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Lynas Rare Earths Limited FY26 Results Presentation 26 August 2026
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2 This presentation has been prepared by Lynas Rare Earths Limited (ABN 27 009 066 648) (Lynas or the Company). This presentation contains summary information about Lynas and its subsidiaries (Lynas Group) and their activities current as at the date of this presentation. The information in this presentation is of general background and does not purport to be complete or to comprise all the information that a shareholder or potential investor in Lynas may require in order to determine whether to deal in Lynas shares. It should be read in conjunction with Lynas group’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange (ASX), which are available at www.asx.com.au. This document is not a prospectus or a product disclosure statement under the Corporations act (Cth) 2001 (Corporations Act) and has not been lodged with ASIC. Not investment or financial product advice This presentation is for information purposes only and is not financial product or investment advice or a recommendation to acquire Lynas shares and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek financial, legal and taxation advice appropriate to their jurisdiction. Lynas is not licensed to provide financial product advice in respect of Lynas shares. Cooling off rights do not apply to the acquisition of Lynas shares. Financial data All dollar values are in Australian dollars (A$) unless stated otherwise and financial data is presented within the year ending 30 June 2026 unless stated otherwise. Any pro forma historical financial information included in this presentation does not purport to be in compliance with article 11 of regulation S-X of the rules and regulations of the US securities and exchange commission. Market and Industry Data Certain market and industry data in this presentation may have been obtained from research, diligence, surveys or studies conducted by third parties, including industry or general publications. None of Lynas, its representatives or advisors have independently verified any such market or industry data provided by third parties or industry or general publications. Cautionary Note Regarding Forward Looking Statements This presentation contains certain “forward-looking statements” that are based on management’s beliefs, assumptions and expectations and on information currently available to management. The words “expect”, “likely”, “should”, “could”, “may”, “will”, “aim”, “intend”, “propose”, “believe”, “opinion”, “consider”, “predict”, “plan”, “scenario”, “project”, “outlook”, “guidance”, “forecast”, “anticipate”, “target”, “estimate” and other similar expressions within the meaning of securities laws of applicable jurisdictions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Such forward-looking statements include statements regarding Lynas’ expectations about the financial and operating performance of its businesses, statements about the plans, objectives and strategies of Lynas’ management, statements about the industry and markets in which Lynas operates, statements about expected net asset value accretion, expected earnings per share accretion and expected unit cost reduction and statements about the timetable and the outcome and proceeds of the Offer. Forward-looking statements, opinions and estimates provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. There can be no assurance that actual outcomes will not differ materially from these forward- looking statements. You are strongly cautioned not to place undue reliance on forward-looking statements. Any forward-looking statements, opinions and estimates in this presentation speak only as of the date of this presentation and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance and estimates. Any such statements contained in this presentation are not indications, guarantees or predictions of future performance and involve known and unknown risks, contingencies and uncertainties and other factors, many of which are beyond the control of Lynas Group, and may involve significant elements of subjective judgment and assumptions as to future events, which may or may not be correct. Forward-looking statements may also assume the success of Lynas’ business strategies. The success of any of these strategies is subject to uncertainties and contingencies beyond Lynas’ control, and no assurance can be given that any of the strategies will be effective or that the anticipated benefits from the strategies will be realised in the period for which the forward-looking statements may have been prepared or otherwise. Refer to the Section titled “Factors and business risks that affect future performance” of Lynas’ 2026 Financial Report for further information on risks that may affect Lynas. There can be no assurance that actual outcomes will not differ materially from these forward- looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the Australian, United States and global economic environment and capital market conditions and other risk factors set out in this presentation. You should consider the forward-looking statements contained in this presentation in light of those risks and disclosures. The forward-looking statements are based on information available to Lynas as at the date of this presentation. Disclaimer
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3 No representation, warranty or assurance (express or implied) is given or made in relation to any forward-looking statement by any person (including Lynas or any of its advisers). In particular, no representation, warranty or assurance (express or implied) is given that the occurrence of the events expressed or implied in any forward-looking statements in this presentation will actually occur. Actual operations, results, performance, targets or achievement may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Except as required by law or regulation (including the ASX Listing Rules), Lynas disclaims any obligation or undertaking to update forward-looking statements in this presentation to reflect any changes in expectations in relation to any forward-looking statement or change in events, circumstances or conditions on which any statement is based. Past Performance Past performance information in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of the Lynas group’s views on its future performance or condition or the future performance or condition of the Lynas group. You should note that past performance, including past share price performance, of Lynas cannot be relied upon as an indicator of (and provides no guidance as to) future performance of the Lynas group, including future share price performance. The historical financial information contained in this Presentation relating to Lynas is, or is based on, information that has previously been released to the ASX. Investment risk and other risks An investment in Lynas shares is subject to investment and other known and unknown risks, some of which are beyond the control of Lynas group, including risk factors associated with the industry in which Lynas group operates, such as: nature of mineral exploration and production; mineral and ore reserves; operations risks; project development risks; market price and demand risk; credit and market risks; regulatory, political and environmental risks; tax and other risks generally relating to equity investment. See the section titled ‘’Factors and business risks that affect future performance’’ of the Lynas Rare Earths 2026 Financial Report for further information. Disclaimer Lynas and its affiliates, officers, employees, agents and advisers have not authorised, permitted or caused the issue, dispatch or provision of this presentation to any third party. Lynas, its related bodies corporate and their respective affiliates, officers, employees, agents and advisers to the maximum extent permitted by law, expressly disclaim all liabilities in respect of any expenses, losses, damages or costs incurred by you as a result of the information in this presentation being inaccurate or due to information being omitted from this presentation, whether by way of negligence or otherwise, and make no representation or warranty, express or implied, as to the fairness, currency, accuracy, reliability or completeness of information. The information in this presentation remains subject to change without notice. Disclaimer cont.
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4 Acknowledgement of Country 1. xx 2. 4. You will need to Lynas 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 their Elders past and present. 4 Lynas Reconciliation Action Plan Artwork designed by Kevin Wilson, a Wongai graphic designer
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5 FY26 Safety performance: * Total Recordable Injury Frequency Rate (TRIFR) and Lost Time Injury Frequency Rate (LTIFR) both per million hours worked Ensuring everyone goes home safe and well everyday Safety in focus TRIFR: 4.1* FY25: 3.6* LTIFR: 0.9* FY25: 1.8* 5 Operational safety outcomes for FY26 include: • TRIFR increased from 3.6 to 4.1, primarily due to strains and sprains - Continued focus on training to reduce injuries • Lost Time Injury Frequency Rate halved from 1.8 to 0.9 • High Potential Frequency Rate reduced from 6.4 to 6.2 • Planned Shutdowns at Mt Weld and Kuantan operations conducted injury-free, including major maintenance involving 100,000 work hours executed to schedule and without injury at Lynas Malaysia • Continued focus on Yes, We Care health & safety strategy incorporating: engagement, behaviour, engineer, awareness, contain and control. In FY26 this included: - Cool room cubicles installed at Mt Weld and Kalgoorlie - 7S champions appointed in Kuantan and & 7S rolled out in Kalgoorlie
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Optimise performance from Lynas 2025 Towards 2030 growth strategy initiated1 Harvest and Grow 1. Lynas’ ability to achieve the ambitions in its Towards 2030 strategy is subject to risks and uncertainties, many of which are outside Lynas’ control and there is no guarantee the ambiti ons will be achieved. Refer to ‘’Cautionary Note Regarding Forward Looking Statements’’ in the Disclaimer on page 2 of this presentation for further information. 2. This figure refers to target infrastructure nameplate c apacity at the relevant facility only. It is not, nor is it intended to be, a production target for the purposes of Chapter 5 of the ASX Listing Rules or a projection or forecast of the amount of minerals to be extracted or produced for any production period. Ramp up assets in line with customer demand and market growth Focus on operational efficiencies and flexibility Enhanced government engagement in key jurisdictions to benefit from increased intervention Enhance sales and pricing, to strengthen existing long-term customer partnerships, defend Japanese market share, and expand our non- China customer portfolio in both existing and new markets and segments Harvest Ensure optimal capital allocation to provide returns to shareholders and invest in growth Growth pillars in Towards 2030 Add Resource and Scale • Develop the Mt Weld Carbonatite with the objective to produce higher grade NdPr concentrate • Continue exploration and mine plan optimisation at Mt Weld • Add new feedstock source/s, most likely new ionic clay feedstock Increase Downstream capacity • Expand heavy rare earth separation capacity and broaden HRE product range produced in Malaysia • Develop value-added specialty rare earth manufacturing capability • Expand NdPr separation capacity to 12ktpa (target nameplate capacity)2 Expand into the outside China metal and magnet supply chain • Seek to partner with companies who have proven expertise in rare earth metal and magnet production • Accelerate participation via partnership, joint venture, equity investment or direct investment models Grow Equity raising of approx. ~$930m (including $182m Share Purchase Plan) successfully completed to support delivery of the Towards 2030 growth strategy
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FY26 Growth highlights Lynas 2025 projects commissioned; Towards 2030 growth strategy progressed Towards 2030 growth strategy pillars Lynas 2025 growth initiative 1. MoU is non-binding and subject to definitive agreements • Establishment of the resource development team and identification of potential new feedstock sources • Scoping study for the development of the Mt Weld Carbonatite has been completed and a dedicated team established to progress the further stages of the feasibility assessment • MoU signed with Japan Australia Rare Earths B.V. (JARE) to establish a framework for cooperation on mineral exploration of rare earth elements and adjacent minerals1 • Project commenced for new heavy rare earths (HRE) separation facility at Lynas Malaysia to increase heavy rare earth (HRE) production capacity and expand the HRE product suite • First production of Samarium (Sm) oxide at Lynas Malaysia • Long-term partnership agreement with JS Link, Inc for JS Link to construct a rare earth permanent magnet factory in Kuantan, Malaysia by JS Link • Framework Agreement between Lynas and LS Eco to work towards a definitive agreement for a long-term metal processing arrangement at a new LS Eco Energy plant in Vietnam • MoU signed with Noveon Magnetics to support a scalable domestic U.S. supply chain for rare earth permanent magnets1 • Mt Weld expansion project largely completed Dec quarter FY26 • 65MW Mt Weld Hybrid Power Station operational from Jan 2026 • Mt Weld water recycling plant commissioned and operating • Continuous precipitation process commissioned at Kalgoorlie Facility • Commenced shipments of Dy and Tb oxides to customers • Enhanced safety, productivity and sustainability with new enclosed furnaces at Lynas Malaysia Optimise Lynas 2025 investment Expand into outside China metal and magnet supply chain Increase downstream capacity Capital investment concluded Add resource and scale Enhance sales and pricing • Updated 12-year availability and supply agreement for with JARE for Japanese industry which includes firm offtakes and US$110/kg NdPr floor price
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8 FY26 Financial snapshot Net Profit After Tax $222.4m FY25 NPAT: $8.0M Sales Revenue $977.9m FY25: $556.5m EBITDA1 $386.0m FY25: $101.2m Cash and Short Term Deposits $1,209.1m 30 June 2025: $166.5M You will need to 81 EBITDA is a non-IFRS measure and comprises net profit or loss before finance costs, income tax and depreciation and amortisation
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9 FY26 Operational snapshot 13,089t Total REO production FY25: 10,462 tonnes 7,260t NdPr production – including record 2H production FY25: 6,558 tonnes $80.7/kg Average selling price per kg REO – highest on record FY25: $50.6/kg $178.3m Capital invested in property, plant, equipment & mine development FY25: $430.8m 9
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10 2512 2144 2709 2752 2614 3265 2553 3589 2427 3228 2969 3589 3407 3853 0 500 1000 1500 2000 2500 3000 3500 4000 4500REOt NdPr Production Volume (tonnes) NdPr Production & Total REO Average Selling Price 0 20 40 60 80 100 120 140 160 180 0 100 200 300 400 500 600 700 AUD PER REOKG AUD’MIL Average Selling Price1 (per kg) and Total REO Sales Revenue2 ($m) Average Selling Price (per kg) Sales Revenue (million) 1. Average selling price excludes price adjustments. 2. Sales revenue excludes any other income / expenses from price adjustments on quotational sales. Lynas 2025 capacity uplift; Record quarterly NdPr production Dec quarter production affected by C&L major maintenance & Kalgoorlie electricity issues Record 2nd half NdPr production
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11 Market Update Rare Earths magnet market being reshaped by export controls and global policy decisions • Globally governments continue to take action to build secure and resilient rare earth magnet supply chains • New supply chains take time to build, commission, ramp production and deliver on-spec magnets for magnet buyers • Increasingly magnet buyer focus is to secure supply from the existing outside China supply chain • Lynas is uniquely positioned to support Governments and magnet buyers to build resilient supply chains Source: EIA Rare Earth Elements – Revised version May 2026 Risk of further export controls is driving magnet buyers to seek new resilient magnet supply chains
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12 Market Update Rare Earths market dynamics are positive, driven by end customer demand • Market pricing reflects strong demand and strategic price floor arrangements e.g. Lynas agreement with JARE for NdPr US$110/kg price floor (announced March 20261) • Increasing rare earth demand from outside China magnet makers with requirements for NdPr and Dy Tb • Lynas achieving price premiums over the market index with increased mix of heavy rare earth sales • Increased focus on new metal making capacity to support the new outside China magnet supply chains Source: Asian Metal NdPr oxide ExW China "Mid" equivalent to USD/kg excluding VAT Growth in demand for outside China rare earths supply is strong NdPr Market Index Price 1 https://wcsecure.weblink.com.au/pdf/LYC/03066669.pdf
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13 Progressing Towards 2030 growth pillar: Expand into the outside China metal and magnet supply chain July 2025: MoU signed with JS Link for Malaysian magnet manufacturing facility October 2025: MoU signed with Noveon Magnetics to help support a scalable domestic U.S. supply chain for rare earth permanent magnets March 2026: MoU signed with JARE to establish a framework for potential cooperation including mineral exploration and development March 2026: Framework Agreement signed with LS Eco Energy for a long term metal processing arrangement a new rare earth metal making facility to be constructed in Vietnam by LS Eco Energy July 2026: Long term partnership agreement signed with JS Link for development of a Malaysian rare earth permanent magnet factory in Malaysia by JS Link July 2026: Partnership with LS Eco Energy strengthened through the cross-subscription of convertible instruments
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14 Mt Weld expansion project completed and commissioned 14 • Mt Weld expansion project commissioning completed December quarter 2025 • New flowsheet integrated into operations and ramping up • 65MW Hybrid Power Station commissioned and fully operational since Jan 2026; average renewable content of 93% achieved in 2H FY26 • High efficiency mining delivered • Operational focus now on optimising production costs and recoveries
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15 Mt Weld 65MW hybrid renewable power station & water recycle plant commissioned & operating Mt Weld Recycled Water Treatment Plant 7MW Mt Weld Solar Farm 2,376 solar panel sections (with PPA partner Zenith Energy 24MW Mt Weld Wind Farm Four 6MW wind turbines (with PPA partner Zenith Energy) 12MW/12MWh Battery Energy Storage System (BESS) supported by a 17MW high efficiency gas fired power station (with PPA partner Zenith Energy
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16 Kalgoorlie Rare Earths Processing Facility ramp up progressing 16 • Quality and productivity improvements successfully executed • Continuous precipitation process completed and commissioned, enabling design precipitation capacity and MREC quality improvements • Construction of new water recycle plant being completed
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17 Lynas Malaysia optimised for growth 17 • Record 2H FY26 NdPr production achieved • First Samarium (Sm) production achieved in March 2026, Lynas’ third HRE product, alongside Dysprosium (Dy) and Terbium (Tb) • Progress made on expanded HRE facility (announced October 2025), with critical equipment orders placed • Targeting early FY28 for Gadolinium and early CY28 for Yttrium, with Lutetium to follow • Lynas Malaysia’s operating licence renewed for 10 years; providing greater investment certainty First separation of samarium oxide in March 2026
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18 Building prosperity in our communities We care for the communities in which we work and live 76% local suppliers in FY26 99% of Malaysian employees are local nationals $9m invested in R&D in FY26 $500k invested in community support and initiatives in FY26 92 Lynas Local Giving community grants since 2022 1,156 Employees globally $124m paid in employee wages and benefits in FY26 $8.8m paid in taxes and royalties in FY26
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19 Visit us at LynasRareEarths.com
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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. Marcelle Watson is a full-time employee of Lynas Rare Earths Ltd and member of AusIMM. Dr Ganesh Bhat is a full-time employee of Lynas Rare Earths Ltd and member of AusIMM. Ms Watson and Dr Bhat have the relevant experience in relation to the mineralisation being reported on to qualify as a Competent Persons as defined in the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Identified Mineral Resource and Ore Reserves 2012.Ms Watson and Dr Sadangaya Ganesh Bhat consent to the disclosure of information in this report in the form and context in which it appears. The potential extent and grade of the Fresh Carbonatite is unknown at this stage. Drilling has been completed to 200 metres below surface. The Exploration Results have been prepared and reported in accordance with the 2012 edition of the JORC Code. Mineral Resources and Ore Reserves Full details of the material change that occurred in 2024 are reported in the Lynas ASX announcement dated August 5, 2024, titled “2024 Mineral Resource and Ore Reserve update: Lynas announces a 92% increase in Mineral Resources and a 63% increase in Mt Weld Ore Reserves - with significant increase in contained heavy rare earth mineralisation”. The company confirms that all material assumptions and technical parameters underpinning the estimated Ore Reserves and any production targets set out in the ASX announcement dated August 5, 2024 continue to apply and have not materially changed. Refer to announcement on Lynas Rare Earths website: https://wcsecure.weblink.com.au/pdf/LYC/02835257.pdf. 20