HASTINGS TECHNOLOGY METALS LTD — Capital/Financing Update 2021

Jan 20, 2021

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21 January 2021

YANGIBANA INFILL DRILLING CONFIRMS

EXTENSIONS TO OREBODY

Hastings Technology Metals Limited ABN 43 122 911 399

ASX Code: Shares - HAS

Address:

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

• Results from the extension drilling program at Bald Hill, the largest deposit at the Yangibana Rare Earths Project, confirm continuation of mineralisation along strike to the south connecting to the 4km long Simon’s Find - Frasers trend.

• Drilling comprised 68 holes to a maximum depth of 144m following up previous intercepts targeting areas outside of the current resource envelopes.

• The majority of holes reported significant intercepts of grades above the lower economic TREO cut-off grade for Bald Hill.

• Bald Hill South East deposit has been extended by at least 850m and remains open down-dip to the east and along strike.

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

• High-grade and shallow intersections from Bald Hill include:

• 4m @ 3.26% TREO from 63m

• 4m @ 1.90% TREO from 63m

• 4m @ 1.53% TREO from 6m

info@hastingstechmetals.com

• 3m @ 1.01% TREO from 0m

• 2m @ 1.02% TREO from 36m

Board

• The Bald Hill Resource Estimate will be updated during Q1 2021.

Charles Lew (Executive Chairman)

________

Introduction

Guy Robertson (Finance Director)

Jean Claude Steinmetz (Non-Exec Director)

Neil Hackett (Non-Exec Director and Company Secretary)

Australia’s next pure rare earths producer Hastings Technology Metals Limited ( ASX: HAS ) ( Hastings or the Company ) is pleased to announce drill results at the Bald Hill deposit as part of the Company’s 2020 Exploration Drilling Program across the Yangibana Rare Earths Project in Western Australia’s Gascoyne region.

Mal Randall (Non-Exec Director)

Bruce McFadzean (Non-Exec Director)

Bald Hill is the largest Yangibana deposit in terms of estimated Mineral Resources and calculated Ore Reserves and forms a key component to the overall Yangibana start-up.

This phase of drilling had two main objectives:

www.hastingstechmetals.com

1. to follow up on previous resource drilling to infill existing geological gaps and knowledge; and

2. to delineate further strike potential to the south towards Simon’s Find.

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In line with previous announcements with regards to drilling at Yangibana during 2020, the majority of the holes released as part of this announcement intersected economic intervals above the minimum cut-off for Bald Hill with a number of intercepts well above the average resource grade for Bald Hill calculated at 0.96% TREO.

Hastings Technology Metals Chief Operating Officer Andrew Reid commented:

“This is further confirmation that the unique geology at Yangibana is capable of underpinning a highquality, long-life operation. Given the extremely high success rate of drilling to date, there is clear potential for further Mineral Resource expansion across the entire Yangibana project area.

“These drilling results continue to demonstrate the potential scale and quality not just of Bald Hill but other Yangibana deposits and we estimate that the project has additional growth potential. Further drilling results are expected over the coming weeks. In the meantime, we have begun the process of updating the Mineral Resource estimates and Ore Reserves.”

Bald Hill Deposit

The Bald Hill deposit is the single most important orebody forming the Yangibana project. Key project infrastructure, including the beneficiation plant and tailings storage facilities, have been placed in close proximity to this deposit.

The results from this drilling further confirm the strategic importance of Bald Hill and the potential for further resource expansions with further drilling programs. Of particular note is a series of holes drilled along the down-dip southern flank of Bald Hill (Figure 1). Numerous shallow high-grade intercepts were recorded in this area, which may add to the Mineral Resource estimate.

To the south, a series of drill lines has extended the Bald Hill South East deposit by an additional 850m and there is now a clear connection into the northern mineralisation of the 4km-long Simon’s Find – Frasers trend.

2020 Exploration Program

Hastings commenced the 2020 drilling program with a Reverse Circulation (RC) rig mobilised to site in mid-June. The program, which was completed in the December 2020 Quarter, was designed to achieve three goals:

• Validate the existing Bald Hill Mineral Resource Estimates with close spaced grade control drilling;

• Increase the Yangibana Project’s Measured and Indicated Mineral Resource; and

• Obtain core samples for additional metallurgical test work and ore characterisation studies.

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Figure 1. Bald Hill extension drilling 2020 results.

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This announcement was authorised for release by the Company’s Board of Directors.

For further information please contact:

Charles Lew, Executive Chairman: +65 6220 9220 Andrew Reid, Chief Operations Officer: +61 432 740 975

For investor and media queries, please contact:

Peter Klinger, Cannings Purple: +61 411 251 540 Peter Kermode, Cannings Purple: +61 411 209 459

About Hastings Technology Metals Limited

Yangibana Project

Hastings Technology Metals Limited (ASX:HAS, Hastings or the Company) is Australia’s next pure Rare Earth producer and is advancing its flagship Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.

Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.

Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.

Brockman 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).

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

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

For further information on the Company and its projects visit www.hastingstechmetals.com

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Table 1. Significant Intersections: results from Bald Hill.

Hole-ID	Depth	Depth	Intercept	TREO %	Nd2O3 + Pr6O11	Nd2O3 + Pr6O11
	From	To			%	% of TREO
BHRC460	6	10	4	1.53	0.65	44%
BHRC461	22	30	8	0.75	0.30	40%
BHRC462	36	47	11	0.49	0.20	40%
BHRC464	26	30	4	0.40	0.16	39%
BHRC465	44	50	6	0.82	0.33	40%
BHRC466	5	6	1	0.19	0.08	41%
and	10	11	1	0.35	0.15	42%
BHRC474	17	18	1	0.32	0.14	42%
BHRC475	32	33	1	0.33	0.13	39%
BHRC478	67	69	2	0.28	0.13	46%
BHRC479	16	17	1	0.44	0.16	37%
BHRC481	5	7	2	0.27	0.10	37%
and	14	15	1	0.18	0.07	36%
and	63	67	4	3.26	1.20	37%
BHRC482	63	67	4	1.90	0.63	36%
BHRC483	39	43	4	0.21	0.08	36%
and	48	57	9	0.87	0.31	36%
and	65	68	3	0.66	0.31	46%
BHRC484	58	59	1	0.18	0.07	39%
BHRC485	27	30	3	0.70	0.25	36%
BHRC493	15	16	1	0.32	0.13	40%
and	22	23	1	1.75	0.66	38%
and	48	50	2	0.43	0.16	36%
BHRC495	97	104	7	0.97	0.34	35%
BHRC498	0	2	2	1.02	0.38	37%
and	49	50	1	0.22	0.08	35%
and	79	81	2	0.31	0.13	39%
BHRC499	79	86	7	0.74	0.31	41%
BHRC500	91	97	6	0.56	0.22	40%
BHRC501	21	22	1	0.23	0.10	41%
and	23	24	1	0.21	0.08	39%
and	30	33	3	0.38	0.13	35%
BHRC502	36	38	2	1.02	0.37	37%
BHRC504	75	81	6	0.30	0.12	39%
BHRC508	6	11	5	0.82	0.32	37%
BHRC510	16	20	4	0.53	0.23	42%
BHRC511	23	27	4	0.38	0.16	40%
BHRC512	35	36	1	0.19	0.09	45%
and	38	44	6	0.73	0.33	46%
BHRC513	0	9	9	0.36	0.14	39%
BHRC514	20	25	5	0.47	0.20	42%

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BHRC515	38	46	8	0.41	0.17	42%
BHRC516	6	8	2	0.35	0.14	40%
BHRC518	27	30	3	0.47	0.20	43%
BHRC519	6	11	5	0.51	0.21	42%
BHRC520	29	32	3	1.01	0.43	43%
BHRC522	3	4	1	0.24	0.10	43%
BHRC522	7	8	1	0.29	0.11	36%
BHRC523	22	26	4	0.51	0.23	45%

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Figure 2. Section A-A’, Cross-section (see plan) looking north-west through Bald Hill mineralisation.

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Figure 3. Section B-B’, Cross-section (see plan) looking north-west through Bald Hill mineralisation.

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Sampling

Samples were sent to Genalysis Intertek in Perth for analysis using techniques considered appropriate for the style of mineralisation. Samples were analysed for the range of rare earths, rare metals (Nb, Ta, Zr), thorium and uranium and a range of common rock-forming elements (Al, Ca, Fe, Mg, Mn, P, S, Si, Sr).

Substantial delays are currently being experienced by commercial laboratories in Perth with respect to assay turnaround. Greater than 5-week turnaround time is currently expected.

Once assay data were returned, the elemental values were converted to oxides using standard factors.

Table 2. Bald Hill Drill hole location and status.

Hole	Drill	Depth	Easting	Northing	RL	Survey		Assay
ID	Type	(m)	(m)	(m)	(m)	Type	Dip	Status
BHDD528	DD	26.25	428605	7355018	400	GPS	-89	no results
BHDD529	DD	17.45	428357	7356020	400	GPS	-90	pending
BHDD530	DD	86.1	427950	7356325	400	GPS	-90	pending
BHDD531	DD	53.2	428317	7356652	400	GPS	-89	pending
BHRC460	RC	90	428604	7355217	336	GPS	-61	reported
BHRC461	RC	90	428574	7355217	336	GPS	-60	reported
BHRC462	RC	90	428549	7355213	337	GPS	-60	reported
BHRC463	RC	90	428604	7355242	336	GPS	-60	pending
BHRC464	RC	40	428570	7355241	335	GPS	-60	reported
BHRC465	RC	54	428537	7355242	336	GPS	-61	reported
BHRC466	RC	30	428600	7355191	337	GPS	-61	reported
BHRC467	RC	30	428590	7355162	338	GPS	-61	pending
BHRC468	RC	30	428583	7355136	339	GPS	-90	no samples
BHRC472	RC	30	428610	7355037	343	GPS	-90	no samples
BHRC473	RC	25	428626	7355013	343	GPS	-89	pending
BHRC474	RC	30	428653	7354940	343	GPS	-60	reported
BHRC475	RC	50	428627	7354942	342	GPS	-60	reported
BHRC476	RC	90	427674	7356427	347	GPS	-88	no samples
BHRC477	RC	90	427750	7356449	348	GPS	-89	no samples
BHRC478	RC	90	427800	7356448	349	GPS	-90	reported
BHRC479	RC	90	427850	7356475	349	GPS	-88	reported
BHRC480	RC	90	427850	7356500	350	GPS	-89	no samples
BHRC481	RC	90	427899	7356499	351	GPS	-89	reported
BHRC482	RC	78	427950	7356525	353	GPS	-88	reported
BHRC483	RC	85	427950	7356550	354	GPS	-88	reported
BHRC484	RC	75	428000	7356600	356	GPS	-88	reported
BHRC485	RC	90	427952	7356576	354	GPS	-88	reported
BHRC486	RC	70	428100	7356597	363	GPS	-87	no samples
BHRC487	RC	65	428048	7356563	359	GPS	-88	no results
BHRC488	RC	75	428025	7356550	358	GPS	-89	no samples

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BHRC489	RC	75	428037	7356653	357	GPS	-88	no results
BHRC490	RC	85	427950	7356650	353	GPS	-89	no samples
BHRC491	RC	75	428050	7356625	359	GPS	-89	no results
BHRC492	RC	100	427775	7356426	349	GPS	-89	no samples
BHRC493	RC	100	428199	7355921	343	GPS	-88	reported
BHRC495	RC	104	428175	7355900	342	GPS	-89	reported
BHRC496	RC	85	428224	7355849	342	GPS	-89	pending
BHRC497	RC	90	428248	7355824	341	GPS	-89	pending
BHRC498	RC	85	428238	7355875	342	GPS	-90	reported
BHRC499	RC	144	428300	7355824	342	GPS	-90	reported
BHRC500	RC	102	428301	7355776	342	GPS	-88	reported
BHRC501	RC	50	428451	7355660	341	GPS	-60	reported
BHRC502	RC	60	428420	7355660	341	GPS	-60	reported
BHRC503	RC	50	428405	7355700	342	GPS	-60	no results
BHRC504	RC	84	428375	7355700	342	GPS	-90	reported
BHRC505	RC	80	428336	7355726	343	GPS	-90	no samples
BHRC506	RC	24	428794	7354890	344	GPS	-60	no samples
BHRC507	RC	16	428774	7354867	343	GPS	-59	no samples
BHRC508	RC	16	428864	7354868	343	GPS	-61	reported
BHRC509	RC	60	428846	7354842	343	GPS	-60	pending
BHRC510	RC	40	428965	7354807	344	GPS	-61	reported
BHRC511	RC	60	428955	7354797	344	GPS	-61	reported
BHRC512	RC	60	428939	7354780	344	GPS	-60	reported
BHRC513	RC	24	429064	7354752	346	GPS	-60	reported
BHRC514	RC	42	429044	7354738	345	GPS	-60	reported
BHRC515	RC	66	429021	7354718	345	GPS	-61	reported
BHRC516	RC	20	429161	7354663	346	GPS	-61	reported
BHRC517	RC	40	429151	7354653	346	GPS	-60	pending
BHRC518	RC	60	429140	7354643	345	GPS	-61	reported
BHRC519	RC	24	429290	7354556	345	GPS	-60	reported
BHRC520	RC	48	429267	7354536	345	GPS	-60	reported
BHRC521	RC	60	429243	7354512	346	GPS	-60	pending
BHRC522	RC	30	429398	7354491	340	GPS	-60	reported
BHRC523	RC	50	429375	7354470	340	GPS	-59	reported
BHRC524	RC	40	428539	7355663	340	GPS	-61	pending
BHRC525	RC	40	428513	7355663	340	GPS	-60	pending
BHRC526	RC	40	428483	7355662	341	GPS	-61	pending
BHRC527	RC	60	428386	7355661	342	GPS	-60	pending

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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 and 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 announcement of the matters based on his information in the form and context in which it appears.

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JORC Code, 2012 Edition – Yangibana project deposits

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Criteria	JORC Code explanation	Commentary
Sampling	• Nature and quality of sampling	• Samples used to assess the Bald Hill and Bald Hill
techniques	(e.g. cut channels, random chips, or	South East deposits of the Yangibana Project (reported
	specific specialised industry standard	in this announcement have been derived from reverse
	measurement tools appropriate to the	circulation (RC) drilling.
	minerals under investigation, such as	• Samples from reverse circulation drilling were
	down hole gamma sondes, or handheld	collected from each metre from a rig mounted cyclone
	XRF instruments, etc.). These examples	and split using a 3-level riffle splitter from which 2-4kg
	should not be taken as limiting the broad	samples were sent for analysis Field duplicates, blanks
	meaning of sampling.	and Reference Standards were inserted at a rate of
	• Include reference to measures	approximately 1 in 25.
	taken to ensure sample representivity and	• Diamond Drill core is logged and marked for
	the appropriate calibration of any	sampling. Prospective zones are sawn into half along
	measurement tools or systems used.	the length of the drill core. One half is then further sawn
	• Aspects of the determination of	in half. One quarter of the drill core is sent for analysis.
	mineralisation that are Material to the	Assayed intervals are based on geology with a minimum
	Public Report.	length of 0.2m.

• Diamond Drill core is logged and marked for sampling. Prospective zones are sawn into half along the length of the drill core. One half is then further sawn in half. One quarter of the drill core is sent for analysis. Assayed intervals are based on geology with a minimum length of 0.2m.

• In cases where ‘industry standard’

• work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.

• Samples are prepared by drying, crushing, weighing splitting and pulverising the split samples to produce a representative sample for sodium peroxide fusion and ICP-MS, ICP-OES analysis.

• Field duplicates, blanks and Reference Standards were inserted at a rate of approximately 1 in 20.

Drilling • Drill type (e.g. core, reverse techniques circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.). Drill sample • Method of recording and recovery assessing core and chip sample recoveries and results assessed.

• Reverse Circulation drilling at the various targets utilised a nominal 5 ¼-inch diameter face-sampling hammer.

• Recoveries are recorded by the geologist in the field at the time of drilling/logging.

• If poor sample recovery is encountered during drilling, the geologist and driller have endeavoured to

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Criteria

JORC Code explanation Commentary

• Measures taken to maximise

• sample recovery and ensure representative nature of the samples.

• Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

rectify the problem to ensure maximum sample recovery. Visual assessment is made for moisture and contamination. A cyclone and splitter were used to ensure representative samples and were routinely cleaned.

• Sample recoveries to date have generally been reasonable, and moisture in samples minimal. Insufficient data is available at present to determine if a relationship exists between recovery and grade.

• Hole FRRC197 returned low sample weights on some 1m samples within the significant intercept most likely related to cavities.

Logging • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography. The total length and percentage of the relevant intersections logged.

Sub-sampling • If core, whether cut or sawn and techniques whether quarter, half or all core taken. and sample • If non-core, whether riffled, tube preparation sampled, rotary split, etc. and whether sampled wet or dry.

• For all sample types, the nature, quality and appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

• Whether sample sizes are appropriate to the grain size of the material being sampled.

• All drill chip samples are geologically logged at 1m intervals from surface to the bottom of each individual hole to a level that supports appropriate future Mineral Resource studies.

• Logging (geological) is considered to be semiquantitative given the nature of reverse circulation drill chips.

• All RC drill holes in the previous programme were logged in full.

• Diamond drill core is marked up using the drillers reported measurements of each coring run. Lengths of core are measured and compared to reported and where any loss has occurred. Recoveries are calculated as a percentage of the drilled interval.

• The RC drilling rig is equipped with an in-built cyclone and triple tier riffle splitting system, which provided one bulk sample of approximately 25kg, and a sub-sample of 2-4kg per metre drilled.

• All samples were split using the system described above to maximise and maintain consistent representivity. Most samples were dry. For wet samples the cleanliness of the cyclone and splitter was constantly monitored by the geologist and maintained to avoid contamination.

• Bulk samples were placed in green plastic bags, with the sub-samples collected placed in calico sample bags.

• Field duplicates were collected directly from the splitter as drilling proceeded through a secondary sample chute. These duplicates were designed for lab checks as well as lab umpire analysis.

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Criteria	JORC Code explanation	Commentary
		• A sample size of 2-4kg was collected and
		considered appropriate and representative for the
		grain size and style of mineralisation.

Quality of	• The nature, quality and
assay data and	appropriateness of the assaying and
laboratory	laboratory procedures used and whether
tests	the technique is considered partial or
	total.
	• For geophysical tools,
	spectrometers, handheld XRF
	instruments, etc., the parameters used in
	determining the analysis including
	instrument make and model, reading
	times, calibrations factors applied and
	their derivation, etc.
	• Nature of quality control
	procedures adopted (e.g. standards,
	blanks, duplicates, external laboratory
	checks) and whether acceptable levels of
	accuracy (i.e. lack of bias) and precision
	have been established.

• Verification of • The verification of significant sampling and intersections by either independent or assaying alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

• Discuss any adjustment to assay

• data.

• Location of • Accuracy and quality of surveys data points used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

• Specification of the grid system

• used. • Quality and adequacy of topographic control.

• Genalysis (Perth) was used for all analysis work carried out on the 1m drill chip samples and the rock chip samples. The laboratory techniques below are for all samples submitted to Genalysis and are considered appropriate for the style of mineralisation defined at the Yangibana REE Project: FP6/MS

• Blind field duplicates were collected at a rate of approximately 1 duplicate for every 20 samples that are to be submitted to Genalysis for laboratory analysis. Field duplicates were split directly from the splitter as drilling proceeded at the request of the supervising geologist.

• At least two company personnel verify all significant intersections.

• All geological logging and sampling information is completed firstly on to paper logs before being transferred to Microsoft Excel spreadsheets and subsequently a Microsoft Access database. Physical logs and sampling data are returned to the Hastings head office for scanning and storage. Electronic copies of all information are backed up daily.

• No adjustments of assay data are considered necessary.

• Final drillhole collars completed during 2014 were collected by MHR Surveyors using DGPS utilising a locally established control point. Accuracies of the drillhole collar locations collected by MHR Surveyors is better than 0.1m. Drillhole collar positions from 2015 onwards were collected using a Trimble RTX R1 GNSS receiver, with accuracy of approximately 50cm.

• Collar positions are surveyed by RM Surveys (formerly MHR Surveys) and accuracies are better than 0.1m.

• Elevation data was recorded by both MHR Surveyors and the Trimble receiver, but the topographic control for all drillholes is based on the

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Criteria	JORC Code explanation	Commentary
		high-resolution DTM undertaken by the Company, with
		Relative Level (RL) assigned to each borehole based on
		the DTM using Mapinfo Discover 3D.
		• Down hole surveys are conducted by the drill
		contractors using a Reflex electronic single-shot camera
		with readings for dip and magnetic azimuth nominally
		taken at the top and bottom of drill holes. The
		instrument is positioned within a stainless-steel drill rod
		so as not to affect the magnetic azimuth.
		• Grid system used is MGA 94 (Zone 50)
Data spacing	• Data spacing for reporting of	• Substantial areas of the Bald Hill deposit have
and	Exploration Results.	been infill drilled at a staggered 25m x 50m pattern,
distribution	• Whether the data spacing and	giving an effective 40m x 40 spacing. In general, and
	distribution is sufficient to establish the	where allowed by the kriging parameters and data
	degree of geological and grade continuity	quality, this would allow portions of the deposit to be
	appropriate for the Mineral Resource	classified in the Measured category. Areas of 50m x
	and Ore Reserve estimation procedure(s)	50m spacing are generally classified as Indicated, while
	and classifications applied.	zones with wider spacing or where blocks are
	• Whether sample compositing has been applied.	extrapolated are generally classified as Inferred category.
		• No sample compositing of RC samples is used in
		this report, all results detailed are the product of 1m
		downhole sample intervals. DD holes were composited
		to 1m intervals in order to provide for equivalent
		samples.
Orientation of	• Whether the orientation of	• Most drill holes in the recent programme are
data in	sampling achieves unbiased sampling of	angled and collared at -60o or -90o in order to
relation to	possible structures and the extent to	appropriately intersect the mineralization. Orientation
geological	which this is known, considering the	is towards the east for the southernmost area within
structure	deposit type.	the Mineral Resource and towards to northeast in the
	• If the relationship between the	remaining two areas.
	drilling orientation and the orientation of
	key mineralised structures is considered
	to have introduced a sampling bias, this
	should be assessed and reported if
	material.
Sample	• The measures taken to ensure	• The chain of custody is managed by the project
security	sample security.	geologist who places calico sample bags in polyweave

• The chain of custody is managed by the project geologist who places calico sample bags in polyweave sacks. Up to 10 calico sample bags are placed in each sack. Each sack is clearly labelled with:

• Hastings Technology Metals Ltd

• Address of laboratory

• Sample range

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Criteria	JORC	Code explanation	Commentary
			• Samples were delivered by Hastings personnel to
			the Nexus Logistics base in order to be loaded on the
			next available truck for delivery to Genalysis
			• The freight provider delivers the samples directly
			to the laboratory. Detailed records are kept of all
			samples that are dispatched, including details of chain
			of custody.
Audits or	•	The results of any audits or	• An audit of sampling has been is in the final
reviews	reviews of sampling techniques and data.		stages of completion. Additional umpire sampling is
			underway. A new source of standards is being used to
			cross-check data from existing standards and assayed
			samples that were acquired in the drilling programs
			comprising the resource.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC	Code explanation		Commentary
Mineral	•	Type, reference name/number,		• The results are from the Hastings Technology
tenement and	location and ownership		including	Metals Ltd Yangibana REE Project, Bald Hill Area which
land tenure	agreements or material issues		with third	lies within Mining Licence M09/157. This tenement is
status	parties such as joint		ventures,	wholly owned by Yangibana Pty Ltd, a wholly entity of
	partnerships, overriding royalties, native			Hastings Technology Metals.
	title	interests, historical sites, wilderness		• The tenement is in good standing and no known
	or	national park and environmental		impediments exist.
	settings.
	•	The security of the tenure held at
	the	time of reporting along	with any
	known impediments to obtaining a
	licence to operate in the area.
Exploration	•	Acknowledgment and appraisal of		• All RC and Diamond Drilling on the tenement has
done by other	exploration by other parties.			been undertaken by Hasting’s Technology Metals. The
parties				discovery and delineation of Mineral Resources at Bald
				Hill is entirely the result of work performed by Hastings
				Technology Metals.
Geology	•	Deposit type, geological setting		• REE mineralisation at the Yangibana REE Project
	and	style of mineralisation.		is hosted within carbonatites and associated phoscorite
				dykes emplaced within a variety of rock types but
				predominantly in granites.
				• Economic mineralisation is hosted within in the
				completely weathered and oxidised portions of the
				carbonatite-phoscorite rocks which occur as
				ironstones.

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Criteria JORC Code explanation Commentary

• The nature of weathering and oxidation means that all resources occur in the near surface. Transitional zones from completely weathered ironstones to primary carbonatite have rarely been intersected in drilling across the Yangibana REE Project as drilling has focused primarily on relatively shallow mineralisation.

• Drill hole • A summary of all information Information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

• All relevant information material to the understanding of exploration results has been included within the body of the announcement or as appendices. • No information has been excluded.

  - easting and northing of the drill hole collar

• elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar

• ▪ dip and azimuth of the hole of down hole length and

• ▪ hole depth

• • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

• Data • In reporting Exploration Results, aggregation weighting averaging techniques, methods maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

• No top-cuts have been applied.

• • No metal equivalent values are used for reporting exploration results.

• The assumptions used for any

• reporting of metal equivalent values should be clearly stated.

Relationship • These relationships are • True widths are generally estimated to be about between particularly important in the reporting of 70% of the down-hole width. mineralisation Exploration Results. widths and • If the geometry of the mineralisation with respect to the drill

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Criteria	JORC Code explanation	Commentary	Commentary	Commentary
intercept	hole angle is known, its nature should be
lengths	reported.
	• If it is not known and only the
	down hole lengths are reported, there
	should be a clear statement to this effect
	(eg ‘down hole length, true width not
	known’).
Diagrams	• Appropriate maps and sections	•	See diagrams included.
	(with scales) and tabulations of
	intercepts should be included for any
	significant discovery being reported
	These should include, but not be limited
	to a plan view of drill hole collar locations
	and appropriate sectional view.
Balanced	• Where comprehensive reporting	•	All	significant intersections are reported. All drill
reporting	of all Exploration Results is not	hole	locations from the Bald Hill 2020 drill program are
	practicable, representative reporting of	reported.		Additional information on		assays will be
	both low and high grades and/or widths	reported from these holes as results become available.
	should be practiced to avoid misleading
	reporting of Exploration Results.
Other	• Other exploration data, if	•	See release details.
substantive	meaningful and material, should be
exploration	reported including (but not limited to):
data	geological observations; geophysical
	survey results; geochemical survey
	results; bulk samples – size and method
	of treatment; metallurgical test results;
	bulk density, groundwater, geotechnical
	and rock characteristics; potential
	deleterious or contaminating substances.
Further work	• The nature and scale of planned	•	Further work will include infill, step out and twin-
	further work (eg tests for lateral	hole	drilling. This work will be designed to				improve
	extensions or depth extensions or large-	confidence in, and test			potential extensions to the
	scale step-out drilling).	current resource estimates and to provide necessary
	• Diagrams clearly highlighting the	sample		material for	additional	and	ongoing
	areas of possible extensions, including	metallurgical studies
	the main geological interpretations and
	future drilling areas, provided this
	information is not commercially
	sensitive.

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