Ann: Quarterly Activities Report, page-14

First of all I was very impressed that at the very beginning Amanda humbly gave credit to her entire team, especially the crew in Malaysia for working very diligently to mitigate Covid issues at the LAMP. Their collective actions permitted and is still allowing Lynas to remain open and functioning amid the serious Covid crisis in Kuantan Malaysia. Dr. Looi has conveyed this to all of us and this just brings it home. Hats off to everyone on the Lynas team…

Secondly, I found Amanda to be more positive and upbeat than ever, she is obviously enjoying the fruits of her labor and has clearly put Lynas as the de Facto leader in the rare earth industry. While the financials are excellent it is the status of all of the projects that I fund to be the most intriguing . Also, I asked Amanda about the US Pentagon (US military authority) prediction that Lynas will command 25% of the total rare earth market and she noted the is a changing number but Lynas hopes to be “in that area” in the future…

To your point JayZip, previously we discussed a US NASDAQ listing and it is my impression that Amanda is not focused on pursuing such a listing at this time because she runs a tight ship and does not want to spend critical resources on such a complex undertaking. I agree 100% with her thinking which is to let things happen as opposed to making them happen…

The bottom line, Lynas is evolving as many of us here envisioned albeit a bit slower than we imagined but it seems that every QR is more upbeat and positive on many levels. I greatly appreciate having an investment in a green company that I don’t have to watch every day because of its excellent leadership… JMHO…