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Highlights:
- Hastings will be acquiring 30% interest in the Yangibana JV tenement from Cadence Minerals PLC.
- The transaction cost for the acquisition is AU$9 million.
- The JV is currently owned by Cadence Minerals and its subsidiary Mojito Resources Limited.
Rare earths metal explorer Hastings Technology Metals Ltd (ASX:HAS) buzzed on the ASX today as it announced that it would be acquiring 30% interest in the Yangibana Joint Venture tenements from Cadence Minerals Plc (Cadence).
The share price of Hastings has gained 25% on the ASX in last one year.
About Hastings’ acquisition announcement
Hastings shared an important update on the ASX today. It stated that Hastings would be acquiring 30% interest in the Yangibana Joint Venture (JV) tenement from Cadence Minerals and its subsidiary Mojito Resources Limited.
Hastings will be acquiring the interest for AU$9.0 million, which will be settled by issuing fully paid ordinary shares in Hastings at a price to be determined based on 30 days VWAP prior to completion, which is set at six months from the date of signing of this agreement.
Therefore, after the completion of the acquisition, Hastings will be controlling 100% of the 27.42Mt of Mineral Resources that were reported earlier. It includes 2.34Mt of Mineral Resources and 0.73Mt of Ore Reserves that were attributable to Cadence.
Furthermore, the company also stated that the addition of 0.73 million tonnes of Ore Reserves would immediately increase the mine life of the Yangibana rare earth project by approximately one year to a total of 16 years.
Image source: © Buranatrakul | Megapixl.com
Moreover, the company also believes that there is a strong opportunity to extend and increase the mineral resources from the two main deposits of Yangibana and Yangibana North, the four inferred deposits of Gossan, Hook, Lion’s Ear and Kane’s Gossan, and a myriad of other exploration targets within the acquisition ground.
Meanwhile, the S&P/ASX 200 Materials sector (ASX:XMJ) closed 1.622% lower at 15643.900 on the ASX today (23 June).
About Hastings:
Hastings Technology Metals Limited is an ASX-listed rare earths metals explorer with its headquarters in Perth, Western Australia. The company is primarily engaged in the exploration activities of natural resources. Hastings is also known for operating through two major divisions, including Brockman Project and Yangibana Project.
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