Hastings Technology Metals Ltd has finished the acquisition of the 30% stake in the joint venture tenements for the Yangibana rare earths project formerly held by Cadence and its affiliate Mojito Resources Limited.
In a statement, Hastings said the interest was purchased for A$9.0 million and settled by the issuance of 2,452,650 fully paid ordinary shares in Hastings at a presumed price of $3.67 per share (based on 30 days VWAP before completion).
Hastings currently owns 100% of the previously disclosed 29.33Mt of Mineral Resources as a result of the acquisition. Cadence was responsible for 2.34Mt of Mineral Resources and 0.73Mt of Ore Reserves.
The addition of 0.73 million tonnes of Ore Reserves will directly extend the mine life of the Yangibana rare earths project by roughly one year, bringing the total mine life to 16 years.
The four inferred deposits of Gossan, Hook, Lion’s Ear, and Kane’s Gossan, as well as a plethora of other exploration targets within the acquisition ground, according to Hastings, offer significant potential for extending and increasing the Mineral Resources from the two main deposits of Yangibana and Yangibana North.
