Q2 predictions

I will not be giving an Estimate for Q2.This is a first in many years.Simple reason is there is an Unknown that is impossible to predict.It is changes to inventory.Normally this is predictable but it is my opinion that shipping problems is controlling Inventory. If you read Q3 CCyou will see that Lynas is shipping material FOB customer dock.In normal times this is fine.With world logistics this has made deliveries of Finnish good impossible to predict.With FOB shippers dock when something is shipped it is invoiced and shows up as sales.Fob Customer dock then it can not be invoiced till it arrives.There are pros and cons to both systems.In normal times this delay is just a few weeks.That what falls off of one Q shows up the next, usually be balanced Q to Q. So inventory is a good estimate of what is on the shelf at Lamp. With shipping problems this cal. Year this has become random at best. It will settle out but who knows how long.Nothing will be lost, it will all show up eventually.It makes calling a Q cash flow with accuracy almost impossible.If I cannot stand behind my assumptions, I will not make them.Not saying I am never wrong just I want to take responsibility when they are wrong.

Changes to inventory a “-“ means a reduction in inventory “+” means an addition, in tons

		Q1 '21	Q2	Q3	Q4	Q1 '22
1	made	4110	3410	4463	3778	3166
2	invoiced	4409	4052	3096	4758	2724
3	Inventory change	-299	-642	1367	-980	442