Strategic Metals, page-9

It may also be of some value to be precise about what it means to Lynas’s output.

They have been operating at “75%” since Covid. The stated it was to protect operations and staff. It also was helpful to prevent running up against the import limit in the fourth quarter causing a costly shutdown as in years past. Amanda hates fiscal inefficiency. They protected staff and core business very successfully.

Moving C&L to Kalgoorlie means no more limit of any kind. It does not “free up” capacity; rather it will allow them to use some of the capacity gains they paid for during LynasNext.

It frees up a lot of water, a whole lot of utility power and it all but ends any risks associated with “where do we put the WLP and NUF next?”. They were clearly about to run out of room.

The nameplate production is largely based on the kiln throughput and the SX would have been sized appropriately. Now they maximize the SX and the limit will be based on KAL ops and/or on Mt Weld’s operational ability to feed KAL.

Every portion of the operation is being upsized with thought towards further growth and with some plans already laid. Going from a two-headed to a three-headed monster REE operation. I love it.

Many tradable events and announcements are coming. Very interesting year ahead. GLTASH.