Hastings Technology Metals Ltd (ASX:HAS, OTC:HSRMF) has secured a $1 million strategic investment from Malaco Mining Sdn. Bhd., adding balance sheet flexibility as it advances its rare earths strategy across Australia and Thailand.
The investment will be completed through a placement of 2,739,726 fully paid ordinary shares at $0.365 per share, with the shares to be issued under Hastings’ existing placement capacity under ASX Listing Rule 7.1A.
Funds to support rare earths strategy
Hastings intends to use the proceeds for general working capital and to support its rare earths strategy, including the ongoing advancement of its project pipeline and Thai-based hydromet plant.
The investment is expected to provide additional flexibility as Hastings progresses its downstream processing ambitions and broader rare earths development plans.
Strategic investor in rare earths
Malaco Mining is a Malaysian mining company established in 2005, with mineral exploration and development interests across the Asia-Pacific, including projects in Malaysia and Australia.
The company has expanded into rare earths mining and oxide separation as part of its long-term growth plans and is developing a rare earth separation plant in Malaysia.
Hastings chief executive officer Vince Catania said the company was pleased to welcome Malaco as a new strategic investor.
“Malaco brings experience across mining and minerals processing, and we welcome their knowledge contribution as we advance our rare earths strategy,” Catania said.
“We see potential to leverage Malaco's expertise as Hastings develops its downstream processing capabilities.
“We look forward to developing our relationship with Malaco over time.”
About Hastings Technology Metals
Hastings Technology Metals is focused on rare earths development, with activities spanning Australia and Thailand.
The company is advancing a rare earths project pipeline and a Thai-based hydromet plant as part of its strategy to build downstream processing capability and support future supply of rare earth materials.