Cadence Minerals completes sale of Yangibana JV Interest to Hastings Technology Metals

Cadence Minerals

Cadence Minerals (NEX / LON:KDNC; OTC: KDNCY) has announced that it has completed the sale of its working interests in the Yangibana Rare Earths project tenements to Hastings Technology Metals (ASX: HAS).


  • Cadence has received AS$9 million of new ordinary shares in ASX-listed Hastings for its 30% stake in various tenements of the Yangibana Rare Earth Project
  • Cadence has received some 2.45 million shares of Hastings, roughly 1.9% of the issued share capital of Hastings
  • Hastings is constructing the world’s next producer of neodymium and praseodymium concentrate, with maiden production forecast to start in 2024

Further transaction details are available in Company’s RNS dated 23 June 2022 here. Cadence has sold its 30% working interest in the Yangibana Project tenements to the operator and owner of the remainder of the Yangibana Project, Hastings, for A$9 million (£5.1 million), which has been satisfied via the issue of 2,452,650 new ordinary shares in Hastings to Cadence Minerals. These shares represent approximately 1.9% of the current issued share capital of Hastings Technology and are subject to a 12-month voluntary escrow. As of 31 December 2021, the total carrying values of the tenements in the Company’s balance sheet was approximately £905,000. Based on the transaction announced, the initial profits on the sale of our interest is approximately £4.2 million.

About Hastings

Hastings is a well-managed Perth-based rare earths company primed to become the world’s next producer of neodymium and praseodymium concentrate (NdPr). NdPr are vital components used to manufacture permanent magnets used daily in advanced technology products ranging from electric vehicles to wind turbines, robotics, medical applications and digital devices.

Hastings’ flagship Yangibana project, in the Gascoyne region of Western Australia, contains a highly valued NdPr deposit with NdPr: TREO ratio of up to 52%. The site is permitted for long-life production and with offtake contracts signed and debt finance in an advanced stage. Construction has commenced, and Hastings is planning to start commissioning the beneficiation plant in late 2023, with the delivery of maiden production to key customers in 2024.

In February of last year, Hastings published a revised NPV calculation, which increased the NPV by 84% to AS$ 1 billion. Hastings also owns and operates the Brockman project, Australia’s largest heavy rare earths deposit, near Halls Creek in the Kimberley. 

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