On August 26, 2022, Hastings Technology Metals Ltd announced its decision to purchase 8,974,127 common shares in Neo Performance Materials Inc., equivalent to a 22.1% shareholding. The transaction price was set at C$15.00 per Neo share, with a total value of C$135m. This represented a 4.7% and 2.8% premium to Neo's closing share price and 10-day VWAP, respectively, as of 24 August 2022. Additionally, Wyloo Metals entered as a strategic investor in Hastings and pledged to invest A$150 million through exchangeable notes to support the acquisition. The acquisition aimed to fortify global supply chain resilience amidst challenges like the COVID-19 pandemic. Neo, a leading producer of NdFeB magnets, planned to expand its operations in Estonia. This acquisition would provide Hastings with a significant position in Neo and possible collaboration opportunities using Hastings' Yangibana feedstock for Neo's operations. Following the completion, Oaktree's representatives would resign from Neo's board, with Hastings pursuing representation. Hastings perceived this move as an initiation of its vision to form a comprehensive mine-to-magnet supply chain enterprise, a strategy also backed by Wyloo. Hastings' focus remained on the Yangibana project, and the firm was considering various financing alternatives. Neo's 2Q 2022 report indicated a 24.5% YoY increase in revenue, reaching US$168.2m. Barrenjoey acted as Hastings' financial adviser for the deal, with legal counsel provided by King & Wood Mallesons and Cassels Brock & Blackwell LLP.