Ann: Investor Presentation May 2020, page-8

People are making too much of this DoD phase 1 study, and possible gov't Bill. First, the DoD is highly unlikely to fully fund or even partially fund to any significance a full plant development anyway. The U.S. DoD just doesn't fund that sort of thing. Furthermore, any gov't Bill would not restrict private sector funded Lynas and Blue Line projects.

Hence, the winning phase 1 team would still have to look to the private sector for funding after phase 1. Lynas and Blue Line should continue to charge ahead with plans using private funding, irrespective of DoD or any US gov't Bill, and get plant built, start processing and get products to market. As an Aussie working in US on gov't contracts, I can tell you that the US gov't is notoriously slow and there are often challenges to contract awards. It is quite normal. Lynas and Blue line could probably complete the Texas plant before the US gov't made any final decision about what to do about China RE dominance.