Rare earth elements firm Hastings Technology Metals (ASX:HAS) has increased the ore reserve at its Yangibana project by 50 percent. The probable ore reserve estimate for the Australian site is now 7.74 million tonnes.

The critical metals company is the 100-percent owner of the Yangibana project which includes: the Yangibana West, Yangibana, Auer and Auer North, Bald Hill and Fraser’s deposits. All of which are included in the maiden probable ore reserves.

A supplementary prefeasibility study has also been conducted at the Western Australia Yangibana rare earths project.

According to the data released by the company, Bald Hill contains the most prolific with a probable ore reserve of 4.38 million tonnes. With Yangibana West expected to produce 1.39 million tonnes over the life of mine.

“All probable ore reserves are within tenements held 100 percent by Hastings, with all but those at Auer and Auer North being held under granted mining leases,” noted the company press release.

“The increased ore reserves support the eight-year mining and processing operation at 1 million tonnes per annum as described in the November 2017 definitive feasibility study.”

The definitive feasibility study, which was completed last November, pegged the project as capable of producing a mixed rare earth carbonate (MREC) rich in neodymium (Nd) and praseodymium (Pr), critical materials used in the manufacturing of permanent magnets.

In addition to offering an update on the Yangibana project, Hastings also announced it had penned an exclusive mandate with a German bank to finance the company’s Australian multi-site project.

“The signing of this mandate with the German KfW IPEX-Bank is yet another important milestone in getting the Yangibana rare earths mine financed and built,” said Charles Lew, Hasting’s executive chairman.

“We are pleased to be a long term supplier of NdPr technology metals to German companies seeking permanent magnets and the interest of KfW IPEX-Bank to assist in the financing underscores the strategic value of our project to Germany.”

The rare earths created by Hastings are valuable resources in the ever growing green sector, an area Germany has been widely acclaimed for.

On Tuesday (July 31), shares of Hastings Technology Metals remained flat, sitting at AU$0.23.

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.