Hastings Technology Metals (HAS) AGM 2024 summary

Opening remarks and agenda

• Acknowledgement of traditional owners, welcome to shareholders, staff, and auditors, with housekeeping and safety instructions provided.

• Tribute paid to a recently lost staff member and recognition of staff contributions over the past year.

• Chairman Charles Lew delivered the opening address, followed by a corporate video and management presentation, with resolutions, proxies, and voting on the agenda.

• The agenda included a Q&A session for stakeholders to engage with management.

Financial performance review

• Capital expenditure reduced by AUD 56 million, now at AUD 474 million, with AUD 156 million spent and AUD 291 million remaining for project completion as of September 2024.

• Project NPV increased by 60% to AUD 865 million, IRR at 31.3%, and payback period of 3.4 years.

• Total assets as of June 2024 stand at AUD 480 million.

• Average annual EBITDA projected at AUD 258 million, with net revenue of AUD 9.639 billion and free cash flow of AUD 3.3 billion.

• $15.8m rights issue and $50m At-the-Market facility secured for working capital.

Board and executive committee updates

• Introduction of board members and senior management, including new project director Peter Phan.

• Board comprises Charles Lew (Executive Chairman), Guy Robertson, Jean Claude Steinmetz, Neil Hackett, and Mal Randall.

• Appointment of Dr John McGarva as nominee to Neo's Board and Peter Phan as Project Director.

• Board changes include JC taking over as head of the project review committee.