Ann: Partial Conversion of Bonds and Appendix 3B, page-32

Convoluted, but we are not far apart.

Rate of dilution was ugly, and distributed a big chunk of the growth premium, agreed.

But had it put to me that the assurance it provided Lynas triggered a series of events that have rapidly transformed it from pauper to predator, have to say the theory has grown on me, even as I dislike the conspiracy aspect.

>$2 will clearly be largely sector driven as you suggest, but Lynas unique situation to expand quickly within it likely to contribute equally to equity growth ultimately. Light years ahead production ROW, largely immune to Dragon supply constraint, and recent events have triggered a new level of customer engagement.

Lot more could be written but ATM the growth stimulus appears largely ROW, and 2025 emission targets potentially a motivation, one has to reflect Lynas role as a catalyst.

If you'd told anyone a year or more ago Lynas would be selling 6ktpa NdPr and confidently expanding to 7.2ktpa vs Nth RE @ 8.5ktpa they would have fallen off their chair laughing, Ryan from Adamas couldn't believe it Metal Events just last November and asked me to confirm @ AGM, which I did. Despite the capped SP ATM things are moving quickly now, and Ryan is busy redoing his numbers.