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Thailand
Hastings Technology Metals
An ASX-listed rare earth developer that holds 40% of the Yangibana project in Western Australia (Wyloo 60%, manager) and is acquiring 49% of a monazite cracking plant at Kabin Buri, Thailand, planned to make mixed rare earth chloride from African monazite from Q1 2027.
Points to check
Facts from the sources on this page that a reader should weigh before relying on the company's own figures.
- The 49% acquisition had not completed at the date of the FY2026 financial report, and Hastings stated it had not obtained significant influence over the plant-owning company.
- Hastings stated in April 2026 that it had not entered into any binding MREC sales agreements; plant profit figures are unaudited management estimates.
- The FY2026 financial statements include a material uncertainty about the group's ability to continue as a going concern.
- No final investment decision has been made on Yangibana; Stage 1 requires A$333.4M (100% basis) and no binding financing is in place.
- Wyloo, the 60% Yangibana partner and manager, began a process to sell its interest in April 2026; no buyer had been announced by the annual report.
At a glance
- Founded
- 2006 — Incorporated in 2006; renamed from Hastings Rare Metals Limited to Hastings Technology Metals Limited in October 2015 (earlier name Augustus Minerals). Sold 60% of Yangibana to Wyloo, completed September 21, 2025.
- Headquarters
- Perth, Western Australia, Australia
- Ownership
- Public (ASX: HAS; OTC: HSRMF). 230,453,227 shares on issue at June 30, 2026. Enuo is to receive 23 million new Hastings shares on completion of the Thai acquisition; Malaco Mining (Malaysia) subscribed for 2,739,726 shares in June 2026.
- Stage
- Developing. Thai MREC plant under construction with first output targeted Q1 2027, but the 49% acquisition has not completed and no MREC sales are contracted; Yangibana has an updated DFS but no FID.
- Listing
- ASX: HAS · OTC: HSRMF
Investor relations - Revenue
- Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.
Capacity
Each date below links to the document the figure came from. A capacity figure with no source is not on this page.
| What | Figure | Status | As of |
|---|---|---|---|
| Kabin Buri plant, MREC product output (product tonnage, not contained TREO) | about 12,000 t/yr design target (revised July 14, 2026 from 6,000 t/yr), on about 10,000 t/yr of monazite feed | Under construction | Sep 2026 |
| Kabin Buri plant, Year 1 MREC output (management estimate) | 10,700 t MREC in first full year (unaudited management estimate) | Announced | Jul 2026 |
| Kabin Buri plant, later expansion stage, MREC product | 36,000 t/yr MREC targeted for Q4 2028 (company target; earlier releases cited about 30,000 t/yr from 2027) | Announced | Jul 2026 |
| Kabin Buri plant, monazite concentrate feed contracted from Enuo | minimum 10,000 t/yr of African monazite concentrate at at least 54% TREO (raised from 5,000 t/yr); 2-year term plus 1-year renewal option | Announced | Jul 2026 |
| Yangibana Stage 1, rare earth concentrate (27% TREO) | up to 37,000 t/yr peak, about 31,570 t/yr life-of-mine average; about 8,524 t/yr contained TREO and 3,090 t/yr contained NdPr (2026 DFS update study figures); 1.2 Mt/yr ore nameplate | Announced | Jul 2026 |
Narrative
Hastings Technology Metals is a Perth-based rare earth developer listed on the ASX, formerly named Hastings Rare Metals. In September 2025 it completed a joint venture under which Wyloo holds 60% of the Yangibana rare earths project in the Gascoyne region of Western Australia and acts as manager, with Hastings holding 40%; Wyloo's exchangeable notes were canceled as part of the deal. On March 31, 2026, Hastings signed a binding term sheet with Singapore-based Enuo Holdings to acquire 49% of a permitted hydrometallurgical plant at Kabin Buri, Prachinburi Province, Thailand, for consideration capped at US$15 million: a US$0.5 million refundable deposit, 23 million Hastings shares at A$0.50, about US$1.0 million of commissioning costs funded by Enuo, and about US$5.5 million of deferred cash payable only once production conditions are met. The plant cracks and leaches monazite concentrate to produce mixed rare earth chloride (MREC), a feed for separation plants; it does not produce separated oxides. Under a framework agreement executed April 10, 2026, and described as binding, Enuo supplies African monazite concentrate grading at least 54% TREO, delivered to Laem Chabang. In July 2026 the minimum feed was raised from 5,000 to 10,000 t per year and planned MREC output from 6,000 to about 12,000 t per year (product tonnage), at an estimated added capital cost of about US$3 million; company materials also cite a 36,000 t per year stage targeted for Q4 2028. First MREC production, first targeted for Q4 2026, is now targeted for Q1 2027. The FY2026 annual report (September 2026) states that the acquisition had not completed, that construction had commenced and that major equipment was on site. Hastings stated in April 2026 that it had no binding MREC sales agreements. At Yangibana, a July 13, 2026 update of the Stage 1 definitive feasibility study gives initial capital of A$333.4 million (100% basis), a pre-tax NPV at 8% of about A$649 million and a pre-tax IRR of 34% at US$110/kg NdPr oxide, for up to 37,000 t per year of concentrate at 27% TREO over a 19-year life, based on Ore Reserves of 20.93 Mt at 0.90% TREO. No final investment decision has been made, and Wyloo began a process to sell its 60% interest in April 2026. Hastings reported A$3.76 million in cash at June 30, 2026.
Where public sources disagree
- Cash at June 30, 2026: the June 2026 quarterly report (Appendix 5B) gives A$3.761M, while the FY2026 annual report gives A$3,710,122.
- Yangibana Mineral Resource date: the July 13, 2026 DFS update cites an October 2022 Mineral Resource; the FY2026 annual report table labels the same 29.93 Mt at 0.93% TREO estimate October 2023. The Ore Reserve is 20.93 Mt in the DFS update and 20.92 Mt in the annual report.
- Yangibana mine life: the March 31, 2026 announcement and the June 2026 quarterly 'About' section say a 17-year initial mine life; the July 13, 2026 DFS update says 19 years.
- Thai plant expansion: the March 31 and April 14, 2026 announcements cite up to about 30,000 t/yr of MREC from 2027; the April 22 and July 14, 2026 announcements cite 36,000 t/yr targeted for Q4 2028.
- Ucore's March 31, 2026 release describes 'Hastings and Wyloo' acquiring the Thai plant; Hastings' March 31, 2026 announcement describes Hastings alone acquiring 49% from Enuo, with Wyloo commenting but not a party.
- Distance from the plant to Laem Chabang: 175 km by road (Hastings, Mar 31, 2026) vs about 150 km (Kalkine coverage of the FY2026 annual report, Sep 30, 2026).
Latest reports
| Period | Published | Report |
|---|---|---|
| Q1 FY26 (quarter to 30 Sep 2025) | 2025-10-31 | Quarterly Activities/Appendix 5B Cash Flow Report (republished copy) |
| FY25 (year to 30 Jun 2025) | 2025-09-30 | Annual Report to shareholders (republished copy) |
Across these reports
Hastings reported an A$213.4m FY25 loss and A$0.69m cash at 30 June 2025, then cut its Yangibana interest to 40% and cleared A$123m of notes. In 2026 it took a 49% stake in the Kabin Buri, Thailand MREC plant, where planned initial capacity rose from about 5,000 to 10,700-12,000 t/yr and first production moved from Q4 CY2026 to Q1 2027.
| Measure | What the reports show |
|---|---|
| Cash | A$17.9m (30 Jun 2024) → A$0.69m (30 Jun 2025) → about A$0.75m (30 Sep 2025); after that quarter, the Neo Performance Materials stake was sold for A$14.6m and A$2.1m was drawn from a placement facility. |
| Net loss | A$36.4m (FY24) → A$213.4m (FY25), including A$176.4m of impairments tied to the Yangibana joint venture restructuring. |
| Yangibana interest and debt | Yangibana moved from 100% to 40% after Wyloo acquired 60% on 21 Sep 2025, and A$123m of exchangeable notes held by Wyloo were settled in full. |
| Thai (Kabin Buri) MREC plant planned capacity, 49% Hastings | Stage 1 of about 5,000 t/yr MREC, potential 30,000 t/yr (acquisition announcement, 31 Mar 2026) → initial 10,700 t/yr expanding to 12,000 t/yr, with 36,000 t/yr targeted for Q4 2028 (corporate presentation, 15 Jul 2026). |
Stated dates
| Target | First stated | Now | Status |
|---|---|---|---|
| First MREC production at the Kabin Buri, Thailand plant | Q4 CY2026 (acquisition announcement, 31 Mar 2026) | Q1 2027 (corporate presentation, 15 Jul 2026) | moved later |
| Kabin Buri plant commissioning | Q2-Q3 CY2026 (31 Mar 2026); due diligence and commissioning targeted for June 2026 (flowsheet release, 22 Apr 2026) | Early commissioning works began Q3 2026 (15 Jul 2026 presentation) | moved later |
| Kabin Buri expansion to 36,000 t/yr | Q4 2028 (corporate presentation, 15 Jul 2026) | Q4 2028 | not yet due |
Figures are as the company reported them, linked to each report. This summarizes what changed between reports; it is not a view on the company or its shares.
Sources
- Hastings: Thai plant acquisition — Hastings Technology Metals (ASX) (2026-03-31)
- Hastings: Thai MREC to 12,000 t/yr — Hastings Technology Metals (ASX, via Webull) (2026-07-14)
- Hastings Annual Report 2026 — Hastings Technology Metals (via Investi) (2026-09-30)
- Quarterly report, June 2026 — Hastings Technology Metals (ASX, via Webull) (2026-07-24)
- Yangibana DFS update — Hastings Technology Metals (ASX, via Webull) (2026-07-13)
- Monazite feedstock agreement — Hastings Technology Metals (ASX, via Webull) (2026-04-14)
- Thai plant flowsheet — Hastings Technology Metals (ASX, via Webull) (2026-04-22)
- Quarterly report, March 2026 — Hastings Technology Metals (ASX, via Webull) (2026-04-30)
- Ucore on Hastings plant — Ucore Rare Metals (Newsfile) (2026-03-31)
- FY2026 annual report coverage — Kalkine Media (2026-09-30)
- Hastings rare earths path — Kalkine Media (2026-10-05)
- Hastings, Wyloo Yangibana JV — Engineering News (2025-05-16)
- Thai capacity doubling — SMM (2026-07-16)
- Company profile — Yahoo Finance (2026-10-16)
How this page is sourced
Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.
What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.
Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.
Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.
Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.
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