Announcement PDF Yangibana Rare Earths and Niobium Project Annual Report 2025 Annual Report 2025 | I Acknowledgement of Country Hastings Technology Metals Ltd acknowledges the Traditional Custodians of Country and their connections to land, sea and community in the spirit of cooperation and mutually beneficial objectives. 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 (Chairman) Mr Guy Robertson Mr Neil Hackett (resigned 12 June 2025) Mr Bruce McFadzean (resigned 17 October 2024) Mr Malcolm Randall Mr Jean Claude Steinmetz Joint Company Secretaries Mr Guy Robertson Mr Neil Hackett (resigned 12 June 2025) II | Hastings Technology Metals 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 Westpac – Sydney NSW 2000 Australia Auditors PricewaterhouseCoopers 125 St Georges Terrace PERTH WA 6000 Website www.hastingstechmetals.com Securities Exchange Australian Securities Exchange ASX Code: HAS Annual Report 2025 Contents Letter from the Chairman _______________________________________________________ 02 Executive Leadership Team______________________________________________________ 06 Review of Operations____________________________________________________________ 08 Environment, Social and Governance Review____________________________________ 12 Mineral Resources and Ore Reserves Statement ________________________________ 13 Tenement Schedule______________________________________________________________ 20 Directors’ Report_________________________________________________________________ 23 Corporate Governance Statement_______________________________________________ 48 Auditor’s Independence Declaration_____________________________________________ 49 Consolidated Statement of Profit or Loss and Other Comprehensive Income____ 50 Consolidated Statement of Financial Position ____________________________________ 51 Consolidated Statement of Changes in Equity ___________________________________ 53 Consolidated Statement of Cash Flows __________________________________________ 54 Notes to the Consolidated Financial Statements _________________________________ 55 Consolidated Entity Disclosure Statement _______________________________________ 96 Directors’ Declaration ___________________________________________________________ 97 Independent Auditor’s Report ___________________________________________________ 98 Additional Shareholder Information______________________________________________ 105 Annual Report 2025 | 1 Letter from the Chairman Dear Shareholders, It is my pleasure to present Hastings Technology Metals’ Annual Report for the financial year ended 30 June 2025. A Transformative Year for Hastings The last twelve months has been a transformative year for the Company - one in which we materially advanced the Yangibana Rare Earths and Niobium Project (the “Project” or “Yangibana Project”) by entering into a strategic partnership with Wyloo Metals which strengthened our strategic positioning in bringing Yangibana into production. During this period, we added a maiden niobium resource estimate within the Yangibana footprint reported at 6.74 million tonnes grading 2,305 parts per million niobium pentoxide. During the year we announced the acquisition of the Whiteheads Gold Project near Kalgoorlie, completed in August 2025. Shortly after, in September 2025, we agreed to divest Whiteheads and other WA gold interests to Metal Bank Limited. This transaction provides shareholders with ongoing exposure to gold exploration success while enabling Hastings to sharpen its focus on advancing Yangibana. 2 | Hastings Technology Metals Advancing the Yangibana Project With the non-process infrastructure at Yangibana built and operational, a defining development this year was the formation of an unincorporated joint venture (“Yangibana UJV” or “UJV”) with Wyloo Metals, the privately owned metals and mining investment company of Mr Andrew Forrest. The UJV represents a step change in our ability to advance Yangibana Stage 1 toward production of a rare earth concentrate. It brings complementary technical and financial capability, deepens our project capital options, lighten our financial burden and strengthens our credentials to secure downstream partners. Together with Wyloo, who will be the manager and operator of the Yangibana Project, management has continued to focus on optimising project design and process whilst maintaining a clear pathway to get to construction readiness. Building Global Strategic Partnerships To progress options for a Stage 2 hydrometallurgy downstream plant, we visited Saudi Arabia on a number of occasions and presented our company and the unique attributes of the Yangibana Project to Saudi officials and investors as part of the government’s Vision 2030 economic diversification agenda. These visits culminated in November last year, whereby we were honoured to be selected by the Ministry of Investment of Saudi Arabia (“MISA”) as one of nine parties for the Global Supply Chain Resilience Initiative (GSCRI), a SAR 35 billion (US$9 billion / A$14 billion) program, and to sign a non‑binding Memorandum of Understanding establishing a framework for cooperation to develop an integrated rare earths downstream processing supply chain in the Kingdom. The MOU contemplates supplying Yangibana rare earth concentrate to a joint venture hydrometallurgy and oxides separation plants built in the Kingdom. This strategic engagement complements Yangibana’s development plan and provides a potential pathway to capture additional value by producing rare earth oxides closer to end markets. Rare Earth Market Dynamics and Strategic Importance The geopolitical landscape for rare earths has evolved materially in recent years. China has historically dominated mining, processing and magnet production, but Western governments, led by initiatives originating in the United States and supported by partners in Australia and Europe, are increasingly focused on reducing that concentration through targeted industrial policy, incentives for upstream and downstream capacity, strategic partnerships and supply chain de risking measures. This global policy shift underscores the strategic importance of the Yangibana Project. Our progress on site and strategic partnership with Wyloo aligns with western government efforts to establish resilient, diversified supply chains for magnet rare earths and related downstream capability. Yangibana is now the most advanced rare earth project under construction and is ready to progress to plant construction. Magnet rare earth prices are expected to remain well supported over the medium term as structural demand from EVs, robotics, wind and other clean energy technologies grows and Western policy measures to reduce reliance on Chinese magnet supply increase demand for secure non Chinese sources. Prices may remain choppy as new projects and downstream capacity come online and recycling and substitution evolve, but with global market growth for rare earth expanding at a compound annual growth rate in the order of c.8–12% to 2030, demand for NdPr contained in magnets is expected to increase materially. Many market analysts have cited that total NdPr demand could rise up to 3 times by 2030 relative to the mid 2020s as new supply tries to catch up with anticipated demand. This structural growth reinforces the strategic case for timely, high integrity supply from projects such as Yangibana. Annual Report 2025 | 3 Unlocking Niobium Potential at Yangibana Yangibana also hosts niobium mineralisation alongside its rare earth endowment. This niobium presents the potential for valuable by product credits that can improve project economics and diversify revenue streams. We are advancing geological, metallurgical and market assessments to quantify the scale, recoverability and commercialising potential. We are mindful that realising this value will require further technical work and alignment with project development plans and capital costs. Diversifying Through Gold Projects During FY2025 we moved decisively to diversify Hastings’ asset base and deliver direct value to shareholders outside the rare‑earth sector. The execution of the term sheet in May 2025 and subsequent acquisition in August 2025 of the Whiteheads gold project provided exposure to an attractive near‑term opportunity at a low entry cost. To rapidly crystallise that value, we have agreed to dispose of Whiteheads together with our Ark and Darcy tenements to Metal Bank, in a transaction that facilitates an in‑specie distribution of Metal Bank shares directly into the hands of Hastings’ shareholders. The combined asset package — including Metal Bank’s Livingstone project, which hosts a 122,000‑ounce gold resource and is ready for a mining‑lease application — will be returned to shareholders while allowing Hastings to remain focused on advancing Yangibana. 4 | Hastings Technology Metals Progressing Brockman – Niobium and Heavy Rare Earths Brockman has been part of the Hastings portfolio since I took over the company in 2013. It is a 100% owned niobium and heavy rare earths resource that offers attractive strategic optionality alongside our Yangibana light rare earth (NdPr) focus. Over the past decade our primary effort has been on advancing Yangibana. With the UJV now secured, we are able to broaden our development attention. In FY2026 we will commence a targeted evaluation of options for our Brockman project investigating optimal mining and processing routes, quantify potential synergies with Yangibana, and evaluate cost, capital and timing scenarios. The study intends to identify the most value accretive development pathways for Brockman and to inform how we prioritise capital and management resources. Leadership and Governance In June, we appointed Mr Vince Catania as Chief Executive Officer. Vince has a long association with the Yangibana Project, having represented the constituency that includes the Yangibana region during his time in public office. After retiring from politics, he joined Hastings in January 2023 as GM Corporate, led the Yangibana UJV negotiations, and has overseen local, state and Federal government interactions, Traditional Owner engagements, environmental approvals and investor and media engagement for Yangibana. His deep regional knowledge and proven leadership give the Board confidence as we transition from development to delivery. As the Group moves toward construction readiness at Yangibana, Wyloo and ourselves will be enhancing our ESG reporting and integrating best practice standards into procurement and contractor selection. I thank my fellow directors and the entire Hastings team for their dedication and professionalism during a transformative year. I also acknowledge the constructive engagement of Wyloo Metals, MISA, Metal Bank, our advisers and regional stakeholders. Above all, I am grateful to our shareholders for your continued support and patience as we advance through the complex pathways on the many different initiatives as outlined. Hastings enters FY2026 in a stronger, more focused position: a plan to deliver Yangibana in a strategic partnership with Wyloo, optionality from attractive non core assets and a pragmatic approach to creating and returning value to our shareholders. The Board and management remain confident in the long term opportunity for rare earths and associated by products and in our ability to capture that opportunity responsibly and profitably. Clear Priorities for FY2026 Looking ahead to the next 12 months, our priorities are clear: • Progress the Yangibana UJV to final investment decision readiness by advancing finance, offtake, permitting and detailed engineering; • Work with MISA to translate the GSCRI MOU into practical downstream processing and offtake outcomes that complement Yangibana’s upstream value; • Complete the Whiteheads disposal and the associated in specie distribution process in a way that maximises shareholder value while conserving Hastings’ capital and sharpen operating focus; and • Commence and deliver the Brockman feasibility programme to establish the most value accretive development plan. Yours sincerely, Charles Lew Executive Chairman Annual Report 2025 | 5 Executive Leadership Team Hastings entered FY2025 with a revitalised leadership team, sharpened organisational focus, and a clear mandate to deliver the Yangibana Rare Earths Project. The appointment of Vince Catania as Chief Executive Officer, alongside strengthened executive capability in operations and project delivery, reflects the Company’s commitment to disciplined execution and stakeholder engagement. With a streamlined structure and refreshed leadership, Hastings is well positioned to advance financing, progress strategic partnerships, and unlock long-term value for shareholders. Charles Lew Vince Catania Mr Lew has 30+ years’ of extensive investment banking experience, having worked in London and Singapore. He took over Hastings in December 2013 and working with two veteran geologists, discovered the unique high grade NdPr ore body in May 2014 and since then has invested significantly and stewarded the Yangibana Project. Mr Catania joined the company in early 2023 as General Manager of Corporate Affairs and was instrumental in leading negotiations for the strategic Joint Venture with Wyloo Metals for the Yangibana Rare Earths and Niobium Project before being appointed as CEO. Executive Chairman Between 1996 and 2000 he was the Managing Director of ABN Amro’s regional investment banking business in Singapore. Since leaving ABN Amro in 2000, Mr Lew started his own investment and asset management company, Equator Capital, which evolved into a managed futures hedge fund in which he relinquished active management in 2017 to focus on Hastings. Mr Lew also served as Independent Non-Executive Director of RHB Bank Group (Malaysia) from 2004 to 2016. He holds a BA (Hons) in Finance from the University of East London and a MSc in Management Science from Imperial College, University of London. As an entrepreneur he has successfully invested in real estate, food & beverage and renewable energy storage. 6 | Hastings Technology Metals Chief Executive Officer Prior to joining Hastings, Mr Catania has a distinguished 18-year career as a Member of the Western Australian Parliament, holding senior roles in both Government and Opposition. In his final term, he represented the expansive electoral district of Northwest Central, the home of Hastings’ Yangibana Project. This extensive political background has equipped Mr Catania with a robust understanding of government agency processes and has forged exceptional relationships at both State and Federal levels. His deep experience in the region provides him with a unique insight into the needs of the community and key stakeholders, including the Traditional Owners whose agreements are critical to the project’s success. As CEO, Vince is focused on steering the Yangibana Joint Venture through development and into production, ensuring strategic objectives are achieved and value is delivered to shareholders and partners. Tim Gilbert Addie Choon Mr Gilbert is a senior mining executive with over 35 years’ experience in the resources sector across multiple commodities, including battery minerals, base metals, diamonds and gold. His expertise covers a range of operational and technical roles in both underground and open pit operations and various ore processing plants. Mr Addie Choon is a Chartered Accountant (CAANZ) with strong experience in financial management, reporting and advisory across both professional services and listed companies. He stepped into the role of Acting CFO at Hastings in April 2025. Chief Operating Officer Mr Gilbert has worked for major contractor Thiess and global mining companies including Rio Tinto, Newmont, Gold Fields, WMC, MIM, Covalent Lithium and now Hastings. This work history has enabled Mr Gilbert to have worked globally, Europe, Africa, North America, Asia and of course Australia. Mr Gilbert is responsible for operations, operational readiness, health and safety, and exploration. Mr Gilbert holds a B.Eng (Hons) in Mining Engineering from the Camborne School of Mines and is a MAusIMM. Acting CFO He began his career at KPMG, working closely with exploration and mining clients before moving into commercial roles, including as Finance Director of an ASX-listed multinational. Addie has led finance teams, managed audits and supported complex transactions including acquisitions and due diligence. He holds a Bachelor of Commerce from the University of Western Australia and is a member of Chartered Accountants Australia and New Zealand. Annual Report 2025 | 7 Review of Operations Project Overview Hastings Technology Metals is focused on developing its flagship Yangibana Project, a strategically significant source of neodymium and praseodymium (NdPr) critical to the global clean energy transition and electric vehicle supply chain. Located 250 km northeast of Carnarvon in Western Australia’s Upper Gascoyne region, the Project is situated on Gifford Creek Station within Thiin-Mah, Warriyangka, Tharrkari and Jiwarli country. During FY25, the Group maintained all tenements in good standing while advancing preparations for the next phase of construction of the beneficiation plant. In parallel, the Group pursued opportunities to enhance project economics and strengthen the overall value proposition. A key development was the declaration of a maiden Niobium Mineral Resource within the Bald Hill and Simon’s Find orebodies in September 2024, following geological and metallurgical test work that confirmed the potential for commercial extraction. This addition not only diversifies the Project’s resource base but also provides potential by-product credits to support future revenue streams. 8 | Hastings Technology Metals On 20 February 2025, the Group announced an exclusive, non-binding term sheet with Wyloo Consolidated Investments Pty Ltd and its related entities (“Wyloo”) to establish a 60:40 unincorporated joint venture (“Yangibana UJV” or “UJV”) over the Yangibana Project, with Wyloo Gascoyne Pty Ltd appointed as manager and operator. A key term of the agreement was the early cancellation of all Wyloo Exchangeable Notes, partly effected through the transfer of 8,350,311 shares in Neo Performance Materials to Wyloo. The parties executed a Transaction Agreement on 15 May 2025, and the transaction was completed on 21 September 2025 upon execution of the Joint Venture Agreement. At completion, the remaining Exchangeable Notes were cancelled, and the outstanding cash consideration became payable to Wyloo, with settlement due 45 days after completion. Establishment of the UJV has materially de-risked project funding and significantly reduced the Group’s residual equity requirement for its 40 percent interest, positioning the flagship Yangibana Project to advance with greater certainty toward production. Project Delivery And Capital Review Yangibana - Updated Capital Cost Estimate Development activities at the flagship Yangibana Project advanced steadily during FY25, with a particular focus on delivery of non-process infrastructure and procurement of long-lead items for the beneficiation plant. As at 30 June 2025, approximately 38% of the Project’s total capital cost budget had been incurred, reflecting disciplined execution against plan. Capital cost A$m % Processing Plant & NPI 201.0 42 Enabling Works1 114.1 24 Subtotal - Direct Capital Cost 315.1 67 Hastings Project Management 50.2 11 2 Other Indirects 81.3 17 Completion of the Yangibana UJV is expected to accelerate the pathway to a Final Investment Decision (FID) and subsequent commencement of full-scale construction. Subtotal - Indirect Capital Cost 131.5 28 Contingency/Reserve 26.9 6 Total Capital Cost 473.5 100 Incurred to 30 June 2025 180.0 38 Capital Position (as at 30 June 2025): Remaining (incl. contingency) 293.5 62 • Total Capital Cost Budget: $474 million • Capital Expenditure Incurred to Date: $180 million • Remaining Capital Budget: $294 million (inclusive of $27 million contingency) 6% 17% 42% 11% 24% Processing Plant & NPI Hastings Project Management Contingency Enabling works Other Indirects 1 Enabling works - represents: equipment, roads, aerodrome, village, borefields construction 2 Other indirects - represents: fuel, accommodation, IT & comms, health & safety, consultants, insurances and other Annual Report 2025 | 9 Development Activities As at 30 June 2025, construction of the flagship Yangibana Project was approximately 38% complete, with total capital expenditure of $180 million incurred to date. Progress during the year was primarily directed towards non-process infrastructure and the procurement of longlead equipment for the beneficiation plant. The Group has now acquired all major long-lead items, which are currently in storage under preservation routines. Deliveries continued throughout the year, with key items including: • acid bake kiln and off-gas scrubbing plant; • SAG mill and regrind mill; • thickeners, flotation cells and storage silos; and • additional processing equipment packages. With the majority of long-lead equipment now procured and payments largely completed, forecast cash outflows are expected to reduce significantly compared to historical spend until mobilisation for main construction works commences. Niobium And Processing Test Work A drilling campaign provided fresh niobium ore for metallurgical test work. The first stage of testing, undertaken in a certified laboratory, successfully upgraded ore grading 0.41% Nb2O5 into a high-grade concentrate assaying 50.59% Nb2O5. The trial flowsheet involved grinding to P80=0.074 mm, gravity separation to remove slimes, low-intensity magnetic separation to remove iron, high-intensity magnetic separation to remove silicates, followed by flotation comprising a rougher and four-stage cleaner circuit. As expected at this stage of development, recoveries were relatively low. The next phase of test work is focused on improving recoveries through optimisation of pre-concentration steps, flotation conditions and flowsheet configuration. Niobium test work continued through the latter part of the year, building on the successful first stage and further refining the process design. The Group remains confident that additional niobium mineralisation will be incorporated into the Yangibana resource and reserves in due course and that a saleable niobium pentoxide byproduct stream can be established from Yangibana ore. 10 | Hastings Technology Metals Portfolio Value Realisation – Whiteheads Gold Project In May 2025, the Group announced it had executed a conditional binding term sheet to acquire 100% of the shares in Great Western Gold Pty Ltd ("GWG"). This transaction was completed on 21 August 2025. Through this agreement Hastings secured GWG’s 75% joint venture interest in the Whiteheads Gold Project, located approximately 80 km north-east of Kalgoorlie in Western Australia’s highly prospective Eastern Goldfields. The Whiteheads Gold Project area spans about 380 km² and comprises 14 licences, including 12 Exploration Licences, one Prospecting Licence and one Mining Lease. The consideration for the acquisition included an upfront cash payment of $370,000 and the issue of 3 million fully paid ordinary Hastings shares. Deferred consideration of up to $800,000 in shares will become payable on achievement of staged JORC-compliant Mineral Resource milestones at 125,000 ounces, 250,000 ounces and 1,000,000 ounces of gold equivalent. The Whiteheads Project is supported by a substantial body of historical exploration work, including over 10,000 metres of drilling and extensive geochemical and geophysical surveys. Several walk-up drill targets have been identified alongside numerous untested anomalies, providing near-term opportunities to advance exploration. In September 2025, Hastings announced it had entered into an agreement to divest the Whiteheads Gold Project to Metal Bank Limited. This transaction is consistent with the Group’s strategy of crystallising value from non-core assets while maintaining exposure through share consideration. Together with the Ark and Darcy tenements already held by Hastings, the acquisition and subsequent sale of Whiteheads reflects the Group’s approach of leveraging its exploration expertise to generate value, while remaining focused on advancing the Yangibana Project. Capital Raising Loan Note In October 2024, the Group entered into a senior secured Project Loan Notes facility with a facility limit of $5 million with long-term shareholder Equator Capital Management Ltd. The initial subscription was for $5 million, which was drawn down and settled on 31 October 2024. The funds were applied to project costs associated with the staged development of the Yangibana Project. Placements In March 2025, the Group completed a private placement raising approximately $2.8 million before costs through the issue of 8,730,000 fully paid ordinary shares at $0.32 per share. Settlement funds for the entire placement were received during the year. Of the total shares, 7,480,000 were issued prior to year-end, with the remaining 1,250,000 shares to be issued following shareholder approval at the 2025 Annual General Meeting. Value Optimisation Studies Geology and exploration Mineralisation at the Yangibana Project occurs predominantly within near-surface ironstone veins, which are the weathered expressions of underlying ferrocarbonatite intrusives. The principal rare earth mineral is monazite, hosted within iron oxides and hydroxides that developed along major structural corridors between the Lyons Creek Fault in the south and the Bald Hill Lineament in the north. Additional occurrences have also been identified along the margins of older granite intrusives. Since the first drilling program in 2014, the Group has progressively expanded its Mineral Resource and Ore Reserve base through ongoing exploration and metallurgical test work. As at 30 June 2025, the Yangibana Project Mineral Resource stands at 29.93 million tonnes at 0.93% TREO (0.32% Nd2O3 + Pr6O11), while the Proved and Probable Ore Reserve is 20.93 million tonnes at 0.90% TREO (0.33% Nd2O3 + Pr6O11). These estimates support a projected mine life of at least 17 years and remain the current published figures. Exploration activity during FY25 focused on refining targets along the eight-kilometre Bald Hill–Simon’s Find– Fraser’s trend. This corridor is considered critical due to its proximity to the proposed process plant site and is expected to form the backbone of the initial ore supply once operations commence. In September 2024, the Group declared a maiden niobium Mineral Resource at Yangibana, reported as 6.74 million tonnes at 2,305 ppm Nb2O5 for 15,501 tonnes of contained niobium pentoxide (Measured and Indicated). This initial resource is located within the Bald Hill and Simon’s Find deposits and demonstrates the potential for niobium to be developed as a valuable by-product. Additional carbonatiterelated ironstone intrusions identified east of Bald Hill, totalling around three kilometres of strike, highlight further exploration upside. The Group expects that further drilling will expand the niobium resource base across other deposits in due course. Refer to the Mineral Resources and Ore Reserves Statement for further details of estimates, assumptions and reporting standards. Annual Report 2025 | 11 Environmental, Social and Governance (‘ESG’) Review During FY25, Hastings maintained its strong health, safety, and community performance as development progressed at Yangibana. Highlights included: • Zero lost time injuries and no recordable incidents were reported across the Group during the year. • No heritage incidents were recorded and compliance with the Group’s voluntary Native Title Agreement was maintained. • In February 2025, the Department of Water and Environmental Regulation approved an amendment to the Yangibana Works Approval under Part V of the Environmental Protection Act, ensuring permitting remains current ahead of construction. While a dedicated ESG or Sustainability Report will not be published for FY25, Hastings continues to align its practices with recognised standards and frameworks and remains committed to safe, responsible and sustainable project development. 12 | Hastings Technology Metals Mineral Resources and Ore Reserves Statement Summary This statement represents the Mineral Resources and Ore Reserves (“MROR”) for Hastings Technology Metals Ltd as of 30 June 2025. This MROR statement has been compiled and reported in accordance with the guidelines of the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code (2012)”). This statement is to be reviewed and updated annually in accordance with Section 15 of the JORC Code (2012). The nominated annual review date for this MROR statement is 30 June 2025. The Company’s Rare Earth Mineral Resources at the Yangibana Project were announced in February 2023. The information in this statement has been extracted from the relevant reports as indicated below in each Ore Reserve or Mineral Resource table. The Company has updated the Yangibana Mineral Resource to now include Niobium, which was anno