quarterly call, page-3

i thought D. M. was great. He asked hard question that needs to be answered to know whether to invest. AL blew him off by lying. Saying we never talk about the future. She does.

In q2 2024 CC she told us how they would be at a 10.5 K run rate by Dec 2024. Is that not talking about future and making a prediction? In Q3 2024 she said they would put finished product into inventory till prices were higher. To me this sounded like a good move. Lynas's own charts on Page 4 indicate prices are flat or dropping. This Q she says they sold a couple 100 tons from inventory. I think it is great for management to be flexible and change. They should explain why. The main reason for increasing inventory was REE pricing. So what changed that caused this decision. JMO they needed to make the Q not look very bad.

AL is more than willing to talk about future output when it sounds good. Refuses when it is bad news. About 4 years after she took over she told us how great NEXT would be results have never happened. Look at all the predictions in 5 year plan in 2019. No problem predicting there.

Another one that made no sense and look liked a cover up to me. She was asked why they had not done DY and TB sooner. She immediately explained how they had no money 8 ~10 years ago which is true. The time frame and cost of this upgrade says they had more than enough to cover it 6 years ago. So it should be asked again, It was not answered.

So you don't like DM hard questions that's your right. I think they are the correct questions to be asked to help us decide if we should sell, hold or buy. Your buy opinion has been wrong for last 18 months. JMO it will be wrong for at least another 6, Maybe 12. Maybe you should think a little more about DM's questions and AL's answers, not just during this CC but over the years. Take a look at following chart NdPrO is back down to original name plate. But we were told thy took a couple 100 Tons out of Inventory. Can you explain to us how this makes sense? In FY 2024 they only made 5655 tons in NsPr just short of the 2010 name plate 6 KT. Fantastic improvement over 14 years! This is why I like plotting well known data it does a lot to clarify it.