Announcement PDF Consolidated Interim Financial Report Half Year ended 31 December 2024 HastingsTechnology TechnologyMetals MetalsLtd Ltd Hastings ASX: HAS | hastingstechmetals.com| ACN 122 911 399 CORPORATE DIRECTORY Directors Charles Lew…………………………………………………………………………………………………………..………..….……Executive Chairman Guy Robertson…………...……………………………………………………………………………………..……………..………..Executive Director Neil Hackett………………………………………………………………………………………………………………………..Non-Executive Director Jean Claude Steinmetz………………………………………………………………………………………………………..Non-Executive Director Malcolm Randall……………………………………………..……………………………………………………..…………..Non-Executive Director Joint Company Secretaries Guy Robertson Neil Hackett Principal Place of Business and Register Office Address: Level 3, 5 Mill Street, Perth, Western Australia 6000 Phone: +61 8 6117 6118 Website: www.hastingstechmetals.com Email: info@hastingstechmetals.com Auditors PricewaterhouseCoopers, 125 St Georges Terrace, Perth, Western Australia 6000 Solicitors Herbert Smith Freehills, Level 11/1 The Esplanade, Perth Western Australia 6000 King & Wood Mallesons, Level 30, 250 St Georges Terrace, Perth Western Australia 6000 Bankers National Australia Bank, 100 St Georges Terrace, Perth Western Australia 6000 Westpac Banking Corporation, 109 St Georges Terrace, Perth Western Australia 6000 Share Registry Automic Group, Level 5, 191 St Georges Terrace, Perth, Western Australia 6000 Home Exchange Australian Securities Exchange Limited, Level 40, Central Park, 152-158 St Georges Terrace, Perth, Western Australia 6000 ASX Code ASX:HAS 2 | CORPORATE DIRECTORY CONTENTS DIRECTORS’ REPORT ........................................................................................................................... 4 DISCLAIMERS ..................................................................................................................................... 11 AUDITOR’S INDEPENDENCE DECLARATION .................................................................................. 12 CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 31 DECEMBER 2024 ........................ 13 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2024 .................................................................................................................................................... 14 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 31 DECEMBER 2024 ............................................................................................................ 15 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 31 DECEMBER 2024 ............................................................................................................................... 16 NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 31 DECEMBER 2024 ............................................................................................................ 17 DIRECTORS’ DECLARATION ............................................................................................................. 30 INDEPENDENT AUDITOR’S REVIEW REPORT ................................................................................. 31 3 | CONTENTS DIRECTORS’ REPORT The Directors of Hastings Technology Metals Ltd (“Hastings” or the “Company”) submit this interim financial report of the consolidated entity consisting of Hastings and the entities it controlled during the period (the “Group”) for the half year ended 31 December 2024. Pursuant to the provisions of the Corporations Act 2001, the Directors report as follows. DIRECTORS The names of Directors who held office during or since the end of the interim period and to the date of this report are as follows. Directors were in office for this entire period unless otherwise stated. Name Particulars Mr Charles Lew Executive Chairman Mr Guy Robertson Executive Director Mr Neil Hackett Independent Non-Executive Director Mr Bruce McFadzean (retired 18 Oct 2024) Independent Non-Executive Director Mr Malcolm Randall Independent Non-Executive Director Mr Jean Claude Steinmetz Independent Non-Executive Director JOINT COMPANY SECRETARIES Mr Guy Robertson Mr Neil Hackett REVIEW OF OPERATIONS Yangibana Rare Earths and Niobium Project During the period, the Company continued to progress activities at the Yangibana Rare Earths and Niobium Project (“Yangibana Project” or the “Project”). As at 31 December 2024, 33% of the Project’s construction budget had been spent. Main expenditures were for non-process infrastructure and long-lead equipment for the beneficiation plant. Long-lead equipment continued to arrive in Perth including the horizontal belt filter, flocculant plant and the wet screen. A maiden Niobium resource was announced for the Yangibana Project in September 2024, with a niobium pentoxide Measured and Indicated Mineral Resource of 6.7Mt at 2,305ppm for 15,501t Nb2O5 1. The niobium is present within the existing Yangibana Project’s footprint and provide a multi-commodity revenue stream and byproduct credit income. Further drilling was completed to recover ore samples for niobium recovery test work in the period. The test work is ongoing and was conducted on representative ore to confirm that a saleable concentrate can be achieved. Preliminary results were encouraging, and significantly improved concentrate grades were achieved compared to previous tests. Hastings is working towards providing an updated Niobium Mineral Resource Estimate in Q2 2025. 1 Refer ASX Announcement “Niobium Maiden Mineral Resource” dated 4 September 2024. 4 | DISCLAIMERS Post the period, Hastings announced that it had signed an exclusive non-binding term sheet to enter into an unincorporated joint venture with Wyloo Consolidated Investments Pty Ltd (“Wyloo”) for the Yangibana Project 2. The proposed joint venture (“JV”) will see Wyloo acquire a 60% interest and operatorship in the Stage 1 Yangibana Project and the Stage 2 Hydrometallurgical Plant, with Hastings retaining a 40% interest. Consideration for the acquisition of the Wyloo joint venture interest was the cancellation of outstanding Exchangeable Notes issued by Hastings to Wyloo ($220 million at maturity) as well as the transfer of shares held by Hastings in Neo (see below). Based on the implied valuation of the JV transaction, the recoverable amount of the Yangibana Project Cash Generating Unit (“CGU”) is $220 million. The carrying value of this CGU post non-cash impairment of $141 million is $220 million. Total assets amount to $334 million. Refer to Note 16 for further information. The proposed joint venture provides a credible path to funding the development and funding for the Yangibana Project and significantly reduces Hastings’ exposure to the remaining project capital cost. SUSTAINABILITY Health and Safety During the period, the Company marked six years lost time injury free, demonstrating its strong focus on health and safety. There were no recordable injuries reported during the half year period to 31 December 2024, with a Total Recordable Injury Frequency Rate (“TRIFR”) of nil, consistent with the previous half year and well below industry average. Environmental, Social and Governance In September 2024, the Company published its annual Sustainability Report. The report provides an overview of the Company’s sustainability performance over the 12 months to 30 June 2024 and sets out environmental, social, and governance (“ESG”) objectives as the development of the Yangibana Project progresses. Some of the performance highlights included Hastings being rated in the 97th and 91st percentiles in the metals and mining sub-industry category by Sustainalytics and Ecovadis respectively. During the period, activities focused on priority environmental initiatives and submissions, including updates to the Yangibana Mining Proposal and Mine Closure Plan, ongoing environmental monitoring and reporting, and updates to streamline and contemporise the Yangibana Project’s Part V regulatory approvals and permits process. A triennial-review of water-related licences was completed during this period in accordance with regulatory reporting requirements. An update to the existing Works Approval under Part V of the Environmental Protection Act was subsequently initiated in October 2024, and the process is progressing with the Department of Water and Environmental Regulation (“DWER”). Native Title Agreement The Company continued to work constructively with the Thiin-Mah Warriyangka Jiwarli People under the terms of the relevant Project Agreement. Refer ASX Announcement “Hastings and Wyloo to form Joint Venture on the Yangibana Rare Earths & Niobium Project” dated 20 February 2025. 2 5 | CONTENTS CORPORATE Board and Committee Update In October 2024, Hastings announced the strengthening of its leadership team with the appointment Independent Non-Executive Director Mr Jean Claude Steinmetz to the role of Chair of the Project Review Committee 3. Mr Steinmetz was previously Chief Operating Officer for ASX-listed rare earth company Lynas Corporation where he had operational responsibility for the mining operations and concentration plant at Mount Weld in Western Australia and the Lynas Advanced Materials Plant in Malaysia, as well as oversight of Lynas’ sales and marketing activities. As part of this leadership strengthening, Mr Peter Phan was appointed as the Company’s Project Director for Yangibana in October 2024. Mr Phan was the Project Director at Australian Premium Iron Management (“APIM”), the manager of assets owned by a Joint Venture between POSCO, AMCI and Aquila (“APIJV”), which had a participating interest in the landmark Ashburton Channel Iron Deposits’ Stage 1 development with a total capital expenditure of $3 billion. Mr Phan has a strong track record with over 30 years of mining industry experience across a wide range of commodities (iron ore, gold, nickel and lithium) and, working closely with Mr Steinmetz, will be instrumental for the Company to advance Yangibana development with a core focus on construction costs and packages. During the period, Mr Bruce McFadzean retired as a Non-Executive Director of the Company. Mr McFadzean had served as a Director of the Company since January 2021 and was the Chair of the Project Review Committee. Investment in Neo Performance Materials Inc (“Neo”) Neo is a global leader in the manufacture of rare earth magnetic powders and neodymium-bonded magnets. Neo has a global platform that includes ten manufacturing facilities located in Canada, China, Estonia, Germany, Thailand, the United Kingdom, and the United States, as well as a dedicated research and development centre in Singapore. In addition, Neo operates the only rare earth oxides separation plant outside of China at its Estonian facility. Hastings purchased ~8.97m Neo shares in mid-2022, representing a 19.9% stake, which subsequently increased to 21.5% through share buy-backs 4. In June 2023, Hastings and Neo announced the signing of a non-binding Heads of Agreement, which outlines a framework for offtake and further downstream technical and commercial collaboration 5. Hastings’ investment in Neo is in line with its strategy of building a vertically integrated mine-tomagnet supply chain. In July 2024, Neo’s Board of Directors appointed Hastings nominee, Dr John McGarva, as an independent nonexecutive director 6. Dr McGarva has over 30 years of experience in product development and manufacturing spanning the healthcare, industrial, and consumer electronics industries. He was formerly Head of Engineering at Dyson (Haircare division). Neo has consistently paid quarterly dividends with Hastings receiving $1.97 million (gross of withholding tax) during the half year. As part of the announced joint venture with Wyloo 7, the shares in Neo have been transferred to Wyloo as part consideration for the cancellation of the Wyloo Exchangeable Notes. As at the date of this report 8,350,311 shares representing a 19.99% shareholding in Neo have been transferred to Wyloo and security held by Wyloo over those shares has been released. Security over the remaining 623,816 Neo shares (being a 1.49% shareholding in Neo) held by Hastings will be released upon payment to the value of those shares (valued at the time of signing Refer ASX Announcement “Management and Board Structure Update” dated 18 October 2024. Refer ASX Announcement “To Acquire Shareholding in NEO - Investment in HAS by Wyloo” dated 26 August 2022 5 Refer ASX Announcement “Hastings Signs Non-Binding Heads of Agreement with NEO” dated 13 June 2023 6 Refer TSX:NEO Announcement “Neo Announces Update to its Board of Directors” dated 22 July 2024 7 Refer ASX Announcement “Hastings and Wyloo to form Joint Venture on the Yangibana Rare Earths & Niobium Project” dated 20 February 2025: 3 4 6 | CONTENTS the transaction and JV agreements). The value of the 623,816 Neo shares at the time of the term sheet announcement was approximately $6 million, which Hastings plans to realise via the sale of those shares. MOU with Ministry of Investment, Kingdom of Saudi Arabia (“KSA”) Hastings and Ministry of Investment Saudi Arabia (“MISA”) entered into a non-binding Memorandum of Understanding (“MOU”), with Hastings selected as one of nine parties for MISA’s Global Supply Chain Resilience Initiative (“GSCRI”) program totalling SAR 35 billion (US$9 billion / A$14 billion) 8. The MOU sets out the pathway for Hastings to develop a fully integrated downstream rare earths processing facility with the support of MISA through their GSCRI program. In addition, the MOU will enable Hastings to assess KSA as a potential location for its Stage 2 hydrometallurgical plant as well as advance funding discussions with suitable partners. Under the terms of this strategic MOU and collaboration, MISA will support Hastings to: • refresh its BFS based on the location of the hydrometallurgical plant in the KSA; • secure strategic JV partners, and facilitate the development signing of a JVA to develop the hydrometallurgical plant in KSA; • facilitate access to potential KSA-based funding, as well as identify suitable local partners for all stages of business establishment; and • provide Hastings further assistance as required, including guidance on licensing, legal, compliance, and regulatory matters in the KSA. Funding In July 2024, Hastings announced a binding term sheet with JL Mag Rare-Earth Co. Limited (“JL Mag”) (market cap: $4.9 billion as at 31st December 2024) for a $7 million strategic investment (19.6 million shares at $0.36 per new ordinary share) 9. JL Mag is the world’s leading producer of sintered rare earths magnets with a global customer base which includes the world’s top 10 New Energy Vehicles manufacturers. Mr Han Yu, Vice President of International division, JL Mag, will be JL Mag’s nominee on the Hastings board. JL Mag is seeking the remaining government approvals for overseas direct investment placement. In October 2024, the Company executed a $5 million Loan Notes facility (“Loan Notes”) with Equator Capital Management Ltd (“Equator”) to raise funds for costs associated with the progressive development of the Yangibana Project 10. The Loan Notes included the entitlement of 1 option for every $3 of Loan Note principal resulting in 1.6 million options being issued on 14 January 2025 11. The terms of these options are consistent with the terms of Hastings’ existing $0.50 per share exercise price, 1 March 2026 expiry listed options (HASO). The Loan Notes are unsecured. In December 2024, The Company utilised its existing At The Market (“ATM”) facility to raise $358,530 net of transaction costs (1.3 million shares at $0.293 - $0.302) 12. The ATM facility is held with Alpha Investment Partners (“AIP”) and a residual 3.15 million shares remained as of the end of the period from the initial 6.5 million shares issued on 24 November 2023. Refer ASX Announcement: “HAS Signs MOU Ministry of Investment Kingdom of Saudi Arabia” dated 28 November 2024: Refer ASX Announcement “JL MAG to Become 9.8% Strategic Investor in Hastings” dated 9 July 2024 10 Refer ASX Announcement “Quarterly Activities Report” 28 October 2024 11 Refer ASX Announcement “Application for quotation of securities – HAS” 12 Refer ASX Announcement “Quarterly Activities Report” 30 January 2025 8 9 7 | CONTENTS DIVIDENDS No dividends have been paid or declared since the start of the interim period and the Directors do not recommend the payment of a dividend in respect of the interim period. OPERATING RESULTS FOR THE HALF YEAR AND FINANCIAL YEAR The total comprehensive loss of the Group for the interim period, after providing for income tax amounted to $165,151,705 (2023: $21,291,286). The Group’s operating income decreased to $2,096,132 (2023: $2,907,800) as a result of reduction in interest income resulting from the maturity and subsequent non-renewal of interestbearing deposits. Net loss after tax increased to $164,107,405 (2023: $13,247,021) primarily due to an impairment charge of $141,368,886 (2023: $2,768,081), increased finance costs of $19,881,288 (2023: $16,622,336) and no significant reversal of onerous provisions. An impairment charge of $141,368,886 relating to the Yangibana Project CGU was recognised as the carrying amount of the CGU exceeded its recoverable amount as at 31 December 2024. For further information, refer to Note 16. The increase in finance costs reflects the borrowing costs paid on Exchangeable Notes used to fund the Neo investment. Netted off within expenses is the reversal of $289,980 in onerous contract provisions relating to excess accommodation at Onslow previously recognised as of 30 June 2024. The reversal is the result of the contract obligation being discharged in December 2024. Other comprehensive loss was $1,044,300 (2023: $8,044,265) as a result of the decrease in the fair value of the investment in Neo of $1,046,584 and foreign currency translation gain of $2,284. Capitalised exploration and evaluation costs decreased to $63,786,615 (30 June 2024: $94,270,691) after the recognition of a $32,032,313 impairment charge (refer to Note 16). Plant and equipment increased to $284,370,088 before impairment (30 June 2024: $277,013,442) reflecting the costs incurred for early works construction and the delivery of long lead items for the Yangibana Project ($175,065,167 net of impairment). Net assets decreased to $131,651,670 (30 June 2024: $296,416,650) in line with the $165,151,705 total comprehensive loss for the period. REVIEW OF FINANCIAL CONDITIONS As at 31 December 2024, the Group had $7,486,199 in cash and cash equivalents (June 2024: $17,890,044), in addition to $1,603,795 in restricted cash. Offsetting the cash assets are borrowings of $188,161,641 (June 2024: $168,372,744) and lease liabilities of $649,568 (June 2024: $930,237). Cash and cash equivalents are earmarked for construction, corporate costs, and working capital. GOING CONCERN The Group had $7,486,199 in cash and cash equivalents and an additional $1,603,795 held in term deposits as restricted cash as of 31 December 2024. As at 31 December 2024, there were $199,718,212 of Exchangeable Notes ($187,710,899 at fair value) due in October 2025, which were classified as current liabilities at period end. Based on the historical current liabilities balance as at 31 December 2024, there was a working capital deficit of $178,549,204, which was comprised largely of the Exchangeable Notes due in October 2025. However, subsequent to year end, as outlined in Note 12, $79,848,403 of Exchangeable Notes were cancelled as part of the Joint Venture transaction announced with Wyloo that included transfer of 8,350,311 Neo shares to Wyloo. The balance of the Exchangeable Notes will be 8 | CONTENTS cancelled upon settlement of the value of the remaining 623,816 Neo shares via a cash payment by Hastings to Wyloo and establishment of the JV. Hastings plans to sell the remaining 623,816 Neo shares to fund this payment. The JV parties expect to procure project funding together (target minimum gearing 50%). The JV transaction reduces Hastings’ final equity contribution to approximately $32 million assuming 50:50 project gearing structure ($13 million assuming 60:40 gearing). Hastings has received non-binding project finance proposals from multiple parties, including from global mining funds, commercial banks, and fixed income investors (debt capital markets), in addition to financing support from government agencies. The bankability of the Yangibana Project has improved through the JV structure, which may lead to improved financing terms. Final equity funding is only required post Final Investment Decision. As the Group will need to undertake interim capital raisings for expenditures as is customary for pre-production companies, material uncertainty exists that may cast significant doubt on the entity’s ability to continue as a going concern, and therefore, that the entity may be unable to realise its assets and discharge its liabilities in the normal course of business. However, the Directors believe that there are reasonable grounds that the use of the going concern basis remains appropriate as the Board raises funds via equity capital raisings including share purchase plans, entitlement offers/ rights issues and placements. Key considerations in forming this view: • There is a demonstrated historical track record of the Group raising new capital noting the Company has raised over $430 million (net of fees) to date. Recent capital raisings include: o Partially underwritten renounceable rights issue raising $15.9 million in April 2024; and o Existing ATM Facility with Alpha Investment Partners with $1.27 million raised in March 2024, $358,530 raised in December 2024 and a further 3.15 million shares available for placement under this ATM facility. • The Company has approved placement capacity pursuant to Listing Rule 7.1 (15%) and additional 10% placement capacity pursuant to Listing Rule 7.1A, available for placement to existing and new shareholders; • As announced on 9 July 2024, Hastings has recently entered into a binding agreement with JL Mag for a 9.8% strategic investment in the Company for $7,072,920. Settlement is expected to occur pending Chinese government regulations on overseas direct investment approvals for sensitive industries; • Hastings has received capital raising proposals from multiple investment banks and brokers; • Ongoing and recent return of cash backed bank guarantees and release of related restricted cash of $2,408,786 during the period; and • Hastings has paid the majority of progress payments for long lead equipment items and therefore the forecast cash outflows have reduced significantly compared to previous periods. The attached interim report for the half year ended 31 December 2024 contains an independent auditor’s report which highlights the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern. For further information, refer to Note 1(b) to the financial statements, together with the auditor’s report. SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS There were no significant changes to the state of affairs of the Company during the period. SIGNIFICANT EVENTS AFTER BALANCE SHEET DATE In February 2025, the Company announced the signing of an exclusive, non-binding term sheet with Wyloo to enter into an Unincorporated Joint Venture (“UJV”) for the Yangibana Project and Niobium Project. The transaction 9 | CONTENTS is subject to executing a UJV agreement, transaction agreement, and other binding JV documentation. Key commercial terms include: • 60:40 UJV with Wyloo holding a 60% participating interest and Hastings holding a 40% participating interest through its wholly owned subsidiary, Yangibana Jubilee Pty Ltd. • Consideration includes cancellation of all Exchangeable Notes owing to Wyloo, which represents an early repayment of debt in full ahead of maturity in October 2025, upon transfer of all Neo shares held by Hastings to Wyloo. • The transfer of shares to Wyloo will be conducted over two tranches, with the first tranche of 8,350,311 Neo shares (representing an approximate 19.99% shareholding interest in Neo, valued at $79,848,403) being completed in February 2025. • The balance of the Exchangeable Notes will be cancelled upon settlement of the value of the remaining 623,816 shares (1.49%, valued at $5,965,132) via cash payment by Hastings to Wyloo. • Hastings retains a 40% share of revenue through rare earths, niobium and other by-product credits and Project cash flows. • UJV includes both Stage 1 of the Yangibana Project and Stage 2 hydrometallurgical plant. Wyloo will act as the UJV Manager and Operator with an option to increase its participating interest to 70% at the lower of fair market value as determined by independent valuation, or $20 million (subject to CPI escalation). Project funding will be jointly procured by Wyloo and the Company. Other than as outlined above, there are no matters or circumstances that have arisen since the end of the financial period that have significantly affected or may significantly affect the operations of the consolidated entity, the results of those operations, or state of affairs of the consolidated entity in future financial periods. AUDITORS INDEPENDENCE AND NON-AUDIT SERVICES Section 307C of the Corporations Act 2001 requires our auditors, PricewaterhouseCoopers, to provide the Directors of the Company with an Independence Declaration. This Independence Declaration is set out on page 12 and forms part of this Directors’ report for the interim period ended 31 December 2024. Signed in accordance with a resolution of the Directors. Charles Lew Executive Chairman 14 March 2025 10 | CONTENTS DISCLAIMERS FORWARD LOOKING STATEMENTS AND IMPORTANT NOTICE This report 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. COMPETENT PERSONS STATEMENT The information in this release that relates to Mineral Resources and Ore Reserves has been extracted from the release title ‘Annual Report to shareholders’ dated 30 September 2024 which is available to view at www.asx.com.au under the code “HAS” (the original release). Hastings confirms the form and context in which the Competent Person’s findings are presented have not been materially modified from the original release. The information that relates to the Ore Reserves at Bald Hill, Fraser’s, Yangibana, Auer and Auer North and Yangibana North is based on information reviewed or work undertaken by Mr Stephen O’Grady, 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 (2012). Mr O’Grady consents to the inclusion in this report 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 Mr Scott Atkinson. Mr Atkinson is a full-time employee of Hastings and a member of the Australasian Institute of Mining and Metallurgy (AusIMM: 3056865) 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 (2012). Mr Atkinson consents to the inclusion in this report of the matters based on their information in the form and context in which it appears. The information that relates to Mineral Resources at the Yangibana Project and the Brockman Deposit is based on information compiled by Mr David Princep of Gill Lane Consulting, who is a Fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM). Mr Princep is a consultant to Hastings and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent person as defined in the JORC Code (2012). Mr Princep consents to the inclusion in this report of the matters based on their information in the form and context in which it appears. The information that relates to Exploration Results is based on information reviewed and compiled by Dr Louis Schürman