Lynas Rare Earths Limited · ASX:LYC
Lynas Rare Earths — FY2025 Earnings Presentation
37 slides from Lynas Rare Earths's earnings presentation, Aug 28, 2025
Slide 1: FY25 Results, Towards 2030 Strategy
Lynas Rare Earths Limited FY25 Results, Towards 2030 Strategy 28 August 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Lynas Rare Earths Limited (ABN 27 009 066 648) (Lynas “opinion”, “consider”, “predict”, “plan”, “scenario”, “project”, “outlook”, “guidance”, “forecast”, or the Company). This presentation contains summary information about Lynas and its “anticipate”
Slide 3: Disclaimer cont.
Disclaimer cont. No representation, warranty or assurance (express or implied) is given or made in relation to any The distribution of this presentation in jurisdictions outside Australia may be restricted by law and forward-looking statement by any person (including Lynas or any of its advisers). I
Slide 4: Acknowledgement of Country
Acknowledgement of Country You will need to 1. 2. Lynas xx Rare Earths acknowledges the Traditional Owners of the lands on which we live, work and meet, across Australia. We acknowledge and value Lynas’ Aboriginal and Torres Strait Islander employees, partners and communities and pay respect to thei
Slide 5: The market leader in light and heavy separated rare earths outside China
The market leader in light and heavy separated rare earths outside China One of the world’s richest Leading rare earth Deep customer relationships sources of Rare Earths processing centre of Long-term strategic customer relationships Lynas’ Mt Weld resource in WA is a globally excellence outside Chi
Slide 6: FY25 Results
Lynas Rare Earths 01- | t FY25 Results
Slide 7: Lynas key achievements in FY25
Lynas key achievements in FY25 Expanding our operating Growing with the market Developing a sustainable footprint supply chain Mt Weld expansion construction largely First separated Heavy Rare Earths Engaged with governments, end complete: oxides produced customers and rare earth supply chain • Plan
Slide 8: Safety in focus
Safety in focus Ensuring everyone goes home safe and well everyday is a core value at Lynas Key focus areas include: Operations safety Safety programs to Safe production – as major projects safe for our people, ensure our people move from are confident in communities and construction to the environm
Slide 9: FY25 Financial snapshot
FY25 Financial snapshot You will need to Net Profit After Tax Sales Revenue $8.0m $556.5m FY24 NPAT: $84.5M FY24: $463.3m EBITDA Cash and Short Term Deposits $101.2m $166.5m FY24: $132.1m 30 June 2024: $523.8M 99
Slide 10: FY25 Operations snapshot
FY25 Operations snapshot 10,462t 6,558t Total REO production NdPr production FY24: 10,908 tonnes FY24: 5,655 tonnes $50.6 $430.8m Average selling price Capital invested in per kg REO property, plant, equipment & mine development FY24: $38.1/kg 30 June 2024: $579.3m 1010
Slide 11: NdPr production, Total REO sales revenue and average selling price
NdPr production & Total REO Average Selling Price Total REO Sales Revenue ($m) and Average Selling NdPr Production Volume (tonnes) Price (per kg) 2500 350 180 2080 160 2000 300 1864 1687 1725 1724 140 1677 250 AUD per REOkg 1579 1526 1508 1504 1509 120 1500 AUD’mil 1292 200 100 REOt 1045 80 901 150
Slide 12: We operate in a growing and dynamic market
We operate in a growing and dynamic market Lynas expects recent industry- Lynas is seeing: shaping government initiatives • A more vibrant rare earths to lead to a larger “rest of world” market rare earths industry • Growth in share from • Most significant government existing customers action since
Slide 13: Expanded Mt Weld operations
Expanded Mt Weld operations New plant constructed and progressively commissioned operating footprint Expanding our Wind turbines Solar farm ROM Pad and Filter Circuit Crusher Ore mining re-commenced as part of 5-year mining contract with Carey Group Grinding & Flotation Expanded nameplate processing
Slide 14: Kalgoorlie Rare Earths Processing Facility integrated into global operations
Kalgoorlie Rare Earths Processing Facility integrated into global operations operating footprint Kalgoorlie Cracking & Leaching capacity supports expanded operations Expanding our Australia’s first downstream Rare Earths processing facility New facility constructed with nameplate capacity to Facilit
Slide 15: Lynas Malaysia
Lynas Malaysia New processes and expanded production capacity operating footprint Expanding our Record NdPr production New rotary furnaces in June quarter (2,080t); installed to increase now focused on Product Finishing stabilising production at efficiency the higher run rate First MREC from Solvent
Slide 16: Forecast demand for rare earths is strong
Forecast demand for rare earths is strong Growing with the market Forecast 2025 - 2030 Source: Project Blue1,2 1,2 • Magnet demand for future facing technologies is the largest growth sector for rare earths • Lynas now produces the 2 Heavy Rare Earth oxides required for rare earth permanent magnets
Slide 17: Confidence to meet future market needs
Confidence to meet future market needs Mt Weld Mineral Resource and Ore Reserve Update1 5 August 2024 Growing with the market Mineral Resources estimate 106.6 million tonnes of weathered laterite zone near surface and fresh Ore Reserves of 32.0 million tonnes1 carbonatite zone below1 Ore Reserves of
Slide 18: First production of separated Heavy Rare Earths
First production of separated Heavy Rare Earths Lynas is now the only commercial producer of separated Dy & Tb ex-China Growing with the market First separation of Dy oxide and Tb oxide in May and June 2025 18
Slide 19: Supporting supply chain development
Supporting supply chain development Growing with the MoUs signed with MB Inc., for the supply of Malaysian sourced MREC market feedstock Engagement with MoU signed with Korea’s JS customers on LRE and Link to develop a sustainable HRE supply agreements permanent magnet supply chain in Malaysia Engag
Slide 20: United States: Seadrift Facility Update
United States Developing a sustainable supply chain Seadrift Facility Update Lynas’ FY25 and ongoing activities in • Lynas has an expenditure-based contract with the the U.S. market include: U.S. Department of Defense (DoD) of approx. US$258m for a U.S. Heavy Rare Earths processing facility in Seadr
Slide 21: Investing in 21st century power and water infrastructure
Investing in 21st century power and water Developing a sustainable infrastructure supply chain Mt Weld solar farm (2376 panel sections) - Lynas Malaysia construction 0.75MW rooftop solar complete and array commissioned operating (with PPA partner Zenith Energy) Mt Weld wind farm - 2 of 4 x 6MW wind
Slide 22: Lynas 2025 growth initiative largely complete
Lynas 2025 growth initiative largely complete From capacity expansion to profitable commercial execution Mt Weld operations Kalgoorlie facility integrated into Lynas Malaysia upgrades expanded and processing global operations have added new processing & capacity increased new capacity (LRE, HRE) Lyn
Slide 23: Towards 2030 Strategy & Equity Raising
02 Towards 2030 Strategy & Equity Raising 23
Slide 24: Launching Towards 2030
Launching Towards 2030 Strategy update The rare earths industry is evolving rapidly due to demand growth and government actions Lynas’ Towards 2030 strategy has 2 key elements: Globally, governments are implementing interventions to protect today’s functioning outside China supply chain, develop Har
Slide 25: Equity raising to fund Lynas' Towards 2030 growth initiatives
Launching Towards 2030 Equity raising to fund Lynas’ Towards 2030 growth initiatives Fully underwritten A$750 million institutional placement representing approximately 6.1% of shares on issue1 Offer price of A$13.25/sh represents 10.0% discount to last closing price and 8.6% discount to 10-day VWAP
Slide 26: Lynas 2025 | Recap on key achievements
Lynas 2025 | Recap on key achievements Cracking & Leaching, Mine & Concentrator Separation & Product Finishing Kalgoorlie Malaysia Mt Weld LYC to provide images ✓ ✓ Expansion of Mt Weld processing nameplate capacity to support Uplift in nameplate production capacity to 10.5ktpa of NdPr1 now 12ktpa N
Slide 27: Strong track record of capital discipline & shareholder returns
Strong track record of capital discipline & shareholder returns Lynas has successfully pursued an organic growth strategy under the Lynas 2025 initiative supporting our continued market leadership in 1 processing rare earths outside China Over the past 5 years, Lynas has achieved a historical total
Slide 28: Towards 2030 | Our growth ambitions
Towards 2030 | Our growth ambitions1 Harvest and Grow Harvest Optimise performance from Lynas 2025 Grow Growth pillars in Towards 2030 Add Resource and Scale Ramp up assets in line with customer demand and market growth • Develop the Mt Weld Carbonatite with the objective to produce higher Focus on
Slide 29: Towards 2030 | Growth pillars
Towards 2030 | Growth pillars1 Expand into the outside Add Resource and Scale Increase Downstream Capacity China metal and magnet supply chain Develop the Mt Weld Carbonatite with the Expand HRE separation capacity and Develop partnerships with metal and objective to produce higher grade NdPr broade
Slide 30: Towards 2030 | Growth pillars: Add Resource and Scale
Towards 2030 | Growth pillars1 Expand into the outside Add Resource and Scale Increase Downstream Capacity China metal and magnet supply chain Develop the Mt Weld Carbonatite with the • Scoping study completed with maiden mineral resource of 56.8Mt2 declared objective to produce higher grade NdPr •
Slide 31: Towards 2030 | Growth pillars: Downstream capacity
Towards 2030 | Growth pillars1 Expand into the outside Add Resource and Scale Increase Downstream Capacity China metal and magnet supply chain Expand HRE separation capacity and • Modify and reuse existing systems and infrastructure to produce Samarium broaden HRE product range produced in • Invest
Slide 32: Towards 2030 | Growth pillars: Metal and magnet supply chain
Towards 2030 | Growth pillars1 Expand into the outside Add Resource and Scale Increase Downstream Capacity China metal and magnet supply chain Develop partnerships with metal and • Develop and commercialise NdFeB permanent sintered magnet manufacturing capacity magnet manufacturers to enhance the ex
Slide 33: Sources and uses
Sources and uses Lynas is raising A$750 million under the Placement to provide financial flexibility to Sources A$m deliver Lynas’ Towards 2030 strategy: Underwritten placement 750 • Add Resource and Scale: Total sources 750 – Develop the Mt Weld Carbonatite with the objective to produce higher grad
Slide 34: Constructive relationships with governments
Constructive relationships with governments Expected supportive demand fundamentals Governments are increasingly seeking security of supply – Lynas is a underpin significant forecast demand growth leader in discussions with key governments NdPr demand forecast to increase materially (t REO)1,2 Lynas
Slide 35: Lynas has the assets and the skills to capture the benefits of market growth
Lynas has the assets and the skills to capture the benefits of market growth – now and in the future Globally unique & proven competence with a skilled and experienced 1 workforce The Lynas 2025 strategy and investments have ensured we retain our ex-China market leading position – we are positioned
Slide 36: Visit us at LynasRareEarths.com
Visit us at LynasRareEarths.com 36
Slide 37: Appendix A: JORC Compliance and Competent Person's Statement
Appendix A: JORC Compliance and Competent Person’s Statement Exploration Results The information in this report is based on, and fairly represents information and supporting documentation jointly prepared by Marcelle Watson, Geology Manager, and Dr. Ganesh Bhat, Principal Resource Geologist. Marcell