• Commenced commissioning of new Heavy Rare Earth separation circuit
• Unique position as largest supplier of separated rare earths ex-China
• Continued focus on highest value strategic customers

During the quarter, Lynas commenced commissioning of the new Heavy Rare Earth separation circuit, producing a small quantity of Holmium concentrate and starting the separation of Dysprosium (Dy). First production of Dy is expected in May, followed by Terbium (Tb) in June. This is an exciting development for Lynas and its customers, as the company becomes the only commercial producer of separated Heavy Rare Earth products outside China. Lynas' unique position as the largest supplier of separated rare earths ex-China, and the imminent addition of Dy and Tb to its product range, means the company is ideally positioned to contribute to supply chain diversification and benefit from favorable market conditions. Sales revenue for the quarter was A$123.0m and sales receipts were A$124.6m, as the company continued to focus on supplying its highest value strategic customers. Quarterly total rare earth oxide (REO) production was 1,911 tonnes and NdPr production was 1,509 tonnes. Projects to support the delivery of the Lynas 2025 target production of 10.5kt/annum continued, including kiln maintenance at Lynas Malaysia and process modifications at the Kalgoorlie Facility. At Mt Weld, Lynas continued to deliver excellent concentrate production volumes during the quarter, sufficient to supply feedstock to both the Lynas Kalgoorlie and Malaysia processing facilities. Pre-construction activities also continued on Lynas' U.S. project, including progressing engineering on the alternative pathway identified to resolve the previously reported wastewater management challenges at the Seadrift site.

Lynas expects market volatility to continue through the June 2025 quarter as a result of the new global tariff environment and China export controls. Sales activities continue to focus on building the Lynas strategic customer base, including increasing the number of direct end customer agreements and working with new magnet makers to ensure guaranteed supply chains for critical applications and key industries.