Good morning and welcome to the Lynas Rare Earths investor briefing for the 2026 financial year. Today's briefing will be presented by Pol Le Roux, Interim CEO, and joining Pol are Gaudenz Sturzenegger, CFO; Chris Jenny, VP Sales and Market Development; Daniel Havasi, VP Strategy and Investor Relations; and Sarah Leonard, General Counsel and Company Secretary.

I'll now hand over to Pol. Please go ahead, Pol.

Thank you, Jen, and good morning, everybody. Thank you very much for your interest in in Lynas, in our company.

I would like to acknowledge the traditional owners of the land on which we live, work, and meet across Australia. We acknowledge and value Lynas' Aboriginal and Torres Strait Islanders employees, partners, and communities, and pay respect to their elders past and present, and this applies to elders in and outside Australia, of course.

Prior to going through the presentation, I would like to spend a bit of time sharing with you what makes Lynas, what makes us comfortable facing the challenges and opportunities of the future. While preparing for her farewell, Amanda went around and asked everyone to define Lynas in a few words.

The best statement came from [Karul?] , the GM of LAMP in in Malaysia, who stated, "Lynas is personal."

Indeed, Lynas is defined by its exceptional workforce. We've gone through challenges over the years, but most important, we learn from those challenges.

Today, we have in our people an exceptional level of expertise, be in market knowledge recognized by our customers and competitors, and in rare earths processing and innovation. I just want to spend a bit more time on the importance of innovation capability in the rare earths industry.

The dominant players and our main competitors are Chinese. They started 50 years ago before anyone else.

They are experts in the field. Lynas has invested substantial effort in R&D for several years and built an extraordinary team developing specific expertise in geology, concentration, cracking, solvent extraction, and product finishing, as well as developing new products addressing markets of the future.

Most important to me is that in our R&D program, we partner with the best institutes around the world, from France to US, Japan, and Australia. Believe me, 10 years ago, they wouldn't pay much attention to us.

Today, they are all very eager to participate to our programs. This credibility from scientists working on our future is a tremendous achievement from the team.

In short, the team has a very strong track record of addressing and fixing issues when they arise, but also a unique capability to prepare for the future, developing more efficient processes, improving the environmental impact, and developing ahead new products, especially supporting the development of new energy. Yes, Lynas is personal, a team working together to maximize our results every day and prepared to deliver on our great ambition for the future.

Going back into the pack, the first refers obviously, and that's slide page 5, to our safety performance and the status of our Yes We Care for Each Other program. In FY26, we are very proud to have delivered an excellent LTI, 0.9, which is half of FY25.

Nevertheless, safety is a never-finished job, our increase in TRIF is being addressed by the team, focusing on reducing strains and sprains through engineering and training. That that is really something that we take very, very seriously.

Now, moving to the business side, let me share with you where we stand versus our Towards 2030 program, which we can summarize as slide 6 in harvesting and growing. Moving forward to page 7, slide, I've been in Mt Weld the last two days and now in Kalgoorlie.

Mt Weld is going through an exceptional ramp-up of the expansion facility. It's been Of course, we always have small issues, but very, very little.

We are almost done except for the TSF4, which is being finalized to prepare for future production. It's it's really a a very good achievement of the team, both the project team and the operation team.

That that has that is an operation that we can we can rely on very very comfortably. Today, I'm in Kalgoorlie, and Kalgoorlie has actually delivered a very, very important improvement through the year.

You remember that we had quality issues in in the product, the MREC produced at Kalgoorlie. Those quality issues have been fixed, in particular through through a change in the precipitation process that was executed perfectly in a in a week time.

Everything was changed, and the quality of product improved substantially, making making it very easy for LAMP in Malaysia to process this product. That's this new feedstock.

We have still left minor modifications to increase the nameplate capacity, especially in gas treatment. This is under progress.

All the all the products and and spares that we used to source from China, it took a while, it was a bit of a challenge, but now it's secured. We are 100% non-China dependent, and and so that's that makes Kalgoorlie ready to grow and to to deliver up to where we expect them to be.

Kuantan, Kuantan had a fantastic year. We had the best ever performance in cracking and leaching.

The SX was tested as the new nameplate capacity successfully. nPF has been modified, and so that improved a lot our productivity and, very important, energy efficiency.

Of course, we started to deliver commercially dysprosium and terbium. That's that's all about the harvesting, it's harvesting Lynas 2025 is is almost, I would say, very close to being done and and ready to to grow further.

Growing further, and starting with strengthening our sales, a very important agreement is the agreement signed with JARE, it's a 12-year agreement. JARE is and definitely speaking, it's a very important and exceptional partner for Lynas, and vice versa.

We've gone through difficult time together, we succeeded together, and we are working together to further enhance this partnership. That's that's a very important agreement for us, and we're still working and developing this further.

As for the growth, well, we have established a specific team dedicated to the development of resources. This applies to Mt Weld, of course, the carbonatite, addressing, and I was discussing that with the team yesterday, how fast we can address the high DyTb zones in the mine and process it in Kuantan.

Of course, looking at possible additional resources, especially if they have different rare earths distribution compared to Mt Weld, with more heavies and less less light rare earths. These are a number of discussions going on, and we have a very well-structured team to evaluate and then discuss these opportunities.

Regarding the development of the new heavy rare earth separation, it is on track. It is on track with our plan, the plan is So we have delivered in '25 DyTb.

We have delivered samarium a bit ahead of schedule in March '26. The next step for us will be to deliver gadolinium and yttrium, that should be in the first half of fiscal year '28, and then finally an increased production of samarium and lutetium, finally in the first half of calendar year '28.

We are on track, under control, and and this is very promising development in in LAMP and in Lynas overall. The the last pillar of our our strategy consists in supporting the development of downstream industries, and so you saw that we signed a partnership with JSLink with an investment of $50 million by by Lynas into JSLink, and the rest of the project in Malaysia being funded by by JSLink.

This is important per se because this adds further downstream capacity, magnet making outside China. This is also politically very important for us to contribute fair enough to the development of Malaysia as a rare earth hub, and we'll continue doing that because we are fully engaged in the development of of Malaysia as an integrated rare earths player.

Another partnership signed is with LSKBAL from, again, Korea, whereas we worked together on the development of metal making, which is an important step in in the magnet supply chain, and still quite dependent on China, it's it's really an area where we work very hard. Finally, an MOU signed with Noveon in the US for development of magnet making.

We have, of course, a lot of other discussions ongoing, which is a bit too early to to discuss about, but we we are on track on that development, and more more developments are yet to come. On the page 8, financial results, I think numbers speak by themselves.

It's a it's a wonderful improvement in our results, supported by, this time, both better price level, market price level, a price premium delivered by the sales marketing team versus market, a slight or an increase in product volume and and of course on product offering. This will continue improving our top line since we'll we'll add up more product in our portfolio in in the coming quarters, let's say.

Adding to this, and you will notice a very very big focus and discipline on the capex spending, we are spending our shareholders' money wisely, and so the amount of capex spent, and that's probably on the next page, slide, has decreased substantially in in the past year, in line with the end of the the big projects, the expansion in Mt Weld, Kalgoorlie, and and the industrial plan in Kuantan. Moving forward on on the business, on the market side, I would simply say that the market today, and I insist on that, because in the 25 years I've spent in the rare earths industry, it's not been always the case, but today the market is clearly driven by energy-efficient motors, and therefore the magnet needed needed for for those motors.

This continues to be growing very fast, and at an average of, let's say, 10% a year, and very few markets have such a growth. I don't foresee a replacement of that permanent magnet technology.

There is innovation in magnet making, but not not disruptive developments. I think the the current price, which is which is supporting us a lot actually, well actually I I foresee them to maintain because to sustain because that's the price level needed for additional resource development, and so that will be all the benefit for Lynas, which is an already established business.

The key to further develop the downstream market, which is essential for us, we need to develop the downstream market outside China. I would summarize that in in a few words.

Number one, you need to have the engagement of OEMs. Since 2010 when I joined Lynas, there was a little bit of excitement in 2011 with the first rare earth crisis, and then this faded away.

I have to say that today when you meet with a car OEM or wind turbines or otherwise, everyone is really serious about securing at least part of their sourcing from outside China, not being fully dependent on a single country. I I have I insist I have absolutely nothing against China, but I think for the industry, it's is very important, and we learned that through, among other things, the the COVID pandemic, that there are some risks in depending too much on one single country for for an industry.

The engagement of OEMs is is here, and that is essential. Of course, in this difficult challenge to catch up the development of this rare earths supply chain that has been left to China for 40, 50 years, the transition is very challenging and you need here government support, and I think you see news from everywhere and see different governments around the world quite engaged in supporting the development of the industry.

For what is under our control, the key very simple element, what can Lynas do to support the development of downstream industry? Basically simple.

We need to produce more DyTb and we need to provide recycling of swarf. When you produce magnets, you lose 30% of your raw material in the magnet making, and you need to have access to a recycling capability, and that's that's a very important proposal from Lynas, to accelerate as fast as possible our DyTb production, and that goes into the development of a resource, and especially Mt Weld and other opportunities, as well as providing to magnet makers the possibility to successfully recycle their swarf on our facility in in Malaysia.

That will be And there are more slides illustrating each project through the pack and achievements through the year. Again, a great year, a great year where we added success to our track records.

Some are visible: samarium production, agreement signed with downstream players, with Japan. Other successes are not visible, but they prepare for our future, and this is the the step-up of our people's expertise, discipline, teamwork across the organization.

This is the time to be ambitious, to seize opportunities, and they are many, we are, I believe, best equipped for that and face the future with confidence. On that, I would be happy to answer or, as best as I can, answer questions, if there are, and I I move back to you, Michelle.

Hi, Paul and team. Thanks for the call.

Appreciate your time. Look, I want to ask a couple of questions in terms of future direction of the business, but I'm going to focus firstly on the cost side if that's okay, and then I might queue back again.

In terms of your cost base, I just want to touch upon the G&A and the fixed cost base going forward. Obviously, there was a footnote in your statements today which talked about some of the costs basically being expensed in the G&A line as you were managing the inventories.

In terms of your operating cost base and fixed cost base, is this the right level for us to be using to forecast going forward? Or can you point to any initiatives that you have for either lowering your fixed cost base or otherwise if we should be thinking about higher cost base as you produce more in the future and ramp up?

Thanks Rahul. That's a very good question.

Obviously, we are focused on a unit fixed cost, and I think the reflection of all the fixed costs of this year are actually the results of increase in volume of fixed costs, whereas the volume and production would increase in a short-term period. There are, and Gaudenz can illustrate that, there are also in this year some exceptional elements in the fixed costs.

I don't know how much we can disclose on that. Definitely, the current fixed cost level is some things you could anticipate decreasing over time.

Gaudenz, maybe you can give some elements on what is exceptional, because there are some elements exceptional for this year.

Okay. Rahul, I think the good point.

I think we have seen in the G&A line increase, I think it's $34 million. Out of this, it's really $23 million is underabsorbed cost, which will work itself out when we fully ramp up or ramp up Kal.

That's let's call it a temporary placement. The cost you have seen in the other G&A, the $10 million, there I might refer you to the Rem report, page 209.

I think more than half, it's explained there. I think it has to do kind of with the leadership change.

That's, I would say, a one-time effect. Overall, I would say obviously with having the balance more Kalgoorlie versus or Kalgoorlie becoming stronger in the mix, you have a certain base effect.

I don't think the base you see today is the right one. I do see, also with the issues we had on the ore, that if it's working itself through the process, we will also see kind of a moderation of the cost there.

I would not use the cost base as it is. I would see a easing of it.

There is one big element which is going completely the opposite side, and that's the sulfuric acid price, which is very important for us, and it's four times more than it was kind of 12 months ago. I think the expectation there is that, well, it's a good chance that in a couple of months we see a moderation on that cost.

That's one cost which is really kind of blowing out, geopolitical issues on that one, expectation. Depending what our friends in Washington and Iran and wherever are doing, we would hope it will come back over this financial year, I hope.

I hope that gave you a little bit color.

Thanks. Morning, Pol, Gaudenz, and team.

First question's on just the outlook for FY27. In theory, nothing's really constraining you from ramping up NdPr production to 10,000 tonnes or so.

It sounds like Mt Weld's running better. Kal's sort of proven, but you don't need to run it much anyway considering the cracking and leaching capacity in Malaysia.

The question is actually more around additional NdPr offtake considering you can sell up to 7.2 thousand tonnes to Japan. You've also got the agreements coming through with JSLink, albeit the magnet facility hasn't been FID-ed yet and needs to be constructed, and the agreement with Noveon.

The question is actually more around, what should we expect on additional offtakes in FY27? Should it just be JSLink and Noveon?

Or do you actually think that you can actually announce or actually sign more offtake with Japan?

Okay. That's a good question.

You understand that first, there are lots of ongoing discussions for this offtakes from OEMs from new magnet makers to come. There will be more.

I can't tell you specifically who and when, but definitely when you look forward to 2030, Chris Jenny and his team basically are able to move the cursor back to production, say, "We need more production." That's a very good trend on the sales marketing.

All the efforts made are in line with that, to accelerate the development of downstream projects and capacity increase and secure long-term offtakes from Lynas to those projects, including direct purchase from OEMs. As I said, one very important element, very simple: we are the first DyTb supplier outside China, and that's a great achievement, but it's very critical for us to accelerate that development because the world outside China is very short of DyTb.

That's the main constraint, I would say.

Thank you, all. My question just relates to I guess you experienced ore variation in the June quarter, specifically as you were working through that apatite ore at Mt Weld.

Can you just provide an update quarter to date, how concentrate quality is tracking, and if that's worked through the system at this point in time?

As I said, I was in Mt Weld Monday, Tuesday. I am in Kalgoorlie today, and I will be in LAMP in 2 weeks' time.

Definitely, we have improved. That has been, as I said, a very painful time because it was complex.

The quality, the way to segregate ore and prepare a better feed to a mill in Mt Weld is now well under control, well done. All the tests and the development we made in modifying or adjusting the processing, both of flotation and cracking leaching, has substantially improved our capability to go through this transition period.

Today, and cross my fingers, but today we are very happy with this quarter production performance, yeah.

Morning, Pol and team. Question from me: Pol, for partners like JSLink building out magnet capacity outside of China, how dependent is that build-out today on Chinese equipment, technology, or even the technical know-how?

Can they realistically scale the capacity with minimal dependence on China?

A very good point. For the detail, I can't disclose what is JSLink company's knowledge in detail.

What I can tell you is that their key technical people, I know them pretty well, are basically Japanese experts of very high level. JSLink has developed their IP mostly with Japan, not so much with China.

They're quite independent of the Chinese knowledge and expertise. Remember, Japan invented NdFeB magnets, right?

They're on top of the game technically.

Hi, Pol and team. Just wondering if you could in any way quantify what your production volume expectations for NdPr in FY27 are.

Thank you.

The answer, Daniel. We don't make forward statements, but definitely we'll continue to ramp up and probably make sure that we have enough production to supply all our customers outside China.

I can tell you that the FY27 will be fairly higher compared to FY26, pretty higher, yeah. I won't give you a number on that, but pretty high.

Good morning, Pol. Thank you for taking my question.

My question is in regards to your capital allocation framework, if you have one. By looking at your balance sheet, you have $1.2 billion sitting at the bank after your equity raise last September.

By looking at your cash generation over the next 12 months, I guess you will continue to build cash even though you have capex cycle. I'm just wondering how the management team currently ranks the capital allocation priorities, because you have so many small projects, Lynas 2030, between your additional upstream feedstock opportunities, downstream growth projects in metals, magnets, including your JV, organic, inorganic growth, and most importantly, how should we think about shareholder returns, such as dividends?

Thank you, Pol.

That's a very good question. All the numbers in the yearly report include capex that are clearly and officially and transparently decided.

I just want to first say that, yes, we raise more than $900 million around a year ago, but that's for the two for the 5 years to come, until 2030, and we are 12 months through or 10 months through. It's fair enough that we haven't yet executed all the projects that we have in mind.

These different projects that are under discussions, they are not included because they're not fully defined or fully negotiated when it comes to external growth, the cash component is not known and therefore not included in our tables. I would say to summarize that the capex for FY27 which is in the report are basically the one investment that is decided, which is the heavy rare earth separation, how much we cash out next or this fiscal year on that, plus, by priority, all the small stay-in-business or productivity quick wins capex that we have in the pipe so as to secure our production volume and further improve our cost position.

The big ones, per definition, because they are not fully defined as we speak, cannot be shared and disclosed at the moment. We'll make announcements as the other things develop.

morning. Morning, Pol and team.

My question is also on the 2030 strategy. Looking at that slide you have, you have the downstream capacity and expansion to metallization all kind of executed with the different announcements.

For the additional ore resources, yes, you finished the Mt Weld, but you continue to highlight this new feedstock potentially from ionic clay. I don't know if this is correct to make the link to the time deposit that you have, like $270 million.

Just keen to understand for this part, particular part of strategy, should we think about it in the next 12 months or something kind of longer term after the succession plan is clarified, or maybe after the environmental approval is settled with the Malaysian government? Any color on this part would be very helpful.

Thank you.

Thank you for the question. I think we definitely need to increase the DyTb content in our feed.

The simplest, fastest way to do that is to accelerate the access, therefore modify, and that's what I discussed with the team yesterday, the mining plan of Mt Weld so as to access the DyTb-rich zone that we disclosed when we disclose our last resource and reserve statement. That's the fastest because we don't need permitting.

It's still mining in the same pit of Mt Weld. Process is not changed.

It's simply execute that as fast as possible. There is a cost because we need to evacuate the overburden that we were not planning to evacuate so early, it's additional mining cost, or anticipated mining cost, that is under calculation and that will be disclosed in due course in a very near future.

Beside that, we are looking at pure ionic clay options, and we have basically a lot of people with development projects from everywhere around the world coming and knocking at our doors. We are discussing with them what kind of a strategic agreement we could have, whether it makes sense for us, and whether it makes an industrial sense, means a good complement to Mt Weld resource; second, whether the environmental performance of these projects are in line with Lynas' strict policy on the matter; and at the end of the day, if financially we can make a deal that makes sense to our shareholders.

These discussions are underway. As soon as any one of them would be finalized, it will be disclosed to the market.

It's a bit too early for that. It's got nothing to do with succession planning or otherwise that you mentioned.

It's just a matter of timing. We are the August 26.

Could be not tomorrow, but yeah, soon.

Thanks, guys, and, Paul, good morning. Just a question on the sector's broader M&A trajectory and implications for you.

Energy Fuels putting in a bid for Base Resources, how do you think about that in the context of your own sales book? Did you sell to them?

Will you still sell to them? Then, hypothetically, if that continues to happen, you have more of your potential competitors buying downstream, how does that affect how you think about your sales book and then your downstream strategy more broadly?

That's a very good question. The first remark I would make is when you see competition growing, you should be happy, because if you have competitors, it means that you are playing in a very attractive market, I'm happy to see competition.

Now, what is what matters to us is to further deliver on the specific of Lynas, and the specific of Lynas is a track record, the supply ability, the predictive supply ability of Lynas, the quality of our products, the partnership with Japan and with new players. You can't marry everyone.

This year we added JSLink to the list, LSKBAL for metal. There will be more.

There is enough room for everyone. At the end of the day, what matters is not so much what on paper you build as a alliance, but how good a newly formed team can be to execute the strategy.

We focus on the execution of our strategy more than worrying about how others would So it doesn't change our plan to answer your question.

yeah. Thanks, Pol.

I just wanted to follow up on something you mentioned during the call. It looks like you're considering recycling and adding more production to Kuantan.

I was just wondering, have you had any, at this stage any sort of thoughts about the size or when this project might take place? Would it take more separation capacity, or would it sort of just backfill what you already have?

Just, yes, more details on that project. Thanks.

That's a very good question. Two words.

One on recycling, because there are lots of communication, I would say, around recycling. There are two kinds of recycling.

One is end-of-life magnets recycling, and the other is recycling of the swarf. The swarf are 30% of raw material or alloy that are wasted during the magnet making process.

When people talk about end-of-life magnet being the wonderful opportunity to secure critical material, I think there is a misunderstanding here. I'll take example of car industry, which is majority of magnet usage today.

A car lifetime is 15 years average. 15 years ago, there were 200 grams of magnets per car.

Today, there is 2.5 kilograms of magnets average per car. You see very easily that if you address the 200 grams of a smaller automotive market 15 years ago to supply the existing market, you have a gap.

I think it's important to have the ability to recycle end-of-life magnet, but that is more preparing for future because it will start to be substantial only after 2030. Important to have, not important to execute immediately.

Whereas the swarf recycling is an immediate add-up and very important step for the competitiveness of the magnet maker. A magnet maker who is not able to competitively recycle the 30% swarf cannot be competitive.

That's a service we offer. We are in discussion with a number of magnet makers.

JSLink, of course, being in Malaysia, will be the first, but there are others that are interested. We are discussing that.

Project is scoping the size of recycling. That would be a marginal investment, adding to our existing facility, combining the heavies and the lights separation.

When it comes to increasing the production size of LAMP, LAMP has substantial upside to increase its production capacity. I know that last year we mentioned 12,000 tonnes a year as a possible target.

That is more related to how fast the market grows. What is important for us, there are two elements to consider.

One, when you see how effective was the capex, we invested around $100 million for whole industrial plan in Kuantan, whereas we increased our production by 50%, we added up DyTb production, all of this for $100 million. That is very, very cost-effective, and we did that with a very smart modification of our solvent extraction system, which is now unique, very different, and we don't disclose how we modify that.

Cost-effectiveness of capacity increase is to us very, very important, and that will be a big element in making decision on increasing further the size of LAMP, in line with the market demand. LAMP could go very very far.

We may also consider at some stage to have another site, I don't know. We have time to think of it.

Potentially, LAMP has a potential to grow a lot in terms of size, and we'll grow that as the demand justifies.

Hello?

Thank you for taking my second question. As part of your environmental approvals, I believe you've committed to spending 1% of gross revenue on thorium extraction development at LAMP out to 2031, which I think is roughly $100 million.

What progress has been made on that, and do you remain committed to that program, and is the spending commitment unchanged?

Yes, that's a very good question. We have achieved very good results at pilot scale with a modified cracking process whereas the thorium, uranium are extracted out of cracking leaching.

Now, that's one element. What we are working on at the moment is to I would say change the vision of process.

Instead of extracting only what you want from the raw material you have, making sure you extract everything that has any value from anything you take from the ground. Very simple: thorium may have commercial applications, but you also have scandium, you also have phosphate, and so we fine-tune the process and we have lots of R&D program on that should be able to produce and value every single product and elements that is in the concentrate that feed cracking leaching.

We are in the process of building an industrial pilot plant and test all the developments that have been done around the world on this program. We'll see from there it's R&D program, in a year's time we should have further results on that.

2031 is a challenging date, but not impossible. At the end of the day, for us, what matters is to make sure that such a process change would be profitable for Lynas, we need to maximize the return.

This goes into improving recoveries of lights, heavies, valuing all elements feeding this process so that at the end of the day, we find a project that is improving further the cost position of Lynas, at the same time addressing the environmental consideration of Malaysia. It's a great project, actually.

Thanks for taking my second question. Pol, you've historically talked about the ramp-up in terms of tonnes per day.

On my numbers, second half production averaged around 21 21 tonnes per day. I believe you're working towards 25.

Can you just maybe let us know where did you end the year, and where do you want to get to through FY27? Great,

excellent question. We have two ways to consider that.

One is, it's the formal consideration, it's called the best demonstrated performance. This is something you measure, let's say, over 3, 5 days average, because how high can you go in terms of daily production?

This differs from at each step of the process. What we target on SX or nPF in Kuantan is 30 30 tonnes or even 33 tonnes a day.

At the moment, we have demonstrated that we are able to get 30 tonnes a day over several days, so that's a great achievement. We need to further develop to move up to 33 tonnes a day.

Cracking leaching in Kuantan has been very amazingly performing last fiscal year, we had up to 31 tonnes a day at some stage. Again, don't be too excited.

This is exciting, but problems occur. You have power cuts, you have breakdowns, you have regular maintenance, preventive maintenance, etc., you can cut it off by reliability of equipments and external factors, which kind of brings us to where we are, we have delivered on FY26.

The quality variations on Mt Weld concentrate was one of this element that was very frustrating to the team because it impacted directly the cracking leaching both in Kuantan and Kalgoorlie performance. This is now way better addressed.

We follow that the best It's very important two aspects on capacity. One is the best demonstrated daily capacity over a few days' time at each step of the process, and I think that we are pretty well on that.

The other is improving the reliability, including reducing your exposure to external factors that included in FY26 sometimes shortage of chemicals that we were sourcing from China and then all of a sudden was not possible to source, or other external factors like the famous power supply to Kalgoorlie. They are things that we need to take into account as well, because at the end of the day, the production performance is a combination of how high you can go at your best versus how long you can run.

Sometimes you need to be a champion for 100 meters and the marathon at the same time, so that's the challenge.

Hi. Thanks again, Pol.

Pol, I don't want to get caught up too much in the near term, but just on FY27 where you said that production should be fairly higher than FY26, you stepped through Mt Weld's running better, the downstream capacity, you just outlined can do, 11 or so, but that's without the maintenance shuts, etc. Just looking at FY27, are you planning on ramping up in line with demand and sales contracts, or are you planning on actually ramping up faster than you can sell and you'll carry the inventory on the balance sheet, or can your customers actually prepay for your material like, for example, we've seen with MP?

Basically, the FY27, Mt Weld is able to deliver as much as Kalgoorlie and LAMP can swallow. As I said, the key focus for us are making sure we keep control, which is the case now, but we need to keep control on the quality of concentrate produced by Mt Weld so that the productivity of cracking leaching both LAMP and Kalgoorlie are not impacted.

That's a very important element. The other element obviously is to and that's why I spend these days in Kalgoorlie, but making sure we execute the necessary last few detail modifications in Kalgoorlie so as to maximize the production in Kalgoorlie.

We have one one element which matters a lot in LAMP. That every year, the second quarter, we are a bit limited by the allowance of concentrate we can crack in Malaysia, we still working with the regulators here to increase that to 110.

That would deliver a lot more production for us since every year, normally we focus on concentrated maintenance during that time, but we wish to make profit of that period of time to produce more. That will be the elements for us to maximize our production.

I would say it's more related to industrial performance this year because we are still some issues to fix rather than the demand.

Thank you for taking my follow-up question, Pol. My question is a follow-up from the answers you provided earlier to my first question.

You mentioned various projects under discussion. I'm wondering, is that more like a timing issue or because of the previous CEO Amanda has left by the end of FY26?

Because it's been 12 months since the equity raise. Are you being able to elaborate on that?

Also, what's your view on the inorganic growth, especially for your upstream feedstock for the new ionic clay? I guess you are open for the inorganic growth given you signed agreement with one of the Malaysian government and ionic clay is rich in Malaysia.

Thank you.

Thanks, Chen. Now, I understand you are frustrated because we don't spend fast enough our money or your money.

It's just 12 months. It might sound very long to you, but it's not that simple.

We really need to seriously assess the quality, the economics of potential resources, the permitting situation, because for a lot of projects for ionic clay, it's in countries where the regulation is not existing or not satisfactory, and we are very very careful about that, and finally make a deal that is economically sound for our shareholders. It's nothing to do with succession planning or whatever.

Lynas and the team keeps working very hard on that and on a number of projects. If I take the Mt Weld resource development, that is 100% in the hands of Lynas, it is a complex work to readjust your mining plan.

I was challenging the team as usual yesterday, say, "How can we go faster?" etc.

It is not that simple. You need to mobilize lots of resources to change your mining plan and that's for the high DyTb content.

The other one is the carbonatite, for which we have a very high expectation, but this is all about not only further characterization of the resource, but also optimizing the processing, concentration step, and cracking step of such resource. It's a lot of efforts and R&D for that prior to declare that zone as a reserve.

I'm sorry, I'm like you, I wish that everything was done yesterday, but sometimes we need to be realistic. Trust me, we are very careful to make sure that the money is spent wisely.

Yes, sometimes it's wise to think through deeply on the projects rather than go ahead and then realize that we ignore some aspects of the deal or the opportunity. Sorry.

I hope that in the near future we'll come back to you with some more announcement, but just JSLink, LSKBAL, and Noveon is quite an achievement in the last 12 months. There will be more to come, that's all I can say, and they are all under discussion.

Hi, Pol. My question is just a simple one.

If we look back when results are presented in a year's time, what would successful outcomes be? What are the key things that the company wants to achieve in the next 12 months?

Thank you.

If you look back into our mindset, our expectations, our achievement in FY26 versus what we were expecting beginning of FY26, I would say overall I'm very happy. We are pretty happy overall by how fast things went.

A little bit disappointed, of course, by the production volume because of this quality issue we faced in the last quarter, which is for the whole team frustrating, but anyway, that's life. No reason to complain, just address and learn from that and make sure it does not repeat again.

On the other hand, the development, the heavies, DyTb commercial, and the way it was received by the market is even more positive than expected, and that's the reason why we need to further accelerate on that. The samarium production was delivered earlier than expected, so that's great.

At the end of the day, the safety, we were quite concerned with the last year safety performance. The safety performance of this year has been just cutting by half the LTI, which is a very important aspect of our performance of the team.

As I said, and for me, not numbers, but I have 25 years experience in this business. Today, when I go around with the team, be Mt Weld, Kalgoorlie, Kuantan, which is on top of the game, and the R&D team, I feel a level of expertise and engagement that I have never perceived in the past several years.

That to me makes me very comfortable for future, yeah. That's achievement mainly of '26, yeah.

Okay. Thank you very much, all, for this very interesting discussion.

I hope that you are all convinced as I am that Lynas is very well-equipped, has delivered a pretty good result in '26, but as I said, most important to me is perfectly equipped to seize any opportunities in the near future and deliver for the growth. Thank you very much, all.