The Yangibana project, a joint venture with Wyloo Metals owned by billionaires Andrew 'Twiggy' Forrest and Nicola Forrest, involves Hastings holding a 40% stake and aims to produce 37,000 tonnes of mixed rare earths annually starting in 2026.

Market reaction to the deal was positive, with Metal Bank’s shares rising from 1.5 to 2.6 cents, reaching the highest daily volume in over four years, indicating strong investor enthusiasm.

The transaction requires shareholder approvals from both Hastings and Metal Bank, with at least 20% shareholder support needed from each side, and includes plans for Hastings to distribute Metal Bank shares to its shareholders.

Conditions for the deal include shareholder approvals and a tripartite mineral rights agreement that ensures Hastings retains its rare earth rights on Ark's tenements, despite the transfer of other assets.

Hastings plans to conduct drilling at the Seven Leaders prospect within the Whiteheads project to confirm historical data, define initial resources, and prepare for a mining lease application, with the goal of developing a starter open pit.

The deal involves Ark Gold, which holds exploration licenses near Hastings' Yangibana project, as well as Darcy’s gold tenements near Hastings’ Brockman niobium and heavy rare earths project in East Kimberley.

Hastings will also gain exposure to Metal Bank’s Livingstone gold project, which covers 395 square kilometers and contains over 2 million ounces of gold, situated in a prolific gold-bearing basin.

The sale of gold assets includes the transfer of Hastings’ 75% stake in Whiteheads and other tenements, with plans to support the company's shift toward rare earths while maintaining its gold interests through strategic asset transfers.

Hastings is shifting its strategic focus from gold assets to rare earth elements by divesting its gold holdings, including projects like Whiteheads, Ark, and Darcy's, and emphasizing its stake in the fully permitted Yangibana rare earths project, which is expected to produce its first concentrate in 2026.

This strategic divestment allows Hastings to accelerate its rare earth ambitions while enabling Metal Bank to fully develop its gold assets, including the Livingstone project, which hosts over 2 million ounces of gold across 395 square kilometers in the Proterozoic Bryah-Padbury Basin.