four statements made by the ceo and c/man lyc, page-28

H'mmm, maybe, but I'll punt the bottlenecks in L1 finishing are not yet cleared, maybe a delay with parts, which would also perhaps explain the lower than anticipated vols thru the front end.

Upside, with the return of seed Ce/La for saturation is a disproportionate amount of sales vol should be higher val Nd/Pr. Following on from that where is the RE coming from to saturate the L2 SX circuit? Hardly likely to have "borrowed" that a year or more ago, fair chance some of last Q's production is also seeding L2 finishing IMO. Also wondering how they will report SEG/HRE sales after toll processing, if indeed that is still the intended treatment, is it in addition to the stated sales vol. Of course with the low production numbers to date they may perhaps be merely accumulating the smaller SEG/HRE vols for batch 1, too much guesswork.

Other spec is L1 customers are still adapting, accepting Lynas RE into their own systems on lower initial "startup" vols and Lynas have diverted feed into L2 to start customers on the same process. The employment adds we saw recently might perhaps support that thought.