Kal max output ~9,000tpa NdPr equivalent LAMP C&L max output...

• Kal max output ~9,000tpa NdPr equivalent
• LAMP C&L max output ~5,500-6,000tpa NdPr equivalent (restricted to this due to licensing)

Total C&L capacity ~14-15,000tpa NdPr equivalent

• Currently we are upgrading our SX @ LAMP to be able to separate ~10,500tpa NdPr
• ~2025 we will ship carbonate to US, say 1,500tpa NdPr equivalent.

Total disclosed SX capacity (by ~2025) ~12,000tpa NdPr (this is also what Mt Weld is upgraded to)

I.e. carbonate production buffer capacity ~2-3,000tpa

But, there is something else brewing. I believe our US operations will be bigger, my guess is at least double what has been stated. I have no proof of this, but my gut feeling we will soon be hearing of a renegotiated US light REE contract.

In addition, we have - not much talked about - SX dedicated space at Kal. When we get the results from the drilling operations, I think we will get a clearer view of our intentions (regarding product range) beyond currently disclosed plans.