$re = '/#(?!(?:hashtag|DoNotRemoveThis)\b)[\w-]+(?=(?:\s+#[\w-]+)*\s*$)/iu';
$str = 'Any #hashtag in the middle of the string should NOT be removed regardless of what it is, for example #DoNotRemoveThis #KeepThisHashtag and any hashtag at the end of the string should be removed UNLESS it matches the exeptions in the regex. #deletethis #DoNotRemoveThis #thismustgoaway';
$subst = "";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php