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30. September 2025
Hastings Lands Lucrative Deal As It Diversifies Rare Earth Assets
Hastings Technology Metals has taken a significant step towards divesting its gold assets, signing a binding agreement with Metal Bank to transfer these valuable resources in exchange for shares and cash. The deal marks an exciting new chapter for Hastings as the company continues to focus on developing its rare earth and niobium assets at its Yangibana and Brockman projects.
Under the terms of the agreement, Metal Bank will issue approximately 160.02 million ordinary shares to Hastings, valued at AU$2.3 million at the time of signing the term sheet. In return, Hastings will transfer its gold assets and AU$300,000 in cash held by its subsidiary Great Western Gold to Metal Bank upon completion of the deal.
The assets under the proposed acquisition include Great Western Gold, which holds a 75% interest in the Whiteheads Gold Project tenements, and other tenements owned by the subsidiary covering approximately 380km² near Kalgoorlie. Additionally, the acquisition also includes Ark Gold, the owner of two exploration licences around 40km south-east of Hastings’ Yangibana Project in Western Australia (WA), and the Darcy’s gold tenements, comprising three exploration licences covering around 100km² adjacent to the Brockman Niobium and Heavy Rare Earths Project in the East Kimberley region of WA.
The proposed acquisition is subject to conditions precedent, including shareholder approval for Metal Bank’s issuance of the shares. Hastings requires shareholder approval to distribute these shares to its shareholders, and Metal Bank’s shareholder approval will be sought at its upcoming AGM scheduled for mid-November 2025.
Subject to the satisfaction or waiver of other conditions, completion of the acquisition is expected to occur following Hastings’ AGM. This marks a significant milestone in Hastings’ history as it continues to focus on developing its rare earth and niobium assets.
According to Charles Lews, executive chairman of Hastings, “Since our announcement of this proposed transaction on 10 September, we have been able to finalise the agreement of the sale of Hastings gold assets to Metal Bank in a short space of time. It underscores the shared vision and spirit of cooperation between Hastings and Metal Bank’s executive team to create a gold-focused company that will benefit our respective shareholders.”
The deal highlights the growing trend of mining companies diversifying their portfolios by divesting non-core assets and focusing on high-margin activities. By offloading its gold assets, Hastings is able to concentrate on developing its more promising rare earth and niobium projects.
Hastings’ Whiteheads Project has been gaining significant attention due to its potential for discovering a substantial mineral resource. The company has begun drilling at the Seven Leaders prospect, with the goal of verifying historical drill data and gathering geotechnical data for designing and implementing a starter pit. After defining the initial resource, Hastings plans to move forward with a mining lease application and submit a mining proposal.
The acquisition also provides Metal Bank with an opportunity to expand its gold portfolio and increase its presence in Western Australia’s mineral-rich regions. The company’s focus on gold-focused operations is expected to enhance its competitiveness in the industry.
As the Australian mining industry continues to evolve, it is essential for companies like Hastings and Metal Bank to stay agile and adapt to changing market conditions. By divesting non-core assets and focusing on high-potential projects, these companies can maximize shareholder value and drive long-term growth.
The deal also underscores the importance of strategic partnerships in the mining sector. The cooperation between Hastings and Metal Bank demonstrates a shared vision for creating a gold-focused company that will benefit both shareholders. This collaboration is expected to enhance the competitiveness of both companies and drive success in the Australian mining industry.
Hastings’ binding agreement with Metal Bank marks an exciting new chapter for the company as it continues to focus on developing its rare earth and niobium assets. The deal provides Hastings’ shareholders with an opportunity to benefit from an in-specie distribution of Metal Bank shares, while also allowing the company to concentrate on more promising projects.
Hastings plans to seek approval for the “in-specie” distribution of shares at its AGM scheduled for mid-November 2025. Completion of the acquisition is expected to occur following the AGM, subject to the satisfaction or waiver of other conditions.
The acquisition is a significant milestone in Hastings’ history, as it continues to focus on developing its rare earth and niobium assets. By divesting its gold assets, Hastings can concentrate on more promising projects and maximize shareholder value. The deal also highlights the importance of strategic partnerships in the mining sector, as demonstrated by the cooperation between Hastings and Metal Bank.
The Australian mining industry is expected to continue evolving, with companies like Hastings and Metal Bank playing a critical role in shaping its future. By staying agile, adapting to changing market conditions, and fostering strategic partnerships, these companies can drive long-term growth and maximize shareholder value.