announcement we are waiting for -plant fixed, page-10

Hello Bsu, I went to a talk on Monday at the Aus IMM Perth branch given the the LYC General Manager WA. It was a good, well delivered and honest talk. One of the questions was "when will the lamp be fixed" the answer was by the end of the year. A second question was "why spend capital completing phase 2 when the sales may not be there" the answer was phase 2 is pretty well complete. A third question was "what is the projected revenue" , he could not answer the question.

Dudley Kingsnorth also gave a short talk in which he indicated that each of Molycorp and LYC are targeting sales of 20k tonnes per year against a market of 120k tonnes per year and he anticipates that when LYC sales are in place it will be very hard for any new comers to break into this market. He also commented that separating the REE elements is very difficult and that LYC have done very well to achieve this.

I was left with the feeling that my investment in LYC is safe for the long term.