• Net Profit After Tax of $5.9m
• 22% increase in NdPr production volume to 2,969t
• Sales revenue increased to $254.3m
• Significant progress on major growth projects

Lynas Rare Earths Ltd (ASX: LYC) has released its Financial Report for the half year ending 31 December 2024. The company reported a Net Profit After Tax of $5.9m, with a 22% increase in NdPr production volume to 2,969t and a 23% increase in NdPr sales volumes. Sales revenue increased to $254.3m, despite the average China domestic price of NdPr (VAT excluded) decreasing from US$56/kg in December 2023 to US$49/kg in December 2024. Cost of sales increased by 29%, mainly due to the increased NdPr sales volume and a $5m net realisable value provision against low-value inventory and work in progress. Lynas made significant progress on its major growth projects, including successfully commissioning and integrating Stage 1 of the Mt Weld Expansion project, ramping up production at the Kalgoorlie Rare Earths Processing Facility, and achieving substantial progress on the installation of the new Dy and Tb separation circuit at Lynas Malaysia. The company also announced a strong uplift in the Mt Weld mineral resource and ore reserve, supporting a 20+ year life of mine at the target 12,000 tpa NdPr finished product production capacity.

The Rare Earths market continues to be subject to complex influences, but Lynas remains focused on growing to meet customer demand, maximizing efficiencies, and delivering excellent value. The company sees the current challenges as short-term issues and has the skills and competence to manage these and deliver stronger results in the future.