Hastings Technology Metals scores Estonian MOU, boosting rare earth ambitions

• Hastings Technology Metals (ASX:HAS) signs a non-binding MOU with the Estonian Government’s investment agency
• The two will jointly collaborate to conduct a joint scoping study on a hydrometallurgical plant for downstream processing of REE concentrate
• The MOU outlines a list of objectives, including potential grants, funding and fiscal and tax incentives
• These are aligned with Hasting’s vision to establish an integrated mine-to-magnet European supply chain
• HAS shares last traded at 59.5 cents

Hastings Technology Metals (ASX:HAS) has signed a non-binding memorandum of understanding (MOU) with the Estonian Government’s investment agency, Ettevotluse ja Innovatsionni Sihtasutus (EIS).

The agreement aims to conduct a joint scoping study on a hydrometallurgical plant for downstream processing of rare earth concentrate as part of stage two of the company’s Yangibana rare earths project.

The joint study builds on Hastings’s presence in the region, as it already has a 21.5 per cent investment in TSX-listed Neo Performance Materials.

Neo also has an operating REE separation facility as well as a rare earth permanent magnet manufacturing plant under construction in Estonia.

HAS Executive Chairman Charles Lew said the partnership was a logical next step to the company’s ongoing work to maximise the value of its Yangibana project.

“This also builds on our strategic investment into Neo Performance Materials to advance our vision of building a rare earth magnet supply chain for the European market, in line with the ongoing focus from European Union member states such as Germany to secure alternative sources for critical raw materials,” he said.

The MOU outlines a list of objectives, including potential grants, funding and fiscal and tax incentives, which are all strategically aligned with Hasting’s vision to establish an integrated mine-to-magnet European supply chain.

This supply chain targets materials for electric vehicle traction motors and renewable energy technologies for the European market.

HAS shares last traded at 59.5 cents.