Hastings chases $101m for rare earths project

Hastings Technology Metals is seeking another $44 million to advance its Yangibana project, just days after receiving $57 million for the same purpose.

That initial raising, which was conducted at an offer price of 19 cents a share, came with the stipulation that the company could undertake another placement to accommodate investors who had missed out in the first instance.

Canaccord Genuity served as underwriter and sole lead manager to the inital placement.

The new offer, subject to shareholder approval, will be made at the same price, bringing total funds sought to $101 million.

Hastings Technology Metals said the offer would not be underwritten, and that funds raised would aid procurement of long-lead item equipment, front-end engineering plant design, mine site works and working capital.

“Yangibana is a world-class rare earths project with an exceptionally high NdPr:TREO ratio and is slated to start production at a time when global demand for neodymium and praseodymium is growing rapidly on the back of unprecedented demand for electric vehicles,” Charles Lew, executive chair of Hastings Technology Metals, said.

“Securing this quantum of equity capital at this point allows Hastings to advance the Yangibana project towards first production with high confidence.”

Shares in Hastings Technology Metals finished trading today at 23 cents.