Lynas Trifecta Form Guide

1st Leg - 4000t finished output - this one's a soda, purely dependent cost recoveries LaCe, do it in a canter if the prize money warrants.

2nd Leg - 1500t NdPr - definitely the long shot, can they optimise recoveries THAT far on current inputs, or will it require more volume in the front end? Anything even close would be a great effort, annualising 6ktpa NdPr, perhaps more likely next campaign.



3rd Leg - CoP < US$10kg/A$13.20 - on a like for like basis, probably our bet of the day going on form, tad dependent on a good showing first two legs, but Lombard St to a China orange they'll nail this one, sans Magic Pudding even. Only real Q is can they also absorb the additional mining costs from the current campaign?

Regardless, another solid bar showing incremental growth, continued drive down the cost curve, and they've finally built Manhattan to look like a business, at the very nadir of the RE price cycle.