Ann: Date of Half Year Report and Briefing, page-11

Your looking forward to more info on Joint venture. May I ask why? What do you expect it to add to earnings? When do you expect this to start. I will admit that I do not know but I do doubt it will be significant compared to the reast of Lynas. how do you see Blue line as part of an exit plan from MAL. Have you listened to AL at all? she s still talking about expanding MAL. I also think there will be one big disappointment. Originally this and everything else in the 2025 plan was suppose to be funded from operational cash flow. If this is funded by outside sources and US Gov, does that not say that operational cash flow is down? It cannot support all the expansion hoped for. If US government Gives Blue line money would that not increase Blue lines ownership? Lowering proceeds to Lynas. I do not know answers to most of these questions but I am surprised no one else on this board is wondering about them. Most people on this board only see positives in everything. Never even think about negatives.

One last question you obviously do not like MAL. How much revenue and profits do you think they have actually caused Lynas. Of those problems how many were not known by Lynas well in advance? Do not misunderstand me I think MAL has been wrong on multiple accounts. When I work out the cost they just are not that Great. I truly believe that Tax incentives. Lower labor. Lower utilities have been much more of a benefit than the 1 month of loss production Dec 2018 . and about 1 ~ 2 KT loss production this year. All the people that are crying about MAL should look at both sides of the ledger.