Lynas Rare Earths Limited · ASX:LYC
Lynas Rare Earths — Merger or Acquisition (October 2026)
26 slides from Lynas Rare Earths's merger presentation, Oct 1, 2026
Slide 1: Lynas to acquire Meteoric Resources
Lynas to acquire Meteoric Resources To be read in conjunction with ASX announcement “Lynas Rare Earths to acquire Meteoric Resources” released 1 October 2026 1 October 2026
Slide 2: Disclaimer
Disclaimer This is a joint presentation that has been prepared by Lynas Rare Earths Limited (ABN 27 009 066 648) (“Lynas” or “the non-IFRS financial information does not have a standardised meaning prescribed by Australian Accounting Standards and, Company”) and Meteoric Resources Limited (ACN 107 9
Slide 3: Disclaimer (cont'd)
Disclaimer (cont’d) including (without limitation) the Australian, United States and global economic environment and capital market conditions the part of any person) for any direct, indirect, consequential or contingent loss or damage, or for any costs or expenses, and other risk factors set out in
Slide 4: Mutually beneficial all-share transaction
Mutually beneficial all-share transaction Brings largest known ionic clay JORC Rare Earth Oxides (“REO”) Mineral Resource outside China1 into Lynas Expected to be accretive to Lynas on NAV2, Mineral Resources and Ore Reserves Meteoric shareholders benefit from a significant control premium and expos
Slide 5: Transaction summary
Transaction summary Transaction structure Lynas to acquire 100% of Meteoric by way of a Scheme Transaction Each Meteoric shareholder will receive 0.0207 new Lynas shares for each Meteoric share held consideration and pro forma ownership Upon implementation of the Scheme, existing Lynas shareho
Slide 6: Meteoric's Caldeira Project
Meteoric's Caldeira Project One of the world’s premier ionic clay rare earth development projects, located in Brazil’s largest mining state LOCATION DFS PRODUCTION Proposed site layout Caldeira Project in Minas Gerais, Brazil’s Average annual production over life of mine: largest mining state ̵
Slide 7: Brazil has a key role in the global rare earths industry
Brazil has a key role in the global rare earths industry Lynas will bring expertise and experience to support local industry development, deepening the strong existing partnerships in mining between Australia and Brazil US$46bn Supportive Mineral exports1 Largest Rich Mining #1 State + Federal Gover
Slide 8: Lynas' unmatched ability to unlock Caldeira's value
Lynas’ unmatched ability to unlock Caldeira’s value Building on Lynas’ success in creating an integrated rare earths operation across two continents Mt Weld, Western Australia Kalgoorlie, Western Australia Kuantan, Malaysia Operating world-class Mt Weld rare earths mine Delivered Australia’s fir
Slide 9: Strategic rationale for Lynas
Strategic rationale for Lynas 1 2 3 4 5 Delivers on Lynas’ Combines Lynas’ Accretive across a Located in the All-share Towards 2030 ‘Add world-class Mt range of key metrics attractive mining transaction Resource and Weld deposit and including NAV, jurisdiction of structure preserves Scale’ growth pi
Slide 10: Diversifies and complements Lynas' existing footprint
1 Diversifies and complements Lynas’ existing footprint Combining two world-class deposits – one hard rock and one ionic clay Diversified portfolio Meaningful Mineral Resource Meaningful Ore Reserve 4 ~4,156kt ~2,542kt Pro forma contained TREO in Pro forma contained TREO in Operations across 3 juris
Slide 11: Largest ex-China ionic clay JORC REO Mineral Resource
2 Largest ex-China ionic clay JORC REO Mineral Resource Adds significant light and heavy rare earths, in high grade ionic clays Caldeira Project map Total Mineral Resource of 1,631Mt1 High grade Mineral Resource @ 2,317ppm TREO1 Contained NdPr within Mineral Resource of 802kt1 Contained DyTb
Slide 12: Accretive transaction for Lynas shareholders
3 Accretive transaction for Lynas shareholders Meteoric is expected to be highly accretive to Lynas, comprising 6% of the pro forma market cap but 44% of TREO Mineral Resource and 21% of TREO Ore Reserves Mineral Resource (contained TREO, kt)1, 2 Ore Reserve (contained TREO, kt)2, 3 56% 44% 100% 79%
Slide 13: Accretive transaction for Lynas shareholders
3 Accretive transaction for Lynas shareholders Meteoric is expected to be highly accretive to Lynas, comprising ~5.9% of the pro forma market cap but providing an additional 3,862tpa NdPr and 127tpa DyTb Pro forma market capitalisation Meteoric’s LOM annual production3 $876m1 NdPr Yttrium (Y) 623tpa
Slide 14: Located in an attractive mining jurisdiction
4 Located in an attractive mining jurisdiction Brazil is a top-tier mining jurisdiction and Minas Gerais, its third largest economy, hosts more than 300 operating mines Brazil mining sector overview1 Located in Minas Gerais – supportive of responsible mining ~45% of Brazil’s mining royalty revenue i
Slide 15: Located in an attractive mining jurisdiction
4 Located in an attractive mining jurisdiction Brazil is supportive of critical minerals projects like Caldeira Constructive engagement with government bodies at all levels with strong support for Caldeira's development Meteoric has established relationships with Brazilian governments, at the Fede
Slide 16: Lynas retains financial flexibility for growth
5 Lynas retains financial flexibility for growth The all-scrip structure of the transaction maintains Lynas' balance sheet strength to develop Caldeira and continue to deliver its Towards 2030 growth strategy + + + = Prudent approach Strong Operating Further funding Growth to acquisition funding bal
Slide 17: Benefits to Meteoric Resources shareholders
Benefits to Meteoric Resources shareholders 1 2 3 4 5 Immediate upside Ongoing exposure Caldeira funding Material Exposure to Lynas’ through the delivery to the development and development diversification and rare earth mining of an attractive of Caldeira through risk significantly broader benefits
Slide 18: JORC Compliance and Competent Person's Statement
A APPENDIX JORC Compliance and Competent Person’s Statement
Slide 19: JORC Compliance and Competent Person's Statement
JORC Compliance and Competent Person’s Statement Lynas Mineral Resources and Ore Reserves All information in this presentation which relates to estimates of Lynas’ Mineral Resources and Ore Reserves is extracted from Lynas ASX announcement dated 26 August 2026, titled “Appendix 4E and 2026 Annual Re
Slide 20: Meteoric Mineral Resource Estimate
Meteoric Mineral Resource Estimate Licence JORC category Material type Tonnes (Mt) TREO (ppm) Pr₆O₁₁ (ppm) Nd₂O₃ (ppm) Tb₄O₇ (ppm) Dy₂O₃ (ppm) MREO (ppm) MREO/TREO Capão do Mel Measured Clay 66 2,819 147 394 4 21 567 20.1% Cupim Vermelho Norte Measured Clay 26 2,607 156 477 5 25 663 25.4% Figueira M
Slide 21: Meteoric Ore Reserve Estimate
Meteoric Ore Reserve Estimate Classification Tonnes (Mt) TREO (ppm) Pr₆O₁₁ (ppm) Nd₂O₃ (ppm) Tb₄O₇ (ppm) Dy₂O₃ (ppm) MREO (ppm) Contained TREO (kt) Contained MREO (kt) Capão do Mel and Barra do Pacu deposits Proved – – – – – – – – – Probable 75.6 3,674 217 587 6 28 838 278 63 Total 75.6 3,674 217 58
Slide 22: Key transaction information
B APPENDIX Key transaction information
Slide 23: Indicative timetable
Indicative timetable Event Date1, 2 First Court Date Mid November 2026 Dispatch of Scheme Booklet to Meteoric shareholders Mid December 2026 Scheme Meeting Late January 2027 Second Court Date Late January / early February 2027 Effective Date Late January / early February 2027 Scheme Record Date Earl
Slide 24: Pro forma snapshot
Pro forma snapshot Unit Pro forma Share price / implied offer price A$/sh 13.83 0.291 13.83 Fully diluted shares outstanding m 1,012 3,0602 1,076 Market capitalisation A$m 14,002 876 14,878 Cash A$m 1,2093 384 1,247 Debt A$m 3383 04 338 Enterprise value A$m 13,131 838 13,969 Ore Reserve (contained)
Slide 25: Supporting information
C APPENDIX Supporting information
Slide 26: Funding agreement
Funding agreement Key terms of the Working Capital Facility provided by Lynas to Meteoric Key terms Working Capital Facility quantum A$110m unsecured committed loan facility with two tranches, binding on execution of the SID Tranche 1 A$35m provided in full on execution of the SID Up to A$75m
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