Announcement PDF \ ASX Announcement 28 June 2023 Presentation – Macquarie Group’s Critical Minerals Forum Australia’s next rare earths producer, Hastings Technology Metals (ASX: HAS) (Hastings or Company), advises that Teck Lim, Chief Financial Officer, is presenting at the Macquarie Group’s Critical Minerals Forum in Perth on Wednesday, 28 June 2023. A copy of the presentation is attached, and also available on the Company’s website on the link below: https://www.hastingstechmetals.com/investor-relations/presentations Authorised by the Board for release to the ASX. FOR FURTHER INFORMATION CONTACT: Alwyn Vorster Chief Executive Officer (Interim) +61 8 6117 8621 MEDIA QUERIES: Stephanie Vanicek Communications Manager +61 405 183 237 ABOUT HASTINGS TECHNOLOGY METALS LIMITED Hastings Technology Metals Limited (ASX: HAS) is a Perth based rare earths company primed to become the world’s next producer of neodymium and praseodymium concentrate (NdPr). NdPr are vital components in the manufacture of permanent magnets used every day in advanced technology products ranging from electric vehicles to wind turbines, robotics, medical applications and digital devices. Hastings’ flagship Yangibana Rare Earths Project located in the Gascoyne and Pilbara regions of Western Australia, contains one of the most highly valued NdPr deposits in the world with NdPr:TREO ratio of up to 52% in some areas of the orebody. The Project will be developed in two stages with an initial focus on the construction of the Yangibana mine and beneficiation plant to produce 37,000 tonnes per annum of mixed rare earth concentrate, followed by the construction of a hydrometallurgical plant in Onslow with the capacity to process 15,000 tonnes per annum of Mixed Rare Earth Carbonate. The Yangibana Project is permitted for long-life production and with offtake commitments and debt finance being finalised. In 2022, Hastings acquired a strategic 19.9% shareholding in TSX-listed Neo Performance Materials, a leading global rare earth processing and advanced permanent magnets producer, providing the Company with the opportunity to explore opportunities to create a mine-to-magnet supply chain. Hastings also owns and operates the Brockman project, Australia’s largest heavy rare earths deposit, near Halls Creek in the Kimberley. For more information, please visit www.hastingstechmetals.com HASTINGS TECHNOLOGY METALS LIMITED Level 3, 5 Mill Street, Perth WA 6000 www.hastingstechmetals.com | +61 8 6117 6118 Page 1 of 1 Australia’s Next Rare Earths Producer Yangibana Rare Earths Project Macquarie Critical Minerals Forum Hastings Technology Metals Limited | ASX : HAS 28 June 2023 Importance notices and 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. Macquarie Critical Minerals Forum | 2 Our investment proposition Yangibana is positioned to supply rare earths needed for permanent magnets for the global energy transition Access to significant value adding opportunities through strategic investment in TSX-listed rare earth magnet manufacturer Neo Performance Materials Staged development de-risking project delivery and offering value through all project stages, with first production in Q1 2025; situated in the first to second quartile on the global margin curve Global energy transition creating demand for rare earth magnets for electric vehicles and wind turbines Life of mine average NdPr:TREO ratio of 36% at Yangibana, with up to 52% in certain parts of the orebody Fully permitted (State and Federal) and all primary approvals in place; ~$100m in early works largely completed Macquarie Critical Minerals Forum | 3 Corporate snapshot Developing the world-class Yangibana Rare Earths Project in Western Australia Share price1 Shares on issue Market capitalisation $1.21 129.2m $156m Cash at 30 April 2023 $129m Exchangeable bonds (Wyloo) $150m Key shareholders L1 Capital Enterprise value $177m Key assets 11.8% Charles Lew 5.2% Top 20 Shareholders 44.7% 1 share price as at 27 June 2023 Stage 2 Hydrometallurgical plant Halls Creek Broome Port Hedland Dampier Onslow Onslow Plant Yangibana Mine Site Carnarvon Meekatharra Geraldton Yangibana Project Western Australia Brockman Project Western Australia 19.9% hold in Neo Performance Materials Inc (TSX:NEO) Canada Kalgoorlie Perth Albany Stage 1 Yangibana mine and beneficiation plant Macquarie Critical Minerals Forum | 4 Our markets Macquarie Critical Minerals Forum | 5 Supplying the green economy Rare earth magnets are critical inputs for electric vehicle traction motors and wind turbine generators Significant government support for rare earths NdPr are critical elements of the global energy transition Inflation Reduction Act LCD / PDP Screens Energy saving light bulbs Y Eu Displays Y Ce Eu Wind turbines Tb Pr Nd Dy Electric vehicles Pr Nd Sm Tb Dy US$400bn directed to funding clean energy, including securing rare earth supply chains Speakers Defence Headphones Guidance and control Pr Nd Gd Pr Nd Sm Tb Critical Raw Materials Act Smartphone Dy La Ce Pr Nd Building resilience of supply chains for critical minerals, including rare earths, to enable EU to meet 2030 objectives Critical Minerals Strategy Sc Y La Ce Pr Nd Pm Sm Light Rare Earths Eu Gd Tb Dy Ho Er Tm Heavy Rare Earths Yb Lu A national framework to grow Australia’s critical minerals sector and the ability to process minerals domestically National Security Strategy Rare earths included in strategy to reduce Japan’s dependence on countries to secure stable supply for critical goods Macquarie Critical Minerals Forum | 6 Capitalising on high growth market Fueled by the electrification trend – high growth in magnets for electric vehicles and wind turbines Anticipated Global REO Magnet Demand Growth by Industry1 Electric drivetrains and wind energy to represent 59% of rare earth oxide demand for magnets by 2032 216kt CAGR 7.8% +189% 102kt +180% 2023 Electric Vehicles / mobility • EV demand to grow significantly by 2032 as governments ban the sale of the traditional internal combustion engines • Yangibana can supply NdPr used in magnets for 1.5 million EVs per year (if 100% of sales to this channel) • Wind power has been identified as the fastest growing renewable energy technology • Installed capacity for wind turbines to grow ~2 times through to 2030 • Other demand sources include consumer electronics, industrial applications and air-conditioning 2032 Wind Power Industrial Consumer Other Source: Adamas Intelligence Forecast (April 2023) 1Global REO Magnet Demand represents rare earth elements used in magnets only (Nd, Pr, Dy, Tb oxides) Macquarie Critical Minerals Forum | 7 Global supply deficit imminent Significant NdPr supply deficit expected – requiring around 13x Yangibana projects in the next decade NdPr Oxide – Forecast Supply – Demand Balance Supply Demand Demand Forecast supply gap equal to 13x the projected NdPr oxide output of Yangibana Q1 2025 Stage 1 concentrate/ MREC (tolling) • Demand for NdPr oxide expected double over the next decade, fuelled predominantly by growth in electric vehicle and renewables sectors • Significant deficit to start growing from 2025 • First concentrate from Yangibana in Q1 2025 is well-timed to start meeting the demand Supply 2023 2024 2025 2026 2027 Source: Adamas Intelligence Forecast (April 2023) 2028 2029 2030 2031 2032 • New and more diversified supply sources will be vital • Long project development lead times raise questions around ability of supply ramp up • Forecast supply gap by 2032 represents around 13 times the project NdPr oxide output of Yangibana Macquarie Critical Minerals Forum | 8 Yangibana project summary Macquarie Critical Minerals Forum | 9 Unique tier one asset World-class deposit with unrivalled high percentage of NdPr:TREO in the orebody Significant exploration targets providing growth optionality Average NdPr:TREO Ratio Yangibana Mineral Resources and Ore Reserves1 Mineral Resources Sichuan Ore Reserves 60 14% Exploration target of 40 to 60 million tonnes2 50 Baotou Yangibana 21% Average NdPr:TREO ratio surpassing most global projects 24% 36% 40 30 17-year mine life Mt Weld 16% Million Tonnes Mt Pass 20 10 0 Aug 2014 Oct 2015 Jun 2017 1 Refer ASX announcement “Yangibana Ore Reserves Increase by 25%”, dated 6 February 2023 - numbers may not add due to rounding 2 Refer ASX announcement “Potential identified to significantly expand Yangibana Resource base”, dated 15 December 2022 Jul 2018 Nov 2019 Feb 2023 Macquarie Critical Minerals Forum Disclaimer: There is no certainty that further exploration work will result in the determination of Indicated Mineral Resources (or Ore Reserves) in relation to that mineralisation | 10 Yangibana Rare Earths Project Enhanced two-stage delivery model supporting a de-risked pathway to becoming Australia’s next rare earths producer by Q1 CY2025 Stage 1 – Concentrate Mining 20.9 Mt Ore Reserve for 17-year mine life1 ~1.1Mtpa to crusher Traditional drill, blast, load & haul Stage 2 – MREC Beneficiation Hydrometallurgy Crushing, grinding, flotation, tailings & handling Cracking, leaching, precipitation & drying ~37,000tpa concentrate (27% TREO) 15,000tpa Mixed Rare Earth Carbonate (59% TREO) ~3,400tpa NdPr Macquarie Critical Minerals Forum 1 Refer ASX announcement “Yangibana Ore Reserves Increase by 25%”, dated 6 February 2023 – mine life based on new Ore Reserve estimate | 11 Yangibana project progress All primary approvals in place and ~$100m already invested in early infrastructure works at Yangibana Yangibana Airstrip – complete First flight on 18 May 2023 SipHon Well Borefield – complete 20km pipeline; 6 bores Kurrbili Accommodation Village SipHon Well Borefield Site Access Road – complete Communications towers – complete Kurrbili Accommodation Village 120 beds – completed Additional 180 beds – underway Yangibana Aerodrome Construction material quarry Yangibana maiden flight Macquarie Critical Minerals Forum | 12 Beneficiation plant contract Fixed-price contract for construction of beneficiation plant and associated infrastructure de-risking project delivery ~$210m binding terms sheet entered with GR Engineering Lowers project delivery risks, provides process and product quality guarantees Lower cost compared to previous EPCM model Greater certainty on timeframe with first concentrate in Q1 2025 Macquarie Critical Minerals Forum | 13 Stage 1 capex estimates Capital intensity per % NdPr produced remains competitive with other developers Stage 1 capital cost Capex (as at 31-May-23) 55 12% 59 12% A$470m 210 45% 58 12% 88 19% Processing plant - EPC contract Hastings project management Contingency Enabling works Other indirects Total Cost (A$M) Spent to Date Remaining (A$M) (A$M) % Plant Earthworks 30 - 30 6% Plant & NPI 180 - 180 38% Total Plant 210 - 210 44% Village (Temp & Perm) 28 18 10 6% Aerodome 30 20 10 6% Roads & Borefield 26 19 7 5% Engineering Services / Owners Costs 97 29 68 21% IT&Comms / Other 24 16 8 5% Subtotal - Indirect Capital Cost 205 102 103 28% Contingency/Reserve 55 - 55 12% TOTAL Capital Cost 470 102 368 100% Macquarie Critical Minerals Forum | 14 Stage 1 opex estimates Opex intensity per % NdPr produced remains competitive with other developers Stage 1 operating cost 2.3 10% 1.8 8% 3.1 14% A$22.7/kg 1.7 7% Labour Reagents and Consumables Tailings Transport G&A Cost US$/kg REO 25.8 14 3.1 2.1 Power 14.9 8 1.8 1.2 Reagents and Consumables 26.1 14 3.1 2.1 Concentrate Transport 11.0 6 1.3 0.9 Tailings Transport 13.9 7 1.7 1.1 Other1 14.8 8 1.8 1.2 Contract Mining 63.5 33 7.6 5.2 Subtotal Direct cash cost 170.2 90 20.4 13.8 G&A 19.6 10 2.3 1.6 Total 189.8 100 22.7 15.4 Labour Operating Costs 1.8 8% 7.6 33% % Cost A$/kg REO Total Cost (A$M pa) 3.1 14% 1.3 6% Power Concentrate Transport Contract Mining Other Macquarie Critical Minerals Forum 1Other represents: diesel consumption (3%), maintenance materials (2%), vehicle hire (2%), laboratory (1%) | 15 Strong project economics Providing attractive returns through all stages of the Yangibana Project Stage 1 – Concentrate - MREC Yangibana mine and beneficiation plant Stage 2 – MREC Hydrometallurgical plant Update CONSTRUCTION PHASE Total capital costs $470m $478m Capital costs incurred (at June 2023) $100m $25m • Tolling (via a third party) of Stage 1 concentrate into MREC will allow Hastings to realise oxide-based pricing, as opposed to a lower concentrate sales price • This can be achieved via an arrangement such as the Neo Heads of Agreement OPERATIONS Life of mine Production Stage 1 – Concentrate Stage 2 – Mixed Rare Earth Carbonate 17 years 17 years ~37,000 tpa ~15,000 tpa KEY FINANCIAL METRICS Post-tax NPV11 (ungeared) $530m Post-tax IRR (ungeared) 27.5% Payback period 4.4 years Average EBITDA per annum $175m Key Assumptions • Updated capital cost estimate pricing was obtained in first quarter of 2023 and is in Australian dollars (A$) – overall capital estimate has an estimated accuracy of -10/+15% • REO price Stage 1 (assuming profit sharing model whereby HAS receives a price (real terms) of $18-$28/kg; Stage 2 (blend of three market consultants’ forecasts including Wood Mackenzie, Adamas Intelligence and CRU, 10-year average: US$129/kg NdPr) • FX: A$/US$ 10-year (first 10 years: 0.68), forward curve thereafter (Bloomberg) • Discount rate: nominal, post-tax, 10.7% (equates to 8% real) • Valuation dates: Stage 1 (1 July 2023), Stage 2 FID (1 July 2026) • NPV11 based on Stage 1 capital costs and excludes >$100m sunk costs since February 2022 (~$87m attributable to Stage 1 capital costs) $1,010m Sales and tolling arrangement can generate higher margin MREC economics at Stage 1 50.9% 2.1 years $250m Macquarie Critical Minerals Forum | 16 1 Stage 1 funding Expected funding envelope of $770m, which could include up to 60% debt Debt ~$380 - $420m NAIF / EFA / Other2 ~$380 - $420m Hastings Technology Metals Ltd Yangibana Pty Ltd (ProjectCo) Equity ~$350 - $390m Lender discussions Cash ~$100m (June 2023) Existing Stage 1 spent equity ~$100m Additional funding ~$150 - $190m • Advanced discussions with NAIF ($220m debt facility), EFA ($100m letter of support) and commercial financiers (banks, bond and mining funds) • Final debt structure for Stage 1 being progressed with lenders with target credit/board approvals to be obtained by September 2023 • Subject to final debt to equity ratio, additional new equity can be reduced to A$150m Additional sources Residual funding • New equity and non-core asset sales • Remaining equity/cash component to be sourced by December 2023 ahead of required drawdown of debt • Stage 2 funding to be arranged in 2025, ahead of construction commencement • Stage 2 equity could be partially funded from Stage 1 cashflow 1 Includes Stage 1 capital cost ($470m); capitalised operating expenditure, G&A; ramp-up, operational readiness ($140m); Onslow holding costs ($71m); capitalised/interest funding costs ($89m) 2 Project finance package to include NAIF, EFA and a commercial tranche (e.g. commercial bank, bond or mining fund) See ASX Release ‘NAIF Increases Financial Support for Yangibana Rare Earths Project to A$220 million’, dated 17 January 2023 See ASX Release ‘Letter of Support secured from Export Finance Australia for $100m loan’, dated 21 March 2023 Macquarie Critical Minerals Forum | 17 Project execution schedule Staged development strategy enabling a quicker and lower risk pathway to cashflow to support funding of Stage 2 Stage 1 - Yangibana Q1 2023 Q2 Q3 Q4 2024 Q1 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Q4 Q1 2027 Q2 Q3 Q4 Q1 2028 Q2 Q3 Q4 EPC terms agreed Enabling Works (Airstrip, Roads, Village) First concentrate on truck Utilities & Services (Power, Water, Gas) Beneficiation Plant Start of main construction Commissioning Q3 2025 – cashflow positive Production Ramp Up to ~37ktpa (27% TREO Concentrate) Q2 2026 nameplate Stage 2 - Onslow Enabling Works Utilities & Services (Power, Water, Gas) Hydrometallurgical Plant Commissioning Ramp Up to 15,000 tpa MREC (59% TREO) Q4 2028 nameplate First MREC on ship Macquarie Critical Minerals Forum | 18 Concentrate and MREC offtake Market-leading strategic counterparties Counterparty thyssenkrupp Materials Trading1 Neo Performance Materials2 Counterparty headquartered Essen, Germany Toronto, Canada Agreement type Binding Framework Agreement towards take or pay offtake contract Agreement term 10 years from production start Quantity Years 1-5 Years 6-10 ~60% of production ~30% of production Schaeffler Technologies AG3 Solvay4 Herzogenaurach, Germany LaRochelle, France Heads of Agreement (non-binding) towards offtake contract Master agreement (non-binding) towards project agreement MoU (non-binding) towards offtake contract Initial period of 10 years 10+ years from production start 5 years (TBC) Stage 1 ~25,000tpa concentrate Stage 2 ~10,000tpa MREC MREC (to be agreed) 2,500tpa MREC 1 Refer ASX announcement “Hastings Signs Major Offtake Contract with thyssenkrupp Materials Trading GmbH”, dated 20 April 2021 2 Refer ASX announcement “Hastings and Neo sign non-binding Heads of Agreement for rare earth concentrate offtake and downstream collaboration”, dated 13 June 2023 3 Refer ASX announcement “Hastings Signs Long Term Binding Master Agreement With German Automotive Tier 1 Supplier, Schaeffler Technologies Ag”, dated 3 June 2020 4 Refer ASX announcement “Solvay and Hastings sign Memorandum of Understanding for supply of mixed rare earth carbonate”, dated 11 October 2022 Macquarie Critical Minerals Forum | 19 Approach to sustainability Helping to advance the Sustainability Development Goals as a signatory of the UN Global Compact Health and safety Maintained a loss time injury frequency rate of 0.0 during the period up to 31 March 2023 Climate Change Commitment of minimum 40 per cent renewables allowed for in capital forecast for the Yangibana power station Local communities Forecast $1.3 billion in net public benefit to the Gascoyne region during construction and operations Cultural heritage Voluntary native title project agreement in place with the Thiin-Mah Warriyangka, Tharrkari and Jiwarli People Macquarie Critical Minerals Forum | 20 Neo strategic partnership Macquarie Critical Minerals Forum | 21 Hastings mine-to-magnet strategy Focused on the staged delivery of the Yangibana Rare Earths Project, with optionality to pursue mine-to-magnet business strategy Stage 1 – Yangibana mine Stage 2 – Onslow Mining Beneficiation Hydrometallurgy Oxide separation RE metal creation Alloy creation Permanent magnets Traditional drill, blast, load and haul Crushing, grinding, flotation, tailings and handling Cracking, leaching, precipitation and drying Toll treatment, separated high purity RE oxide precipitation Separated RE oxides turned into RE metal Create RE alloys used in production of permanent magnets Used for EVs, wind turbines, electronic appliances, smartphones etc Upstream Stage 3 – Mine-to-magnet strategy Downstream Macquarie Critical Minerals Forum | 22 Strategic partnership with Neo Offtake heads of agreement signed on 13 June 2023, building on the 19.9% shareholding in Neo Neo FY22 EBITDA of A$109m and net assets of A$703m Vertically integrated mine-to-magnet supply chain Potential rare earth sales to Neo REE separation plant Sillamae, Estonia • Stage 1 – Up to 25,000tpa concentrate • Stage 2 – Up to 10,000tpa MREC REE magnet manufacturing facility Narva, Estonia (In development) Downstream processing • Cooperate to arrange processing of Stage 1 concentrate into MREC • Oxide separation of Hastings MREC at Neo facilities Yangibana Rare Earths Project Western Australia (In development) Neo Performance Materials Hastings Technology Metals Macquarie Critical Minerals Forum | 23 Conclusion Macquarie Critical Minerals Forum | 24 Potential value upside Strong correlation between benchmark NdPr price and Hastings share price over long term HAS 24-month share price vs NdPr oxide price1 8.00 Historical HAS Share Price (A$/sh) NdPr Price (Historical) 200 NDPr Price (Blended Forecast) 180 7.00 160 Long-term NdPr Oxide Forecast2 A$/sh 5.00 120 • 4.00 3.00 • 2.00 1.00 0.00 140 Strong historical correlation between benchmark NdPr price and Hastings share price Currently major divergence between Hastings share price and long term price forecasts for NdPr2 100 80 60 NdPr oxide price US$/kg 6.00 40 20 June 2021 June 2022 1 As at 27 June 2023; 2Asian Metal NdPr oxide ex-works price (daily) in RMB/kg converted to USD; Blended NdPr oxide long-term price forecast (Woodmac, CRU, Adamas Intelligence) June 2023 0 Macquarie Critical Minerals Forum | 25 Our investment proposition Yangibana is positioned to supply rare earths needed for permanent magnets for the global energy transition Macquarie Critical Minerals Forum | 26 Appendices Macquarie Critical Minerals Forum | 27 Board of Directors Charles Lew Executive Chairman Jean Claude Steinmetz Non Executive Director Bruce McFadzean Non Executive Director Guy Robertson Finance Director Mal Randall Non Executive Director Neil Hackett Non Executive Director • Took over HAS in December 2013 and appointed Chairman • Joined the Board in July 2016 • Joined the Board in January 2021 • Joined the Board in February 2019 • Joined the Board in November 2018 • 30+ years investment banking experience in London and Singapore • Chief Operating Officer for Lynas Corporation 2013 2015 • Managing Director of Sheffield Resources 2015 - 2021 • Served on the Board of Hastings since October 2012 • Entrepreneur with business experience in macro hedge fund, F&B and real estate • 25+ years in the chemical industry with Rhodia and General Electric • 15+ years ASX Director, Company Secretary with mining and industrial experience • MD of ABN Amro Investment Bank Singapore 1997 - 2000 • Chairman of the Auto Plastic and Innovative Materials Committee of Sino-EU Chemical Manufacturers Association • 40+ years in the global resource industry including 15+ years with BHP Billiton & Rio Tinto • 45+ years extensive experience in corporate, management and marketing in the resources sector, including 25+ years with the Rio Tinto group of companies • Independent Non Executive Director of Malaysia’s RHB Banking Group 2004 - 2016 • Led successful financing and operation of mines around the world • 30+ years CFO experience • CFO for various ASX listed junior mining companies • Senior finance executive in Jardine Matheson Group in Hong Kong and Australia including Jardine Lloyd Thompson, Colliers Jardine, and Franklins Limited • Corporate Finance and Regulatory Experience ASIC 1990-1999 • Independent Corporate Governance Advisor and AICD Facilitator Macquarie Critical Minerals Forum | 28 Executive Team Alwyn Vorster CEO (interim) Rudolph van Niekerk Chief Operating Officer Teck Lim Chief Financial Officer Robert Klug General Counsel Rachael Ward-Pryce Head o