First they cannot apply yet the price has to be over USD 5.00...

Thank you for agreeing with what I have been saying for years. One minor correction They can list on any exchange they want as a tracking stock. All they have to do is find one big market maker like Mellon for LYSDY. or several smaller ones like LYSCF. To handle the exchanges and keep reserves of LYC.AX to help stabilize the price as close as possible between the stocks. Price can be a multiple. IE if Mellon wanted to take LYSDY off pink sheets they could do a 1 for 2 split doubling the price. Meeting price criteria if USD Price of LYS.DY falls below 5.00 again. I have seen tracking companies do splits on tracking stocks to lower prices. Never have I seen it the other way so not sure if it can be done or what is involved.

First they cannot apply yet the price has to be over USD 5.00 for 6 months.
Second it is not just a bit of bookkeeping it is a major effort. In fact, both sets of books have to go through full audits by people certified in that country, Every report that is issued. Not cheep. There are many non US fortune 500 hundred companies that still use tracking stocks.
Last what is wrong with tracking stocks??? The market maker holds at least one share of LYC.AX for every share CF or DY. Read about Mellon on Lynas web page. So volume is reflected back to AU. Holders of CF or DY can vote and go to annual meetings. The dividends when paid must be passed to the final holders. Sometimes when Market makers fail to stay withing SEC guidelines they have to pay a dividend to holders as a penalty. This happened to Mellon in 2015 or 2017, when all holders of CF received a dividend even though Lynas did not pay one.

Getting off of pink sheets is needed. I am sure that will happen as soon a legally possible.
I fail to see any advantage for a direct listing of Lynas stock in US. Tracking stocks are fine.