Ann: First Mixed Rare Earth Carbonate (MREC) Produced at Caldeira, page-21

Hello. I am no expert but my impression is:

1. Lynas as a REE refinery in Malaysia that produces separated Light Rare Earth oxides (Ce, La, Pr, Nd). LYC would receive full market price for its Light Rare Earth oxides (Ce, La, Pr, Nd)

2. LYC also produces a SEG (samarium, europium and gadolinium) concentrate (that includes heavy REE Dy & Tb) that is sent to China for processing. LYC would receive a discounted price for its SEG.

3. Lynas is is planning to bring the SEG, Dy & Tb separation inhouse at their USA HRE facility in Texas; which will allow them to receive full market price for the individual oxides.

4. The Lynas Kalgoorlie Rare Earths Processing Facility will process mixed rare earth concentrate from the Mt Weld mine to produce a mixed rare earth carbonate (MREC). The MREC produced in Kalgoorlie will be further processed at the Lynas Malaysia advanced materials plant or at Lynas’ Rare Earths Processing Facility in Texas, USA, once operational.

5. At this stage, it looks like MEI will produce rare earths carbonate/s (concentrate/s); which would be discounted when sold. For example, in its feasibility study, IXR used a 30% discount of the market price for REE oxides.