18% Increase in Ore Reserves, Mine Life Extended 2 Years to 13 Years

  • Increase in Neodymium and Praseodymium Oxide (Nd2O3+Pr6O11) of 4,800t or 11% to 49Kt, the key components for Electric Vehicle permanent magnets.
  • Increase in Total Rare Earths Oxide (TREO) of 11,900t or 9% to 138Kt.
  • Updated Ore Reserve extends mine life by 2 years, supporting a 13-year operational life for the Project.
  • Probable Ore Reserve tonnes increased 18% to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11.
  • Project NPV increased by 6% to A$549 million confirming outstanding project economics.

Introduction
The Directors of Hastings Technology Metals Limited (ASX:HAS) are pleased to announce an increase in the Probable Ore Reserves at the Yangibana Project in the Gascoyne region of Western Australia. Total Probable Ore Reserves have increased to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11, an 18% increase in ore reserve tonnes compared to the previously announced ASX release entitled “Reserves Increase by 34% to 10.35MT covering 10 Years Operation at Yangibana Project” dated 29 January 2019.

Charles Lew, Hastings Executive Chairman, said “with this increase in mining reserves and corresponding mine life, Hastings has one of the most exciting rare earths projects amongst our peers which has been strategically and purposefully developed over the last few years. Importantly the work completed during 2019 has significantly de-risked the project thereby delivering a high degree of confidence in our mine scheduling and future production.”

Download the full announcement at the link below.

13% Increase In Measured And Indicated Mineral Resources

  • Updated Multi Indicator Kriged (MIK) Mineral Resource estimate has resulted in an uplift to the Mineral Resource classifications of the current economic deposits.
  • Combined Measured and Indicated Mineral Resources increased by 13% or 1.7Mt to 15.1Mt.
  • Increase in Total Rare Earths Oxide (TREO) of 8,200t or 5% to 171Kt in the Measured and Indicated Mineral Resource Categories.
  • Increase in Neodymium and Praseodymium Oxide (Nd2O3+Pr6O11) of 4,000t or 7% to 59Kt in the Measured and Indicated Mineral Resource Categories.
  • Inferred Mineral Resources decreased by 25% or 2.1Mt to 6.2Mt
  • Nd2O3+Pr6O11 Global Grade decreased 0.01% to 0.38%.
  • Global Mineral Resource is now 21.3Mt @ 1.12% TREO and 0.38% Nd2O3+Pr6O11.

Introduction

The Directors of Hastings Technology Metals Limited (ASX: HAS) are pleased to announce a 13% increase in Measured plus Indicated Mineral Resources (for those deposits forming the basis of the Definitive Feasibility released in November 2017) compared to the most recently announced Mineral Resource estimate in November 2018 (ASX announcement titled “INCREASE IN MEASURED AND INDICATED RESOURCES AT YANGIBANA PROJECT” 28 November 2018). Measured plus Indicated Mineral Resources now stand at 15.1Mt within a total Mineral Resource of 21.3Mt. The total updated Measured and Indicated Mineral Resource now hosts approximately 60Kt of neodymium and praseodymium oxide, an increase of 7%, which forms the basis of the Company’s main economic driver.

Charles Lew, Hastings Executive Chairman, said “we are extremely pleased that this work has not only confirmed our existing Mineral Resources but has significantly increased the Measured and Indicated portions which drive Mining Reserves. We are confident that the expected increase in Ore Reserve will extend the mine life which underpins the project financing.”

Download the full ASX Announcement at the link below

Notice of Annual General Meeting/Proxy Form

Please download the announcement at the link below

September 2019 Quarterly Report

  • DRA Pacific Pty Ltd awarded the Engineering, Procurement and Contract Management (EPCM) Contract for the Yangibana Rare Earths Processing Plant.
  • The scope of works under the DRA Pacific Pty Ltd EPCM agreement has an estimated capital value of circa A$350m
  • WA Minister for Environment has granted the environmental permit for the Yangibana Rare Earths Project.
  • Environmental approval milestone clears the path for remaining permits to be considered leading to construction and development work commencing
  • 5c Water Entitlement License Received with an annual capacity of 1.84GL
  • Pace of design work continues readying for construction

Download Activities Announcement Here:

Download Appendix 5B Cash Flow Announcement Here:

DRA Pacific Awarded EPCM Contract Yangibana Processing Plant

  • DRA Pacific Pty Ltd awarded the Engineering, Procurement and Contract Management (EPCM) Contract for the Yangibana Rare Earths Processing Plant.
  • The scope of works under the DRA Pacific Pty Ltd EPCM agreement has an estimated capital value of circa A$350m.
  • DRA Pacific’s parent DRA Global Ltd have extensive experience in designing and building mineral processing facilities worldwide and their personnel have previously delivered rare earth plants in Western Australia.
  • The key component of the contract terms is the comprehensive performance guarantee linked to ore throughput for the entire process flow sheet.

Introduction

Hastings Technology Metals Limited (ASX: HAS) (Hastings or the Company) is pleased to advise that it has awarded the Engineering, Procurement, Construction and Management (EPCM) contract for its rare earths processing plant and the associated infrastructure for the Yangibana process plant in the Gascoyne Region of Western Australia to DRA Pacific Pty Ltd (“DRA Pacific”).  a diversified global engineering, project delivery and operations management The appointment of DRA Pacific as the EPCM contractor for the Yangibana Project was preceded by a series of value engineering studies and the Front-End-Engineering-Design (“FEED”) completed by DRA Pacific during 2018 and 2019.  DRA Pacific’s EPCM contract will cover all aspects of the design and construction of the processing facility and associated non-process infrastructure capable of producing 15,000 tonnes of Mixed Rare Earths Carbonate (MREC) per year.

The EPCM contract is the single largest dollar value contract associated with the Yangibana Project. Works directed under the EPCM Contract have an estimated value of approximately A$350M.

The key component of the contract terms is the comprehensive performance guarantee linked to ore throughput for the entire process flow sheet.

The appointment of DRA Pacific as the EPCM contractor for Hastings represents another critical milestone for the Project, reinforcing that Yangibana is execution ready.

Choosing DRA Pacific was the logical choice given the already close working relationship built up over the last 15 months, and the experience in rare earths processing plant design that DRA Pacific bring to the table.

Charles Lew, Hastings Executive Chairman, said “we are pleased to have DRA involved in the construction of the Yangibana processing plant. Their knowledge and experience in developing successful minerals processing projects makes them the ideal candidate to manage the construction of our project. The award of the EPCM contract moves the Yangibana Rare Earths Project firmly into development phase to commence project execution and progress to  production of our mixed rare earth carbonate by 2022.”

“Awarding the execution of this internationally important rare earths project on the Australian Continent to DRA is testament to DRA’s position as the preferred technical partner for projects of this nature” said Chief Executive Officer of DRA Global, Andrew Naude. “DRA is honoured to have been selected by Hastings for the execution of the project. We have put together a very strong team for the delivery of the project and our Project Manager has significant experience in delivering successful projects.”

The EPCM contract is a fundamental requirement of Hastings’ debt providers and hence is pivotal to the project financing process.

Significant Milestone Achieved, Environmental Approval to Mine and Process Rare Earths at the Yangibana Project

  • WA Minister for Environment has granted the environmental permit for the Yangibana Rare Earths Project.
  • Environmental approval milestone clears the path for remaining permits to be considered leading to construction and development work commencing.