pre-operation license, page-58

agree hbunton, no need to panic from the coy viewpoint, this delay will allow for completion of plant, and a no pressure period of trialling and bedding down before a pre approval and ramp up.

Delays have caused this project to blow out, the initial one occurring after the 51% equity funding with the Chinese fell over. That led to big costs standing down operations and keeping contractors on side, and then the resultant start up costs again.

Still more delays of exactly undeterminal period, but this can be used for positives of bedding down, so not all the time necessarily wasted. The big question is further dilution for working capital. The coy has suffered from dilution and increased costs due to lengthy delays and set backs to deriving income from its earlier promises a few years back. This is something that most investors suffer from, not making sufficient allowances for delays that occur across most mining areas from beauocracy, greener requirements, and volume delays imposed on all sectors of business necessary to develop projects.

So the coy is progressing behind schedule and price is suffering due to directors led expectations on timing and reality disagreeing. In actual fact, if one studies the evolution of projects from explorer stage to production, it usually reveals a strong rise on initial discovery, another rise on the announcement of funding takeoffs and approvals. But it then usually goes to a lower point before startup. This is when sentiment shifts from the theoretical and positives, to the time disappointments and doubting period. Start up of production can quite often be reflected in a low share price because the plant now has to perform to its name plate expectations and proof of concept. This is where Lynas will be protected during a review process time. So share movements and to that add the euroland uncertainties is quite understandable.

Currently with uncertainty, one could expect price to be weak until better clarification or granting of approvals. So one needs to decide what time frame they are working on, as to how they act from here.