Hastings Technology Metals (HAS) H2 2026 earnings summary

Executive summary

• Completed Yangibana joint venture with Wyloo, reducing direct funding exposure to 40% and removing Exchangeable Note liability; Wyloo now seeks to divest its 60% stake, introducing uncertainty to project timeline.

• Divested gold assets (Whiteheads, Ark, Darcy) to Metal Bank, distributing shares in specie to shareholders, enabling focus on rare earths.

• Entered binding agreement to acquire 49% of a hydrometallurgical rare earth plant in Thailand, targeting early 2027 commissioning and expanded capacity.

Financial highlights

• Net loss after tax of $5.1 million, a significant improvement from $222.1 million loss in prior year, mainly due to non-recurrence of impairments and lower finance costs.

• Net cash outflows from operating activities were $5.1 million; cash and cash equivalents at year-end were $3.7 million.

• Net assets increased to $93.5 million from $85.5 million, reflecting equity raised and asset disposals.

• No dividends declared or paid.

Outlook and guidance

• Focus on commissioning the Thailand plant in Q1 2027 and pursuing early cash flow.

• Assessing options to monetize or develop the 40% Yangibana interest, with project funding and partner changes possible.

• Growth prospects seen as positive amid evolving rare earth supply chain dynamics.