Ann: Lynas Rare Earths Half Year 2023 Presentation, page-6

I have yet to hear any discussion about LYC and positioning in regards to winning an appeal against Malaysia in our licensing issues.

LYC has been positioned by the big bad Wolve's, Malaysia, and its defacto Imperial Master; China, as the small little company who is trying to do good, but who has been intentionally derailed at every turn for 10 years. Japan, the USA, the Australian government, and the international press are all watching this unreasonable and unfair licensing issue unfold. Meanwhile, no international company of any repute would invest in building an outhouse (WC) for fear of contamination to ground water and children being born with three heads.

In such a position, LYC is due accommodation from Malaysia. LYC knows this. Malaysia also knows this. So, it is in LYC interests to maintain this positioning. An announcement of an early WA facility operating only gives Malaysia a further "license" to do nothing. A second operational processing facility would allow Malaysia to send LYC packing, and saving safe in the process.

Malaysia who invited LYC to build the LAMP, and who now is seen to be forcing a strategically important company to close with no substantial backup plan for its processing of important materials, with make headlines around the globe.

LYC, to win its appeal, continue its C&L operation in Malaysia, needs to be seen as the political victim it is. This added pressure on the Malay Government and its regulatory system will most certainly force the final hand of Malaysia to support this vital company and industry while giving LYC 2x processing facilities by August 2023.

The disposal of post-processing residue has already been settled. No way on this earth that LYC or MP Materials has not put forward plans for disposal of residue for their USA facilities. The outcry in the USA would make this Malaysian issue look like a day in the park. I see the headlines now: US GOVERNMENT FUNDS CREATE TWO EPA SUPERFUND CLEAN-UP SITES.

This whole issue is an act of Kabuki. Malaysia wants LYC, and only needs to find the political cover to keep it.

GLTA DYOR