Australia's next rare earths producer, Hastings Technology Metals Ltd (ASX:HAS) ('Hastings') is pleased to advise that, further to the announcement released to the ASX on 26 August 2022, completion under the Share Purchase Agreement entered into with an affiliate of Oaktree Capital Management L.P. has now occurred and that a wholly-owned subsidiary of Hastings, HTM Investments (One) Pty Ltd. ('HTM'), has acquired 8,974,127 common shares in Neo Performance Materials Inc. (TSX:NEO) ('Neo'), representing an approximate 19.9% shareholding in Neo, for an aggregate purchase price of C$134,611,905, representing C$15.00 per common share.

This announcement has been approved by the Board of Hastings. This announcement is also being issued in compliance with Part 3 of National Instrument 62-103: The Early Warning System and Related Take-Over Bid and Insider Reporting Issues. An early warning report with additional information in respect of the foregoing matters will be filed and made available on the System for Electronic Document Analysis and Review (SEDAR) at www.sedar.com under Neo's issuer profile. Neither HTM nor Hastings has any current intention to make a take-over bid for the remaining outstanding common shares of Neo or to acquire any additional common shares. HTM is holding the common shares for investment purposes. Depending upon market and other conditions, HTM or Hastings may in the future acquire additional common shares or dispose of common shares through market transactions, public offerings, private agreement or otherwise

Contact:

Charles Lew

Executive Chairman

T: +65 6220 9220

Matthew Allen

Chief Financial Officer

T: +61 8 6117 8634

Andrew Reid

Chief Operating Officer

T: +61 8 6117 8621

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