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HASTINGS Technology Metals Limited ASX : Quarterly Activities Report 29 October 2021 SEPTEMBER 2021 QUARTERLY REPORT Highlights Yangibana Rare Earths Project total Ore Reserve increased 37 % to 16.7Mt at 0.95 % TREO . • TREO tonnes rise 15 % to 158,400t , with volume of contained Neodymium + Praseodymium ( NdPr ) - the key component in electric vehicle permanent magnets - increasing 18 % to ( 58,300t ) . • Early site works at Yangibana commenced with the fly camp now operational and works on the access road and geotechnical investigations ongoing . • Conditional approval received from DevelopmentWA to construct the Yangibana hydrometallurgical operation - Onslow Rare Earths Plant – in the Ashburton North Strategic Industrial Area ( ANSIA ) , near Onslow . • • ANSIA site offers access to piped natural gas , plentiful supply of water and grid power . • Location reduces volumes of consumables , products and chemicals needed to be transported to the Yangibana mine site by as much as 80 % . Test work on adding an ore sorter to Yangibana's process flowsheet has delivered significant life of mine improvements including : • 26 % upgrade to the life of mine total rare earths oxide ( TREO ) grade ; • 7.1 % improvement in concentrate recovery on sorted Simon's Find ore samples ; and • 24 % reduction of beneficiation plant reagent consumption ; • Project finance process well underway with credit approved commitments expected in Q4 2021 • WA Premier Mark McGowan commends Yangibana and the project's alignment with the Western Australian Future Battery Industry strategy . . Global NdPr prices have remained strong and post - quarter end reached a high of RMB720 / kg or USD112.5 / kg NdPr oxide EXW China . • Hastings had $ 102.5 million in cash and equivalents as at 30 September 2021 . Australia's next rare earths producer , Hastings Technology Metals Ltd ( ASX : HAS ) ( Hastings or the Company ) , is pleased to report on exploration and development activities for the three - month period to 30 September 2021 . HASTINGS TECHNOLOGY METALS LIMITED Level 3 , 5 Mill Street , Perth WA 6000 www.hastingstechmetals.com T +61 8 6117 6118 Page 1 of 16