Hastings Technology Metals (ASX:HAS) announced that it has executed a definitive transaction agreement with Wyloo Consolidated Investments Pty Ltd, agreeing to sell a 60% interest in their Yangibana Rare Earths and Niobium Project. This agreement brings the two companies together in a 60:40 unincorporated joint venture around the Yangibana Project, as initially announced in the exclusive non-binding term sheet from 20 February 2025.
Once the agreement is finalized, Wyloo will become manager of the Yangibana Project, driving forward project development, funding, and other technical aspects, helping to bring the project to FID. Dr. Tony Chamberlain is expected to be appointed the Project Director.
The UJV aims to de-risk funding, create jobs in the Gascoyne region, and reduce Hastings’ costs. Wyloo will also redeem outstanding Exchangeable Notes, amounting to approximately $135 million ahead of their maturity in October 2025. Hastings will retain a 40% revenue share from Yangibana and focus on its other projects in Western Australia.
Completion of the agreement requires shareholder approval and regulatory clearance, with a meeting planned for June. The transaction includes the transfer of shares in Neo Performance Materials as part of its initial stages.
To find out more, please visit https://hastingstechmetals.com/
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