The Whiteheads project, centred in the Eastern Goldfields, is primed for rapid progress. Hastings is already advancing drilling at the Seven Leaders and Blue Poles deposits, targeting a maiden JORC-compliant resource estimate by late 2025.
Hastings has a heritage survey with the Kakarra traditional owners and a reverse circulation drilling program slated for late September, and plans to fast-track the project toward production. It could possibly process the ore at one of the nearby third-party processing plants, such as Northern Star’s Kanowna Belle mine, 40km south.
Hastings’ Ark project, 15km southeast of Yangibana, and the Darcy project, adjacent to Hastings’ Brockman project, also add exploration upside but are earlier-stage prospects.
The Yangibana project, now a joint venture with Wyloo Metals, is fully permitted and aims for first production in 2026, starting with 37,000 tonnes of mixed rare earths concentrate annually.
Hastings Technology Metals executive chairman Charles Lew said: “This divestment is a strategic step for Hastings. Our primary focus is to bring our world-class Yangibana rare earths project, now joint ventured with Wyloo, into construction and production while at the same time reward our shareholders via this divestment of its gold assets into MBK.”
The company’s divestment of its gold properties aligns with Hastings’ strategy to channel its principal resources into Yangibana, a massive world-class neodymium and praseodymium deposit in the Gascoyne region, about 250km northeast of Carnarvon.
With a 17-year mine life and a neodymium and praseodymium-to-total rare earth oxide ratio in the heady realm of 52 per cent, Yangibana is set to become a key supplier for electric vehicles and renewable energy technologies.
Today’s transaction also reshapes Metal Bank’s leadership. Hastings’ chief operating officer Tim Gilbert – a mining engineer with more than 40 years of experience, including senior roles at Gold Fields Australia, will become the junior goldie’s chief executive officer upon completion of the deal.
Lew will join Metal Bank’s board as a non-executive director, reinforcing confidence in its plans to fast-track the Whiteheads and Livingstone projects into production using nearby processing infrastructure.
The deal, subject to due diligence, Metal Bank shareholder approval and binding agreements within a six-month exclusivity period, includes an $800,000 deferred payment tied to Whiteheads’ resource milestones.
Hastings will continue developing Whiteheads during due diligence, ensuring it maintains momentum towards a mining lease application.
Metal Bank’s 122,500-ounce Livingstone gold project complements its new acquisitions, and its ongoing scoping study sets the stage for a combined push to near-term gold production.
Hastings is sharpening its focus on Yangibana’s massive rare earths potential while dropping its gold assets into Metal Bank’s capable hands. And with an in-specie share distribution and new leadership driving its partner’s gold strategy, Hastings shareholders stand to gain from both critical minerals and gold upside as Yangibana gears up for 2026.
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