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HIGHLIGHTS QUARTERLY REPORT FOR THE PERIOD ENDING 31 MARCH 2021 Lynas Rare Earths • Total REO production : 4463 tonnes ( Q2 FY21 : 3410 tonnes ) • • NdPr production : 1359 tonnes ( Q2 FY21 : 1367 tonnes ) Quarterly Sales Revenue : A $ 110m ( Q2 FY21 : A $ 119.4m ) Sales receipts : A $ 133m ( Q2 FY21 : A $ 68m ) Closing cash balance : A $ 568.5m ( Q2 FY21 : A $ 512.6m ) Lynas 2025 project : о ○ Approval and commencement of site preliminary works for our Kalgoorlie project Signed agreement with the U.S. Government to build a commercial Light Rare Earths separation plant in the U.S. CEO REVIEW Favourable market conditions continued through the March quarter . Demand for NdPr remained robust accompanied by higher prices for both NdPr and SEG , leading to another strong quarterly result for the period ending 30 March 2021 . Total REO production was 4,463 tonnes and total NdPr production was 1,359 tonnes for the quarter . In line with previous advice , Lynas Malaysia continues to operate at approximately 75 % of Lynas NEXT production rates , equivalent to original nameplate production . We continue to assess increasing production rates . At this stage we have elected to remain at 75 % of Lynas NEXT rates as it allows us to maintain our strict COVID- related health and safety protocols and manage variability in the external environment , particularly related to inbound and outbound logistics . Sales revenue of A $ 110m was achieved during the quarter . Increased sales receipts of A $ 133m were , in part , due to the delay in cash collection from revenue generated in the December quarter . Invoiced revenue was affected by continuing difficulties with shipping availability as a consequence of the impact of COVID - 19 on global trade and the blockage of the Suez Canal in March , which delayed some shipments into early April . The market price for NdPr increased during the quarter . Demand for Dysprosium increased and Terbium stabilised during the quarter . Our NdPr and SEG selling prices reached new records and the average selling price across our full product range was A $ 35.5 / kg during the quarter . Page 1 of 9