Lynas Rare Earths (LYC) Diggers & Dealers Mining Forum presentation summary

Operational achievements in FY24

• First shipment of Mixed Rare Earth Carbonate (MREC) dispatched from the new Kalgoorlie facility in June 2024, supporting downstream processing initiatives.

• Stage 1 construction of the Mt Weld expansion project completed, with commissioning underway and Stage 2 construction in progress for FY25 completion.

• Commencement of a 5-year mining contract with Carey Group at Mt Weld, with continuous mining operations starting in the June quarter 2024.

• Completion of Mt Weld exploration and resource definition drilling program, enhancing understanding of ore zones.

Resource and reserve growth

• Mineral Resources at Mt Weld increased by 92% since 2018, now totaling 106.6 Mt at 4.12% TREO.

• Ore Reserves rose by 63% to 32.0 Mt at 6.44% TREO, with a 22% increase in contained TREO and a 92% increase in contained Dysprosium oxide.

• Reserve mine life exceeds 35 years at current production capacity and over 20 years at expanded capacity.

• Enhanced understanding of heavy rare earth (HRE) mineralization, with expansive HRE halo identified.

Expansion and investment initiatives

• Over $1.5 billion invested in expansion, including $1.3 billion in the WA Goldfields region.

• Kalgoorlie Rare Earths Processing Facility ramping up to align with increased Mt Weld production and market demand.

• Malaysia facility reconfigured for increased NdPr production and targeting first separated Dy and Tb production in 2025.

• Planned Texas, US facility to add separation and finishing capacity for both light and heavy rare earths by 2025-2026.

• Construction started on a 65MW gas-firmed hybrid renewable power station at Mt Weld, operational by 2026.