Hastings Metals Navigates Funding Amid Development

Hastings Technology Metals Ltd (ASX: HAS) has released its quarterly cash flow report for the period ending March 31, 2025, providing insights into the company’s financial activities amidst ongoing exploration and development. The report indicates a net cash used in operating activities of $1.174 million for the quarter and $6.188 million year-to-date. Payments for administration and corporate costs totaled $1.522 million for the quarter, while interest received amounted to $17,000. Investing activities resulted in a net cash outflow of $3.113 million for the quarter and $14.769 million year-to-date, primarily driven by payments for property, plant, and equipment ($2.420 million) and capitalized exploration and evaluation ($762,000). Financing activities showed a net cash inflow of $1.965 million for the quarter and $5.743 million year-to-date, boosted by proceeds from issues of equity securities amounting to $2.650 million. Hastings has a remaining cash and cash equivalents of $6.562 million. The company’s financing facilities include loan facilities of $5.665 million and redeemable exchangeable notes totaling $125.294 million. The report highlights several strategic financial management activities. In March 2025, the company organized additional insurance premium funding totaling $602,133, repayable in monthly installments. In October 2024, Hastings entered into a $5 million senior unsecured Project Loan Notes facility with Equator Capital Management Ltd. Additionally, there was a partial cancellation of the redeemable exchangeable notes, with a reduction in face value equal to the value of the Neo share purchase price of A$79.848 million. The company estimates it has 3.39 quarters of funding available, based on the total available funding of $6.562 million and relevant outgoings of $1.936 million.