In return for handing over control, Hastings wiped a big chunk of debt off its books – a smart move that tightened the company’s balance sheet while keeping meaningful skin in the game.
Wyloo agreed to forgive $115 million from a ballooning $200M loan, originally issued to Hastings three years ago to fund its 21.5 per cent stake in Canadian magnet powerhouse Neo Performance Materials.
The remaining $85M was also cleared after Hastings transferred its entire Neo stake – coincidentally valued at $85M – straight to Wyloo. The companies first teamed up in 2021 when Wyloo fronted $150M via an exchangeable loan note to bankroll the Neo acquisition – a debt that later swelled with interest and fees.
Executive chairman Charles Lew said Catania has been a key asset since coming on board in 2023 and has played a crucial role across the business, including steering the company’s partnership with Wyloo.
Catania’s appointment lands at a pivotal time for Hastings as it closes in on a final investment decision (FID) for the company’s world-class neodymium-praseodymium rare earths and niobium deposit in WA’s Gascoyne region.
Hastings aims to make the fully permitted Yangibana project a major player in the renewable energy and electric vehicle supply chain. With a 20.9-million-tonne ore reserve and plans to process 1.1Mt annually over a 17-year mine life, the project will produce 37,000 tonnes per annum of rare earth concentrates – 27 per cent of which are total rare earth oxides.
Notably, neodymium and praseodymium oxides, which are critical for high-performance magnets used in green technologies, make up 37 per cent of the mix. Yangibana also hosts a 6.7Mt niobium resource that could offer a valuable secondary revenue stream.
Hastings has already sunk $158M into developing the project, with a further $316M flagged to reach production. The site is construction-ready, with a 294-room village, 2-kilometre airstrip, access roads, a bore field and processing plant equipment already secured, putting Hastings well ahead of the pack as the rare earths market gathers momentum.
By the time Catania bowed out of politics in 2022, he’d weathered five straight elections and smoothly navigated shifts between parties and parliamentary houses – a testament to his sharp political instincts. It’s that same savvy he’ll likely lean on as he now climbs the ranks of the ASX corporate world.
With a high neodymium-praseodymium ratio and a 17-year initial mine life, Hastings and Wyloo appear to be positioning Yangibana as a cornerstone rare earths project for Australia and a key piece in the global supply chain puzzle.
The clock is ticking on construction, and Catania will be the man holding the blueprint.
Is your ASX-listed company doing something interesting? Contact: mattbirney@bullsnbears.com.au
