50 metal fragments, cloth and low grade fuel at a Level 1 bench. The fuel step leaves a little over, and the hat burns exactly that fuel once it's lit.
The low grade fuel step is the one to plan. Fuel comes out of its craft in batches, and this hat's share leaves two over. Those two aren't waste: the hat runs on low grade fuel once you switch it on, so they go straight into it, and a few more from the next batch keep the beam on through a night in a cave.
The fuel itself is easy, a default craft from animal fat and cloth that every player knows. The metal fragments bite harder on a fresh wipe, since doors and the first tools want the same pile. If frags are tight, the candle hat gives a weaker light with nothing to research and no bench at all.
Otherwise it's a quick early pick: the blueprint is cheap, it sits at Level 1, and a spare in the box by the door means the next night farm doesn't wait for a craft.