Lynas Rare Earths Limited · ASX:LYC
Lynas Rare Earths — 1H FY26 Earnings Presentation
21 slides from Lynas Rare Earths's earnings presentation, Feb 26, 2026
Slide 1: Lynas Rare Earths Limited 1H FY26 Results Presentation
Lynas Rare Earths Limited 1H FY26 Results Presentation 26 February 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Lynas Rare Earths Limited (ABN 27 009 066 648) (Lynas words “expect”, “likely”, “should”, “could”, “may”, “will”, “aim”, “intend”, “propose”, “believe”, or the Company). This presentation contains summary information about Lynas and its “opinion”, “c
Slide 3: Disclaimer cont.
Disclaimer cont. No representation, warranty or assurance (express or implied) is given or made in relation to any negligence or otherwise, and make no representation or warranty, express or implied, as to the forward-looking statement by any person (including Lynas or any of its advisers). In parti
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: 1H FY26 Highlights
1H FY26 Highlights Lynas 2025 projects commissioned; Towards 2030 growth strategy initiated Lynas 2025 capital projects Future-ready business Towards 2030 growth concluded initiative Mt Weld expansion project largely Towards 2030 5-year growth strategy Continued optimisation of sales model: commissi
Slide 6: 1H FY26 Safety Performance
1H FY26 Safety Performance Ensuring everyone goes home safe and well everyday is a core value at Lynas Operational safety is our first priority and we are pleased to report the following 1H safety outcomes: • Major maintenance involving over 30 subcontracting companies TRIFR: 3.8* & 100,000 work hou
Slide 7: 1H FY26 Financial snapshot
1H FY26 Financial snapshot You will need to Net Profit After Tax Sales Revenue $80.2m $413.7m 1H FY25: $5.9M 1H FY25: $254.3m EBITDA Cash and Short Term Deposits $152.4m $1,030.9m 1H FY25: $38.1m 30 June 2025: $166.5M Lynas 2025 Mt Weld expansion facilities 77
Slide 8: 1H FY26 Operations snapshot
1H FY26 Operations snapshot 6,375t 3,407t Total REO production NdPr production 1H FY25: 5,339 tonnes 1H FY25: 2,969 tonnes $68.4 $110.9m Average selling price Capital invested in per kg REO property, plant, equipment & mine development 1H FY25: : $44.6/kg 1H FY25: $267.0m Lynas 2025 Product Finishin
Slide 9: NdPr production & Total REO Average Selling Price
NdPr production & Total REO Average Selling Price Lynas 2025 capacity uplift; Dec quarter production affected Record quarterly NdPr by C&L major maintenance & production Kalgoorlie electricity issues NdPr Production Volume (tonnes) Average Selling Price1 (per kg) and Total REO Sales 4000 Revenue2 ($
Slide 10: Market Update
Market Update Rare Earths market being reshaped by global policy decisions US$74/kg average China domestic NdPr price (ex-VAT) December 2025 • Globally governments are taking action Up from US$49/kg (ex-VAT) December 2024 to create a functional market and build a secure rare earths supply chain • Ra
Slide 11: Market Update
Market Update Reshaping of the market has created new opportunities for Lynas • In Lynas’ largest market, Japanese magnet makers are winning new AU$68.4/kg Lynas 1H business average selling price (all • Ex-China magnet buyers are seeking products) direct supply based on supply chain risks AU$85.6/kg
Slide 12: Increased capacity with Mt Weld Expansion project
Increased capacity with Mt Weld Expansion project largely commissioned & integrated into operations High efficiency mining delivered; moved to day shift only from Sept 2025 Expanded nameplate processing capacity to support 12ktpa NdPr finished product1 Mt Weld expansion project New flotation circuit
Slide 13: Enhanced sustainability with Mt Weld hybrid power station and water recycling
Enhanced sustainability with Mt Weld hybrid power station and water recycling Commissioning of 65MW Mt Weld hybrid power Commissioning of bore water treatment plant & station completed recycled water plant completed 92% renewable electricity produced in Dec Ability to achieve target of 90% of tailin
Slide 14: Ramp up continuing at Kalgoorlie Rare Earths Processing Facility
Ramp up continuing at Kalgoorlie Rare Earths Processing Facility Process modifications targeting quality and productivity improvements successfully executed Ramp up affected by significant power disruptions in November 2025 Electricity stabilised from December following remediation works by the elec
Slide 15: Heavy Rare Earth production and expansion at Lynas Malaysia
Heavy Rare Earth production and expansion at Lynas Malaysia Ready for sale REO production 6,375t, including 3,407t NdPr HRE production expansion announced October 2025; first Samarium production targeted for Q4 FY26 Major maintenance completed Dec 2025 quarter; Solvent Extraction and cracking & leac
Slide 16: U.S. market engagement
U.S. market engagement U.S. advertising campaign in market 1H FY26 Ongoing engagement with U.S. Government and industry including: • Continued negotiations with U.S. DoW re mutually acceptable offtake agreement • Participation in U.S. Government-hosted multilateral critical minerals forum • Customer
Slide 17: Caring for the environment
Caring for the environment Enhancing sustainability 65MW Mt Weld Hybrid Lynas Malaysia Power Station solar array completed & commissioned & commissioned* incl.: operating since H2 • 7 MW solar farm FY25 • 24MW wind farm • 12 MW battery storage • Gas firming Mt Weld Bore Water Continued Treatment Pla
Slide 18: Caring for our communities
Caring for our communities Making a positive contribution to our local communities Lynas Local Giving Lynas Malaysia held Program small its annual Back to community grants School programme in program now November 2025 operating Western • Over 480 local Australia & Malaysia students from 18 • Over 75
Slide 19: CEO retirement
CEO retirement • As announced 13 January 2026, Amanda Lacaze, CEO & Managing Director, intends to retire at the end of the current financial year • The Board has initiated a search process, with Ms Lacaze to remain in the role until the end of the current financial year to enable a smooth transition
Slide 20: Visit us at LynasRareEarths.com
Visit us at LynasRareEarths.com 20
Slide 21: 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