The following is a summary of the Lynas Rare Earths Limited (LYSCF) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Lynas disclosed a financial decision to hold some of the inventory rather than having it appreciating in other people's warehouses.

• Capex for the Kalgoorlie facility is anticipated to be around $800 million, higher than the previously projected $730 million.

• Revenue numbers saw a change from a net basis to a gross basis last quarter, from $112 million to $136 million to better track and represent market volatility.

• A capital expenditure increase was experienced for their Kalgoorlie project due to factors including extended commissioning time and finalizing contracts.

Business Progress:

• A major new facility for the receipt and processing of MREC from the Kalgoorlie facility was successfully implemented.

• Mount Weld expansion remains on track, expecting a step up in capacity by the end of the calendar year.

• The U.S. project got NEPA approval, facilitating progress, with earthworks likely to commence by the end of the year.

• A five-year mining contract was awarded to the Carey Group for mining services at Mount Weld.

• Short-term plans focus on getting the Kalgoorlie plant fully operational and managing its capacity as cost-efficiently as possible.

• Lynas and Northern Rare Earths stand as the only two companies able to produce NdPr potentially profitably at current prices.

• In the future, the company expects increased well production due to their investment in facilities that can handle mixed rare earth carbonate.

• Despite not having a detailed study for public release at the time of the call about the U.S. refinery project, discussions continue.

• Lynas plans to bring online its 12,000-ton per annum capacity by the end of calendar year 2025.

More details: LYNAS RARE EARTHS LTD IR

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