HASTINGS TECHNOLOGY METALS LTD — Capital/Financing Update 2018

Nov 21, 2018

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22 November 2018

Hastings Technology Metals Limited ABN 43 122 911 399

INCREASE IN MEASURED AND INDICATED RESOURCES AT YANGIBANA PROJECT

ASX Code: Shares - HAS

• Measured plus Indicated Resources increased by 6.7% to 13.38 million tonnes

• Total Resources increased to 21.67 million tonnes

Address:

Level 8, Westralia Plaza 167 St Georges Terrace Perth WA 6000

• Contained neodymium and praseodymium oxide exceeds

• 80,000 tonnes in total resources

• Programmes in place for next drilling phase in 2019

PO Box 6 Westralia Plaza 167 St Georges Terrace Perth WA 6000

Introduction

The Directors of Hastings Technology Metals Limited (ASX:HAS) are pleased to announce a 6.7% increase in Measured plus Indicated Resources at the Yangibana Project compared to the most recent JORC Mineral Resource estimate in November 2017 ( ASX release titled “Final 2017 JORC Resource Update including Auer and Auer North Results” 22[nd] November 2017 ). Measured plus Indicated Resources now stand at 13.38 million tonnes within a total resource of 21.67 million tonnes. The total resource now hosts more than 80,000 tonnes of neodymium and praseodymium oxide, the Company’s main economic driver.

info@hastingstechmetals.com

Board

Charles Lew (Executive Chairman)

Jean Claude Steinmetz (Non-Exec Director)

Guy Robertson (Finance Director and Joint Company Secretary)

JORC Mineral Resources

Neil Hackett (Joint Company Secretary)

An updated JORC Mineral Resource estimation has been completed by independent consultant Lynn Widenbar and Associates incorporating the recent drilling results from Bald Hill, Fraser’s, Auer and Auer North deposits. The total resources as at October 2018 are as shown in Table 1. Note that in all resource tables rounding errors may appear. The resources are based on a 0.2%Nd2O3+Pr6O11 cut-off, with a minimum width of 1.0m. 0.5m of dilution at grade from both the hangingwall and the footwall is incorporated into the estimation.

www.hastingstechmetals.com

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Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Measured	4,727,000	1.17	0.42
Indicated	8,652,000	1.24	0.41
Inferred	8,294,000	1.09	0.36
TOTAL	21,673,000	1.17	0.39

Table 1 – Yangibana Project – Total JORC Mineral Resources October 2018

These figures represent a modest increase in total tonnes compared to the previous estimate from 20,996,000 (+3.2%), but a significant increase in Measured plus Indicated Resources (+6.7%), particularly in the Measured category that has increased by 21.1%.

Resources from the deposits that are planned for early development – Bald Hill and Fraser’s – are shown in Tables 2 and 3. Both deposits are within granted Mining Leases held 100% by Hastings.

Hastings.
Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Measured	3,345,000	0.99	0.40
Indicated	1,419,000	1.05	0.41
Inferred	1,487,000	0.90	0.34
TOTAL	6,251,000	0.98	0.39

Table 2 – Yangibana Project – Bald Hill JORC Mineral Resources October 2018

Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Measured	398,000	1.55	0.66
Indicated	407,000	1.53	0.65
Inferred	670,000	0.71	0.30
TOTAL	1,475,000	1.17	0.49

Table 3 – Yangibana Project – Fraser’s JORC Mineral Resources October 2018

Following the recent drilling at Auer and Auer North ( ASX Release titled “Successful Infill and Extension Drilling at Auer, Auer North” 5[th] October 2018 ) , the main increases in total resources are at these deposits as shown in Tables 4 and 5. Both deposits are within Exploration Licences held 100% by Hastings and the Company will make application for a Mining Lease in the near future.

Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Indicated	1,004,000	1.09	0.39
Inferred	1,000,000	1.09	0.37
TOTAL	2,004,000	1.09	0.38
Table 4 –	Yangibana Project – Auer JORC Mineral Resources October 2018
Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Indicated	462,000	1.09	0.37
Inferred	220,000	0.92	0.29
TOTAL	682,000	1.03	0.35

Table 5 – Yangibana Project – Auer North JORC Mineral Resources October 2018

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Longitudinal sections of Auer and Auer North showing accumulation (metre % Nd2O3+Pr6O11) are shown in Figures 1 and 3 showing good potential for additional resources particularly at depth along the length of Auer and at Auer North Zone 1. Figures 2 and 4 show the resource categorisation for the two deposits.

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Figure 1 – Yangibana Project – Auer m% longitudinal section October 2018

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Figure 2 – Yangibana Project – Auer Resource Categorisation October 2018

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Figure 3 – Yangibana Project – Auer North m% longitudinal section October 2018

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Figure 4 – Yangibana Project – Auer North Resource Categorisation October 2018

JORC Mineral Resources for Yangibana, Yangibana West, and Yangibana North are shown in Tables 6, 7 and 8 respectively.

Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Indicated	1,318,000	0.86	0.41
Inferred	851,000	0.81	0.39
TOTAL	2,169,000	0.84	0.40

Table 6 – Yangibana Project – Yangibana JORC Mineral Resources October 2018

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Of the total resources at Yangibana, 1,900,000 tonnes are within Mining Lease 09/165 held 100% by Hastings and 269,000 tonnes are within Mining Lease 09/163 in which Hastings holds a 70% interest.

a 70% interest.
Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Measured	114,000	1.58	0.45
Indicated	1,665,000	1.24	0.34
Inferred	758,000	1.34	0.35
TOTAL	2,536,000	1.29	0.35

Table 7 – Yangibana Project – Yangibana West JORC Mineral Resources October 2018

Yangibana West lies within Mining Lease 09/160 held 100% by Hastings. The mineralisation is part of a continuous deposits that extends into Mining Lease 09/159, in which Hastings holds a 70% interest, as Yangibana North.

Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Measured	871,000	1.64	0.43
Indicated	1,924,000	1.84	0.47
Inferred	632,000	1.85	0.47
TOTAL	3,427,000	1.79	0.46

Table 8 – Yangibana Project – Yangibana North JORC Mineral Resources October 2018

JORC Mineral Resources at Simon’s Find are shown in Table 9. These resources are located within Mining Lease 09/158 and Exploration Licence 09/1943, both held 100% by Hastings. Additional drilling and metallurgical testwork will be undertaken prior to the application for a second Mining Lease.

second Mining Lease.
Category	Tonnes	%TREO	%Nd2O3+Pr6O11
Indicated	454,000	0.64	0.35
Inferred	855,000	0.67	0.35
TOTAL	1,309,000	0.66	0.35

Table 9 – Yangibana Project – Simon’s Find JORC Mineral Resources October 2018

JORC Inferred Mineral Resources at Gossan, Lion’s Ear, Hook and Kane’s Gossan are shown in

Table 10. These deposits are all within Mining Lease 09/159 in which Hastings holds a 70% interest.

interest.
Inferred	Tonnes	%TREO	%Nd2O3+Pr6O11
Gossan	289,000	1.52	0.33
Lion’s Ear	710,000	1.54	0.39
Hook	289,000	1.52	0.33
Kane’s Gossan	574,000	1.04	0.29

Table 10 – Yangibana Project – Gossan, Lion’s Ear, Hook and Kane’s Gossan JORC Inferred Resources October

2018

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A proposed drilling programme for 2019 has been established and will commence with holes testing the large aeromagnetic anomaly reported recently ( ASX Release titled “Major Aeromagnetic Target Identified at Yangibana” 8[th] August 2018 ).

TERMINOLOGY USED IN THIS REPORT

Total Rare Earths Oxides, TREO, is the sum of the oxides of the light rare earth elements lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), and samarium (Sm) and the heavy rare earth elements europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb), lutetium (Lu), and yttrium (Y).

For further information please contact:

Andrew Reid, Chief Operating Officer, +61 8 6117 6118 Andy Border, General Manager Exploration, +61 2 9078 7674

Competent Person Statements

The information in this announcement that relates to Resources is based on information compiled by Lynn Widenbar. Mr Widenbar is a consultant to the Company and a member of the Australasian Institute of Mining and Metallurgy. Consent to include statements in this announcement are provided below. The information in this announcement that relates to Exploration Results is based on information compiled by Andy Border, an employee of the Company and a member of the Australasian Institute of Mining and Metallurgy. Each has 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”).

Forward looking statements and important notice:

This report contains forecasts, projections and forward-looking information. Although the Company believes that its expectations, estimates and forecast outcomes are based on reasonable assumptions it can give no assurance that these will be achieved. Expectations, estimates and projections and information provided by the Company are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are out of Hastings’ control. Actual results and developments will almost certainly differ materially from those expressed or implied. Hastings has not audited or investigated the accuracy or completeness of the information, statements and opinions contained in this presentation. To the maximum extent permitted by applicable laws, Hastings makes no representation and can give no assurance, guarantee or warranty, express or implied, as to, and takes no responsibility and assumes no liability for (1) the authenticity, validity, accuracy, suitability or completeness of, or any errors in or omission from, any information, statement or opinion contained in this report and (2) without prejudice to the generality of the foregoing, the achievement or accuracy of any forecasts, projections or other forward looking information contained or referred to in this report.

Investors should make and rely upon their own enquiries before deciding to acquire or deal in the Company’s securities.

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About Hastings Technology Metals

Yangibana Project

Hastings Technology Metals (ASX:HAS, the Company) is advancing the Yangibana Rare Earths Project towards production following the completion of a positive Definitive Feasibility Study in November 2017. The Yangibana Project hosts rare earths deposits rich in neodymium and praseodymium, elements vital to permanent magnets that provide many critical components of wide-ranging high-tech products, including electric vehicles, renewable energy wind turbines, robotics, medical applications and others. The Company aims to be the next significant producer of neodymium and praseodymium outside of China.

The established Yangibana reserves and resources are predominantly within tenements held 100% by Hastings, with the majority in granted Mining Leases. Lesser resources are held in a joint venture in which Hastings holds a 70% interest and has management control.

The November 2017 Yangibana Project DFS established JORC Probable Ore Reserves of 5.15 million tonnes at 1.12% total rare earths oxides (TREO) including 0.41% neodymium and praseodymium oxides (Nd2O3+Pr6O11). This Ore Reserve was the basis of the initial operation at a planned production rate of up to 15,000 tonnes per annum (tpa.) MREC including 3,400 tpa. of Nd2O3+Pr6O11. The July 2018 Yangibana Probable Ore Reserve has increased to 7.74 million tonnes at 1.13%TREO including 0.43%Nd2O3+Pr6O11. The increase in Probable Ore Reserves is demonstrated by additional Pre-Feasibility Study work that supports extension of production over the full eight-year period considered in the Company’s November 2017 DFS.

Including the above Ore Reserves, the Company has JORC Measured, Indicated and Inferred Mineral Resources of 21.7 million tonnes at 1.17% TREO including 0.37%Nd2O3+Pr6O11.

Many more areas of the Company’s deposits have the potential for additional resources and exploration programmes are in place to evaluate these areas in future plus the numerous other targets identified to date.

Brockman Project

The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.

The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition, totalling 41.4 million tonnes (comprising 32.3 million tonnes Indicated Mineral Resources and 9.1 million tonnes Inferred Mineral Resources) at 0.21% TREO, including 0.18% HREO, plus 0.36% Nb₂O₅ and 0.90% ZrO₂.

The Company aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.

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JORC Code, 2012 Edition – Table 1

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Database	•	Measures taken to ensure that data has	•	Data was provided as a validated Access Database and
integrity		not been corrupted by, for example,		was digitally imported into Micromine Mining software.
		transcription or keying errors, between		Micromine validation routines were run to confirm validity of
		its initial collection and its use for		all data.
		Mineral Resource estimation purposes.	•	Individual drill logs from site have been checked with the
	•	Data validation procedures used.		electronic database on a random basis to check for validity.
			•	Analytical results have all been electronically merged to
				avoid any transcription errors.
Site visits	•	Comment on any site visits undertaken	•	The Competent Person visited site from 15-16thDecember
		by the Competent Person and the		2016 and reviewed geology, drilling etc.
		outcome of those visits.
	•	If no site visits have been undertaken
		indicate why this is the case.
Geological	•	Confidence in (or conversely, the	•	Confidence in the geological interpretation is considered to
interpretation		uncertainty of ) the geological		be high.
		interpretation of the mineral deposit.	•	Detailed geological logging and surface mapping allows
	•	Nature of the data used and of any		extrapolation of drill intersections between adjacent
		assumptions made.		sections.
	•	The effect, if any, of alternative	•	Alternative interpretations would result in similar tonnage
		interpretations on Mineral Resource		and grade estimation techniques.
		estimation.	•	Geological boundaries are determined by the spatial
	•	The use of geology in guiding and		locations of the various mineralised structures.
		controlling Mineral Resource	•	Continuous ironstone units comprising iron oxides and
		estimation.		hydroxides, minor quartz rich zones, and locally carbonate
	•	The factors affecting continuity both of		and apatite host the rare earths mineralisation and are the
		grade and geology.		key factors providing continuity of geology and grade. The
				mineralised zones may be described as visually distinctive
				anastomosing iron rich veins with excellent strike and down
				dip continuity.
Dimensions	•	The extent and variability of the Mineral	•	Bald Hill mineralisation dips shallowly (maximum 30o) but
		Resource expressed as length (along		variably to the southwest and ranges from 1m to 10m thick.
		strike or otherwise), plan width, and		Maximum depth of the resource is to a vertical depth of 80
		depth below surface to the upper and		metres below surface.
		lower limits of the Mineral Resource.	•	Fraser’s mineralisation dips steeply (70-80o) in the western
				portion becoming more shallow (to 30o) in the east and
				ranges from 1m to 6m thick. Maximum depth of the
				resource is to a vertical depth of 140 metres below surface.
			•	Yangibana West mineralisation dips shallowly (maximum
				30o) but variably to the south and ranges from 1m to 5m
				thick. Maximum depth of the resource is to a vertical depth
				of 100 metres below surface.
			•	Auer has three discontinuous, steeply dipping zones of
				mineralisation extending North-South over a total strike
				length of approximately 3.5 km and to a depth of 150m
				below surface, and a fourth zone that strikes northeasterly.
			•	Auer North comprises three steeply dipping zones over a
				combined strikelength of 700m and has been tested to
				120m below surface at the better mineralized Zone 1.
			•	The Simon’s Find mineralisation occurs in two separate
				zones, the southern one extending over m on a north-south
				trend and the northern zone extending over m on a
				northwesterly trend. Mineralisation has been tested to m
				below surface.
			•	Yangibana North mineralisation dips shallowly (maximum

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
				30o) but variably to the south and ranges from 1m to 5m
				thick. Maximum depth of the resource is to a vertical depth
				of 140 metres below surface.
			•	Gossan – the Inferred Resources at Gossan are based on
				limited drilling that has identified mineralisation over 300m
				of strike length, 100m down dip and ranging from 1-4m
				wide. Maximum depth of the resource is to a vertical depth
				of 80 metres below surface.
			•	Lion’s Ear - the Inferred Resources at Lion’s Ear are based
				on limited drilling that has identified mineralisation over
				520m of strike length, 80m down dip and ranging from 1-4m
				wide. Maximum depth of the resource is to a vertical depth
				of 140 metres below surface.
			•	Hook - the Inferred Resources at Hook are based on limited
				drilling that has identified mineralisation over 380m of strike
				length, 100m down dip and ranging from 1-4m wide.
				Maximum depth of the resource is to a vertical depth of 130
				metres below surface.
			•	Kane’s Gossan - the Inferred Resources at Kane’s Gossan
				are based on limited drilling that has identified
				mineralisation over 550m of strike length, 100m down dip
				and ranging from 1-4m wide. Maximum depth of the
				resource is to a vertical depth of 130 metres below surface.
Estimation	•	The nature and appropriateness of the	•	Due to the variable dip and strike of the various deposits,
and		estimation technique(s) applied and key		an “unfolding” technique has been used to simplify setup of
modelling		assumptions, including treatment of		search ellipse and modelling parameters
techniques		extreme grade values, domaining,	•	Statistical analysis and variography has been carried out in
		interpolation parameters and maximum		unfolded coordinates to define parameters for an Ordinary
		distance of extrapolation from data		Kriging estimation.
		points. If a computer assisted	•	All analysis and estimation has been constrained by the
		estimation method was chosen include		geological interpretation of the ironstone units. Separate
		a description of computer software and		estimation has been carried out for 0.5m thick dilution skins
		parameters used.		on the hangingwall and footwall of the mineralisation.
	•	The availability of check estimates,	•	Kriging Neighbourhood Analysis was carried out for each
		previous estimates and/or mine		deposit to determine optimal search and kriging parameters
	• • •	production records and whether the Mineral Resource estimate takes appropriate account of such data. The assumptions made regarding recovery of by-products. Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). In the case of block model interpolation, the block size in relation to the average	• • • •	All estimation was carried out using Micromine software (MM 2016 Sp5) Kriging parameters were defined using Nd2O3and Pr6O11 as the primary variables. Estimation has been carried out for the following variables : CeO2_ppm, Dy2O3_ppm, Er2O3_ppm, Eu2O3_ppm, Gd2O3_ppm, Ho2O3_ppm, La2O3_ppm, Lu2O3_ppm, Nd2O3_ppm, Pr6O11_ppm, Sm2O3_ppm, Tb4O7_ppm, Tm2O3_ppm, Y2O3_ppm, Yb2O3_ppm, ThO2_ppm, U3O8_ppm, Al_per, Ca_per, Fe_per, Mg_per, Nb_ppm, P_per, S_per, Si_per, Sr_ppm, Ta_ppm, Zr_ppm
	•	sample spacing and the search employed. Any assumptions behind modelling of selective mining units.	•	Drill hole spacing is variable, and the block sizes were chosen to reflect the best compromise between spacing and the necessity to define the geological detail of each deposit. In general, block sizes are 12.5 m along strike,
	•	Any assumptions about correlation		10m down dip and 2.5 across strike.
		between variables.	•	As there are no extreme values no capping has been
	•	Description of how the geological		applied.
		interpretation was used to control the	•	Block model validation has been carried out by several
		resource estimates.		methods, including:
	•	Discussion of basis for using or not		o Drill Hole Plan and Section Review
		using grade cutting or capping.		o Model versus Data Statistics by Domain
	•	The process of validation, the checking		o Easting, Northing and RL swathe plots
		process used, the comparison of model

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		data to drill hole data, and use of	•	All validation methods have produced acceptable results.
		reconciliation data if available.
Moisture	•	Whether the tonnages are estimated on	•	Tonnages are estimated on a dry basis.
		a dry basis or with natural moisture,
		and the method of determination of the
		_moisture content. _
Cut-off	•	The basis of the adopted cut-off	•	A nominal downhole cut-off of 0.20% Nd2O3+Pr6O11has
parameters		grade(s) or quality parameters applied.		been used in conjunction with logging of ironstone to define
				mineralised intersections.
Mining	•	Assumptions made regarding possible	•	Mining is assumed to be by conventional open pit mining
factors or		mining methods, minimum mining		methods
assumptions		dimensions and internal (or, if	•	Based on previous and on-going mining studies by
		applicable, external) mining dilution. It		Snowden, a 0.5m dilution skin has been added to both the
		is always necessary as part of the		footwall and hangingwall contacts of the mineralisation.
		process of determining reasonable	•	The dilution material is independently interpolated and is
		prospects for eventual economic		subsequently added to the mineralised domain to produce
		extraction to consider potential mining		a diluted resource.
		methods, but the assumptions made
		regarding mining methods and
		parameters when estimating Mineral
		Resources may not always be rigorous.
		Where this is the case, this should be
		reported with an explanation of the
		_basis of the mining assumptions made. _
Metallurgical	•	The basis for assumptions or	•	Beneficiation and hydrometallurgical testwork has been
factors or		predictions regarding metallurgical		carried out on samples from the Eastern Belt (comprising
assumptions		amenability. It is always necessary as		Bald Hill, Bald Hill Southeast, Fraser’s, Auer and Auer
		part of the process of determining		North deposits) and from Yangibana West and Yangibana
		reasonable prospects for eventual		North with very encouraging results. A bulk sample (12
		economic extraction to consider		tonnes) combining RC samples from Hastings’ 2015 drilling
		potential metallurgical methods, but the		at Bald Hill, Bald Hill Southeast and Fraser’s was prepared
		assumptions regarding metallurgical		as the Eastern Belt Master Composite (EBMC) that
		treatment processes and parameters		represents mineralisation that Hastings believes will be
		made when reporting Mineral		mined over the first 4-5 years of any operation. In 2016,
		Resources may not always be rigorous.		Hastings undertook infill drilling at Bald Hill, Bald Hill
		Where this is the case, this should be		Southeast and Fraser’s deposits in order to produce a bulk
		reported with an explanation of the		(17 tonnes) sample for pilot plant testing.
		basis of the metallurgical assumptions	•	Test work to date has shown that the rare earths
		made.		mineralisation (largely monazite) can be upgraded readily
				using standard froth flotation techniques and readily
				available reagents. Tests are ongoing to decrease the
				apatite, carbonate and iron content of these concentrates
				as these can affect hydrometallurgical recoveries. A second
				composite sample from Bald Hill, Bald Hill Southeast and
				Fraser’s has been collected during 2018 and is being
				prepared for further pilot plant-level testwork.
Environment	•	Assumptions made regarding possible	•	Environmental studies have been carried out on site with
al factors or		waste and process residue disposal		Stage 1 Flora and Fauna surveys and Stage 2 Flora and
assumptions		options. It is always necessary as part		Fauna surveys completed. No environmental issues have
		of the process of determining		been identified.
		reasonable prospects for eventual	•	Subterranean fauna studies have located both troglofauna
		economic extraction to consider the		and stygofauna but no unique or endangered species have
		potential environmental impacts of the		been encountered.
		mining and processing operation. While
		at this stage the determination of
		potential environmental impacts,
		particularly for a greenfields project,
		may not always be well advanced, the
		status of early consideration of these

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Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
		potential environmental impacts should
		be reported. Where these aspects have
		not been considered this should be
		reported with an explanation of the
		_environmental assumptions made. _
Bulk density	•	Whether assumed or determined. If	•	Bulk density/specific gravity have been measured by the
		assumed, the basis for the		Company on core from Yangibana North, and at
		assumptions. If determined, the method		independent laboratories on core from Bald Hill, Bald Hill
		used, whether wet or dry, the frequency		South, Fraser’s, Yangibana, Auer, Auer North and
		of the measurements, the nature, size		Yangibana West. Samples have been taken from each of
		and representativeness of the samples.		oxidised, partially oxidised and fresh mineralisation with
	•	The bulk density for bulk material must		results feeding into the resource estimations.
		have been measured by methods that	•	Bulk density/specific gravity measurements have also been
		adequately account for void spaces		carried out at an independent laboratory on samples of
		(vugs, porosity, etc), moisture and		oxidised, partially oxidised and fresh host rock, granite.
		differences between rock and alteration	•	In situ bulk densities for the individual deposits have ranged
		zones within the deposit.		from 2.30 to 2.80 tonnes per cubic metre and have been
	•	Discuss assumptions for bulk density		assigned into the models based on weathering surfaces
		estimates used in the evaluation		and assigned rock types.
		_process of the different materials. _
Classificatio	•	The basis for the classification of the	•	The Mineral Resource has been classified in the Measured,
n		Mineral Resources into varying		Indicated and Inferred categories, in accordance with the
		confidence categories.		2012 Australasian Code for Reporting of Mineral Resources
	•	Whether appropriate account has been		and Ore Reserves (JORC Code). A range of criteria has
		taken of all relevant factors (ie relative		been considered in determining this classification including:
		confidence in tonnage/grade		o Geological and grade continuity
		estimations, reliability of input data,		o Data quality.
		confidence in continuity of geology and		o Drill hole spacing.
		metal values, quality, quantity and		o Modelling technique and kriging output
		distribution of the data).		parameters.
	•	Whether the result appropriately reflects the Competent Person’s view of the deposit.	•	The Competent Person is in agreement with this classification of the resource.
Audits or	•	The results of any audits or reviews of	•	No audit of the current resources has been carried out at
reviews		Mineral Resource estimates.		this time.
Discussion	•	Where appropriate a statement of the	•	The relative accuracy of the various resource estimates is
of relative		relative accuracy and confidence level		reflected in the JORC resource categories.
accuracy/		in the Mineral Resource estimate using	•	At the Measured and Indicated Resource classification
confidence		an approach or procedure deemed		level, the resources represent local estimates that can be
		appropriate by the Competent Person.		used for further mining studies.
		For example, the application of	•	Inferred Resources are considered global in nature.
		statistical or geostatistical procedures
		to quantify the relative accuracy of the
		resource within stated confidence limits,
		or, if such an approach is not deemed
		appropriate, a qualitative discussion of
		the factors that could affect the relative
		accuracy and confidence of the
		estimate.
	•	The statement should specify whether it
		relates to global or local estimates, and,
		if local, state the relevant tonnages,
		which should be relevant to technical
		and economic evaluation.
		Documentation should include
		assumptions made and the procedures
		used.
	•	These statements of relative accuracy
		and confidence of the estimate should

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Criteria	JORC Code explanation	Commentary
	be compared with production data,
	_where available. _

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Widenbar and Associates

ABN 15 009 450 097

59 Dunkley Avenue Applecross WA 6153 Telephone 0418 950 237 www.widenbar.com.au lynn@widenbar.com.au

Competent Person’s Consent Form

Pursuant to the requirements of ASX Listing Rule 5.6, 5.22 and 5.24 and clause 9 of the JORC Code 2012 Edition (Written Consent Statement)

Report Name

Yangibana Resource Updated Resource Estimate

(“Report”)

Released by: Hastings Technology Metals Ltd (“Hastings”)

Deposit: Yangibana

Date: October 2018

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STATEMENT

I, Lynn Widenbar confirm that:

I am the competent person

• I have read and understood the requirements of the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“2012 JORC Code”).

• I am a Competent Person as defined by the 2012 JORC Code, having five years experience which is relevant to the style of mineralisation and type of deposit described in the Report, and to the activity for which I am accepting responsibility.

• I am a Member of The Australasian Institute of Mining and Metallurgy .

• I have reviewed the Report to which this Consent Statement applies.

I am a consultant working for Widenbar & Associates Pty Ltd and have been engaged by Hastings to prepare documentation for the Yangibana Project on which this report is based, for the period ended October 2018.

I have disclosed to the reporting company the full nature of the relationship between myself and the company, including any issue that could be perceived by investors as a conflict of interest.

I verify that the Report is based on and fairly and accurately reflects in the form and context in which it appears, the information in my supporting documentation relating to Mineral Resources.

CONSENT

I consent to the release of the Report and this Consent Statement by the directors of:

Hastings Technology Metals Ltd

Signature of Competent Person

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L Widenbar

MAusIMM - Membership Number 201213

October 2018

Signature of Witness A Border

MAusIMM – Membership Number

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