HASTINGS TECHNOLOGY METALS LIMITED (HAS)
Share Price Analysis and Chart

16/10/2024

3

Hold

$0.46

73.58%

Ord Minnett updates expectations for miners in the run up to the quarterly earnings season alongside revised commodity price targets.

Regarding rare earth oxides (REO) coverage, the broker notes NdPr prices climbed from August and have settled at around US$60/kg on buying by Chinese magnet factories ahead of peak consumer season in September and October.

Since September, prices rose due to Myanmar REO supply being cut-off when the civil war impacted the mining region, explain the analysts.

Ord Minnett's price forecasts for NdPr, Dy and Tb prices from December this year to June 2025 rise in response to expected tightening of supply.

For Hastings Technology Metals, the Hold rating and 46c target are unchanged.

FORECAST
Ord Minnett forecasts a full year FY24 dividend of 0.00 cents.
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents.

02/09/2024

1

Speculative Buy

$0.35

32.08%

Canaccord Genuity continues to believe neodymium (Nd) and praseodymium (Pr) pricing is at a cycle bottom and is more constructive on price increases into the end-2024 and 2025. However, shorter-term forecasts are marked-to-market and lowered.

The broker's long-term pricing remains anchored to "incentive" levels of US$120/kg NdPr, and US$430/kg and US$1,600/kg, respectively, for dysprosium (Dy) and terbium (Tb).

For Hastings Technology Metals, the broker's target falls to 35c from $2.20 on updated capex forecasts, timeline revisions, equity dilution from recent capital raisings and revised project risking (financing uncertainty). Speculative Buy.