Lynas Rare Earths Limited

Good day and thank you for standing by. Welcome to Liner's quarterly results briefing. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To explore your question, please press star 11 again. Please be advised that today's conference is being recorded. I will now like to hand the conference over to Linus. Please go ahead.

Good morning and welcome to the Linus Ruris Investor Briefing for the quarter ending 31 March 2026. Today's briefing will be presented by Amanda LaCaze, CEO and Managing Director. Joining Amanda on the call today are Garden Sturzenegger, CFO, Paul LaRue, COO, Daniel Havas, VP Strategy and Investor Relations, Chris Jenny, VP Sales and Market Development and Sarah Leonard, General Counsel and Company Secretary. To Amanda to commence the briefing, please go ahead Amanda.

Thank you, Jen, and thank you everyone for joining us again this morning. Jen tells me that we've had people registered to ask questions since about quarter to midday. So on that basis, I will keep my comments to a minimum so we have plenty of time to deal with the questions. But just as sort of a few general comments. I often say that, you know, we've had a very busy quarter and guess what? We just had a really busy quarter. Actually, maybe busier than most. We were very pleased with our progress during the March quarter when we put in place a number of initiatives which will provide foundations for the future success of the business and improve resilience and also ran an operationally good business in the meantime in terms of continuing to be the only non-Chinese producer at scale of both NDPR of lights and heavies. So during the quarter, and I think most people have observed that the price of NDPR has progressively firmed over the year. We certainly saw the benefits of that and we recorded one of our top three ever quarters in terms of revenue. And it does appear that the market settings remain positive for the fourth quarter of this financial year. And of interest, I sort of looked back on the very first quarterly that I ever delivered And this puts into stark contrast the difference between, you know, maybe, you know, businesses at the start of their journey in rare earths and where they may be some years later. The first quarterly that I was, you know, delivered was 445 tonnes of NDPR. Well, you know, we delivered 2,000 tonnes this quarter. 31 million in revenue versus 265 million in revenue this quarter. So, you know, it's, I think, a reminder of just, you know, sort of the various steps that we have taken over that period of time to, you know, consolidate our position as, you know, the global leader outside China. Our production is not quite at our 10,500 tonnes per year run rate, but it is moving towards it. During the quarter, we have continued to ramp up the final parts of the mouth weld expansion, and I am delighted to say that we have that ramp up so far. is at or above a McNulty 1 ramp-up curve. And I think that's the first in rare earths. But even with that, there are still some challenges, as we've brought that facility online, ensuring that, you know, like in the early stages, con grade was lower than it had been in our nice, mature facilities. little old plant and so the team has been working on that and they've lifted that up but that did give us a few challenges downstream and we've had a few logistics challenges but I'm sure that any of you on this call who have listened to any sort of results call would recognise that logistics has its own set of challenges at present. Heavy rare earths production, you know, that's really the performance during this quarter just reflects the batch processing nature of our heavies at this stage. And, you know, for those of you who've been up to the lab, you will have seen, you know, that the... You know, we're packaging this in 25 kilo drums and... you know, you will have seen the small furnace that we use and so, you know, we accumulate material, we run it through on a batch process and so therefore there's a bit more lumpiness in our production outcomes. However, suffice to say that within, you know, sort of our sales process with respect to the heavies, we are having a great deal of success in being able to plate those carefully and leverage full benefit from those sales. Of course, our sales outcome, the total revenue was very pleasing. I've seen some comments already on the price per kilo increase. And, of course, we aimed to make that clear within the report that that reflected primarily product mix with some higher sales of lower value LA and CE during the time. And the comparison on the NDPR is, of course, that we sell our NDPR on contracts and we With many of those, there's about a one-month lag till we see the price flow through into our revenue due to the nature of the contract. Costs remain tightly controlled. Notwithstanding, we have indicated in this that we would expect that there may be some further influences from the conflict in the Middle East. This could you know, sort of will likely reflect those materials which are, you know, sort of directly affected by oil and gas, but also just looking at things like, for example, the Fair Work Determination last night on ensuring that transport providers are able to recover costs, increased costs from fuel as a consequence of the Middle East conflict. However, I would point to you something of which we are enormously proud, and that is, as we have moved to our hybrid renewable power station at Mount Weld, that our diesel use now is virtually only in the mining fleet at the Mount Weld site, And the renewable power station is actually delivering significantly more than design, where we're expecting renewables to be delivering around about 70% of our power requirement, and the average renewable content was 95.7. That is 870,000 litres of diesel saved just during the March quarter. So this does put us in a much better position as we're looking at, you know, sort of the various global effects at present. It's a pretty exciting quarter in terms of putting together a number of the long-term building blocks for our company. The JARE offtake agreement, which was announced on the 10th of March, is really significant, and I think everybody's read that in some detail by now, but firm offtake with a floor price is really important to us. An upside sharing arrangement, which is, we believe, relatively modest, although beneficial to both parties. And we are, you know, sort of seeing this as really a really solid base for the business as it moves forward. Followed that up with, you know, an MOU on working alongside our Japanese partners on further resource development, either at Mountveld or other resources. And this is, you know, our work with JARE and JOGNEG on resource development has proven to be very constructive for our company over time and we look forward to pursuing that further. In addition, we announced the US letter of intent, binding letter of intent with the US government which sees the funding which was previously announced being reallocated to the purchase of rare earth products from our existing and planned facilities. And then, of course, as we've indicated previously, we are focused on developing strong and constructive partnerships with respect to metal and magnet making. Our key announcements there during the quarter are both related to Korean firms, who we see as being potentially extremely good partners technically and also in terms of efficiency and economic outcomes. So LS Cable for metalmaking at their Vietnam plant and continued work to move to definitive agreements with JS Link for the new magnet facility in Malaysia. So all in all, as I said, a very busy quarter where we, you know, A, focused on running a good business, continuing to take full advantage of the fact that we are the only ones who can take full advantage of the positive market at present but at the same time ensuring that we're setting ourselves up for success, including with the sort of agreements, the agreements with both Japan and the US, the development of new capability and also within our sales group of, sorry, within our sales team ensuring that we're setting up a customer portfolio which will serve us well in the future and ensure that we leverage full benefit from our bundled sales. And of course, the final and really significant point also, which sort of underpins the ongoing success of the business, is the new license, which was Renewed in Malaysia, our operating licence was renewed for 10 years from the 3rd of March. We have been advocating for some time for an extended licence rather than the three-year licence periods on which we have operated to date. That required a change to the AELA, the Atomic Energy Licensing Act in Malaysia. which was affected late last year and was then under those varied conditions is the issuance of this 10-year licence. It's certainly, you know, we're very pleased with that. We remain, you know, strongly committed to Malaysia, which has proven... notwithstanding few twists and turns, to be a very productive environment in which Linus has operated. So having got to there, I'm really happy to take any questions now. And I think, Jen, are you the one sorting those out?

No. Maggie's going to open up for questions now.

Back to you, Maggie, then.

Thank you, Amanda. As a reminder, to ask a question, please press star 11 on your telephone keypad and wait for your name to be announced. Please have one question at a time, and if you have more questions, please recue the line. Please stand by as we compile the Q&A roster. First question comes from Rahal Anad from Morgan Stanley. Please go ahead.

Hi, Amanda and team. Thank you for the call. Appreciate it. Look, my one question would be around Kalgoorlie. If you can please provide a bit of an update in terms of power reliability there. Is that fully remediated now at Cal? And are there any risks into the fourth quarter as we step into that, just in terms of MREC availability? Thanks.

Thanks Rahal. So to see the really very serious situation towards the end of last year, we did engage very effectively I believe with Western Power on a couple of issues that as it turned out were probably affecting power availability in a way that they didn't need to. And so we have had relatively stable power within the ELPS sort of framework through this quarter. It has not had the same effect on operational availability up times that we had seen particularly in the previous quarter. I'm loathe to make a forecast on power in Kalgoorlie because, as we have indicated previously, in Kalgoorlie there is both a problem with the power available and also with some elements of the distribution network. When everything's going well, this is not an issue, but I wouldn't want to be forecasting that everything will remain operating perfectly. I mean I think everyone will remember the power being taken out by the lightning strikes on the transmission towers. So we continue to work on sort of alternatives. We have not taken the step of putting in place a diesel power station. Because as I noted in my comments, we're pretty proud to have made some significant savings on diesel at Mount Wells. However, even on the status plan with respect to the network, we would see that the lead times to really making a significant change in power availability in Kalgoorlie are such that it is prudent for us to consider alternate solutions. But right now we are not forecasting a problem in this quarter, touch wood, but, you know, I'm loathe to make any, you know, sort of definitive assertion on that basis.

Okay, I understand. So I guess tactically it's quite hard to make a call on availability, but given, you know, that needs to be in your plans in terms of having reliable power going forward, Is there any timeframe whereby you want to decide that and then flag that to the market so that there's clear visibility in terms of when you're planning to build a power plant?

No, I don't want to make any further comment on it at this stage.

No worries. Thank you. That's my one. I'll pass it on.

Thanks. Thank you. Just a moment for our next question. Next we have Paul Young from Goldman Sachs. Please go ahead.

Good afternoon Amanda and team. I hope you're well. Amanda, good progress for the quarter as you stated and Matt Wells ramping up and tracking well and I saw you're on top of the impurity removal at Kalgoorlie which is fantastic as well but just a question on potential shortage of chemicals and in particular sulfuric acid. Can you talk through your security supply and maybe some of the cost sensitivities and I'm noting I think you use somewhere between one to two tonnes of acid for every tonne of concentrate cracked and leached?

Yeah, good question Paul and one which has our team highly exercised at present which I'm sure is the same case with most supply chain teams across the industry. If I start first with Australia, we do not have an issue with supply in Australia at present and we have some options for access locally which we think is going to ensure that we're in a good position at least through to the end of the year. The issue becomes more of an issue in Malaysia, not in Australia. And last week I did get a few sort of inquiries where the Chinese put out an announcement that they would not be exporting acid. Well, we don't source any of our acid from China, so that's okay. The market is tight but we're pretty confident about our ability to get the volume so the effect will be a price effect and I think as everybody knows that's a day-to-day event and so we're managing that but we would expect that Sulfuric alongside you know, some of the other, you know, sort of transport cost increases, et cetera, will make it a little more challenging for us in terms of costs in the fourth quarter. But we are all over it at present. And once again, I'm sort of loathe to give you a forecast because I think everyone knows it is changing on a daily basis. But we would expect there will be... be some cost impacts in the fourth quarter.

Okay. Thanks, Amanda.

Appreciate it.

Thank you. Next we have Neil Denman from William Blair. Please go ahead.

Morning, Amanda. Thanks for the time. My question is around the MOU you have with Char. I'm just wondering, how should we think about the timing of the mineral exploration around this MOU? And I'm also wondering, you didn't mention the release. Is there any update on the MOU around with Novion Magnetics?

Hi, Neil. Welcome to the call. The MOU, with respect to the development and the cooperation on other resource development. I would expect that we will be in a position to provide an update on that sometime during this quarter. Notwithstanding that, you know, sort of definitive agreements are not going to be a bottleneck on that. I mean, we have a long and trusted relationship And we find particularly in terms of resource development, geology, metallurgy, that we have highly complementary skills. So, yeah, we think that we will be able to give you a little more on that in the coming quarter. And I'm sorry, Neil, my brain's just gone to touch, so I missed what was your second part of the question?

Just any update on the Novion Magnetics MOU, if there's anything going on there.

Teams are engaged there. Novion, you know, did a further, I think during the quarter or maybe late last quarter, did a further capital raise themselves and have a particular, you know, their sort of... completing their own internal business planning to my understanding we continue to work with them and particularly on off-take agreements to ensure that we are supplying relevant material for some of their sort of highest priority customers but I'll invite Chris Jenny who's on the call to add anything if I've missed anything there

No, nothing to add, Amanda. Yeah, so obviously there's lots of moving parts in the US market, so we're just working very closely with the team at Novion to work out the best off-take arrangements to meet their needs and also obviously to meet our needs. So we'll just keep you updated as we progress through that.

Perfect. Thank you, Chris. Thank you, Amanda.

Thank you. Thank you. Just a moment for our next question, please. Next we have Chen Zhang from Bank of America. Please go ahead.

Good morning, Amanda, or I should say good afternoon, Amanda. I hope this is not the last time we speak to you on the results analyst call. First question is based on this quarter's NDTR production. If I do the wrong way or annualize this quarter's NDPR, it gives me roughly 8,000 tons of NDPR or roughly 22 metric tons per day of NDPR. That is like to be 75% of your current NDPR annual capacity of 10.5%. So I'm just wondering, I think previously you mentioned the runway of like 25 metric tons a day of NDPR. I'm just wondering what's the best way to think of your production versus capacity? Is 75% utilization rate we should apply or it should be higher? I guess the question, I'm just trying to get what kind of production going forward versus your current capacity of 10.5. Thank you, Amanda.

Thanks, Chan. And I think as with all of these elements, as we've always indicated, you know, the bottleneck tends to move around. We're a bit different from many mining companies. You know, we have capacity at Mount World, at Taugooley, and then also at the lab facility. And each can be at a different stage. You're right, the annualised run rate at present is about 8,000 tonnes per annum. It would be our intention that that lifts again in the coming financial year and the dependencies for that are partly the continued ramp-up, bear in mind that we're only today six months into the ramp-up of a big facility at Mount World and so As I indicated, we didn't have an issue with the volume of material, but the con grade dropped a bit, which absolutely has an effect on downstream production. But I think that certainly our objective would be to be moving up beyond the 25 tonnes per day. but maybe we're still, you know, sort of another year into consistent ramp-up right across the system to deliver that 10,500 tons. Paul, did you want to add anything to that?

Yeah. Can you hear me? Yeah.

Okay, good. Yeah, it's a good approach to address the nameplate capacity as tons per day, so we are We are way higher than what you can see in our numbers in terms of downstream daily capacity, and then you have two factors to take into account. One is a normal operation. You always face problems from time to time, so you have what we call overall equipment efficiency, which is reflective of any failure you can have on equipment, so that's an 80 to 90 percent normal ratio. And then you have specific, as Amanda said, specific challenges for us is to adjust, align the ramp-up of Mountwell, Kalgoorlie and all the processes here in L'Anse. But we're moving forward, getting close to having an easier to forecast volume for you, easier to forecast.

So the short answer is 25 tonnes a day will be the next, you know, sort of stop on the bus route, and then we will keep on moving from there.

Great. So you are still ramping up. Okay. We are still ramping. Yes, got it. Can I have another follow-up of your price realisation? So by looking at the China NDPR benchmark, quarter over quarter, It's a significant increase, almost 40% from U.S. $68 kilogram average in December quarter to $94 per kilogram in March quarter, excluding that, of course. But Linus NDPR selling price is only up 25% quarter over quarter. So I'm wondering why or what I'm missing, why Linus NDPR selling price is not increasing to the same level scale to the index pricing in the March quarter? I understand some of your volumes are independent, but the price flow are still higher than the index pricing. Is there any lagging or what I'm missing? Thank you very much.

Yeah. Yeah, yeah. So I did actually try to explain that, Jen. We have... Our largest customers are on contracts, which... refer to the prior month's pricing. So, you know, and I think we've tried to explain this previously. So on the way up, it lags, but on the way back down, it also lags. So generally about, you know, sort of a month's lag by virtue of the fact that we are not selling into the spot market and that's not ever our intention.

Right, switch you to that. Okay, got it. Thank you very much, Amanda. I'll pass it on.

Thank you. Next, we have Daniel Morgan from Baron Jolly. Please go ahead.

Hi, Amanda and Tim. Just a follow-up on price, basically, or revenue. Can you help us in some way with the mix? I mean, you've highlighted quite clearly you did have a lower sales mix of high-value products. I'm just wondering if in any way you could give us a feel for how big the NDPR inventory build in the period was and did you sell any DYTB and was there any marketing motivation behind the sales mix at all? Thank you.

Okay. So, no, we didn't build significant inventory. You know, the sort of final numbers on sales often depend upon how many ships sail in the last week of the month. So if they didn't go at the end of the month, they've gone in the first week of April, say, for example. So no significant inventory build. Yes, more sails of LA and CE. And given that they are high volume, low price, they have an effect on that average selling price. Limited sales of the heavies. And we are using our heavies very strategically. We've talked about this previously, but we seek at all times to be... in the business of long-term relationships with our customers. We don't sell into the spot market. We also don't sell our heavies just because somebody wants to buy a few heavies from us but don't have a broader relationship with us. So we bundle our heavies with other material And so, you know, our heavy sales and inventory management is managed in such a way that we can serve our customers, say, for example, in the magnet market with, you know, sort of a magnet ratio of NDPR to DYTB, you know, so something like 30 to 1. So the heavies are used and I think as we've talked previously, yes, they deliver margin in their own right, but it still remains that the line of cake is NDPR and the icing is the heavies, and so we continue to work on that basis.

Okay. Thank you, Amanda.

Thank you. Thank you. Next question comes from Reg Spencer from Kenner Quaternary. Please go ahead.

Thanks. Good morning, Amanda and Sam. Most of my questions have been answered already, so I'm going to go somewhere where I'm not sure how you'll answer this. But clearly there's been some M&A in the rare earth sector overnight, Amanda, and I would Certainly not expecting you guys to provide any comments on what your M&A strategy is, but when could we expect some further detail around plans for your Malaysian clay assets or your joint venture?

So we are working through the definitive documents on the magnet factory with JS Link and hopefully we'll be able to provide, you know, sort of additional information on that relatively soon. I mean, with all of these things, it's always the case of, you know, we actually have to... We can only control our position. I mean, you know, a negotiation is a negotiation. However, we are comfortable that, you know, that... project is proceeding, that material, you know, relevant equipment is being ordered, particularly the long lead time equipment and, you know, we're feeling, you know, very confident about that. With respect to the ionic clay assets, I think that as we work through You know, right back at the beginning when we were talking about, you know, the JARAMOU, we will provide a bit more information on some of that resource work we're doing, you know, over the next couple of quarters, I would expect. And, yeah, you know, there's lots of happy investment bankers in the world these days, aren't there? You know, lots of deals to be done and, you know, sort of big numbers. I just would highlight the fact that we are the only ones bringing 2,000 tonnes of NDPR and DY and TB and now samarium to the market every quarter. And so we will continue to focus on ensuring that we have a strong position in the rare earths market.

Can I ask a very quick second question, Amanda? And again, I feel free not to answer it, but do you see increasing competitive tension given, obviously, the strategic importance being placed on assets, especially those with enriched heavy content? Do you see evidence of that in all the conversations I assume you have?

I think that we have a very... We know the various projects well and we have a clear understanding of their potential. And I think I might leave it at that.

That's more than I was expecting. Thank you, Anne. I appreciate it.

Thank you. Next, we have Austin Yoon from Macquarie. Please go ahead.

Good afternoon, Amanda and Tim. Just one more question on Kalgoorlie. Great to see that you finished the run-up of the recent process improvement. I'm just keen to understand, do you have any other process improvement plan for the Kalgoorlie facility in this calendar year? And also, given that, you know, the tightness in the chemicals or do you actually trace the run path of Kalgoorlie building along the Southwark ad and other things as the process is going on? I understand there's not the five challenges at the moment. Thank you.

Thanks, Austin. Look, the answer to the first part of your question is we are always improving the process at every facility, right? So we are not done with process improvements at Kalgoorlie, not by a long shot. What we are flagging there is that we've done a couple of, you know, sort of major improvements in terms of process flow, you know, some of the actual flow sheet that we've executed and that really has allowed us to step up. We look, you know... On a weekly basis, I look at it, sort of what Paul was talking to, which is the operational availability, which is really the reliability question, and then also looking at quality and are we producing the quality which is going to be able to be processed at the lamp cost-effectively. And as we indicated, you know, sort of early on, we had some issues associated with that, which is perfectly reasonable and to be expected, and we have addressed those issues. But we are never going to stop looking for ways to continue to improve both the process and the reliability of that process. We are still assessing what are the implications of some of the price effects from, you know, the Mid-East conflict. We don't think that sulfuric acid is going to be the pain point in Kalgoorlie, but I'm sure many of you will have noted the... ..would have noted the... determination from the Fair Work Commission last night, which indicated that, you know, we need to be working with our suppliers on a fortnightly basis to ensure that costs are being appropriately recovered. But at this stage, we are not seeing that this would lead us to make a decision to dial back the Kalgoorlie facility. we continue to work to actually ramp that up in terms of reliability and delivery to full cars.

Thank you, Amanda.

Thanks, Oscar. Thank you. Just a moment of our next question, please. Next, we have Jonathan Sharp from J.P. Morgan. Please go ahead.

Yeah. Hi, Amanda and team. My one question, just As previously mentioned, an acquisition of Cerro Verde overnight announced. Now there's reporting that there's some offtake of DY and TB floor prices, $575 per kilo and just over $2,000 per kilo. This looks like about two to three times spot. How do you view this floor pricing? from Linus' perspective, maybe from what you're getting yourself?

There is a reason why we have not specifically disclosed either our floor prices or our achieved prices in this market. We actually think that this is an important part of our, you know, we think these are appropriate for commercial incompetence. The numbers neither surprise nor impress us.

Okay.

Thanks, Amanda. Thank you. Thank you. Thanks. We have Dim Arishani from UBS.

Please go ahead.

Thanks, Amanda and team. Most of my questions have been asked, but just one on what's to come on the downstream, which I think is pretty exciting. How do you think about metallisation again through everything else you're doing with JS Link and then the Vietnam announcement earlier this quarter? Like, is the plan to... continue mineralisation in Vietnam and build on that or maybe expand a little bit on what that could look like?

Hi Jim, nice to talk to you. Yes, this may be my last quarterly report, but hopefully we will all talk to each other at some time before I shuffle off this linus coil. But, Jim, yes, I think we've indicated this previously, that we think that metal is a a somewhat unloved part of the value chain, but a crucial part of the value chain. And so we are delighted that LS Cable, which is one of the largest cable manufacturers in the world, still many metal processors in the world, has chosen to enter the rare earth market. This reflects encouragement particularly from the Korean government to improve resilience in Korea, whereas we know the key industries, automotive and electronics, both rely on rare earths and rare earth magnets. The Ellis Cable facility into which this plant will be integrated is in Vietnam and so we see that as being very positive in Vietnam. It is a cost environment which is constructive for the production of metals and there is some sort of domestic... developed capability there as well but I think that we really see LS Cable as an outstanding partner for further development of metal making and we see Vietnam as really sort of a critical step in the supply chain not just with LS Cable but with our current metal maker as well. Cool. Thank you. Thanks, Jan.

Next we have Matt Pope from Ord Mint. Please go ahead.

Hi, thanks very much. My question was, what was the motivation for having the MOU with Jare for exploration? I noticed that in your announcements you even talk about exploration and development of Mount Weld, and I was wondering, you know, in what way would you want the Japanese actually involved in your sort of key mining asset?

You may recall, or maybe you weren't cameraing us at the time, but you may recall that, actually, in some of the work that we've done on the carbonatite, we have had access to some really, you know, some additional and highly skilled resources from Jogneg in terms of particularly geology and metallurgy, and they, you know, worked with us to both fund some of the cost of the Mount Welch carbonotype program, but also had on-site, working with our team, some real experts in these areas. We have found this to be very helpful for our business, accessing that additional expertise and we have an extremely productive relationship with JARE and John Meaghan and are happy to extend that into additional project work.

Right, okay. So, okay, so it's the expertise that they offer. And if I could just connect one extra one in. I just wanted to know, Samerian, it seems to you you've had a big priority on... developing that at the moment. Is that really about price or is it a strategic, you know, that would allow you to sort of get involved with, you know, the US and, you know, because this is something that nobody else produces. So is it really about strategy or is it about the price of the Sumerium?

So Sumerium is an excellent case study of the dysfunction that has existed in the rare earths market. We probably could have produced samarium earlier than we have done. We were certainly not motivated to produce samarium earlier because the price has been sitting at basically a couple of dollars a kilo. you know, like with lanthanum and cerium, where we, you know, sort of produce those these days selectively. I mean, at a couple of dollars a kilo, it didn't make sense financially for us to produce that material. As certain customers of some of these materials have understood you know, all of the things that everyone's wanted to talk about over the last two or three years around supply chain reliability, et cetera, they have actually indicated that, well, yes, they would be prepared to pay a price which is a reasonable price. That gives us a reasonable return or, in fact, a good return on our efforts. And so, therefore, producing samarium to spec and in the volumes that the market requires, bearing in mind that we are not talking with any of these heavies about, you know, sort of the same sort of volumes as we get for our lights. But notwithstanding that, we now are in a position where it is commercially sensible for us to produce samarium, so therefore we are producing samarium.

All right, thanks very much. That's great.

Thanks, Sam. Thank you. As a reminder, if you wish to ask a question, please press star 11 on your telephone.

Oh, Maggie, if we run out of questions, we should, you know, come into the kill.

One more question, Amanda, one more. We have a follow-up from Austin Yoon. Please go ahead.

Hi, Amanda. Just a quick follow-up. really good news that you provide two uptake agreements updates during this quarter. I'm just keen to understand, given a large portion of your production is not covered in those, is there any intention or interest to further expand your uptake portfolio, both from production perspective, also from your, you know, geolocation customer perspective, conscious that, you know, you have Japan covered, US covered, but there's a big chunk of the world is not covered yet. Thank you.

Yeah, good question, Austin. I think the best way to respond is that the sales team has a very clear plan on ensuring that over time we sell our material. We continue to sell it all on a contract basis. We don't engage in the spot market. that we ensure that we have a customer portfolio that ensures that we are capturing the highest value, highest margin customers. The government contracts are beneficial in terms of setting and, you know, the focus on customers and concluding customer-based agreements remains the number one priority for our business. You know, it is way more important than any other mechanism that we might have. Because we're just like every other business, you know, you don't exist without customers. The agreements with governments, right, are really about... sending a message with respect to market dynamics. I think everyone has accepted that there is, you know, this market has been dysfunctional for some time and I think that the government agreements help to address that. And in a manner, you know, we have advocated that these if we have consistent application across those various agreements that no government should ever actually have to write a check because the price naturally will move to that level and we have seen some evidence of that. So the sales team's focus absolutely is on customers. We have excellent long-term agreements with a number of both magnet makers and magnet buyers and we will remain focused on doing that with the government agreements essentially helping to address market dynamics. Thank you. Thanks, Austin.

Thank you. We have one more question. Last question, follow-up from Chan Jun from Bank of America. Please go ahead.

Thank you very much. No one asking questions. I'll take my last chance, Amanda. Thank you. So, Amanda, as the CEO for Linus over the last decade, and now we have two and a half months left until the end of the current financial year, you are going to your next chapter of your life. In your view, what kind of CEO quality can lead Linus to the next level of success, which is Linus 2030 growth story, amend the backdrop of increasing geopolitical risk, supply chain development, trying to decouple from China, whereas remain dependent on China, and Linus running a fully integrated rare mind oxide operations in Australia and Malaysia and your view what the board is looking for and your view.

Thank you. Okay. So I can tell you my view. I can't speak on behalf of the board and I would encourage you to, you know, speak to the chairman to get that. I mean, and my view is only, you know, sort of a view because you know, matches I would love and those of you who have known me for 12 years would know that I actually love, you know, being the final decision maker. In this case, I will not be the final decision maker. I wish that I was. I wish that I could say to you, this is the sort of person that we would like to see and this is who it is, but ultimately it will not be my decision. However, my experience of operating in Linus is that we are, you know, the profile of the person to run an organisation like Linus with its stakeholder complexity and processing complexity is maybe a little different from many of our other Australian enterprises. certainly needs, you know, we operate with more risk in our environment than many Australian businesses who, you know, sort of run their operations and sell their materials inside Australia operate, you know, we operate with sort of real global risk. And, of course, I've been quite vocal previously about the fact that I would be delighted to see another woman appointed to this role. I think that we have made great strides in the mining industry in terms of bringing more women into the industry, but we are yet to get to the sort of... Many mining companies have targets of 30% or 40% women within their workforces but we are yet to see that within the CEO ranks and I would be very sad if my departure was the departure of, at present, the only woman other than Mrs Reinhardt as the owner who is running a mining minerals company in Australia. Those are some of the things that I think are important. But we are a complex business and we are subject to external factors that don't necessarily affect all Australian businesses and I think that needs to be taken into account as the board proceeds with the appointment of my successor. And I watch it keenly because I've spent 12 years of my life on this and I've hated to fall in a screaming heap but on the other hand I also recognise that I can't actually control what happens after I leave. It's been great. I have loved every day of my job and I still do but it is time for the transition and I trust that our Chairman will ensure that an excellent appointment is made.

Thank you so much Amanda for sharing your views. A great simplicity of the stakeholder and the proceedings. Thank you so much Amanda.

I'll pass it on. Thank you, Amanda. We have no more questions.

Okay. Well, thank you very much. And I do look forward to, you know, it's not quite the end of the road yet. As Jen said, it's another two and a half months. I expect that I will have a chance during that time to touch base with most of you on this call, and I look forward to doing so. So thank you very much and talk to you also. Bye.

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.