Lynas Rare Earths (LYC) investor relations material

Executive summary

• Achieved one of the top three revenue quarters ever, with record gross sales revenue of A$265.0m in Q3 FY26, up 115% year-over-year and the highest since Q4 FY22, driven by firming NdPr prices and strong operational performance.

• Strong production ramp-up with 3,233t total REO and 1,996–2,000t NdPr produced; first commercial Samarium oxide output ahead of schedule.

• Secured a 10-year operating license renewal in Malaysia, providing long-term regulatory certainty.

• Signed updated 12-year supply agreement with JARE (Japan) and a binding letter of intent with the U.S. government for rare earth supply.

• Maintained position as the only non-Chinese producer at scale of both light and heavy rare earths.

Financial highlights

• Quarterly revenue reached AUD 265 million, up from AUD 31 million in the comparable quarter years ago.

• Quarterly sales receipts were A$234.0m, up from A$185.0m in the previous quarter.

• NdPr production for the quarter was 1,996–2,000 tonnes, annualizing to about 8,000 tpa, or 75% of current nameplate capacity.

• Average renewable energy content at Mount Weld was 95.7%, saving 870,000 L of diesel in the quarter.

• 25% increase in average NdPr selling price compared to the prior quarter, though lagging the China benchmark due to contract pricing structure.

Outlook and guidance

• Market settings for rare earths remain positive for the fourth quarter, with expectations for continued strong demand.

• Intention to lift NdPr production above 25 tonnes per day as ramp-up continues, targeting full 10,500 tpa capacity in the coming year.

• Ongoing ramp-up of Mt Weld expansion and new water recycling facility.

• Continued focus on expanding outside China metal and magnet supply chain, including new partnerships in Vietnam and Malaysia.

• Cost pressures anticipated in Q4 due to higher sulfuric acid and transport costs, influenced by Middle East conflict and global fuel market volatility.