Hastings Technology Metals Ltd. and Neo Performance Materials Inc. announced the signing of a non-binding Heads of Agreement, signalling their intention to take an important step forward in a potential strategic partnership between the two companies to strengthen their shared vision for an integrated mine-to-magnet rare earth supply chain. The Agreement outlines the framework for both parties to negotiate a binding offtake agreement and pursue further downstream technical and commercial collaboration. Headquartered in Perth, Western Australia (WA), Hastings is developing the Yangibana Rare Earths Project, which involves the initial development of a mine and beneficiation plant to produce 37,000 tonnes per annum of mixed rare earth concentrate with one of the highest Neodymium and Praseodymium (NdPr) concentrate grades.

The second stage is expected to involve the construction of a hydrometallurgical plant to produce 15,000 tonnes of Mixed Rare Earth Carbonate (MREC). Based in Toronto, Ontario, Neo is a global leader in the manufacture of rare earth magnetic powders and Neodymium bonded magnets. Neo has a global platform that includes ten manufacturing facilities located in Canada, China, Estonia, Germany, Thailand, the United Kingdom, and the United States, as well as a dedicated research and development centre in Singapore.

The rare earth concentrate feedstock from Yangibana feedstock from Yangibana production for an initial period of 10 years. The Agreement also provides for cooperation in the areas of evaluating joint downstream processing opportunities, technical, and commercial collaboration.