Over budget but on time..., page-4

You ignore facts. PG one off 2019 plan budget was supposed to be 500M for all four projects. Here is the legal statement from page 1 of 2019 plan.
https://wcsecure.weblink.com.au/pdf/LYC/02549372.pdf • A $500m capital plan self-funded with the ongoing support of JARE

Now2019 plan is 1.2 B not what I would call a little over. Now AL was sneaky first she said KAL was supposed to be 500M at the end of a CC. I thought she just slipped. Then she said it in next 2 CCs and AGM, few noticed. It is now close to 800 M. how much larger before you will think this is a big overrun?

KAL was suppose to be feeding LAMP in June now it looks like its ability to do that is early next year. Don't confuse sample test volumes with production. AL seems to be counting on this.

Texas was supposed to be done late in 2022 they have not even broken ground yet.

Lamp NEXT was supposed to produce 1800 KT of NdPrO in late 2018 they went over 1800 for the first time in Q4 2023 they made a total 1864 Kt in Q4. NEXT was AL's demonstrating how good they were at project management. Amazing how many on this board still believe that.


Theses things always happen. But when management does not tell the stockholders what is happening that is a major problem as recently as the 2001 AGM AL proudly proclaiming they were on time and in budget. Here is quote from bottom of Q2 report 2020. In this they talk about accelerating the deprecation on Lamp C&L. Yet AL stands up in Q4 CC this week and says they did not expect license changes? How does that work?

Ok I will buy that except for one thing. The original 2019 plan called for 10,5 KT of NdPr. Maybe that did include lamp C&L The upgrade to 12.5KT NdPr was announced 3 Aug 2022 2 years after Mal license was change. Now at Tuesdays AR CC AL blamed the reduction to 9KT on license change. How can this be true when they upped volume in August of 2022, (Page 10 of https://wcsecure.weblink.com.au/pdf/LYC/02549372.pdf. ) You can explain AL saying reduction to 9 KT was because of license only 2 ways. She is clueless about what is going on in her own company or she has pulled wool over people's eyes so often she sees nothing wrong with it.

Some people keep filtering everything through your rose covered glasses. Just like when you visited KAL and came back and said everything was on schedule just to have a major 6 month, or longer slip announced less than 2 months later. Or how you told me that CE prices would recover because they were going to use it in a deicing paint on all airlines, in a year or two. Been about 10 years and I still have not seen it. You are an investor in Lynas not a founder! It is good for all investors to be critical of everything management says not take it in hook line and sinker.

I sincerely hope you figure it out this time not hold the stock through a 95 % fall like you did last time when you thought NC was a great CEO.