Hastings Technology Metals Ltd. announced that it has agreed with thyssenkrupp Materials Trading ("TMT") to include up to two-thirds of Stage 1 rare earth concentrate from Hastings' Yangibana Rare Earths Project ("Yangibana" or the "Project"). The remaining one-third of production during the first five years not under TMT offtake is available to Hastings to maximise value through spot sales or other commercial arrangements. All other terms and conditions of the contact signed with TMT on 20 April 2021 remains unchanged.

The offtake terms will satisfy the Project's debt financing and bankability requirements underpinning the optimal funding structure. The expanded offtake is aligned with the two-stage development strategy for the Yangibana Project, as announced on 31 May 2023, supporting an enhanced project delivery model that enables a pathway to first concentrate production in first half 2025 and early cash flows. Hastings' Stage 2 development of a hydrometallurgy plant or via third party tolling of concentrate during Stage 1 will produce up to 15,000tpa of MREC containing 3,400tpa of NdPr oxides.

thyssenkrupp Materials Services is the biggest mill-independent materials distributor and service provider in the Western world with around 380 locations, including around 260 warehouse sites, in more than 30 countries. The versatile range of services offered by the materials experts allows customers to focus even more strongly on their individual core businesses.