Quarterly Activities Report
- Successful capital raising of $20.7 million, with $3.0 million raised from a fully underwritten Share Purchase Plan (SPP) in September and a further $17.7 million in a Placement finalised by early October.
- Strong interest from existing shareholders and new institutional and sophisticated investors resulted in the Placement being oversubscribed.
- Outstanding rare earth oxide grades received from 29 out of 30 drill holes from Fraser's North and South, part of the Yangibana Project.
- High-grade and shallow intersections from Fraser's North and South drilling include:
o 3m @ 7.28% TREO from 8m
o including 1m @ 18.57% TREO from 8m;
o 8m @ 3.51% TREO from 31m;
o 2m @ 1.67% TREO from 31m;
o 6m @ 1.42% TREO from 8m; and
o 4m @ 1.36% TREO from 17m.
- Highest-grade intersections occur south of the current Fraser's Open Pit (Mineral Resource of 1.32 million tonnes grading 1.35% TREO including 0.56% Nd2O3+Pr6O111) and extend mineralisation up to 450m in a south-easterly direction.
- Drill results of Fraser's North to date show Nd2O3+Pr6O11 as a % of TREO to be as elevated as 58%.
- Drilling results from Fraser's North now confirm contiguous new mineralisation up to 250m from the Fraser's Open Pit limit.
- Project development has accelerated following the capital raising, with a priority on assessing Yangibana process plant decoupling opportunities.
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About Hastings Technology Metals Ltd
Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is advancing its Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.
Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.
Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.
The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition).
The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.
Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.
Hastings Technology Metals Ltd