• Net Profit After Tax of $5.9m, down 85% from H1 FY24
• Revenue increased 8% on higher NdPr sales volume
• Cost of sales up 29% due to increased production and inventory provisions

Lynas Rare Earths Ltd reported a Net Profit After Tax of $5.9m for the first half of FY25, down 85% from the prior corresponding period. Revenue increased 8% to $254.3m due to a 23% increase in NdPr sales volume, though the average China domestic NdPr price (VAT excluded) decreased from US$56/kg in December 2023 to US$49/kg in December 2024. Cost of sales increased by 29% to $205.3m, mainly due to the 23% increase in NdPr sales volume and a $5.1m net realisable value provision against low-value inventory and work-in-progress. Overall, Lynas saw a slight increase in unit production costs due to the additional facilities coming online at Mt Weld, Kalgoorlie and Malaysia. The company recorded an improved operating cash inflow of $49.5m, primarily from the EBITDA of $38m and reduced debtors and inventory. Key operational highlights included the official opening of the Kalgoorlie Rare Earths Processing Facility, the successful commissioning of the Mt Weld Expansion Stage 1 dewatering circuit, and continued progress on the Lynas Malaysia Industrial plan and the planned U.S. Rare Earths Processing Facility.