H2 quotas, page-5

‘This ignores imported ore & con outside of the domestic quota system.’ With Lynas arguably approaching 20% of world supply and with Texas soon up to 30% this is an important factor on the road to a two tiered market for critical minerals like NDPR. It gets increasingly difficult to control the price when you control less and less of the market and people will take note of that. Add to that the likely premium for environmentally sourced REE from a stable country and I would argue that end users are willing to pay a premium. It is hard to see the future while looking at the past in my opinion and it is looking like Malaysia is coming around to their future and the place that Lynas has as part of it. At the same time we have DoD bought and paid for Lynas Texas facility to produce heavy and light REE. This all speaks to a market that is moving away from the CCP in many respects.