Ann: Media Release - Chinese Government Initiatives, page-15

The issue here is the LYC basket price which is currently languishing close to the COP.
With current revenue depending on 2 oxides, China can simply drop these prices further
and deprive LYC of future profit.

IMO, China is more concerned about maintaining control of the REE market rather
than cleaning up its environmental act and part of that is to give local Chinese
users a competitive advantage over others by imposing a 25% export tax.

The current CEO is continuing LYC's communication obfuscation gobbledygook by
dropping all reference to basket price pricing and COP and instead only mentioning beneficial 2 elements.
This is far from being frank and transparent for retail shareholders who are doing the heavy lifting
in this CR.

LYC communications strategy seems to be 'hold back some fundamentals" so that a forward
fundamental analysis is not possible OR.. "let the market eat sentiment".
mm