Australia’s next rare earth producer. With the updated DFS now complete, Wyloo has commenced a sale process for its 60% interest in the Yangibana Joint Venture. We have received strong interest from a range of domestic and international parties that recognise not only Yangibana’ s potential as a near-term producer of rare earth concentrate, but also the opportunity to leverage existing plant and equipment to accelerate entry into downstream processing." 7 World-Class NdPr Grade YANGIBANA JV RESOURCE & RESERVE SUMMARY Category Tonnes TREO % NdPr:TREO JORC Mineral Resource 29.9 Mt 0.93% 32% Updated MRE (Feb 2024) 21.0 Mt 1.12% up to 52% JORC Ore Reserve 20.9 Mt 0.90% 37% avg LOM Mine Life 19 years 1.07% 37% avg LOM 20% NdPr:TREO 26% NdPr:TREO 22% NdPr:TREO 37% NdPr:TREO 52% NdPr:TREO 0 10 20 30 40 50 60 Industry Average Mount Weld Arafura Nolan Yangibana (avg) Yangibana (peak) % NdPr:TREO NdPr:TREO Grade Comparison Yangibana's 37-52% NdPr:TREO ratio is ~2x the global average, producing proportionally more magnet-critical material per tonne. 1. Refer slide 22 for Ore Reserves and Mineral Resources & Slide 23 for peer ource data. Disclaimer: There is no certainty that further exploration work will result in the determination of Mineral Resources (or Ore Reserves). Cautionary Statement: The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code. The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource for all target areas reported. It is uncertain if further exploration will result in the estimation of a Mineral Resource. Competent Person Statement: The information in this announcement that relates to exploration results in relation to the Yangibana Rare Earths and Niobium Project (“Yangibana Project” or “Yangibana”) and the Centipede Range Project (“Centipede Project” or “Centipede”) and other exploration results, are based on information compiled by Competent Person, Dr. Louis Schürmann. Dr. Schürmann is a full-time employee of Hastings and Fellow of the Australasian Institute of Mining and Metallurgy (Aus IMM: 308067). Dr Schürmann has sufficient experience relevant to the styles of mineralization and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Persons as defined in the JORC Code. Dr Schürmann consents to the inclusion of this announcement of the matters based on the information and context in which it appears. Dr Schürmann has +30 years’ experience as an exploration geologist and project manager. Current Resource over 24km strike 42km exploration strike 0 1 2 3 4 5 KILOMETRES Refer ASX Announcement “Updated DFS Confirms De-Risked Pathway to Yangibana Stage 1 Production” dated 14 July 2026 8 INFRASTRUCTURE BUILT AND FULLY PERMITTED Kurrbili Village - 294 rooms fully commissioned with medical centre, sports court, shop, dry and wet mess. Yangibana Airstrip - 2km in length, suitable for planes up to 70 seat capacity and with airport buildings are in place ensuring fast changeovers for employees. Site Access Roads - 20km site access road to connect the Yangibana Project’s mine site with the shire road network to the beneficiation plant, village, mine and construction work. A$160M spent on mine infrastructure & long-lead equipment1 1 Refer ASX Announcement “Hastings and Wyloo to Form Joint Venture on the Yangibana Rare Earths & Niobium Project” dated 20 February 2025. WITH SipHon Borefield - Fully permitted consisting of 6 bores, fully equipped with holding tanks and high flow pumps and pipeline to the process plant. Equipment – Long Lead Equipment in WA and in storage ready for installation. Floatation Cells & Structural Steel ready for installation. 9 A CAPITAL-EFFICIENT, NEAR- TERM REVENUE PATHWAY Thailand Hydromet Processing Plant Refer ASX Announcement “Hastings Acquires Hydromet Plant” dated 31 March 2026 10 Strategically located MREC processing facility THAILAND HYDRO PLANT Location Kabin Buri, Thailand - 175km from Laem Chabang deep-water port. Facility Purpose-built Modular hydrometallurgical facility. Planned Output 10,000tpa of feed / approx. 12,000tpa MREC output, an increase in planned output of approx. 100%2. Permitting Revised contracting arrangements and license amendments required to accommodate the expanded capacity underway. Product Mixed Rare Earth Chloride (MREC) — preferred feed for REO separation. Feed Designed for monazite-bearing concentrates, providing flexibility across multiple ore sources including third-party feedstock. 1. Refer ASX Announcement “Hastings Acquires Hydromet Plant” dated 31 March 2026 2. Refer ASX Announcement “Planned increase of Thailand MREC Plant Output to 12,000 tpa” dated 14 July 2026 11 Mixed Rare Earth Chloride Production THE HYDROMET PROCESS Feedstock Flexibility Stage 1: African sourced monazite concentrates Stage 2: Yangibana and third-party 7-Step Hydromet Process 1. Grinding 2. Caustic Cracking 3. Leaching & Filtration 4. Acid Dissolution 5. Purification 6. Concentration & Crystallization 7. Phosphate Crystallization (TSP byproduct) Output High-purity MREC in chloride form – preferred feed for Western separators. Refer ASX Announcement “Hastings Acquires Hydromet Plant” dated 31 March 2026 Refer ASX Announcement “Hastings Reveals Thai Hydromet Plant Flowsheet” dated 22 April 2026 Thailand Plant Flowsheet 12 12 Thai Plant Processing Strategy vs. Traditional (Sulfuric Acid) Processing THAILAND HYDROMET PLANT ~20% Price Premium MREC chloride flake commands ~20% premium vs carbonate equivalents (SMM/Benchmark 2026). Chloride is used by oxide separators globally. Significantly Lower OPEX Competitive Thai energy, labour and reagent costs. Labour, electricity and reagent costs materially below Western benchmarks. HCl H2SO4 Thai Plant Caustic Crack + Hydrochloric Acid Traditional Sulfuric Acid Roast Plant Multiple Stirred Tank Reactors (Parallel) PRIMARY EQUIPMENT Single Large Rotary Kiln High: Multiple parallel lines accept simultaneous inputs from different sources FEEDSTOCK FLEXIBILITY Low: Optimised for a single, consistent concentrate High: Individual reactors can be serviced without total plant shutdown REDUNDANCY Low: Kiln failure or maintenance stops the entire front-end Rare Earth Chloride (High Purity) CHEMICAL OUTPUT Rare Earth Sulphate / Carbonate Low: Modular reactor design, lower capital cost than kiln- based equivalents CAPITAL INTENSITY High: Single large rotary kiln requires significant upfront capital Refer ASX Announcement “Hastings Acquires Hydromet Plant” dated 31 March 2026 Refer ASX Announcement “Hastings Reveals Thai Hydromet Plant Flowsheet” dated 22 April 2026 13 Estimated Near-Term Revenue Opportunity THAI PLANT ECONOMICS AND DEAL STRUCTURE YEAR 1 YEAR 2 YEAR 3 Total MREC Produced 10,700tpa 12,000tpa 12,000tpa Gross Revenue US$98.4M US$110.4M US$110.4M Feedstock, Processing and Operating Costs (US$66.8M) (US$74.7M) (US$74.7M) Profit Before Tax (100%) US$31.6M US$35.7M US$35.7M Profit Before Tax (HAS 49%) USD US$15.5M US$17.5M US$17.5M Profit Before Tax (HAS 49%) AUD AU$22.1M AU$25.0M AU$25.0M Forward-Looking Financial Information: The financial projections set out below are unaudited internal management estimates prepared by the Company. They are based on a number of assumptions which are subject to uncertainty, and which may not eventuate. Actual production volumes, revenues, costs, and cashflows may differ materially from those projected. These projections have not been reviewed or audited by an independent third party. They are provided by management for indicative purposes only and do not constitute a profit forecast or financial product advice. Investors should not place undue reliance on these projections. Note: Input capacity upgrade assumes capital cost of US$3M incurred to design, install and commission additional processing capacity. Installation and commissioning activities occur prior to Year 1 of full production. HAS portion represents 49% of Profits before Tax. Refer ASX Announcement “Hastings Secures Monazite Feedstock for Thai Hydromet Plant” dated 14 April 2026 Refer ASX Announcement “Hastings Reveals Thai Hydromet Plant Flowsheet” dated 22 April 2026 Ownership %: 49% of the Thai Plant. Deposit: US$500K upfront deposit. Equity: US$8M in new Hastings shares. Deferred: US$5.5M cash - production- contingent. No deferred cash due unless commercial production achieved. Downside Protection: Full downside protection on deferred payments. Thailand BOI Promotion: BOI application prep underway. ≥13-yr corp income tax exemptions, import duty exemptions and full foreign ownership rights, materially enhancing post-tax economics. Indicative 3-Year Projections (unaudited management estimates from first year of full production) Deal Structure US$98.4M Year 1 Gross Revenue (100%) US$15.5M Year 1 HAS 49% Pre- Tax Profit US$17.5M Year 2 HAS 49% Pre- Tax Profit 14 THAILAND HYDROMET PLANT Early pre-commissioning works commenced 1 Refer ASX Announcement “Planned increase of Thailand MREC Plant Output Capacity to 12,000 tpa” dated 15 July 2026 15 Fiscal & Geopolitical Support THAILAND ADVANTAGE Tier-1 Infrastructure Kabin Buri industrial area provides access to energy grid, skilled industrial workforce, established regional chemical supply chains. Key Port Logistics Laem Chabang (Thailand). No landlocked rail risk. Established container shipping routes for feedstock and product. US-Thailand MOU Directly supports US-Thai Critical Minerals Cooperation MOU (Oct 2025), positioning HAS in Western government-backed supply chains. BOI Fiscal Support 8-13 year CIT exemption, import duty exemptions on equipment and feedstock, full foreign ownership rights. Free Trade Access Thailand's extensive FTA network positions MREC exports to Europe and North America with potential preferential duty treatment. Near-Term Cash Flow Secured African monazite feedstock for commissioning in Q1 CY27. HAS able to generate MREC revenue independent of Yangibana. ~4x Lower indicative OPEX vs remote WA 13yr BOI Corp Tax exemption target 175km From Laem Chabang deep-water port 2025 US-Thailand Critical Minerals MOU Refer ASX Announcement “Hastings Acquires Hydromet Plant” dated 31 March 2026 16 Preparation for application underway BOARD OF INVESTMENT (BOI) Supportive Foreign Investment Established and supporting govt agency offering a suite of fiscal concessions for qualifying advanced manufacturing projects. Key Benefits If approved, BOI promotion would provide: • Corporate income tax exemption for 8–13 years dependent on technology classification. • Import duties exemption on machinery, equipment, and essential inputs. • VAT exemptions for eligible imported equipment and feedstock. • Flexibility on majority foreign ownership. Elkamy Appointed Elkamy is the recognised consultant to the BOI in Australia and New Zealand, equipped to provide expert guidance on the processes for applying for promotion under BOI. Refer ASX Announcement “Hastings Acquires Hydromet Plant” dated 31 March 2026 and “Planned increase of Thailand MREC Plant Output Capacity to 12,000 tpa” dated 15 July 2026 Thailand Board of Investment (BOI) Australian Directors recent visit to Hastings Head Office, Perth Western Australia 17 The Road to Revenue: Key Milestones 2026-2028. TIMELINE & VALUE CATALYSTS Q4 CY25 Commenced technical and commercial reviews and funding options. Q1 CY26 Acquisition of 49% Interest in Thai MREC Hydromet Plant. Commenced capital and operating cost review. Q2 CY26 Completed Enuo African Monazite feedstock Framework Offtake Agreement. Q1 CY27 10,700tpa MREC output capacity commissioning targeted Q4 CY27.​ Targeted first MREC production and first cash flow. Q3 CY26 Commence site works (early August 2026). Commissioning of Thai Plant using African feedstock. Production testing at Thai Plant. H2 CY27 Commence 12- month plant design targeting 36,000 tpa MREC output capacity. Production at expanded capacity targeted for Q4 CY28. Refer ASX Announcement “Hastings Reveals Thai Hydromet Plant Flowsheet” dated 22 April 2026 18 DE-RISKED PATH TO PRODUCTION DFS confirms robust Stage 1 economics. 20.9Mt Reserve, 19-yr LoM. $649M NPV, 34% IRR (pre-tax ungeared). A$160M+ invested. Permitted, shovel ready. ESTABLISHED ACCESS TO GLOBAL OFFTAKE PARTNERS Existing MoU & HoA with globally leading downstream manufacturers demonstrates genuine commercial demand. THAI PLANT: NEAR- TERM REVENUE Near-term revenue pathway (Q1 2027) independent of Yangibana construction. Indicative year 1 output and revenue of 12ktpa MREC for US$15.5M (profit pre-tax). CONTINUED CRITICAL MINERALS TAILWINDS Structural NdPr demand from EVs, wind and defence benefits both Yangibana's JV development and the Thai plant's near- term MREC revenue. TIER-1 ASSET, HIGH- GRADE NdPr 37% NdPr:TREO ratio (up to 52%) among the highest globally. Yangibana placed to produce comparably more magnet-critical material p/t vs. most competing deposits. SIGNIFCANT RE- RATE POTENTIAL Permitted Hydromet Plant as a near-term production asset Hastings represents material re-rating opportunity. 19 Our Vision and Values To be a leading Australian producer of rare earth minerals needed to meet the global transition to renewable energy and advanced technologies. Passion We are loyal to the project and work passionately to deliver our vision. Teamwork We are honest and work as one team to achieve our common goal. Tenacity We pursue new opportunities and solutions with integrity and persistence. Owner’s Mindset We strive for excellence and take care and responsibility in everything we do. 20 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 Follow us on Level 3, 5 Mill St Perth Western Australia 6000 21 APPENDIX 22 YANGIBANA JV PROJECT RESOURCES AND RESERVES MINERAL RESOURCES AND ORE RESERVES1 Category mt %TREO %NdPr TREO tonnes Measured 4.97 0.96 0.37 47,721 Indicated 19.51 0.88 0.32 171,936 Sub-total 24.49 0.90 0.33 219,657 Inferred 5.45 1.05 0.31 57,298 TOTAL 29.93 0.93 0.32 276,955 Deposit mt %TREO %NdPr NdPr: TREO Bald Hill 8.12 0.79 0.32 41 Fraser’s 1.77 1.01 0.43 43 Simon’s Find 2.69 0.53 0.28 53 Auer 2.83 0.96 0.34 35 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 6 February 2023 “Yangibana Ore Reserves Increase by 25%”; numbers may not add due to rounding; for reference that the Ore Reserves stated is included as part of the Mineral Resources. Other prospects of 1.82Mt not included in the individual prospects section. 2 Refer ASX Announcement 4 September 2024 “Maiden Niobium Measured and Indicated Mineral Resource at the Yangibana Rare Earth and Niobium Project” Disclaimer: There is no certainty that further exploration work will result in the determination of Mineral Resources (or Ore Reserves). Category mt %TREO %NdPr NdPr: TREO Proved 4.89 0.95 0.37 39 Probable 16.03 0.88 0.32 36 TOTAL 20.93 0.90 0.33 37 INDIVIDUAL DEPOSITS (at Yangibana) NIOBIUM RESOURCES (at Yangibana) Simon’s Find Category mt %TREO %NdPr TREO tonnes Measured - - - - Indicated 3.14 0.52 0.27 16,206 Sub-total 3.14 0.52 0.27 16,206 Inferred 0.05 0.06 0.31 295 TOTAL 3.19 0.52 0.27 16,501 Bald Hill Category mt %TREO %NdPr TREO tonnes Measured 3.55 0.82 0.34 29,136 Indicated 5.23 0.75 0.30 39,290 Sub-total 8.79 0.78 0.31 68,425 Inferred 1.17 0.67 0.27 7,787 TOTAL 9.96 0.77 0.31 76,212 Fraser’s Category mt %TREO %NdPr TREO tonnes Measured 0.75 1.25 0.53 9,407 Indicated 1.47 0.75 0.32 11,001 Sub-total 2.23 0.92 0.39 20,408 Inferred 0.01 0.60 0.25 44 TOTAL 2.24 0.91 0.39 20,452 Auer Category mt %TREO %NdPr TREO tonnes Measured - - - - Indicated 3.54 0.93 0.32 32,796 Sub-total 3.54 0.93 0.32 32,796 Inferred 1.10 0.76 0.24 8,297 TOTAL 4.64 0.89 0.30 41,093 TOTAL JORC (2012) ORE RESERVES BY CATERGORY AND DEPOSIT (6 FEBRUARY 2023) Yangibana Category mt %TREO %NdPr TREO tonnes Measured - - - - Indicated 1.98 0.71 0.34 14,034 Sub-total 1.98 0.71 0.34 14,034 Inferred 0.33 0.64 0.31 2,146 TOTAL 2.31 0.70 0.33 16,180 Yangibana North Category mt %TREO %NdPr TREO tonnes Measured 0.66 1.39 0.36 9,179 Indicated 4.15 1.41 0.36 58,609 Sub-total 4.81 1.41 0.36 67,788 Inferred 0.97 1.43 0.37 13,914 TOTAL 5.78 1.41 0.36 81,702 Category mt Nb2O5 ppm Nb2O5 tonnes Measured 2.37 1,035 2,251 Indicated 4.36 2,995 13,050 Sub-total 6.73 2,305 15,501 Inferred 0.01 1,435 20 TOTAL 6.74 2,305 15,521 TOTAL JORC (2012) MINERAL RESOURCES (30 OCTOBER 2022) 23 PEER COMPARISON – NDPR:TREO RATIO Mine Majority / Full Ownership Ticker Stage of Development Capex (A$m) Ore Reserves (Proved) Mt Ore Reserves (Proved) Grade – NdPr / TREO Ore Reserves (Probable) Mt Ore Reserves (Probable) Grade NdPr/TREO Ore Reserves (Total) Mt Ore Reserves (Total) Grade NdPr/TREO NdPr:TREO ratio1 (Total Ore Reserves) Source Yangibana Hastings Technology Metals Ltd HAS:ASX Pre-production 474 4.89 0.37 / 0.95% 16.03 0.32 / 0.88% 20.93 0.33 / 0.90% 37% 6 February 2023: ASX Announcement: “Yangibana Ore Reserves Increase by 25%” Nolans Arafura Rare Earths Ltd ARU:ASX Pre-production 1,886 (US$1,226m) 5 0.791 / 3.00% 24.6 0.741 / 2.80% 29.50 0.771 / 2.90% 26% 11 November 2022: ASX Announcement: "Nolans Project Update" 23 July 2024: ASX Announcement: "Arafura achieves major debt funding milestone" Mt Weld Lynas Rare Earths Ltd LYC:ASX Production N/A 21.2 1.72 / 7.40% 10.8 1.06 / 4.50% 32.0 1.50 / 6.42% 23% 5 August 2024: ASX Announcement: “Mineral Resources and Ore Reserve Update” Bayan Obo2 China Northern Rare Earth Group High-Tech Co Ltd 600111:CH Production N/A - - - - 48 1.261 / 6% 21% September 2021: Dating of monazite-apatite-allanite-epidote corona from the Bayan Obo Group in the northern margin of the North China Craton: implications for the time of regional Au and REE mineralization 4-7 September 2014: 1st European Rare Earth Conference, “China’s Rare Earth Ore Deposits and Beneficiation Techniques” refer table 2 Ngualla Peak Rare Earths Limited PEK:ASX FEED Completed 441 17.0 1.021 / 4.78% 1.5 1.081 / 5.10% 18.5 1.07 / 4.80% 21% 24 October 2022: ASX Announcement: “Ngualla Rare Earths Project Completion of Bankable Feasibility Study Update” 30 November 2023: ASX Announcement: “Completion of FEED Study” Songwe Hill Mkango Resources Ltd MKA:TSXV Feasibility 479 (US$311m) 8.16 0.26 / 1.28% 9.99 0.21 / 1.07% 18.15 0.24 / 1.16% 20% 19 August 2022: SEDAR Announcement: “Technical report (NI- 43-101) Mkango” Kangankunde Lindian Resources Limited LIN:ASX Feasibility A$60m (US$40m) - - 23.7 0.571/ 2.9% 23.7 0.571/ 2.9% 20% 1 July 2024: ASX Announcement: “Kangankunde Project Stage 1 Outstanding Feasibility Study Results” Mountain Pass MP Materials Corp MP:NYSE Production N/A 0.583 0.671 / 4.28% 25.233 0.981 / 6.25% 25.813 0.971 / 6.20% 16% 28 February 2024: SEC Filing: Form 10-K – Annual Report YANGIBANA PROJECT PEER COMPARISON Notes: 1Calculated from available information i.e. NdPR/TREO ratio when provided converted to NdPr % (grade) 2 Bayan Obo is a Chinese Ore Reserve estimate and doesn’t have Proved and Probable estimates. The Ore Reserve estimate (Total) was obtained from a geological research paper 3 Mountain Pass has been converted from US short-tons to metric tonnes Capit