Hastings Technology Metals Ltd (ASX: HAS) (“Hastings” or “the Company”) and JLMAG Rare-Earth Co., LTD. are pleased to announce a $7 milion strategic investment whereby JL Mag has agreed to subscribe for 19,647,000 fully paid new ordinary shares at $0.36 per share representing a 9.8% shareholding in Hastings based on the enlarged share capital.
Hastings with its head office located in Perth, Australia is committed to be the leading producer of rare earth mineral in Australia through the development of its wholly-owned Yangibana Rare Earths Project. According to the official website and the information disclosed in the annual reports, Yangibana Rare Earths Project is a project wholly-owned by Hastings, and is located in Western Australia with an area of 650 square kilometers. The ore reserve is approximately 20.90 million tonnes, and the exploitation life cycle of the mine is 17 years, which is one of the most valuable praseodymium neodymium (“PrNd”) mineral deposits in the world. The average proportion of PrNd in the rare earth oxide (“TREO”) during the life cycle is approximately 37%. In some areas of the orebody, PrNd accounts for up to 52% of TREO.
Hastings has completed the construction of the mining infrastructure for the Yangibana Rare Earths Project. After the completion of the first phase of the Rare Earths Project in the first half of 2026, it is expected that 37,000 tonnes of rare earth concentrate can be produced annually. The subscription funds will also be used for the production and operation of Yangibana Rare Earths Project.