Critical Minerals Facilitation Office, page-2

Given successful tender to US DoD the most likely IMO would be low interest funding from the Defence Export Facility to facilitate primary SX at Kal the would complete a totally ex Asia supply chain with the US.

Lynas balance sheet really get to the point it is undergeared so adding another low interest low probably ideal, particularly as it would bring forward the next important step in the development of the Australian process and set up the base for full separation at Kal if and when required. Possibility it could extend to the larger plant as well.

Mooted 35ktpa capacity, perhaps 15ktpa primary SX would give Lynas the ability to stream 20/25ktpa mixed carbonate to LAMP & 10/15ktpa LRE (high NdPr) & HRE streams to Blueline JV for final separation & finishing.

Or something similar, not difficult to see how it would advance development to complete US supply chain without involving Malaysia and reducing the need for a massive footprint in Texas, and giving the business flexibility to react to demand.

Going to be quite fascinating to watch how all this comes together, and of course mkt reaction, not to mention Malaysia working out whether they want to be part of RE industry or not.