Australia’s next rare earths producer Hastings Technology Metals Limited (ASX: HAS) is pleased to report on exploration and development activities for the three-month period to 30 June 2021. Most of the activity focused on the Company’s Yangibana Rare Earths Project (Yangibana) in the Gascoyne region of Western Australia.
- Hastings completed Tranche Two ($43.5m before costs) of the two-tranche equity placement that raised a total of $100.7 million (before costs), with funds to be used to advance development of the Yangibana Rare Earths Project (Yangibana).
- Hastings announced signing of a major offtake contract for the supply of 70,000 tonnes of Mixed Rare Earth Carbonate (MREC) over a 10-year period to thyssenkrupp Materials Trading GmbH.
- Yangibana Mineral Resource re-estimation work delivered a 54% increase in Measured and Indicated Resource tonnes to 16.3Mt for deposits drilled during 2020.
- Yangibana’s total Mineral Resources Estimate increased significantly to 27.42Mt @ 0.97% total rare earth oxides (TREO) for 266kt of rare earth oxides.
- Measured and Indicated TREO increased to 137kt, a 32% increase for deposits drilled in 2020.
- Grade-control drilling at the Bald Hill deposit provided strong reconciliation and confirmed and exceeded the results for the same area from the Mineral Resource estimate by delivering:
- 6% more TREO; and
- 9% more resource tonnes
- Grade-control drilling results provide Hastings with high confidence in the target area earmarked for first Yangibana mine production and allow for more accurate delineation of ore and waste boundaries, with Bald Hill drill intercepts including:
- 7m @ 2.73% TREO from 5m (GC0434);
- 4m @ 3.15% TREO from 10m (GC029);
- 5m @ 2.65% TREO from 12m (GC0268); and
- 5m @ 2.39% TREO from 8m (GC0312).
- Metallurgical test work from the Simon’s Find deposit delivered strong results:
- 86% beneficiation recovery generating a concentrate grade of 8.9% Nd2O3 from flotation test work; and
- 98% recovery achieved through hydrometallurgical acid bake and water leach test work on flotation samples.
- Global NdPr prices have rebounded strongly and post-quarter end reached a new record high of RMB601/kg or USD92.91/kg NdPr oxide EXW China.
- Hastings had $110.1 million in cash and equivalents as at 30 June 2021.