ITS UNREAL, page-26

The theme remains the same.

- we are still in the infancy of demand - projections of 2025 are off the map and where is that large increase in supply to arrive from?
- majority of new entrants to reo continue to struggle to get anywhere near progression of anything - just glossy presentations. GGG is a serious blow to future supply anticipated in 2025 - just when Lynas has Kalgoorlie commissioned and U.S. plant operational along with ramp up in production in Malaysia which we hope to hear about in pending quarterly.

CURRENT SUPPLIES HAMPERED.
- China stated further environmental management clean up and illegal trading in reo's - the current one mentioned here will be just one province of reo mining area of China.
- Myanmar disruptions would certainly be occurring - to what current extent and future extent time will tell as news arrives but it is difficult to obtain facts in these areas.

ALL THE WHILE FOR LYNAS IT IS JUST BUSINESS AS USUAL. Never has the company been in such a position of control. Malaysia settled and China can not use the reo price slump tactic as fundamentals have shifted significantly.

Currently a chip shortage is causing vehicle manufacturers problems and some are reducing production until South Korea can supply. In the future it may well be a real issue of reo mineral supply availability for magnet production given the growth projections in demand and the limited supply available - particularly with China really pulling back on exports and environmental clean ups and closures will continue to put pressure on China production thus their export quotas reducing annually as they sure up their own supply.

I'm loving this - as you probably note. Have a great weekend all.