Ann: Quarterly Activities Report, page-31

NdPrO prices were high during Q4 and Lynas told us about it on Page Q1 of Q4 report. NdPrO is down substantially this Q and not a mention. I actually think this is fine because it is a legal responsibility for Lynas to help the SP. My question is how many on this board realize the bias that is built in? This is not a Lynas problem all companies do it. It is only a problem when people get together and claim if the company says it, it is correct. Few companies lie. It is easy to present correct info that easily misleads.

For example in Q4 and Q1 CC AL has been asked in CC if Lynas would recover to 2022 levels. Now i hear that in revenue and profit terms. How did you hear it? AL has been very careful to emphasize she expects production to be at 2022 levels. Which with falling REE prices will not get close to 2022 Profits and revenue. JMO but NdPrO would have to go up 30% to achieve parity with Profits and revenue from 2022. Very possible but in no way a sure thing. I do not see 2022 production levels as much of a plus. They were well below next. it has been almost 4 years since they anounced the current plans and they can only achieve 70% of next.

Total production 2022 was 4080 Next is 7200. i would have at least liked her to say they would exceed 2022!