Hastings Technology to acquire 30% Yangibana Joint Venture Interest

Hastings Technology Metals Ltd (ASX: HAS) announced that it had signed a binding agreement to purchase the 30% interest in the Yangibana rare earth project joint venture tenements, which is currently held by Cadence and its subsidiary Mojito Resources Limited. The company will acquire the 30% stake for AU$9.0 million to be settled by the issue of fully paid ordinary shares in Hastings at a price to be determined based on 30 days VWAP before completion, which is set at six months from the date of signing of this agreement.

Because of the acquisition, the company will now control 100% of the previously reported 27.42Mt of Mineral Resources. This includes 2.34Mt of Mineral Resources and 0.73Mt of Ore Reserves attributable to Cadence. Hastings believes that there is a substantial opportunity to increase the Mineral Resources from the two primary deposits of Yangibana and Yangibana North.

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