HASTINGS TECHNOLOGY METALS LTD — AGM Information 2020

Nov 29, 2020

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Yangibana Project – Begin the Future

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AGM Presentation
HASTINGS
Technology Metals Limited 30 Nov 2020
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All currency amounts are in A$ unless stated otherwise.

Disclaimer

This presentation has been prepared by Hastings Technology Metals Limited (“Company”). It does not purport to contain all the information that a prospective investor may require in connection with any potential investment in the Company. You should not treat the contents of this presentation, or any information provided in connection with it, as financial advice, financial product advice or advice relating to legal, taxation or investment matters.

This presentation is provided expressly on the basis that you will carry out your own independent inquiries into the matters contained in the presentation and make your own independent decisions about the affairs, financial position or prospects of the Company. The Company reserves the right to update, amend or supplement the information at any time in its absolute discretion (without incurring any obligation to do so).

Neither the Company, nor its related bodies corporate, officers, their advisers, agents and employees accept any responsibility or liability to any person or entity as to the accuracy, completeness or reasonableness of the information, statements, opinions or matters (express or implied) arising out of, contained in or derived from this presentation or provided in connection with it, or any omission from this presentation, nor as to the attainability of any estimates, forecasts or projections set out in this presentation. Pursuant to the general law (whether for negligence, under statute or otherwise), or any Australian legislation or any other jurisdiction. Any such responsibility or liability is, to the maximum extent permitted by law, expressly disclaimed and excluded. Nothing in this material should be construed as either an offer to sell or a solicitation of an offer to buy or sell securities. It does not include all available information and should not be used in isolation as a basis to invest in the Company.

Forward Looking Statements

This presentation contains reference to certain intentions, expectations, future plans, strategy and prospects of the Company. Those intentions, expectations, future plans, strategy and prospects may or may not be achieved. They are based on certain assumptions, which may not be met or on which views may differ and may be affected by known and unknown risks. The performance and operations of the Company may be influenced by a number of factors, many of which are outside the control of the Company. No representation or warranty, express or implied, is made by the Company, or any of its directors, officers, employees, advisers or agents that any intentions, expectations or plans will be achieved either totally or partially or that any particular rate of return will be achieved.

Given the risks and uncertainties that may cause the Company’s actual future results, performance or achievements to be materially different from those expected, planned or intended, recipients should not place undue reliance on these intentions, expectations, future plans, strategy and prospects. The Company does not warrant or represent that the actual results, performance or achievements will be as expected, planned or intended.

Exploration Targets

The terms “Target” or “Exploration Target” where used in this presentation should not be misunderstood or misconstrued as an estimate of a Mineral Resource as defined in this context. Exploration Targets are conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain further exploration will result in the determination of a Mineral Resource.

Competent Persons’ Statement

The information in this announcement that relates to Mineral Resources is based on information compiled by David Princep and Lynn Widenbar. Both Mr Princep and Mr Widenbar are independent consultants to the Company and members of the Australasian Institute of Mining and Metallurgy (AusIMM). Mr Princep and Mr Widenbar have sufficient experience relevant to the styles of mineralisation and types of deposits which are covered in this announcement and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2012 edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Consent by Mr Widenbar to include statements in this announcement have been provided in previous announcements entitled “Increase in Measured and Indicated Resources at Yangibana Project” dated 28 November 2018. Consents to include statements in this announcement have been provided in previous announcements entitled “Final 2017 JORC Resource Update Including Auer and Auer North Results” dated 22nd November 2017; “Yangibana Project Resources Now Exceed 20.5 Million Tonnes” dated 12th October 2017; “Another Major Increase In JORC Resources From Current Yangibana Drilling” dated 24th July 2017 and “Increase in Measured and Indicated Resources at Yangibana Project” dated 22nd November 2018

The information in this presentation that relates to the Fraser’s and Bald Hill Ore Reserve is based on information reviewed or work undertaken by Mr Steve O’Grady, AusIMM, a Director of Intermin Engineering Consultants. Mr O’Grady has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the preparation of mining studies to qualify as a Competent Person as defined by the JORC Code 2012. Mr O’Grady consents to the inclusion in this announcement and of the matters based on his information in the form and context in which it appears.

The scientific and technical information in this presentation that relates to process metallurgy is based on information reviewed by Ms. Narelle Marriott (Principal Engineer – Beneficiation and Mr. Zhaobing (Robin) Zhang (Process Engineering Manager) of Hastings Technology Metals Limited. Both Ms. Marriott and Mr Zhang are members of the AusIMM. Each has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined by the JORC Code 2012. Ms. Marriott and Mr Zhang consent to the inclusion in this announcement of the matters based on their information and in the form and context in which it appears

US Disclosure

This document does not constitute any part of any offer to sell, or the solicitation of an offer to buy, any securities in the United States or to, or for the account or benefit of any “US person” as defined in Regulation S under the US Securities Act of 1993 (“Securities Act”). The Company’s shares have not been, and will not be, registered under the Securities Act or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to any US person without being so registered or pursuant to an exemption from registration including an exemption for qualified institutional buyers.

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Up to 52% NdPr:TREO, highest amongst peers

World leading Beneficiation upgrading of up to 25x mine grade Low Capex – A$449M; Production 15,000tpa MREC; equivalent to 3,400tpa NdPr oxides after separation

Next RE producer (non-China) coming to production by 2023; construction targeted to start Q2 2021

13 years mine life (New resource estimation due in Q1 2021)

Perfectly timed to benefit from global NdPr demand growth: 6% CAGR 2020 - 2027

Strong Economics; NPV 2019: $549M, IRR 21% ; Payback 3.4 yrs (revision due Q1 2021)

Yangibana Project – Milestones Achieved

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Nov 17 Jun 20
Native Title Apr 19 Oct 19 Schaeffler
Feb 19 Euler Hermes
agreement Feb 2018 Successful 2 [nd] (UFK) In Principal EPCM contract Master Supply
signed Thyssenkrupp Offtake signed with DRA Agreement
Nov 17 MOU signed Skyrock Baotou Nov 18 pilot plant test -Higher Yield NAIF to Mar 19 Eligibility June 19 Apr 20 signed Finnvera In Jul 20
DFS offtake contract Commonwealth
Schaeffler
finance Principal
completed signed Off-Take MoU Environmental
infrastructure Eligibility
Approval
2017 2018 2019 2020
Nov 17 Feb 19 Aug 19 Jun 20
Jan 17 WA Minister of Nov 20
5.2 MT JORC JORC Reserves Process Plant -
13.4 MT Environment- 52% NdPr:TREO
Oct 17 Reserves increased to Nov 19 Works Permit
JORC Approval obtained at Simon’s Find
20.7 MT 10.35MT JORC Resource and granted
Resource and 8km long
JORC May 18 Reserves increased to
mineralisation
Resource Earth works & 21.3MT and 12.2MT
Accom. Camp respectively
Construction
Yangibana Project Site Exploration Drilling Accommodation Village
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REO Ore Distribution (Hastings vs Major Producers)

0 5 10 15 20 25 30 35 40 45 % DISTRIBUTION 42.46% 21.21% 14.2% 24.39% 16.41%	0 5 10 15 20 25 30 35 40 45 % DISTRIBUTION 42.46% 21.21% 14.2% 24.39% 16.41%	0 5 10 15 20 25 30 35 40 45 % DISTRIBUTION 42.46% 21.21% 14.2% 24.39% 16.41%	0 5 10 15 20 25 30 35 40 45 % DISTRIBUTION 42.46% 21.21% 14.2% 24.39% 16.41%	0 5 10 15 20 25 30 35 40 45 % DISTRIBUTION 42.46% 21.21% 14.2% 24.39% 16.41%	0 5 10 15 20 25 30 35 40 45 % DISTRIBUTION 42.46% 21.21% 14.2% 24.39% 16.41%	0 5 10 15 20 25 30 35 40 45 % DISTRIBUTION 42.46% 21.21% 14.2% 24.39% 16.41%
	Hastings	Baotou	Sichuan	Mt Weld	Mountain Pass
Dysprosium%	0.5	0.11	0.06	0.16	0.07
Terbium%	0.15	0.05	0.04	0.06	0.04
Praseodymium%	8.01	5.15	4.1	5.38	4.3
Neodymium%	33.8	15.9	10	18.79	12
Neodymium% Praseodymium% Terbium% Dysprosium%

• Highest contents of key rare earth elements for any known rare earth project

• 92% of ore value contained in the 4 key elements required for electric vehicle market

• Highest value Rare Earths Project for Ore value per kg

• 75 – 175% higher value ore products than any current producing rare earth project

TREO Basket Value USD per KG

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40
35
30
25
20
15
10
5
0
Hastings Baotou Sichuan Mt Weld Mountain Pass
Basket Price US$/kg 33.64 16.64 11.59 19.23 13.12
Basket Price US$/kg
USD BASKET VALUE PER KG
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Source: Computation based on Asian Metal market price of RE oxides as at 27 Nov 2020

Economics – Its not about the TREO grade

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Yangibana – Beneficiation Plant
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Coastal Location (tbc) – Hydromet Plant
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	Grade from	Grade from	the Mine	the Mine	the Mine
	Company			TREO %								NdPr:		NdPr %
				(Head Grade)								TREO
	1			16%								24%			3.84%
	HAS			1.2%								41%			0.50%
	3			2.77%								26%			0.73%
	End of Flotation Stage
	Company		TREO %			TREO%						% of					Con
			(Head				Con					NdPr			Upgrade
			Grade)				Grade					in Con				Factor
	1			16%			35%					8.4%					2.2
	HAS			1.2%			27%					11.1%					22
	3		2.77%				7.0%					1.85%					2.5
	Final Product
	TREO Con			% of							Process Plant
	Grade in			NdPr					Upgrade factor
	MREC			in MREC
	59%			22%								50

Separation cost advantage

High NdPr content allows for lower separation cost vs China

	MREC (t)	TREO%	**NdPr:TREO **	% of NdPr per tonne	REO (t)	NdPr (t)	Separation Cost US$M
China	27,750	59%	20%	12%	16,373	3,275	$83
Hastings	15,000	59%	37%	22%	8,850	3,275	$45

Separation Cost assumes fixed at US$3/kg seperation charge

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Hastings’ MREC

• almost 2x cheaper to separate than (20% NdPr:TREO) Chinese reference MREC; or

• almost 4x cheaper to separate than actual (10% NdPr:TREO) Chinese actual MREC

• Contains 59% TREO or 22% NdPr in every tonne of MREC

• 40% NdPr:TREO first 8 years from Bald Hill and Frasers pits

• 37% NdPr:TREO average from 5 different open pits based on 13 years mine life.

Onslow Strategic Industrial Area

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Port Hedland Industrial Area

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Services available at both

sites

• Gas

• Mains Power

• Water

• Port Facilities

• Roads

• IT Comms

Grade Control 2020 Drilling Program

• 5,000m program on 7 x 5m pattern completed.

• Assays returned which confirm geological modelling of resource drilling intercepts and thicknesses of ore zones.

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RC Drilling at Bald Hill

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Exploration - 2020 Drilling Program

• 23,000m of RC drilling now completed.

GC Drilling at Bald Hill

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1. Drilling results confirm a major 2km long zone of economic mineralisation at Simon’s Find

2. Simon’s Find and the recently announced Fraser’s North and South drill results form a continuous zone of economic mineralisation 4km long

3. The Fraser’s - Simon’s Find - Bald Hill trend now forms an 8km-long economic mineralised corridor

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Frasers South Potential Pit Size
Pit Length could
be up to 1.4kms
long with current
results
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Frasers North

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• World leading grade of neodymium (Nd2O3) + praseodymium (Pr6O11) = 52% of the TREO (total rare earth oxides) values.

• These results are significantly higher than the 40-41% values recorded from the nearby Bald Hill and Frasers deposits.

• High-grade and shallow intersections from Simon’s Find include:

• 2m @ 2.78% TREO from 46m

• 6m @ 1.20% TREO from 43m

• including 4m @ 1.61% TREO

• 4m @ 1.21% TREO from 46m

• 15m @ 0.72% TREO from 37m • including 6m @ 1.11% TREO

• 2m @ 1.38% TREO from 67m

• 7m @ 0.89% TREO from 31m

• including 2m @ 1.76% TREO

• 3m @ 1.40% TREO from 11m

• 6m @ 0.75% TREO from 39m

• including 2m @ 1.51% TREO

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Drilling • Historic • Planned • Assays Pending

Capex Scenario – excluding contingency

Decoupling of beneficiation and hydromet plant savings total $68M

Mining	Capex Budget 2019 ($m) 14	Capex Revised 2020 ($m) 10	Variance ($m) -3	CAPEX savings • Reduced by $68m • Hydromet to Onslow (tbc) • Eliminated Gas pipeline	CAPEX savings • Reduced by $68m • Hydromet to Onslow (tbc) • Eliminated Gas pipeline	CAPEX savings • Reduced by $68m • Hydromet to Onslow (tbc) • Eliminated Gas pipeline
Process Plant	167	181	14
Tailings Facility	19	18	-1
Infrastructure	77	69	-8
Services	130	50	-79
Other Items	9	9	0
Indirects	104	112	8
Totals	517	449	-68

China and Europe EV market forecasted to grow much faster than in US

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• Government regulations and incentives will propel EV penetration. Forecast EV mkt share from 2019 to 2022 : - China: from 5% to 11-14% (~1.2m to 3.5m units)

  • Europe: from 3% to 14/15% by 2022 (~0.6m to 2.9m units)

  • • US: from 2% to 3-6% by 2022 (~0.3 to 1.0m units)

• EU automakers are relying on EVs to achieve Europe’s 2020/21 carbon-dioxide emissions limits of 95 gm of CO2 per km

• China government extended EV subsidies to end 2022 and spending RMB10bn (US$1.4bn) in expanding the charging network.

• US – uncertain economics, regulatory outlook and low gasoline prices (due to low crude oil price) discourage purchase of EV. Biden victory may change pace of EV adoption

• Germany: October - BEV and PHEV > 48K units registered = 18% of total vehicle sales for Oct, record month [*]

• UK to ban petrol and diesel cars by 2030

• By 2030 : Estimated EV sales in China - 35 – 50% Europe is 35 – 45% of total vehicle sales

Source: McKinsey Report September 2020 * Cleantechnica - Nov 22nd 2020

• Market for Magnet Rare Earth Oxides to Increase 5x by 2030[(1)]

• Total NdFeB magnet demand forecasted to increase at 9.7% CAGR and prices projected to increase at CAGRs of 5.6% to 9.9% over same period

• Global magnet rare earth oxides consumption will rise 5x by 2030, from US$2.98B in 2020 to US$ 15.65B by 2030

• Annual NdFeB Shortages of 48KT Expected by 2030[(1)]

• Constrained by an expected under-supply of NdPr and Dy oxide from 2022 onwards

• • Forecasts global shortages of NdFeB alloy and powder will amount to 48KT p.a. by 2030 equals to approx 25 to 30 million EV traction motors

• Annual NdPr Oxide Shortages of 16KT Expected by 2030[(1)]

• Constrained by lack of new primary and secondary supply sources from 2022 onwards

• Global shortages of NdPr and Dy oxide will collectively rise to 16KT tonnes in 2030, an amount equal to approximately 3x Lynas annual output

• Passenger EVs are forecast to grow at over 26%pa over the next decade[(2)]

• By 2022, EV demand for NdFeB magnets to be double wind turbines and dominate the industry towards the end of the decade, accounting for over 40% of demand

• :

• January to August 2020, China's rare earth exports fell 25.7% year over year to 24,377 tonnes due to[(3)]

• Changes in international market demand and risks because of pandemic and trade tensions

• • Anticipation that Chinese government will launch a stockpiling program for light rare earth due to strong domestic demand

Source: (1) Adamas Intelligence Sept 2020

(2) Roskill Aug 2020

(3) S&P Global Market Intelligence Sept 2020

Offtake Snapshot

~65% of production contracted for 10 yrs with strong offtake counterparties

Offtake Counterparty
Contract Status	Master Supply Agreement Signed Jun-2019	MOU signed 2018, advanced contract drafting Target signing Dec/Jan		Offtake Agreement Signed Nov-2018.
Quantity	5,000t MREC p.a.	X,000t MREC p.a		2,500t MREC p.a.
Tenor	10 years	10 years		5 Years Fixed Term with 2 year flexible ramp-upof supply.
Offtake Counterparty	Confidential		Confidential
Contract Status	MOU signed Apr 2020 - in contract draftingfor MSA		Advance negotiation and contract Drafting
Quantity	Approx. X,000t MREC p.a		X,000t MREC p.a.
Tenor	5 + 5 years		10 years

Equity ~ 40%

Project Funding - Overview

Indicative Debt/Equity Structure

	A$M	A$M	%
Project Capex – Mine & Process Plant	449
Contingency @ 15%	67
Total Project Capex*		516	80%
Sunk cost up to DFS		33	5%
Working capital		27	4%
Financing costs/ interest capitalised during construction period		66	11%
Total funding for the Project		642	100%
Equity/cash raised since 2014 - capitalised		133	21%
Project Finance (NAIF, UFK, FV and Commercial Banks)**		385	60%
Balance of equity to raise		124	19%
Total sources of fund		642	100%

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*New capex updated - 29 July 2020

• ** Multi-source package being arranged with a range of government lenders and commercial debt financiers

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Capital Structure

Capital Structure	$/Shares
Cash Balance (at 30 Sept 2020)	A$20M
Shares in Issue	1,200M
Share Price (27 Nov 2020)	A$0.155
Market Capitalisation (28 Nov 2020)	A$186M
Performance Rights	19.5M
Options (April 2022 Expiry)	126.7M
Major Shareholders	%
Foon Keong (Charles) Lew	9.70%
Mun Kee Chang	6.80%
Register Breakdown
Shareholders	~2,000
% of Register Institutions/HNW Investors	~80%

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Share Price Performance
$0.175 12
$0.150
10
$0.125
8
$0.100
6
$0.075
4
$0.050
2
$0.025
$0.000 0
HAS Volume (millions) (RHS) Hastings (HAS.ASX) S&P/ASX 300 Metals & Mining Index
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20
Volume ('m)
Share Price (rebased)
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Board Of Directors
Charles Lew	Executive Chairman
Jean Claude Steinmetz	Non Executive Director
Mal Randall	Non Executive Director
Neil Hackett	Non Executive Director
Guy Robertson	Finance Director

Board of Directors

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Mal Randall

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Jean Claude Steinmetz

Charles Lew

Neil Hackett

Guy Robertson

Non Executive Director

Non Executive Director

Executive Chairman

Non Executive Director

Finance Director

• Joined the Board in Feb 2019

• Joined the Board of Hastings in July 2017

• Appointed Chairman in Dec 2013

• Joined the Board in Nov 2018

• Been on the board of Hastings since 2011

• Previously Chief Operating Officer for Lynas Corporation

• Corporate Finance Director HG Asia Securities 1990 - 1997

• •

• Corporate Finance and 30+ years CFO Regulatory Experience experience ASIC 1990-1999

• Bachelor of Applied Chemistry & Fellow AICD.

• CFO for various ASX listed junior mining companies

• 45+ years extensive experience in corporate, management and marketing in the resources sector including 25+ years with the Rio Tinto group of companies.

• MD of ABN Amro Investment Bank Singapore 1997 - 2000

• 25+ years Involved in the chemical industry with Rhodia and General Electric

• 10 years investment and funds management experience

  • Senior finance executive in Jardine Matheson Group in Hong Kong and Australia including Jardine Lloyd Thompson, Colliers Jardine, and Franklins Limited

• Independent Director of RHB Banking Group 2004 - 2016

• Chairman of the Auto Plastic Banking Group 2004 - 2016

• Rio Tinto group of and Innovative Materials

• companies. • 30+ years experience in Committee of Sino-EU

• • Experience as Chairman or Chemical Manufacturers investment banking in London (HSBC & Robert

• NED level in a diverse range Association Fleming) and in Singapore

• of commodities including Lithium, Base Metals, • Private investor and Potash, Iron Ore, Uranium entrepreneur in F&B, real and Mineral Sands estate, financial services, etc.

• Banking Group 2004 - 2016 15+ years ASX Director,

• • 30+ years experience in Company Secretary and Senior Executive mining

• investment banking in and industrial experience

• London (HSBC & Robert •

• Fleming) and in Singapore Independent Corporate Governance Advisor and

• • Private investor and AICD Facilitator

• entrepreneur in F&B, real estate, financial services, etc.

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Experienced Senior Management Team

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Nick Holthouse

General Manager – Engineering & Operation Readiness

• Joined Hastings in 2019 with 30+ years experience in surface & underground mining operations, engineering & surveying in commodities – gold uranium, coal and base metals

• Managed, Commissioned / Operated mines & process plants in remote regions

• Merdeka Mining, Finders Resources, CSA Global

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Pit Wah Chung

Chief Financial Officer

• Joined Hastings in 2017 with 20 years experience in financial reporting and tax planning

• Regional Financial Controller of Lifestyle Investment Group

• CFO of Muddy Murphy Holdings and Breadtalk Group Ltd

• Chartered Accountant of Singapore & fellow member of The Association of Chartered Certified Accountants (ACCA)

Andrew Reid

Chief Operating Officer

• Appointed COO in Nov 2018

• 25 years of expertise in mine

• management, geology and mining engineering concentrating on open pit and narrow vein mining

• Developed and managed mining projects in West Africa and Finland

• Previously COO of Finders Resources, GM of Kevitsa Mine, First Quantum Minerals, etc

Valerie Quay

Robin Zhang

Legal Counsel

Process Engineering Manager

• Joined Hastings in 2017

• Joined Hastings in 2016 with more than 20 years experience in R&D, project engineering, plant commissioning & operations

• Barrister at Law, Middle Temple UK and Herbert Smith LLP London

• Focused experience in corporate commercial law ; 3P sector partnership

  • 8 years Lynas - Senior Technical Services & Project Development Manager

• Management & Strategy Manager consulting at McKinsey & • 11 years at Gansu Rare

• Co, London Earth Group China - Deputy

• • Deputy Director – Strategy & Director Technical Centre

• Deputy Director – Strategy & Corporate Governance,

• National Philanthropic Centre, Singapore

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Independent Consultants and Advisors

Engineering, Procurement, Construction and Management (EPCM) Commodity Market Analysis Project Finance Legal Counsel to Borrower Project Finance Debt Advisory Independent Technical Experts to Lenders Financial Adviser to Euler Hermes Environmental and Social Gap Analysis Report Cost Benefit Analysis Report

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Competent Persons and Qualifying Persons Statement The information in this announcement that relates to Exploration Results in relation to the Yangibana Project is based on information compiled by Mr. Andrew Reid BSc (Hons) MSc FAUSIMM, a Competent Person, who is a Fellow of the Australian Institute of Mining ad Metallurgy. Mr. Reid is a full-time employee of the company and has sufficient experience that is relevant to the activity being undertaken to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. The Qualified Person has verified the data disclosed in this release, including sampling, analytical and test data underlying the information contained in this release. Mr. Reid consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.

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Thank You / Questions?
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