Hastings Technology Metals and JL Mag strategic investment

Hastings Technology Metals Ltd (ASX: $HAS) has announced a significant strategic investment from JL Mag Rare-Earth Co., Limited, a leading producer of rare earths permanent magnets. JL Mag will invest $7 million to acquire 9.8% of the enlarged issued share capital of Hastings, with Han Yu, Vice President of JL Mag, joining the Board of Hastings. The investment will be utilized to advance the flagship Yangibana Rare Earths Project in Western Australia towards production, with 32% of the total project cost already completed.

Executive Commentary on Strategic Investment

Hastings Executive Chairman, Mr. Charles Lew, expressed his satisfaction with the strategic investment, stating, 'I am very pleased to welcome JL Mag as a long-term, strategic investor in Hastings. JL Mag's position as the world's number one producer of high-performance rare earths permanent magnets makes it a highly valued partner for Hastings as we move the Yangibana Rare Earths Project forward into production.' He further added, 'This year has seen significant cost reductions and improved economics at the Yangibana Project. To be able to attract support from JL Mag is a strong vote of confidence in the management of Hastings and our long-term prospects. We will continue to advance the Yangibana Project into beneficiation process plant construction and production and create long-term value for our shareholders.'

Summary of Strategic Investment and Future Outlook

Hastings Technology Metals has successfully secured a $7 million strategic investment from JL Mag, a leading producer of rare earths permanent magnets. This investment will enable JL Mag to acquire a 9.8% shareholding in Hastings and actively participate in future capital raisings to maintain its shareholding. The proceeds from the investment will be directed towards advancing the flagship Yangibana Rare Earths Project in Western Australia, with 32% of the total project cost already completed. The Company plans to utilize the investment to progress the construction of the project debt funding and the beneficiation plant, aiming to achieve a production capacity of 37,000 tonnes per annum of mixed rare earth concentrate by the first half of 2026. With the support of JL Mag, Hastings looks forward to creating long-term value for its shareholders and contributing to the global rare earth supply chain.