Hastings Technology Metals (ASX: HAS) is a leading rare earths company in Australia, which is currently concentrating its efforts on rare earths projects located in Western Australia.
In the past three months, the share price of the company increased by 28.57% as on 25 March 2019. Today, i.e. 26 March 26, 2019, the company’s shares are up by 11.111%, despite not releasing any price sensitive information.
The company’s Yangibana project covers an area of 650 square kilometer and hosts rare earths deposits-rich in neodymium and praseodymium. The Yangibana project has made significant progress in FY 2018 towards the development of a high-grade neodymium and praseodymium mine.
Through its 100% owned subsidiary Yangibana Pty Ltd, the company recently awarded a contract for design and supply of Rotary Kiln Off Gas Scrubbing Plant to Total Air Pollution Control Pty Ltd, which has significant experience in building plants of a similar nature.
The company has also awarded a contract to Outotec Pty Ltd, a globally recognized supplier of engineering, equipment and service solutions for design and supply of SAG Mill, which is one of the several long lead packages for the project.
The company’s management includes a diverse group of experienced professionals. The company’s Chief Operating Officer (COO), Mr. Andrew Reid has over 25 years of experience in surface and underground mining operations. In his 25 years of experience, he held senior-level positions in companies like Finders Resources and BCM International.
The company recently appointed a highly experienced industry veteran, Mr. Hidio Jackson for the role of Joint Company Secretary, as announced on 20 March 2019. In his 20 years of experience, Mr. Jackson held senior-level positions in various companies, which includes Financial Controller and Company Secretary for ASX-listed companies.
For the half-year ended 31 December 2018, the company reported a net loss of $2.42 million as compared to the loss of $1.246 million in the previous corresponding period (pcp). For the half-year period, the company reported a basic and diluted loss per share of 0.31 cents. As at 31 December 2018, the company reported current assets of $13.35 million and current liabilities of $8.218 million. Cash and cash equivalents at the end of half-year period were $12.04 million. In the half-year period, Hastings reported a significant increase in the probable ore reserves of 10.35 million tonnes at 1.22% TREO, including 0.43% neodymium and praseodymium oxides.
The company’s stock last traded at a price of $0.200, up by 11.111% during the day’s trade with a market capitalisation of ~$140.05 million as on 26 March 2019. The counter opened the day at $0.175, reached the day’s high of $0.205 and touched a day’s low of $0.175 with a daily volume of ~2,687,094. The stock has provided a YTD return of 24.14% and also posted returns of -10.00%, 28.57% and 16.13% over the past six, three and one-months period, respectively. It had a 52-week high price of $0.310 and touched 52 weeks low of $0.120, with an average volume of ~117,249.
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