Ann: Response to Media Speculation, page-17

No doubt torpeau. Also, just because discussions are not now ongoing doesn’t mean it wasn’t a dry run for a structure in the future that could be take. Off the shelf and tweaked and executed in a short period at the right time. Further, in my view what we are seeing is the ‘turn’ with rising NDPR prices soon based on volume of EV production in China and need to crank it up in the US and other western economies we haven’t really seen yet have we and subsequent reduction in price to consumers via mass production. Meanwhile demand has been repressed by US Fed all over world including China who have maintained elevated interest rates but now the best guess is May/June to begin a rate easing cycle that will lift demand in so many places including the US auto stock which has averaged up in age and should be a nascent source of demand. Now is the time to stock up on Lynas because when the starting gun is fired and rates start easing they will not be this cheap. Remember, the DoD and the US guv (economic policy reset for the next decade+) have a lot of skin in this game and no doubt were at the table in recent discussions and giving direction along with Japan. As Warren Buffet said he loves a time like this because he can buy shares cheap that others are selling.