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Hastings pivots from gold assets to pursue rare earths glory
['Craig Nolan']
Sydney Morning Herald - Business
Hastings Technology Metals has ignited its focused rare earths push, pivoting from gold with the sale of its precious yellow metal assets to up-and-coming junior gold explorer Metal Bank Ltd.After previously revealing the tie-in between the two firms on September 10, the company has now signed a binding sale and purchase agreement with Metal Bank to offload its gold assets, including the Whiteheads, Ark and Darcy’s projects in Western Australia’s eastern Goldfields, Gascoyne and East Kimberley regions respectively.
New Metal Bank chief executive officer and former Hastings Technology Metals executive Tim Gilbert, with the Kakarra traditional owners at the promising Seven Leaders prospect, part of the Whiteheads gold project near Kalgoorlie.
The transformative deal, valued at $2.3 million via receipt of 160,022,264 Metal Bank shares, frees Hastings to charge at full pelt into its world-class Yangibana rare earths and Brockman niobium projects, focusing on moving the much-needed critical minerals assets towards development.
In return for the Metal Bank shares, Hastings will transfer its compilation of gold assets plus $300,000 cash, held by its subsidiary Great Western Gold, to Metal Bank.
Hastings plans to provide its shareholders with an in-specie distribution of the Metal Bank shares.