Yangibana Rare Earth Project

Operator: Hastings Technology Metals

Ownership: (01/01/22) 30% interest

Location :

Gascoyne, Western Australia

Development Stage:

Project Financing for Construction

The Yangibana Rare Earth Project and Details of Cadence Ownership

In June 2022 Cadence entered into a binding agreement to sell its working interests in the Yangibana Rare Earths project tenements to Hastings Technology Metals (ASX: HAS) (“Hastings”). Cadence’s 30% interest in tenements covers a small portion of Yangibana and potentially represents one year of the 16-year mine life.

The interests will be sold for A$9.0 million to be settled by the issue of fully paid ordinary shares in Hastings at a price to be determined based on 30 days VWAP before completion.

 As a consequence of the acquisition, Cadence will become a shareholder of Hastings. Hastings is developing the Yangibana Project. The Yangibana Project is a significant Australian Rare Earths Project, containing substantial Neodymium and Praseodymium resources.


The Yangibana Project currently covers approximately 650 square kilometres containing some 9 Mining Leases, 2 Prospecting Licenses and 19 Exploration Licenses. Cadence holds a 30% interest in 3 Mining Leases and 6 Exploration licenses. These tenements contain 0.70 million tonnes of Ore Reserves, which can increase the expected mine life of the Yangibana Project by approximately one year to a total of 16 years.

Hastings has commenced site construction and is planning to commence commissioning of the beneficiation plant in late 2023, with the delivery of maiden production to key customers in 2024.

In February of this year, Hastings published a revised NPV calculation, which increased the NPV by 84% to AS$ 1 billion. Hasting’s current market capitalisation is circa A$ 415 million. Also, in February, the Australian Government’s Northern Australia Infrastructure Facility (NAIF) approved a $140 million loan facility to Hastings and Yangibana, making it the first Australian rare earth project to receive NAIF funding.