Ann: U.S. DoD Strengthens Support for Lynas U.S. Facility, page-15

In connection with a comment from AL during the QR briefing, this is very significant.

AL mentioned during the call that the US facility will produce 8,000tpa of REEs, up from previous 5,000tpa.

Now we will likely produce some 2-3,000 tpa SEG, 200+ tpa Dy/Tb (instead of previously assumed ~1,200tpa), plus some 2,500tpa NdPr. Back of napkin calculations would indicate potentially $500+m extra in revenue, and very importantly, comes almost 'free'.

To make HRE production financially viable the facility needs to come cheap (thank you DoD), the resource needs to support it (Duncan is high grade heavies), and it needs to come as a 'byproduct' (SEG is already separated at LAMP, comes to no additional cost).

Amazeballs

(icing on the cake? Clearly there are some talks/discussions regarding downstream capabilities)