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

03/02/2025

3

Hold

$0.31

-13.89%

Following Hastings Technology Metals' December quarter activities report, Ord Minnett maintains its Hold rating and 31c target.

The broker notes a shift in management’s strategy, moving away from previous plans to defer downstream processing and sell monazite concentrate to China.

Instead, the company has signed an MOU with the Kingdom of Saudi Arabia as part of its Global Supply Chain Resilience Initiative.

If pursued, the broker highlights management will require a fresh bankable feasibility study (BFS) to incorporate US$1.5bn of REO refining capacity in Saudi Arabia.

FORECAST
Ord Minnett forecasts a full year FY24 dividend of 0.00 cents and EPS of minus -24.10 cents.
Ord Minnett forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.20 cents.

02/09/2024

1

Speculative Buy

$0.35

-2.78%

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.