Announcement PDF Developing the Yangibana Rare Earths Project Hastings Technology Metals Ltd | ASX:HAS Paul Brown, CEO Mines and Money London 2023 DISCLAIMER All currency amounts are in A$ unless stated otherwise Disclaimer 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). 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, strategy and prospects of the Company. Those intentions, expectations, future plans, strategy 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 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 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). The information in this announcement 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, member of the Australasian Institute of Mining and Metallurgy, 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 2012. 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 in this announcement and that relates to process metallurgy is based on information reviewed by Ms. Narelle Marriott (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 2012. Ms. Marriott owns shares in the company and participates in the company 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 in this announcement that relates to Exploration Results in relation to the Yangibana Project is based on information compiled by Dr. Louis Schürmann (PhD), a Competent Person, who is a Fellow of the Australian Institute of Mining and Metallurgy. Dr. Schürmann has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. 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 STRONG DEMAND DRIVING SUPPLY DEFICIT Supply gap forecast to increase during the decade, requiring around 13x Yangibana Projects Global REO Magnet Demand – Anticipated Growth1 Electric Vehicles / mobility Industrial Other NdPr Oxide – Forecast Supply and Demand Balance Supply Wind Power Consumer Supply deficit Demand Forecast to start growing from 2025, fueled predominantly by growth in electric vehicles and renewables Q2 2025 First Concentrate – Yangibana Project CAGR 7.8% 13x Yangibana Projects Size of anticipated supply gap for NdPr oxide by 2032 +189% Long lead times Diversified supply sources vital – questions around ability of supply ramp up due to long project development lead times +180% 2023 2032 2023 Source: Adamas Intelligence Forecast (April 2023); Adamas Intelligence Forecast (Rare Earth Magnet Outlook to 2040 Q2/2023) 1 Global REO Magnet Demand represents rare earth elements used in magnets only (Nd, Pr, Dy, Tb oxides) 2032 3 HASTINGS’ STRATEGY Capturing increased value by pursuing downstream processing opportunities Rare earth concentrate Mixed rare earth carbonate Processing Yangibana Mine and Beneficiation Plant Establishing Hastings as a leading Australian supplier of rare earth concentrate Rare earth oxide Separation Refining Pursue downstream opportunities Developing processing capability to capture higher margins Metals and alloys Permanent magnets Manufacturing Mine to magnet Exploring opportunities to build a vertically integrated rare earths to magnet business 4 WORLD-CLASS ASSET Unique deposit located in a tier one jurisdiction with unrivalled high percentage of NdPr:TREO in orebody Yangibana Project – Mineral Resources and Ore Reserves2 Average NdPr:TREO Ratio1 Sichuan (China) 35 14% 16% Kangankunde (Malawi) 20% Ngualla (Tanzania) 21% 25 21% Mt Weld (Western Australia) 23% Nolans (Northern Territory) Songwe Hill (Malawi) Yangibana Project (Western Australia) Average NdPr:TREO ratio surpassing most global projects 17-year mine life Bayan Obo (China) Ore Reserves 30 Million Tonnes Mountain Pass (US) Mineral Resources 20 15 10 26% 33% 5 37% 0 Aug 2014 Nov 2014 Oct 2015 Jan 2017 Jun 2017 Nov 2017 Jul 2018 Jan 2019 Nov 2019 Jul 2021 Feb 2023 1 Source: refer to Slide 20 2 Refer ASX announcement “Yangibana Ore Reserves Increase by 25%”, dated 6 February 2023 - numbers may not add due to rounding Disclaimer: There is no certainty that further exploration work will result in the determination of Mineral Resources (or Ore Reserves) 5 STAGED DEVELOPMENT FEASIBILITY STUDY1 Staged delivery model supporting de-risked pathway to becoming Australia’s next rare earths producer Broome Yangibana Project Mining and Beneficiation Downstream processing Hydrometallurgical Plant 20.9mt Ore Reserve for 17-year mine life Cracking, leaching, precipitation and drying Traditional drill, blast, load and haul Port Hedland Dampier Onslow Yangibana Mine and Beneficiation Plant Carnarvon Meekatharra ~1.1mtpa to crusher Crushing, grinding, flotation, tailings and handling Output of up to 37,000tpa of rare earth concentrate at 27% TREO Geraldton Kalgoorlie Output of up to 15,000tpa of rare earth carbonate at 59% TREO Perth Albany 1 Refer ASX announcement “Corporate Presentation - Staged Development Strategy”, dated 31 May 2023 66 STRONG BASE TO RAMP UP CONSTRUCTION $126 million invested in non-processing infrastructure for Stage 1 of Yangibana Project Development ready Fully permitted to begin construction and for first concentrate production in 2025 A$52 Non-Processing Infrastructure $126 million investment in finalising early site works • Kurrbili Accommodation Village • Yangibana Airstrip • SipHon Well Borefield • Site Access Road A$126 $470m A$292 Critical path equipment $22 million invested in long lead items • In Transit/Delivered – SAG Mill and Regrind Mill • Fabrication – Flotation Cells, Thickener, Mill Liner Handler Remaining capital cost Early infrastructure works Contingency 7 KURRBILI ACCOMMODATION VILLAGE 8 SIPHON WELL BOREFIELD 9 YANGIBANA AIRSTRIP 10 SAG MILL 11 BENEFICIATION PLANT CONSTRUCTION1 Engineering, Procurement and Construction (“EPC”) contract in place with leading engineering and contracting company $210 million Including fixed-price component of $180 million GR Engineering Services Strong track record of delivering integrated project solutions Key benefits Lowers project delivery risks, lower cost, greater certainty on timeframe, process and product quality guarantees Early works agreement Engineering and procurement work underway until mobilisation to site 1 Refer ASX announcement “Hastings Reduces Yangibana Delivery Risk Awards EPC Process Plant Contract to GR Engineering”, dated 3 May 2023 12 PROJECT EXECUTION STRATEGY Hastings is well-positioned to move into development of the Yangibana Project Execution • All key approvals in place for first production in 2025 • Early engagement and consultation with Traditional Owners since 2017 • Early infrastructure works finalised • 34% of mechanical equipment (by value) ordered, including long lead critical path items Design and Schedule Cost Management • $210 million EPC contract with GRES – 85% on a fixed price basis • Early works agreement in place with GRES ahead of mobilisation • Ongoing work to identify cost savings and maximise operational efficiencies • Engineering designs for beneficiation plant at 74% complete • Operational Readiness • Key leadership roles filled, including EGM Mining Operations with oversight of operational readiness • Ongoing work to build internal processes and capabilities Detailed design for bulk earthworks, civil and structural elements underway 13 ROBUST PROJECT METRICS1 Comprehensive project delivery and capital review in H1 2023 reaffirming attractive project economics $530 - $1,010 million 27.5% - 50.9% Post-tax NPV11 (ungeared)2 Post-tax IRR (ungeared)2 $175 - $250 million 2.1 – 4.4 years Average EBITDA per annum2 Payback period2 First quartile Higher realised basket Global margin curve as verified by CRU Group High value NdPr composition leads to higher realised oxide basket price 1 Refer ASX announcement “Corporate Presentation - Staged Development Strategy”, dated 31 May 2023 2 Higher project metric range shows the potential for improved economics through tolling and/or processing arrangements 14 PROJECT FUNDING Multiple non-binding financing proposals received in order of target gearing ratio of 60% (~US$300 million) Staged development feasibility study Completion of financing due diligence reports Multiple financing proposals received (Loans, JV, Bonds) Shortlist preferred provider(s)/ funding solution January – May 2023 June – September 2023 October – November 2023 December 2023 Comprehensive project delivery and capital review underpinning staged development strategy Independent Technical Expert report by Behre Dolbear Australia confirming revised cost estimates are reasonable and appropriate Multiple non-binding financing proposals received from multiple parties for funding of debt facility Term sheets and review with financial advisors to shortlist financier(s)/ consortium – syndicated lender group. Updated capital cost and operating expenditure Fixed-price EPC contracting structure de-risking project delivery Completion of financing legal due diligence and other customary financing workstreams including tax and financial modelling thyssenkrupp offtake terms expanded to include concentrate, in addition to MREC Discussions ongoing with Australian Government agencies Strategic partner and joint venture indicative proposals received from global mining funds At-the-Market equity financing facility for up to $50 million established with Alpha Investment Partners 15 LEADING ESG CREDENTIALS Green Finance Accreditation Certified by DNV for green bonds and/or green loans Aligned with International Capital Market Association’s Green Bond Principles and Loan Market Association’s Green Loan Principles Ranked fourth Out of 159 companies in 2022 diversified metals mining subindustry category Gold Rating Ranked in top five per cent of companies assessed Formal Supporter Taskforce on Climate-Related Financial Disclosures Participant Ten Principles of the UN Global Compact World Bank Positively assessed against IFC performance standards and Equator Principles IV 16 17 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 APPENDIX 19 PEER COMPARISON Average NdPr:TREO ratio over life of mine Mine Ownership Ticker NdPr:TREO ratio Yangibana Hastings Technology Metals Ltd HAS:ASX 37% 6 February 2023: ASX Announcement: “Yangibana Ore Reserves Increase by 25%” Songwe Hill Mkango Resources Ltd MKA:TSXV 33% 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%” Nolans Arafura Rare Earths Ltd ARU:ASX 26% 11 November 2022: ASX Announcement: “Nolans Project Update” Mt Weld Lynas Rare Earths Ltd LYC:ASX 23% Bayan Obo China Northern Rare Earth Group High-Tech Co Ltd 600111:CH 21% 15 December 2020: Ord Minnett Report, Hastings Tech Metals, Thematic Firing Ngualla Peak Rare Earths Limited PEK:ASX 21% 24 October 2022: Ngualla Rare Earths Project Completion of BFS Update Kangankunde Lindian Resources Limited LIN:ASX 20% 17 April 2023: ASX Announcement: “Investor Webinar Presentation” Mountain Pass MP Materials Corp MP:NYSE 16% 28 February 2023: SEC Filing: Form 10-K – Annual Report, Rising Nonferrous Metals Share Co. Ltd 600259:CH 14% 15 December 2020: Ord Minnett Report, Hastings Tech Metals, Thematic Firing Sichuan Source 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” 20