malaysian elections and lynas, page-22

I sent a few questions to Lynas yesterday. Responses are below. Surprisingly, this one did not include the normal statement advising the response was private. So they are the full responses.

It is common practice for ASX-listed companies to host analyst, or “sell-side”, briefings with management. Note that institutional shareholders were not invited to the event. The reason for hosting such briefings is that the analysts write publicly disseminated opinions about the Company. It is important that we meet with them periodically to answer their questions and ensure they write factually accurate research. We confirm that no new material non-public information was disclosed to the analysts at the briefing. In regards to your questions we note the following:

1. Cost of Production ($10) - This cost estimate is the Paterson analyst’s assessment.

2. Production - Current guidance is for initial commercial Rare Earths product samples to be available this month. These samples will be sent to customers for qualification, after which and upon successful qualification, we will commence commercial shipments to them.

3. The majority of Phase 1 production is covered under written agreements with customers. The majority of Phase 2 production is reserved for the Sojitz distribution/agency agreement into Japan.

4. Black plumes from LAMP - Since commencement of operations at the LAMP there has been no non-compliance with any of the relevant regulations and standards.

5. Lynas expects to deliver the majority of its rare earths products under existing and new customer agreements. Lynas expects to maintain a small portion of production available for spot sales.