HIGHLIGHTS
Q3 FY22 Q2 FY23 Q3 FY23
• Quarterly Sales Revenue: A$327.7m A$217.5m A$237.1m
• Sales receipts: A$262m A$168.4m A$229.2m
• Closing cash and short term
deposits:
A$768.4m A$934.2m A$1,112.9m
• Total REO production: 4,945 REOt 4,457 REOt 4,348 REOt
o NdPr production: 1,687 REOt 1,508 REOt 1,725 REOt
• Cash payments for CAPEX,
exploration and development
A$42.5m A$141.9m A$155.3m

CEO REVIEW
Operational results in the March quarter were excellent. NdPr production set a new record for Lynas andSales Revenue and Sales Receipts increased from the previous quarter.
NdPr production of 1,725 tonnes was the highest ever quarterly production at the Lynas Malaysia plant.
This was achieved despite a general shutdown of the Lynas Malaysia plant for over 3 days whilst tie-in works for the mixed rare earth carbonate (MREC) receival facility were undertaken. Total Rare Earth Oxide
(REO) production volume was lower at 4,348 tonnes due to a supplier shortage of hydrochloric acid which led to lower La and Ce production. This shortage did not affect NdPr production and we were able to
maintain a minimum supply of La and Ce to our key customers.
The strong NdPr production result is the outcome of plant efficiency improvements and no significant
downtime from external events.
Demand for Lynas’ NdPr products from customers outside China remained very strong during the quarter.
Sales revenue increased to $237.1m and sales receipts increased to $229.2m, despite a decrease in the
average selling price.
At Mt Weld we produced sufficient concentrate to feed the Lynas Malaysia plant and, at the same time,
build inventory ready for feed-on at the new Kalgoorlie Rare Earths Processing Facility.
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The Kalgoorlie Rare Earths Processing Facility (REPF) project has now entered the final phase of major
construction activities and dry commissioning activities have commenced in certain parts of the plant. We
retain a target feed on date for the Kalgoorlie Facility in Q4 FY2023.
The Mt Weld Expansion Project is progressing as planned. Early site activities have commenced with
exciting progress on bulk earthworks and first concrete poured for the new dewatering circuit. Formal
approval of the Minor and Preliminary Works application was received from the Western Australian
Environmental Protection Authority (EPA) in March. This allows for early works to be progressed whilst the
full approval process is underway.
We continue to complete key activities associated with the planned Heavy Rare Earths and Light Rare
Earths Separation Facility in Texas, including detailed engineering design, early site preparation activities,
engagement of a preferred U.S. engineering, procurement and construction management contractor, and
detailed engagement with the U.S. Department of Defence (DoD). Activities associated with site
acquisition are nearing completion.
This report includes further detail on the potential short term consequences of a forced shutdown of the
cracking and leaching plant in Malaysia in July 2023 and the transition to using Mixed Rare Earth Carbonate
(MREC) produced at the Kalgoorlie REPF as the feedstock for downstream processing. As indicated in
previous reports, Lynas has been planning for this for some time with a key focus on inventory management
to assist in meeting our key customers’ requirements during any transitional period of reduced production.
Notwithstanding these actions, if the Lynas Malaysia cracking and leaching plant is required to shutdown
from 1st July 2023, the whole Lynas Malaysia facility will shutdown in mid-July until the new MREC feedstock
is received.
In light of the current target date for feed on at the Kalgoorlie Facility (Q4 FY23), the first MREC from
Kalgoorlie will likely be received at Lynas Malaysia in about August 2023. Commissioning and ramp up of
a plant of the nature of the Kalgoorlie Rare Earth Processing Facility remains inherently unpredictable, and
as a result, we are planning for either a complete shutdown or very low production at Lynas Malaysia for at
least up to 3 months, followed by a period of reduced production which will increase as the ramp up to
capacity of the Kalgoorlie Rare Earths Processing Facility is achieved.
Lynas has appealed to the Minister of the Ministry of Science, Technology and Innovation (MOSTI) under
the Atomic Energy Licence Act 1984 seeking administrative review in respect of the licence conditions
prohibiting import and processing of lanthanide concentrate from 1 July 2023. These appeals were filed
on 16 and 24 February 2023. The appeals have been listed by the Minister of MOSTI for hearing on 28
April 2023. Grounds for the Appeals, evidence related to those grounds and associated applications
(including for a stay allowing Lynas to operate on a normal basis until the administrative and legal
appeals have been heard and decided) have been lodged ahead of the formal hearing.
As announced on 7 March 2023, Lynas was pleased to sign new agreements with Japan Australia Rare
Earths B.V. (JARE) which further strengthen the Lynas balance sheet and support funding of capital
projects designed to meet accelerating global demand for Rare Earth materials. Under the new agreements
through a subscription in ordinary shares in Lynas, JARE provided a contribution of AUD$200 million cash
and agreed to forego the historic deferred interest of US$11.5 million interest due under the Loan Facility
for the period from 1 January 2016 to 31 December 2016.

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SAFETY AND ENVIRONMENT
Lynas is committed to ensuring the Company’s operations and projects around the world are consistent
with national and international safety and sustainability best practice.
The Company-wide 12-month rolling Lost Time Injury Rate, as at the end of March 2023, was 0.96 per
million hours worked while Total Recordable Injury Rate was 2.88 per million hours for the same period.
Major project hours increased from the previous quarter as progress on the Kalgoorlie project continued
and construction activities commenced at Mt Weld.

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https://wcsecure.weblink.com.au/pdf/LYC/02656730.pdf