2024 Mineral Resource and Reserve Update

• Lynas Rare Earths has updated its Mineral Resource and Ore Reserve estimates for the Mt Weld Rare Earth deposit.
• Mineral Resources have increased by 92% from 55.4 Mt to 106.6 Mt at 4.12% TREO between June 30, 2018, and June 30, 2024.
• Ore Reserves have increased by 63% from 19.7 Mt to 32.0 Mt at 6.44% TREO over the same period.
• Contained TREO has increased by 46% compared to the August 2018 Mineral Resources estimate.
• The updated Ore Reserve supports a mine life of over 35 years at a production rate sufficient for 7,200 tpa of NdPr oxide finished product.
• The updated Ore Reserve also supports a mine life of over 20 years at expanded production rates for sufficient concentrate feedstock for a production capacity of 12,000 tpa of NdPr oxide finished product.
• Contained Dysprosium oxide in Ore Reserves has increased by 92% from June 30, 2018, to June 30, 2024.
• Stored tailings are now included in the Ore Reserve due to the Mt Weld expansion flowsheet's capability for fine grinding and reprocessing.
• The company performed over 84,000 metres of drilling since the previous Mineral Resource update in August 2018.
• The fresh carbonatite was encountered in all holes to 200 metres below surface.
• The Mineral Resource cut-off grade of 2.5% TREO was applied, while the Reserves cutoff is 2.8% TREO.
• The long term price forecast of US$22.48/kg TREO was used.

Score: 9

Explanation: The announcement is highly positive due to the significant increases in Mineral Resources and Ore Reserves, supporting a long-term mine life and expanded production capacity. The management's comments are optimistic, and the industry context is favorable.

• Significant increase in Mineral Resources and Ore Reserves demonstrates the long-term potential of the Mt Weld deposit.
• The increased Ore Reserve supports a longer mine life at expanded production rates.
• The increase in Dysprosium oxide reserves supports the recently announced DyTb separation circuit at Lynas Malaysia.
• Inclusion of stored tailings in the Ore Reserve adds value through reprocessing.
• Extensive drilling has expanded the resource base and identified new mineralized zones.
• The updated Ore Reserve supports a mine life of over 35 years at production rates for 7,200 tpa NdPr oxide.
• The updated Ore Reserve also supports a mine life of over 20 years at expanded production rates for 12,000 tpa NdPr oxide.

• The average grade of the Ore Reserves has reduced from 8.6% to 6.4% TREO, reflecting depletion and a revised cut-off grade.

• Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual outcomes to differ materially.
• The company's ability to achieve production targets and cost estimates is subject to various operational and market risks.

The updated Mineral Resource and Ore Reserve estimates support a long-term mine life at expanded production rates, ensuring Lynas can meet future market demand for rare earth elements.

• Lynas CEO and Managing Director, Amanda Lacaze, stated that the 2024 Mineral Resources and Ore Reserves Statement demonstrates the remarkable advantages of Lynas' Mt Weld resource and provides confidence to customers that Lynas can meet their needs for responsibly produced rare earth materials today and tomorrow.
• Ms. Lacaze added that the increase in reserves ensures feed for the recently announced DyTb separation circuit at Lynas Malaysia, supporting Lynas to serve the needs of existing customers and acquire new customers.

This announcement is significant in the context of increasing global demand for rare earth elements, particularly for use in electric vehicles and high-tech electronics. Lynas' increased resource base strengthens its position as a major supplier outside of China.

• Lynas is the second largest producer of Neodymium-Praseodymium (NdPr) material in the world and the leading supplier of NdPr to the free market.
• China currently produces approximately 85% of the global rare earths market supplies.
• The company's Mt Weld operation is a significant rare earth deposit globally, comparable to other major carbonatite-hosted rare earth deposits such as Mountain Pass in the United States and Bayan Obo in China.
• The reported increases in resources and reserves position Lynas favorably against competitors in terms of long-term supply capacity.

• Shareholders will benefit from the increased resource base and longer mine life, enhancing the company's long-term value.
• Employees will have increased job security due to the expanded operations and longer mine life.
• Customers will have greater confidence in Lynas' ability to supply rare earth materials reliably.
• Suppliers will benefit from increased demand for goods and services due to the expanded operations.
• Creditors will have increased confidence in Lynas' ability to meet its financial obligations.

• Continue with the Mt Weld expansion project to increase throughput capacity.
• Advance the DyTb separation circuit at Lynas Malaysia.
• Conduct further infill drilling to upgrade Inferred resources to Indicated and Measured categories.
• Perform further metallurgical test work to assess potential economic pathways for mineral beneficiation of REE minerals in the fresh carbonatite and mineralised clays.

• June 30, 2018: Baseline date for comparison of Mineral Resources and Ore Reserves.
• August 2018: Date of the previous Mineral Resource update.
• June 30, 2023: Mineral Resource is depleted for in situ mining up to this date.
• February 2023: Lynas launched a Social Cultural Heritage Management Plan (SCHMP) for Mt Weld.
• October 31 2023: The Nyalpa Pirniku Native Title Claim was subsequently determined on this date by the Federal Court of Australia.
• December 20 2023: Western Australia Ministerial Statement No.1216 was issued on this date.
• June 15 2024: A total of 1,228,000m3 of total deposited tailings equivalent to 1,534,885 dmt at a bulk density of 1.20 tonnes/m3 has been recorded within the three Tailings Storage Facilities (TSFs) at Mt Weld.
• June 2024: Date of the updated Mineral Resource and Ore Reserve estimates.
• August 5, 2024: Date of the announcement.
• 2025: Expected completion of the Mt Weld Expansion.