Hastings Investors Presentation

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PDAC Conference TorontoA Major New Source of Rare Metals

and Heavy Rare Earths

March 2011


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Management Location HighlightsDirectorsProspectivity

Summary Management Location HighlightsDirectorsProspectivity

Summary

ASX Code: HAS

Shares on Issue: 58,500,000

Performance Shares: 12,500,000 (on satisfaction of performance hurdles)

Performance Options: 15,000,000 (on satisfaction of performance hurdles)

Options on Issue: 37,500,000 (strike of 25 cents and 40 cents)

Market Capitalisation: $23,400,000 (at 40 cents)

Fully Diluted: $47,400,000 (at 40 cents)

Top 20 Shareholders: 62%

Cash Circa: $6,000,000

Fully Diluted Cash: $17,625,000

100% owner of Hastings Rare Metals and Heavy Rare Earths Project


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Title 2Summary Directors Management Location Highlights

David Nolan (Non-Executive Chairman)

Mr Nolan is a corporate lawyer with over 13 years experience advising on corporate acquisitions, capitalraisings and financing for mining companies. Mr Nolan is a partner in the Sydney corporate advisorypractice of Mills Oakley Lawyers and was previously a senior adviser at the London Stock Exchange. MrNolan holds a Bachelor of Laws (Hons) and Bachelor of Arts from Bond University in Queensland.

Mathew Walker (Executive Director)

Mr Walker has extensive experience in private and public company management and in the provision ofcorporate advice. Specialising in the natural resources sector, Mr Walker has served as executive

Chairman or Managing Director for public companies with resource interests in North America, SouthAmerica, Africa, Eastern Europe, Australia and Asia. He currently serves as Chairman of Tango PetroleumLimited. He is also a Director of boutique investment banking firm Alto Capital and Chairman of corporateadvisory firm Cicero Corporate Services. Mr Walker is a member of the Australian Institute of CompanyDirectors and holds a Bachelor of Business from the University of Technology, Sydney.

James Robinson (Non-Executive Director and Company Secretary)

Mr Robinson ained extensive ca ital markets ex erience durin 10 ears with one of Western Australias

leading corporate advisory and stockbroking firms. He currently serves as a Director of Blue River MiningLimited, Company Secretary of Tango Petroleum Limited and is also a Director of corporate advisory firmCicero Corporate Services. He is a member of the Australian Institute of Company Directors and holds aBachelor of Economics from the University of Western Australia.


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ManagementDirectorsSummary Location Highlights

Andy Border (Exploration Manager)

Mr Border is a geologist with over 30 years experience in the exploration and mining industry covering awide range of commodities and projects from grass-roots exploration through to development andmining. In the last 20 years he has held roles including Exploration Manager, Chief Operating Officer andManaging Director of a number of ASX-listed companies with projects in Australia and overseas.

Simon Coxhell (Consultant Geologist)

Mr Coxhell is a geologist with 25 years of diverse experience encompassing all aspects of the resourcesector including exploration, development and mining. He has specialist skills in computer mining andexploration skills and extensive operational experience in the Kimberley where he has evaluated and

, , , , .was formerly Executive Director of Navigator Resources and Venus Metals Corporation.


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LocationDirectorsSummary Management Highlights

The deposit contains multiple rareelements:

The Hastings Rare Metals deposit lies 18km to the

south-east of Halls Creek in the Kimberley Region ofWestern Australia

HASTINGS RAREMETALS LOCATION

PLAN

Niobium Tantalum Zirconium

Yttrium Hafnium Gallium Erbium Ytterbium Dysprosium

The deposit contains an extremely high

proportion of the higher value heavyrare earth oxides at 76%.


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HighlightsDirectorsSummary Management Location

JORC compliant resource of over 22M tonnes comprising 8.8M tonnes in theindicated category and 13.2M tonnes in the inferred category.

Heavy rare metal grades of 0.79% ZrO2, 0.31% Nb2O5, 0.023% Ta2O5 and heavyrare ear gra es o . 2 3 .

Historical analysis did not systematically assay for other rare metals or rare earths.

Previous drill hole data and studies suggest potential exists to host significantquantities of other rare elements including hafnium, gallium, erbium, ytterbiumand dysprosium.

The deposit is readily accessible, from surface and open along strike and down dip.

In-situ value of approximately $8B with signification potential to increase.

An extensive drilling program is scheduled for June Quarter 2011.

A revised resource calculation expected in the September Quarter 2011.


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Supply-DemandProspectivityRare Metals

Zirconium occurs redominantl as the silicate mineral zircon ZrO Used mostl in ceramics foundr

ProjectSummary

Price TrendRare Earths

.

applications, opacifiers and refractories. Main growth areas are advanced ceramics and auto-exhaust

catalysts. Significant use in nuclear energy industry in fuel rods and reactor vessel construction.

Niobium and tantalum commonly occur in the associated minerals columbite (Fe,Mn)Nb2O5 and tantalite(Fe,Mn)Ta2O5. Main source of niobium however is pyrochlore NaCaNb2O6F. Niobium is an important alloying

- - .coating of glass for computer screens.

Tantalum occurs in wide range of minerals but any tantalum-bearing concentrate is commonly termed

4kg of niobium used in the manufacture of a m id-sized vehicle wou ld save 100kg of steel,and translates into fuel savings of half a litre per 100km

. . , ,alloys and furnace parts to computer hard drive discs.

1. Niobium Demand, Price Stays High, Despite SteelWeakness, Mining Weekly.com, 7 November 2008


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Title 2Rare Metals

Rare Earths Supply-Demand Price Trend

ProjectSummary

Rare earths are a collection of seventeen chemical elements in the periodic table,specifically the fifteen lanthanoids plus scandium and yttrium.

Rare Earth Elements (REE) are considered either Light Rare Earth Elements (LREE),w c nc u e e emen s rom an anum o samar um, an eavy are ar emen s(HREE), which include elements from europium to lutetium plus yttrium and scandium.

Light Rare Earths are more common than Heavy Rare Earths.

w e range o - ear ng m nera s are o po en a econom c s gn cance.

Diverse range of highly specialised applications including catalysts (35%), glass andceramics (30%) and in metallurgical applications (30%).

ncreas ng eman n au omo e po u on ca a ys s, permanen magne s anrechargeable batteries.

Increasing use of many REE such as dysprosium in a number of green energyproducts.


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Supply-Demand

Rare Metals Rare Earths Price Trend

ProjectSummary

Rare Earth Oxide Supply & Demand Forecasts

Demand grow th needs to be met by supply outside of China...

ource: , os


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Price Trend

Rare Metals Rare Earths Supply-Demand

ProjectSummary

Recent Price Trends

Rare EarthsCurrent price

US$/ kg16-Nov-10 16-Feb-10

3mth %change

12mth %change

Light RareEarths

Lanthanum 73.0 49.0 5.5 49 1227

Cerium 71.0 49.0 4.2 45 1611

Praseodymium 114.5 76.5 25.8 50 345

Neodymium 124.5 73.5 26.8 69 365Samarium 61.0 34.5 4.5 77 1256

Heavy RareEarths

Europium 650.0 650.0 480 3 35

Gadolinium 73.5 44.5 7.7 65 861

Dysprosium 410.0 295.0 132.5 39 209

Terbium 630.0 605.0 350.0 4 80

Yttrium 92.5 50.5 10.3 83.0 802.0

USD FOB ex-China kg, 99.999% purity; prices are bid-offer mid points. Source: Metal Pages, 16 Feb 2011

Critical supply shortages in HREE continues to drive prices...


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Project

SummaryRare Metals Rare Earths Supply-Demand Price Trend

JORC Category Tonnes Ta2O5 ppm Nb2O5 ppm Y2O3 ppm ZrO2- ppm

Indicated 8,834,000 215 3,068 922 7,597

Inferred 13,250,000 239 3,200 1,000 8,100

Totals 22,084,000 230 3,120 997 7,900

Table 1: Current JORC Resource Estimates for Hastings (Sept. 2010)

-

Deposit remains open along strike and down dip

Limited assay of other rare metals and rare earths but historical records indicate, ,

erbium.

76% of total rare earth oxides are the higher value heavy rare earth oxides


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LongitudinalSection

ExplorationCross SectionProspectivityMineralisation

Trend

Hastings ValueComposition

Mineralisation Trend on Existing and P roposed Holes

The favourable volcaniclastic unithosting REE mineralisation can betraced over a strike length of 3.5kmwith ample outcrop. The unit variesin width to 35m and has a vertical

or steep easterly dip.

Minerals hosting rare metals atHastings include bertrandite,bastnaesite, calcian-bastnaesite,parisite and synchisite. Potassiummica is the host for gallium which is

Click toEnlargeClick toEnlarge

found within the lattice structure.The potential ore minerals are founddispersed throughout the quartz,potassium mica and albite host.


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Title 2Mineralisation

TrendCross Section


ExplorationLongitudinal

Section

Hastings P roject Cross Section

,and diamond drilling hasestablished continuity of theunit to a vertical depth of250m. Weathering is limited,w ox a on o serve on ydown to depths of 20-30m




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Mineralisation

TrendCross Section


ExplorationLongitudinal

Section

Drilling has confirmed ore body is open at depth (resource estimate calculated at depth of70m however drilling shows mineralisation down to 200m)

Hastings Project Longitudinal Section



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MineralisationTrend

Cross Section ExplorationLongitudinal

Section

Monazite Apatite Loparite Bastnaesite Ion Adsorption Clays

HastingsDeposit

Mt Weld,Australia

Guangdong,China

Nangan,Guangdong,

China

Nolan's Bore,Australia

Lovozersky,Russia

Baiyun Obo,Mongolia,

China

Moutain Pass,California,

USA

Guangdong,China

Zunwu,Jiangxi

Province,China

Longnan,Jiangxi

Province,China

Lanthanum 5.8 25.5 24 23 20.4 28 25 33.2 30.4 43.4 1.82

LIGHT

REOCerium 16.8 46.74 42.7 42.7 48.32 57.5 50 49.1 1.9 2.4 0.4Praseodymium 0.1 6.32 4.1 4.1 5.91 3.8 5.1 4.3 6.6 9 0.7Neodymium 0.4 18.5 17 17 21.06 8.8 16.7 12 24.4 31.7 3Samarium 0.3 2.27 3 3 2.37 0.96 1.2 0.8 5.2 3.9 2.8

Europium 0.0 0.44 0.1 0.1 0.37 0.13 0.2 0.12 0.7 0.5 0.1

Gadolinium 0.4 Trace 2 2 0.95 0.21 0.7 0.17 4.8 3 6.9Terbium 0.1 0.07 0.7 0.7 0.08 0.07 Trace Trace 0.6 Trace 1.3

HEAVY

REO

Dyspros um 10.4 0.12 0.8 0.8 0.34 0.09 Trace Trace 3.6 Trace 6.7Holmium 0.2 Trace Trace 0.12 0.05 0.03 Trace Trace Trace Trace 1.6Erbium 7.7 0.03 0.3 0.3 0.09 0.07 Trace Trace 1.8 Trace 4.9Thulium 0.1 Trace Trace 0.01 Trace Trace Trace Trace Trace 0.7Ytterbium 5.0 0.06 2.7 2.4 0.05 0.29 Trace Trace Trace 0.3 2.5Lutetium 0.1 Trace 0.14 0.01 0.05 Trace Trace Trace 0.1 0.4Yttrium 52.4 0.35 2.6 2.4 1.48 Trace 0.2 2.6 20 8 65

Total 100 100 100 99 100 100 100 100 100 100 99

Hast ing s has th e h igh est HREO as a percent age o f TREO of t he k now n dep os i ts ou t s ide o f Ch ina

Source: US Geological Survey and Company Reports


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Exploration

MineralisationTrend

Cross SectionHastings ValueComposition

LongitudinalSection

Objective - To increase the resource in three key areas with respect to: Size Confidence level and

Exploration Program for 2011

In-situ value; and Commence feasibility studies for its potential economic exploitation.

Strategy - This will be achieved by: A limited number of key historical diamond and RC drill holes will be twinned

Pattern ri ing t e current In icate Resource oc , an Extending drilling to a +200m depth in the current Inferred Resource block.

Key Activities A 55 hole diamond and RC drilling program to commence Q2 2011 totaling 10,000 metres

Metallurgical test work commencing Q2 2011


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Contact DetailsProspectivitySummary

Hastings Summary and Investment P roposition

JORC resource of over 22Mt from surface which remains open along strike anddown dip.

Potential for significant upgrade to the value of the deposit by the systematic assayof rare metals hafnium and gallium and the heavy rare earths dysprosium,ytterbium and erbium, which are all represented in historical data but do not form

part of the JORC resource estimation. e epos s rea y access e an on y ms rom e ma or owns p o a s

Creek.

Near term exploration activity in Q2 2011 and revised resource calculation Q32011.

.

Strong cash position of circa $6M.

Current market capitalisation of $23M provides excellent leverage relevant toindustry peers.


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Title 2Summary Contact Details Contact Details

ASX Code:HAS

Phone: +61 8 6460 4960

PO Box 281

WEST PERTH WA 6872

Suite 9, 1200 Hay StreetWEST PERTH WA 6005

Facsimile: +61 8 9324 3045Website: www.hastingsraremetals.comEmail: [email protected]

Hastings Investors Presentation

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