HASTINGS TECHNOLOGY METALS LTD — Capital/Financing Update 2012

Feb 15, 2012

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ASX Announcement 16 February 2012

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The Manager Company Announcements Office Australian Securities Exchange 4th Floor, 20 Bridge Street SYDNEY NSW 2000

Hastings Rare Metals Limited ACN 122 911 399

Level 9, 50 Margaret Street Sydney NSW 2000 PO Box R933 Royal Exchange NSW 1225 Australia

Telephone: +61 2 9078 7674 Facsimile: +61 2 9078 7661 admin@hastingsraremetals.com www.hastingsraremetals.com

Directors David Nolan (Chairman) Steve Mackowski (Director) Anthony Ho (Director)

Advisory Board Tony Grey Dr Tony Mariano

HASTINGS’ COMPLETES TRANCHE 1 OF CAPITAL RAISING

Australian rare earths company Hastings Rare Metals Limited (ASX Code : HAS) is pleased to announce that it has completed tranche 1 of the capital raising announced on 8 February 2012.

As part of tranche 1 the Company has issued 33,200,000 shares at 10 cents per share raising $3.32 million. All subscription monies have been received and the shares have been allotted.

Tranche 2, a further issue of 20,600,000 shares at 10 cents per share, will be completed following shareholder approval at a General Meeting to be held in March 2012.

The Company will issue a free attaching option on a one for one basis with an exercise price of 15c per share and an expiry date of 31 March 2014. The options are to be issued following shareholder approval at the General meeting to be held in March.

The Company will also seek shareholder approval for the issue of incentive options to Directors and options to advisors at a strike price of 20 cents and 15 cents respectively, details of which will be outlined in the Notice of Meeting to be mailed shortly.

ASX Code: HAS

Shares on Issue 104,613,462 Options on Issue 52,500,000

The funds were raised from a number of institutional and sophisticated investors, including two cornerstone Asian institutions. The placement was significantly oversubscribed.

Patersons Securities Limited acted as lead manager and Alexander Cable acted as corporate adviser to the placement.

AddressLevel 9, 50 Margaret Street, Sydney NSW 2000Postal AddressPO Box R933 Royal Exchange NSW 1225 Australia Telephone02 9078 7674Fax 02 9078 7661Emailadmin@hastingsraremetals.comWebsitewww.hastingsraremetals.com ABN43 122 911 399

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ASX Announcement 16 February 2012

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For further information contact:

David Nolan Steve Mackowski Chairman Technical Director dnolan@hastingsraremetals.com smackowski@hastingsraremetals.com

Media contact:

Robert Williams, FCR, Investor Relations +61 2 8264 1003

For further information please contact:

Hastings Rare Metals Limited, Tel: (02) 9078 7674 www.hastingsraremetals.com

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AddressLevel 9, 50 Margaret Street, Sydney NSW 2000Postal AddressPO Box R933 Royal Exchange NSW 1225 Australia Telephone02 9078 7674Fax 02 9078 7661Emailadmin@hastingsraremetals.comWebsitewww.hastingsraremetals.com ABN43 122 911 399

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