Ann: Half Year Report FY25 (including Annexure 4D), page-37

I agree partially. Your inventory should be sold in future. Cash flow never changes boof value. Cash flow cannot pay dividends. The only source of real growth is profits. If you think some thing else can grow company explain. If they buy so much inventory that it becomes obsolete then management has some real problems and stay away. When I work at Data General the company had problems loss money layed off some people and many of the old timers left. In spite of loses Then had a large positive cash flow. It was caused by two things. Selling a division. Departing employees exercising a large number of options before they left. A year later they went BK and EMC bought them at a bargain price. this is a real example not something made up like most of the things you come up with, Some examples please of companies that had negative profits with positive cash floys and were doing fine a few years later.

Go take a few business classes.

Yes they are investing in future but they are messing it up badly. Go read the first page of 2019 5 year plane also called the 2025 plan. Here is a quote. from the very first page. If they went over budget buy 1.5 x maybe it could still work but they are over by more than 3 x and they still are not done. AL does a great job of forgetting what was said in past.

"• A $500m capital plan self-funded with the ongoing support of JARE"
For example KAL cost $830M, original it was suppose to allow Lynas to shut off MAL C&L. Have enough capacity to supply MAL at 10.6KT of NdPr equivalent, as well as Texas, and have capacity left for future expansion and or tolling. It cannot even supply Lamp and it is only doing about 6 KT of NdPr


Look at PG 28 what projects are very late? One is close to on time. Is performance at all important to you

Just in case you have not read 2025 plan in a while and cannot find it here it is. Also look at things they never even did.

https://wcsecure.weblink.com.au/pdf/LYC/02107222.pdf