Ann: Change in substantial holding, page-10

Not sure I could describe the LYC SP as depressed..(3 year chart below)

I have been an investor in LYC for many years based on the fundamentals - I did trade a bit in the very early days in the lead up to the price bubble of 2010/2011 and bought back in during 2014/2015.

Held through the darkest days because I could see that the Japanese support would see it through as LYC is a strategically important business.

Bought more in the SPP last year at $2.30 and the price has appreciated 3 TIMES SINCE THEN!

Might there be better opportunities elsewhere in the market from here? - Quite possibly but please maintain some perspective on the performance of the company over the last couple of years.

My personal view is that Lynas has such a head start over any other REE miners/producers in the West that they will continue to do well and I have every intention of holding until Lynas NEXT is delivered and we see what plays out in Texas.