Ann: Appendix 3B, page-4

No question Lynas have issued a LOT if stock to get thru a very difficult period, and the latest trade off against the outstanding bonds is not great for SH's, but will be interesting to see what develops there, which is purely motivated by the fact that Lynas now by far the biggest open mkt supplier of the key NdPr, and will remain only significant ROW supplier for some time.

Contrast to NTU could not be more stark, massive dilution to achieve what? A 3yr plan to fund huge operating losses thru Govt R&D subsidy, based primarily on producing a concentrate for two products grossly over supplied in Y & Dy.

Frankly as an Australian taxpayer I object to funding this Chinese controlled company into a business plan that has little prospect of ever braking even, let alone making a profit.