market update is out, page-3

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Mount Kellett has approached Lynas to discuss whether the capital raising has triggered an
adjustment mechanism under the Convertible Bond Deed Poll released to the market on 24
January 2012. As Lynas
advised the market on 19 October 2012 the initial reset provisions of the
Convertible Bond Deed Poll no longer apply in relation to the obligation to obtain a Temporary
Operating Licence
. As
also advised on that date (and the date of issue of the Convert
ible Bonds)
the terms do include 'customary anti
-
dilution' adjustment provisions. The
Institutional
Placement
and SPP have not yet completed and therefore no determination can be reached on what
adjustment, if any, may be made.