Deciphering Lynas, page-553

There is a good reason that Lynas is UNLOVED. And unfortunately, it will get worse before it gets better.

Our issue of potentially losing the LAMP, before KALGOORIE came on line suggested a lack of supply to the industries using FEE.

The recent news (IMO) of customer performance for REE is scaring the market. Weather they are LYC customers or not, Clean Energy is about as popular as a "Skunk at a Wedding" about now. I point out the following:

Lucid EV was literally approaching insolvency, up to three days ago when the Sardi's pumped in billion buying up shares at "penny stock" prices.

Rivian is also on life support unable to sell their flagship pickup truck and now in the process of retooling to produce an SUV, which will be difficult to sell as the MSRP for the new SUV is well into the $125,000.00 range. I think Rivian has one foot in the grave, and the other on a banana peel.

Ford who is full force pushing in the EV market just announced 28000 layoffs of salaried employees. This is counter intuitive to growth in the EV space.

Siemens Energy lost 30% of its share value as orders for turbines have been delayed or canceled, and to make the matter worse, they have discovered abnormal friction in the blades of wind mills from their current suppliers. So, a design remit is in process.

Lastly, the Republican controlled government in Texas is asking folks to reduce electricity usage to prevent outages. They never repaired from their last black outs, and now they want energy demand reduced.

China (see Hang Sang) performance is at little to zero growth. unemployment for those under 30 are +14.5%. The markets are screaming for stimulas as Xi's policies have failed, and the new weakness of the yuan make it very difficult to print more morey which would devalue the curency even further. Their economy is stalled and this has the affect if lower RE prices ex-China.

Its not all bad news, but the markets are taking notice. As we applaud the new tonnage KALGOORIE will bring on line, I think the markets are asking who will use the finished oxides we produce. The markwt trend right now is against us, and we will feel it in our pockets.

Be cautious. And, GLTA.