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Global magnet giant pumps $7m into Hastings
Brought to you by BULLS N’ BEARS
By James Pearson
Hastings Technology Metals has been given a significant stamp of approval for its Yangibana rare earths project near the Western Australian town of Carnarvon via a strategic $7 million investment deal with world-renowned magnet supplier JL Mag.
The agreement will see the global industry powerhouse, which is the world’s leading producer of high-performance rare earths permanent magnets, grab a 9.8 per cent slice in Hastings at a pivotal time of growing global demand for rare earths.
Hastings Technology Metals’ Yangibana rare earths project campsite, 250km north-east of Carnarvon in WA’s Gasgoyne region.
The deal will see JL Mag, through its wholly-owned subsidiary JL Mag Green Tech Company, purchase 19.6 million Hastings shares at 36c per share – a 38.8 per cent premium to the stock’s 30-day volume-weighted average price (VWAP) and a 22.8 per cent premium to the 10-day VWAP. Additionally, the company will offer JL Mag the right to participate in future capital raisings to maintain its 9.8 per cent shareholding.
Hastings says the partnership is not just a financial transaction, but a strategic alliance aimed at enhancing its position in the global rare earths market. As part of the agreement – and adding significant clout to the Hastings boardroom – JL Mag vice president Han Yu will join the company’s board, bringing valuable rare earths industry expertise and helping the two firms form a deeper relationship.
‘To be able to attract support from JL Mag is a strong vote of confidence in the management of Hastings.’
Hastings Technology Metals executive chairman Charles Lew
The investment coup comes at a crucial time for Hastings, which is focused on advancing its flagship Yangibana project in WA’s Gasgoyne region. The funds will be used to aggressively push forward the project’s development, with 32 per cent of the total project costs already spent.
Hastings Technology Metals executive chairman Charles Lew said: “To be able to attract support from JL Mag is a strong vote of confidence in the management of Hastings and our long-term prospects. We will continue to advance the Yangibana Project into beneficiation process plant construction and production and create long-term value for our shareholders.”
The Yangibana project is poised to become a major global source of neodymium and praseodymium (NdPr), seen as essential for the manufacturing of permanent magnets used in advanced technologies. With an initial mine life of 17 years, the project is strategically aligned to meet growing demand for the light rare earths.
Hastings is aiming to complete its beneficiation plant by the fourth quarter of this financial year and is targeting first production of 37,000 tonnes per annum of mixed rare earths concentrate in the first half of 2026. Fully permitted and ready to start development, the project is well-positioned to address the impending shortage of rare earths that is predicted on the back of rising demand for electric vehicles (EVs) and wind turbines.
Those industries are key planks in the global energy transition, making the timing of the Yangibana project’s development potentially critical for the supply chain.
JL Mag’s investment in Hastings is a strong sign of its commitment to expanding its influence in the global rare earths market. The company, listed on both the Hong Kong Stock Exchange and the Shenzhen Stock Exchange, is a pioneer in high-performance rare earth permanent magnets and grain boundary diffusion technology.
It is a leading supplier of magnets into various sectors including new energy vehicles, energy-saving air conditioners, wind power generation and robotics. Since 2019, JL Mag – which has a hulking market capitalisation of HK$16.4 billion (AU$3.13 billion) – has significantly increased its production capacity by 160 per cent to 23,000 tonnes per annum and is looking to grow that to 40,000 tonnes by next year, with sales revenue rising at a compound annual growth rate (CAGR) of 32 per cent to RMB6.7 billion (AU$1.3 billion).
In confirming JL Mag’s backing, Hastings has clearly started to attract the attention of the major players in the high-performance magnets space. With concentrate production slated to begin in 2026, the company appears to have timed its run to perfection and may well become an integral contributor to the rapidly-growing critical metals market.
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