Hastings Technology Metals

Hastings Technology Metals has increased planned output capacity at its Thailand MREC plant to approximately 12,000tpa, approx. double the originally contemplated 6,000tpa, with the expanded capacity built directly into the plant's initial construction.

It's a deliberate move to scale faster without the delays and duplicated capital typically associated with staged expansions, positioning Hastings to bring meaningful rare earths supply to market sooner. First MREC production is targeted for Q1 CY2027, subject to finalisation of updated transaction documentation, plant design and relevant approvals.

Read the full ASX announcement: https://ow.ly/Azij50Zn8GR

HASTINGS REVEALS THAI HYDROMET PLANT FLOWSHEET, ON-TRACK FOR FIRST MREC PRODUCTION Q4 2026

Hastings is pleased to provide a comprehensive overview of its proprietary caustic-leach hydrometallurgical process flowsheet for its Kabin Buri Hydromet Plant in Thailand. Following the announcement on 14 April 2026 of a Framework Offtake Agreement with Enuo Holdings Pte Ltd for the supply of African Monazite Concentrate, the Company now presents the complete operating model underpinning the pathway to first Mixed Rare Earth Chloride (MREC) flake production, targeted for Q4 CY2026.

The Hydromet Plant represents a decisive strategic step for Hastings, establishing a near-term downstream revenue stream that complements the Company’s flagship Yangibana Rare Earths and Niobium Joint Venture Project in Western Australia, and accelerates Hastings’ transition to a vertically integrated, mine-to-market rare earths producer.

HIGHLIGHTS
✅ Acquisition of the Hydromet Plant currently progressing through due diligence process with target completion date being June 2026.

✅ The Hydromet Plant is advancing toward commissioning at its initial 5,000 tpa nameplate input capacity, with commissioning targeted for completion by June 2026 and first MREC flake production expected in Q4 2026, providing Hastings with a near-term downstream production pathway ahead of Yangibana entering production in due course.

✅ Year 1 revenue is projected at US$53.40M generating estimated pretax profits of US$21.6M (US$10.6M based on Hastings’ 49% interest). (Unaudited management estimates; refer to assumptions in Table 4 below).

✅ Following the planned 5,000 tpa input capacity expansion (estimated cost: US$3M), production scales up to 12,000 tpa MREC output from Year 2, with annual revenue projected at US$106.8M, pretax profits US$43.8M, (Hastings’ 49% = US$21.5M).

✅ Proven seven-stage caustic cracking and hydrochloric acid leaching process converts 5,000 tpa of Monazite Concentrate (≥54% TREO) input into premium-grade MREC flakes at Phase 1 nameplate output volume of 6,000 tpa.

✅ Following the Framework Offtake Agreement with Enuo (announced 14 April 2026) for the supply of African Monazite Concentrate, Hastings now has a complete feedstock-to-product operating model for the Hydromet Plant.

Commenting on the first production of MREC, Chief Executive Officer, Mr Vince Catania, said: “With feedstock secured and a proven seven-stage process ready for commissioning, Hastings is on a clear, near-term path to first MREC production. The Hydromet plant positions us as a genuine midstream participant in the global rare earths supply chain delivering high-purity chloride flake to the world’s leading oxide separators while our flagship Yangibana Joint Venture project advances. This rare earths strategy has been made tangible providing Hastings with a strong near-term cash flow going forward.”

To read the full announcement please click on the link below:
https://api.investi.com.au/api/announcements/has/0f1e1ee9-625.pdf

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Hastings Hydromet Plant - Thailand

Q4 2026. That's when Hastings targets its first MREC production and cash flow.

What makes this timeline credible?
The Thai Plant doesn't need to wait for Yangibana concentrate. Enuo has access to monazite from its own African mining operations — providing an independent commissioning feedstock from day one.

The sequence:
✅ Q2–Q3 2026: Thai Plant commissioned using Enuo’s Africa monazite feedstock
✅ Q4 2026: First MREC production and revenue targeted
✅ 2027 onwards: Wyloo is working closely with Hastings jointly exploring the economic benefits of this processing option for Yangibana

Yangibana remains central to the long-term story — one of the highest-grade NdPr deposits in the world, fully permitted and held in joint venture with Wyloo. The Thai Plant creats the opportunity to accelerate the timeline to get there.

Full announcement:https://api.investi.com.au/api/announcements/has/30a30219-638.pdf

HASTINGS ACQUIRES HYDROMET PLANT IN THAILAND - NEAR-TERM MREC PRODUCTION HUB ESTABLISHED:

Targeting Q4 CY2026 first production and cash flow using third-party feedstock

This is a decisive step in our strategy to build a capital-efficient rare earth supply chain:
* Fully permitted Hydromet plant, ready for commissioning
* Total consideration capped at US$15M
* Production targeted to commence Q4 2026 using third-party feedstock
* Potential 30,000 tpa of MREC capacity following ramp-up
* Thailand’s a top-tier global container port
* Foreign Direct Investment Incentives: Corporate income tax exemption for 8–13 years; exemption from import duties, VAT for equipment and Flexibility on majority foreign ownership
* US–Thailand Government Critical Minerals Agreement promoting investment of processing of critical minerals within Thailand

Full details in today's ASX announcement:https://api.investi.com.au/api/announcements/has/30a30219-638.pdf