Technical, page-2402

So still Zero data on your assumptions I am low. They have not made a clear announcement on costs since May 2019. That was that total cost would be 500 Million they are 1.2 b now and still rising. They said all cost would be raised from Operation they have had two stock sales one for over 400M and one for over 200M. What do you use to justify your statement. of "about you continually underestimating" First you make a statement that says i am wrong. Then when I ask what that is based on you say, you will not talk till Lynas makes a clear statement on future cost which they have not made in years. sounds like lots of hot air with ZERO facts to me.

Just to help you out. here Is what will drain cash.

1. increasing expenses with low REE prices.
2. paying for 50% to 75 % of Texas. We know USG will pay to a max of 50% about AUD 375M. We have never had an update on current costs. JMO based on KAL Texas will be over AU 700 Million
3. increase Lamp capacity. we have never had cost or time frame given for this.
4. Finish KAL ?????
5. completion and use of PDF still has not been announced. What is happening there? if I missed it pls let me know. I might have.

Even with all this and Texas being done in 2026, which I doubt, Lynas market share will drop from 11~13% a few years ago to less than 5%. Leaving them as a small player with very little influence.

JMO but cash will go down just under AU 200M Q1 and about the same in Q2. Q1 and Q2 are based on production about same as Q4. Q1 REE revenue impact is already known. Q2 is based on no dramatic increase in REE in next 6 weeks. Dramatic would be NdPrO going up more than 300 RMB between now and end of September. After that price changes will only have an impact on Q3.

Great try to put me off but it is totally bogus, you should have some historical data to back up your statement of "about you continually underestimating"