Operator: Welcome to the Lynas Rare Earths October quarterly results briefing. Following the formal presentation, there will be a Q&A session. Investors and analysts can ask live audio questions during today's call. To ask a live audio question, press the Request to Speak button at the top of the broadcast window. The broadcast will be replaced by the audio question screen. Use the dial-in number and access PIN provided to ask your question via the phone. Alternatively, for those on a home or personal network, you can ask your questions via the web by pressing Join Queue. If prompted, select Allow in the pop-up to grant access to your microphone. If you have any issues using the platform, dial-in details can also be found on the homepage under Asking Audio Questions. Press the Documents icon to see today's files and platform instructions.
Operator: Select a document to open it, and you can still listen to the meeting while you read. I will now hand over to Lynas.
[Company Representative] (Lynas Rare Earths): Good morning and welcome to Lynas's quarterly report for the period ending 30 September 2026. On the call today, we have Pol Le Roux, Interim CEO, Gaudenz Sturzenegger, CFO, Daniel Havas, Chief External Affairs Officer, and Sarah Leonard, General Counsel and Company Secretary. I will now hand over to Pol. Please go ahead.
Pol Le Roux: Thank you, Lauren. Good morning, everybody. I am taking the call from Seoul, Korea, where I am attending the Metal Events conference, the oldest rare earths conference, where I will give a speech right after this call. I can tell you that in the business rare earths world, Lynas is seen as a winner, and it is quite easy for me to give a presentation. So, coming to the quarter, I have to say that while Lynas team is always engaged to maximize the company performance, there are quarters where reporting our activities to our shareholders is easier. And this is one, indeed. It has been a very rewarding quarter, a quarter of records of gross sales, records of production. Our new sales record is now AUD 310 million for the quarter. That is 7% up compared to previous quarter. It is 55% up compared to Q1 last year.
Pol Le Roux: This record is supported by the continued positive dynamics of market, the confirmed appetite for secured rare earth supply chain outside China, and the subsequent high market price. It is also supported by the demonstrated ability of Lynas team to actually deliver on its commitment. Finally, it is supported by our sales strategy where we make profit of our position as the only dy-terbium supplier outside China to combine our sales to magnet makers, sales of NdPr, and heavy rares, so that we can secure long-term partnership with our customers. This favorable market environment is pushing us to grow as fast as possible, growing our NdPr and heavies production, and the team has responded to that push with new records. Mount Weld reached in September, a performance way above the downstream need of nameplate capacity. Well, that's a great achievement.
Pol Le Roux: As I said in the previous call, the ramp-up of Mount Weld is astonishing. Then, compensating for July, which was still impacted by our previous quarter ore quality issues. Then, as we delivered the production record in August, and we did it again in September, establishing a new record of NdPr production. Dy-terbium production volumes continue to grow in line with NdPr, supporting our combined sales strategy with magnet makers outside China. While our supply of dy-terbium outside China is very welcomed by the market, the market needs more. To that purpose, we are finalizing our plan to move forward mining activities at Mount Weld into the Dy-rich zones. This appears as the fastest way to substantially increase our dy-terbium supply to the market. Another way to increase our dy-terbium supply is the announced intention to acquire Meteoric. Caldeira is the largest known ionic clay deposit outside China.
Pol Le Roux: It is a cost competitive additional resource for rare earths with a higher Dy, Tb, and NdPr ratio in line with the market demand. It can fit perfectly Lynas processing setup and a detailed study has commenced between Lynas and Meteoric to optimize the overall performance from mine to big bag. Downstream, this quarter has also seen the signature of our long-term partnership with JS Link, who is starting the construction of a magnet factory in Malaysia, in addition to their existing factory in Korea. Finally, we are finalizing our agreement with LS Eco Energy who will build a metal facility in their existing site in Vietnam. This is primarily addressing samarium, pure Dy, pure Pr metal, elements that are essential for delivering high performance magnet making. Meanwhile, on the HRE separation projects, the construction is on track with the previous announcement.
Pol Le Roux: All in all, a very good quarter that is in line with our Towards 2030 growth plan. On that note, I would be happy to answer questions together with Sarah, Gaudenz and Daniel. We'll try our best to answer any question you may have following this quarter.
Operator: Thanks, Paul. If you have not yet joined the live audio queue, please do so now. To hear from as many people as possible, we request that you ask one question at a time. If you have more questions, please rejoin the queue. I will introduce each caller by name and ask you to go ahead. You will then hear a beep indicating that your microphone is live. Our first question comes from Jonathan Sharp of JP Morgan. Jonathan, please go ahead.
Jonathan Sharp: Morning, Paul, Daniel and team. Just first question or my only question on sales. Production was about 1,200 tons ahead of sales this quarter. Can you just talk us through what's sitting in the inventory by product, and roughly what NdPr sales were, if you can? How much of the record average ASP came from sales mix rather than higher pricing? Thanks.
Pol Le Roux: Sorry, you are asking how much inventory we have in end of the quarter. Is it correct, Jonathan?
Jonathan Sharp: Yeah, and in particular, NdPr.
Pol Le Roux: NdPr, you know that the previous quarter we were a bit disappointed with our production performance, so we shipped as much product as possibly. Of course, the production, the best production being in September. That explains probably why you see the cash collection is not as high as the gross sales. You can see that we invoice most of our product, and we always keep just a few days of stock end of the quarter.
Jonathan Sharp: Okay, great. I will jump to the end of the queue. Thanks.
Operator: Thank you. Our next question comes from Rahul Anand of Morgan Stanley. Rahul, please go ahead.
Rahul Anand: Oh, hi, Paul and team. Good morning. Thank you for the call. My one question is on the maintenance shut for December. I know that you did do a 6-week shut about 3 years ago, and this one seems to be similar or in line with that. I guess you were at a different stage at that time as a company in terms of what your plant was producing in Malaysia. This time, I think you also have a Kal shut that is incorporated within. Can you help us understand perhaps the nature of the upgrades you are doing this time and what are the main items of work that are happening over this 4-week period? What do you expect as, I guess, a benefit on the other side? Is there any improvement in recoveries or anything else you would like to call out? Thanks.
Pol Le Roux: Okay. That is a long answer for a simple question. Basically, every year, you see from October, December is the period of time where we execute the most of our preventive maintenance. The primary objective of this shutdown is to execute necessary preventive maintenance. That concerns, in particular, one kiln in Kuantan, which needs to have the bricks replaced. Combined with this, we had the request from Western Power in Kalgoorlie for them to upgrade the grid, for hopefully improving the reliability of the grid in Kalgoorlie. That will force us to shut down Kalgoorlie for a bit more than 2 weeks. Whereas the Kuantan work will represent overall a month of maintenance.
Pol Le Roux: The things we do on top of preventive maintenance is that we work on small modifications to increase our nameplate capacity in Kuantan, so before cracking, whereas at the moment our bottleneck is more on the gas treatment. We are trying to solve that with a few modifications. At the same time, we found ways to further increase the nameplate capacity downstream. That is on Kuantan side, the 2 elements, for us to be ready for the next quarter to deliver maximum production. In Kalgoorlie, we still have a few modifications to make to improve the reliability of our equipment mainly. We make profit of this forced 2-week shutdown to execute those modifications and improvements so that we are aiming at starting the January quarter at maximum speed and better equipped to maximize our production.
Rahul Anand: Got it. Okay. It is quite interesting to see the Kuantan cracking improvement there. Are you able to call out how much more that would be there in terms of additions, or is that too early to talk about?
Pol Le Roux: Well, let me demonstrate that with next quarter figures. What I can tell you is, we have 4 kilns, and they are on 2 different gas treatments. When you shut down one kiln out of 2 on one single gas treatment, you notice that we can push the production higher than half of the capacity, which clearly indicates the bottleneck is in the gas treatment. I will not give you numbers, I am sorry, because I prefer to demonstrate rather than claiming, but it is substantial enough for us to have decided to execute this modification this quarter.
Operator: Thank you. Our next question comes from Chen Jiang of Bank of America. Chen, please go ahead.
Chen Jiang: Good morning, Pol. Thank you for taking my question. Just a follow-up on the sales production and also the one month. Firstly, good to see you don't have any ore quality or operational issues this quarter, so congrats. For the sales versus production this quarter, did you do that on purpose because you have 1 month shutdown, so you are building the inventory that you can maintain your sales in December month when you shut down your production? Another follow-up after this. Thank you.
Pol Le Roux: All right. Chen, I would be happy to run a factory where no preventive maintenance is needed, but as you know, we always maximize production. I would say the other way around. We are very happy to have delivered this production record last quarter so that we are more comfortable supplying our customers, and we feel very comfortable we will not make them short of product in this quarter, which typically is the moment when we concentrate the maintenance. So we didn't push on purpose because of the shutdown plan in Q2. We always push, and it's very fortunate that the production went so well in this quarter, of course. We'll continue pushing despite the shutdown during the current quarter.
Chen Jiang: Right. Thanks, Pol.
Pol Le Roux: Lost you, Chen Jiang.
Chen Jiang: Can you hear me? Hello?
Pol Le Roux: I lost you for a minute. Can you repeat, please?
Chen Jiang: Okay. Just another way to ask this question. Do you have enough rare earth inventory, especially NdPr, Dy, and Tb, during the shutdown period to fulfill your sales? It is a more near-term question, but for your sales in Q2, during your shutdown, should I think about you have inventory, then there is no impact to your sales?
Pol Le Roux: Yes. We have enough inventory. We follow that very closely with our customers. They are used to that. Q2 is always lower than Q1 and the others. We are very comfortable in that. There will not be anyone cut short of supply during the quarter. A big part of this inventory is actually now sales because it is carried by our distributor in Japan. They carry the inventory for us.
Chen Jiang: Right. It is fair to say that production loss of one month, you can continue to sell to your customers without any impact. Is that a fair conclusion from what you just mentioned?
Pol Le Roux: Absolutely, Chen Jiang. Absolutely.
Chen Jiang: Okay. All right. Great to hear. Thank you. I might be back. Thanks, Paul.
Pol Le Roux: Thanks.
Operator: Our next question is from Paul Young from Goldman Sachs. Paul, please go ahead.
Paul Young: Thanks. G'day, Paul and team. Paul, another question about the ramp and also the impact from the Malaysian shut, but actually more so, I just want to look through the next quarter, and into the June H1, considering that, you make the comment that Mount Weld has actually been running really well, and the ramp in July and August, which should imply, based on the lag of getting the concentrate, either through Kalgoorlie cracking and leaching and then ore transported to Malaysia and through the cracking and leaching facility, that you should actually have a quite a decent positive inflection in production in the March quarter and the June quarter, just because of that lag from Mount Weld and getting it produced into oxide. So can you maybe just talk through just how well Mount Weld has been performing from an NdPr production standpoint?
Paul Young: Is my logic correct that post the shut, that just based on that 6-month lag or so, that March quarter, we should have seen quite a decent inflection in NdPr production?
Pol Le Roux: Definitely, we are looking forward to a substantial increase in Q3, Q4, March and June quarter. Mount Weld has now everything operational except for what we call the IsaMill, which is not aiming at increasing production but improving the recovery. So that should come up by end of this current quarter. So it's very positive element for us to see that the concentrate-wise, we are well covered with the current performance of Mount Weld. So all the gain will be to maximize both the cracking and leaching in Kuantan and the cracking and leaching in Kalgoorlie. Since, as I said last time, the downstream part now is already demonstrated at nameplate. As I mentioned just a while ago, we are even working on increasing further this nameplate capacity downstream. So yeah, looking forward for very good results in the third and fourth quarters.
Paul Young: Yeah, thanks. Just to maybe expand on that, seeing as a few people are having follow-ups, does that mean that you have some degree of confidence that you can test the nameplate of the refinery of 10.5, 10.8 thousand tonnes per annum in the March quarter and June quarter?
Pol Le Roux: At least, yeah.
Paul Young: Okay, great. Excellent. Good to hear. I will pass that on. That is an honor to hear. Thank you.
Operator: Thank you. Our next question comes from Mitch Ryan of Jefferies. Mitch, please go ahead.
Mitch Ryan: Thank you for taking my question this morning. Following on from Youngy's question and also the discrepancy between production and sales, we have this positive inflection into the H2 from an NdPr production perspective. What comfort can you give me that sales will also grow on the same trajectory? You have talked anecdotally that the demand is there, but the differential between production and sales volumes in this quarter, can you explain that differential and why that will resolve in the H2?
Pol Le Roux: Listen, I am surprised at this question, to be honest. We have absolutely no problem to sell more NdPr and even more dy-terbium. The only point is, it is simply a shipment matter that makes it end of the quarter. Since our production was really excellent in September, and particularly in the H2 of September, of course, part of the production could be invoiced. There is absolutely no worries on our side and all the discussions I have with customers show that there is only more appetite to buy more from us and absolutely no concern there. It will continue being a game where sales pulls the production and not the other way around. I do not know how I can give you more comfort than that, but I really have zero concern about the demand side.
Mitch Ryan: Okay. Thank you. That is it from me.
Operator: Thank you. Our next question comes from Daniel Morgan of Barrenjoey. Daniel, please go ahead.
Daniel Morgan: Hi, Paul. Question is very similar to some of the others on sales mix and production versus sales. You provide NdPr production, you also provide REO production, but on the sales side, you give REO and not NdPr. I think a lot of the participants on the call would like an indication when looking at revenue, realized price, what is the sales mix? Can you provide some indication of what NdPr sales volumes were? Was it the ratio in line with what we can see as a visible sales lag in production? We are just trying to understand how to look at realized price versus the benchmarks we are looking at in the market. Thank you.
Pol Le Roux: Yeah. I think it is a good suggestion, Daniel. I realize when I look at the table, it can be confusing. You know probably that we started two years ago, and we are continuing that, removing low-value rare earths as early as possible in the process. What I mean with that is mainly cerium or cerium lanthanum, which are not worth processing all the way through. That is the reason why you do not have, in a sales ratio, probably we think of putting a line with the NdPr sales volume that will be easier for everyone to understand. But the content of NdPr in the total REO is higher than the natural rare earth distribution because we actually eliminate upstream as much as possible cerium lanthanum. I understand better now where the confusion comes from there.
Daniel Morgan: Well, could I just follow up on that, Paul?
Pol Le Roux: We will try to improve for next reporting.
Daniel Morgan: Yeah. There is a few drivers here which could still lead to confusion. Sorry, Paul, which is, NdPr, of course, you produce that more than the assemblage in the ore, because it is more valuable. So we understand that the NdPr, the production ratio to the REO ratio, we understand that that would be different to the assemblage in the ore. But I guess we are also trying to understand in the sales piece, what is the mix of NdPr in it, because how else can we judge whether your realized price is a good one or not? That is what we are trying to understand, I guess.
Pol Le Roux: Yeah. I understand that. And for that, we should show you the exact sales numbers of NdPr, which we have not done and which we will try to implement for next report. But I can tell you that the number of sales of NdPr is extremely close to the production of NdPr through the quarter. And just to clarify, when we eliminate sales upstream the production, it is not accounted for the production. So, yeah. We will clarify that.
Daniel Morgan: Yeah. Okay. So sorry, just to
Pol Le Roux: For this slide. Yeah.
Daniel Morgan: Yeah. Just to clarify, is the NdPr sales within the REO sales, is that broadly indicative of a normal mix?
Pol Le Roux: We had around 2,100 tons or 2,082 tons of NdPr or NdPr ready for sales in the quarter. The actual sales of NdPr in this same quarter was extremely close to this number. That is what I can say at this stage.
Daniel Morgan: Okay. Thank you, Paul, for the answer.
Operator: Our next question comes from Neal Dingmann of William Blair. Neal, please go ahead.
Neal Dingmann: What is up? Morning, Paul. Nice to talk to you again. My question is on the JS Link partnership. Specifically, do you have any insight on general timing of when this plant will come on, and maybe more specifically, what is the price in terms of the rare earth materials you will supply, how you will come up with that pricing agreement?
Pol Le Roux: I cannot talk on behalf of JS Link, but they made a very good presentation yesterday at the conference, advertising a lot Lynas, which is good. What I know is from them, and I have a meeting with them tomorrow, more in detail. But they ordered all the main equipment for the Malaysian factory. So we are talking here about startup, first production for qualification probably by early 2028 calendar year. The site is selected. You know magnet factory is all about bringing in the main equipments. It is not like a chemical factory with lots of piping. So they are fully aligned and Korean style, ppalli ppalli, they go as fast as possible, and I do not see as of today any reason to worry that it will be late.
Neal Dingmann: Very good. Thank you, Paul.
Operator: Our next question comes from Matthew Hope from Ord Minnett. Matthew, please go ahead.
Matthew Hope: Thank you. I just wanted to follow up on your comment that a lot of your inventory is held by a distributor in Japan. I was just wondering, is that logged as part of your sales? Is that material actually paid on delivery, or is it sort of paid when the distributor sells it?
Pol Le Roux: No, it is paid on delivery plus some payment terms that are our agreement with them. When I say they carry the inventory, it means that we invoice, they pay, then they get the money back when they sell to the customer. We are paid up front of the product to their stock.
Matthew Hope: Yeah, sorry, you were dropping out there. I could not really hear the second part of you.
Pol Le Roux: They carry the inventory. So it means that
Matthew Hope: Yep
Pol Le Roux: the payment to Lynas by them is made based on the shipment of product from Lynas to their stocks, not the shipment from their stocks to the final customer. So they really carry the working capital, in other words.
Matthew Hope: Right. Okay. Thank you very much. Just one other question, just you were talking about in the quarterly about the Mt Weld cutback to access more heavier rare earth material.
Pol Le Roux: Yeah
Matthew Hope: which surrounds the central lanthanide deposit. When do you expect that may take place, and is that going to have a heavy capital cost?
Pol Le Roux: Well, it's anticipation. It's a substantial amount, but it's an amount of mining activity that we would have proceeded if things go normal in, let's say, three to five years' time. Because that's the way the mine. That's where the zone is located. So what we are finalizing now is actually mining ahead so that we can process ASAP this Dy-rich zone and therefore, deliver much higher, substantially higher quantity of dysprosium terbium to the market. So the exact amount and time will be communicated very soon, as soon as we finalize that. But it's the fastest way because I don't need any permitting. We know the process because at the end of the day, it's the same process like today. Just a matter of moving dirt. A lot of dirt, but okay. I think it's basically the best.
Pol Le Roux: When I discussed that with a number of customers in the conference, they all wait for that because they are all desperate to get more dy-terbium in the market. That is the fastest way to get it.
Matthew Hope: Sure. Okay. Thank you very much.
Operator: We have another question from Jonathan Sharp from JP Morgan. Jonathan, please go ahead.
Jonathan Sharp: Yeah. Hi, Paul. Thanks for taking my second question. Just an update on the CEO, that would be great. Just on how that is going, timing, when the market will know. Anything on that would be good. Thanks.
John Humphrey: Yeah. Hi, it's John Humphrey speaking, the Chair of Lynas. The permanent CEO appointment process is continuing. It will take as long as it takes. Lynas is a unique company, and we're looking for a unique person as the next CEO. In the meantime, the company's in good hands under the Interim CEO, as you can hear from the latest operations report. That is really the update. We are not going to rush to do it, but having said that, obviously, we'll do it as soon as we can.
Jonathan Sharp: Okay, thanks. Maybe one more.
Pol Le Roux: Jonathan, I will just add one more thing. I understand your concern. On the other hand, the performance that we share with you for this quarter demonstrates, if needed, that the team is fully mobilized and not so disturbed by the situation.
Jonathan Sharp: Okay, great. Thanks for that. I might just ask a second question if I can, just on the Meteoric acquisition. It seems like the market isn't giving it much value. Can you just talk on this particular asset, Paul? The work that I've done, it looks like a really, really good ionic clay deposit. Maybe just mention, what are the benefits here? What are we missing? What is the market missing? Anything there would be great.
Pol Le Roux: Okay. I think the Meteoric. We need to grow and to grow fast. We have Mount Weld, which is a great resource. It just happens that having a combination of a hard rock Mount Weld and an ionic clay deposit appears to make sense. Meteoric has, and we worked on this quite a lot, would fit very well into the Lynas processing setup, being quite cost competitive and very important aspect to me, it will also increase the quantity of dysprosium terbium that you produce in relation with the NdPr. Generally speaking, if you look at the magnet industry, for 30 tons of NdPr, you should have 1 ton of dy-terbium. Anything that can get us closer to that is more than welcome, and Meteoric would be a great contributor to that.
Pol Le Roux: This, for us, is really improving our setup, aligning us better to the market demand. Finally, giving us access to another area around the planet, where down the road, maybe we will manage to develop an ecosystem. You have in Brazil a very good level of technical expertise. I have been working many years in my previous company with Brazilian process engineers, maintenance. They are absolutely great. There is potential to be developed there. It is to be seen as a substantive adapt to the business of Lynas geographically and in terms of product mix. It is, for us, fantastic news.
Jonathan Sharp: Okay. Thanks, Paul. I will pass it on.
Operator: Thank you. Our next question comes from Reg Spencer from Canaccord. Reg, please go ahead.
Reg Spencer: Good morning, Paul. Thanks for taking my question. I am going to change tack a little bit here and just talk about market more broadly and geopolitics. Trump and Xi kicked the proverbial can down the road in their recent meeting with the original November deadline on the relaxation of export controls into January next year. What is your expectation or, maybe asked a different way, what are the expectations of your customers as to the potential outcomes here? Or given the fact that Trump is involved, who the hell knows?
Pol Le Roux: You are asking me to predict the policy of a US president? That is a challenge.
Reg Spencer: I would never do that of anyone.
Pol Le Roux: I will not try that.
Reg Spencer: I'm just interested in
Pol Le Roux: I will not try that.
Reg Spencer: what-
Pol Le Roux: No.
Reg Spencer: Yeah.
Pol Le Roux: Seriously, I think it's the second time we have a kind of rare earth crisis, a disruption of a supply chain linked to geopolitical issues rather than a simple supply-demand. The first one was in 2011, and at that time, I think there was a lot of excitement, a lot of projects, and everything collapsed very quickly. Lynas was the only one to survive through this market storm. This time, I think, and I see that in particular for the people who are the real decision-makers, the OEMs, the end users. It's possible that the COVID has helped as well in this. There is a real strategy from OEMs to secure part of their supply from outside China. I don't know, and I don't want to anticipate on variations on the political landscape.
Pol Le Roux: What I'm very convinced of is that the rare earth market is now different from where it was, and it will not come back to where it was before. So there is a real strategy around the world to not be too dependent on one single source of raw material.
Reg Spencer: What you are saying, Paul, is irrespective of whatever decision or resolution is made on the negotiations around export controls, you continue to expect Western supply chains to continue to work at least some level of independence of China?
Pol Le Roux: Absolutely. I do not think China will ease some of their official and non-official decisions, such as it is impossible for any expert in rare earth industry from China to work for a non-Chinese company. It is impossible to source equipment specific to rare earth processing from China to a magnet maker or a processor outside China. That is all the work and challenge that will remain. I do not see why China will all of a sudden ease that situation. I explained especially the impact on that for our heavy rare separation. We were very dependent to China for a lot of equipment because the world had given up on making progresses on making specific reactors, et cetera.
Pol Le Roux: That is all the heavy work we have to build to rebuild an ecosystem where we can actually secure, and so it is the same to us, secure a source of equipment that we need to process to run our factories. This will not change. I do not see a reason why it will change. Building a line outside China was challenging, but I can tell you it is more challenging today than it was 16 years ago.
Reg Spencer: Thank you, Paul. We could talk about this for hours, but I will pass it on. Thank you.
Operator: Our next question is from Neal Dingmann from William Blair. Neil, please go ahead.
Neal Dingmann: Thanks again, Paul. My question is on the Meteoric Resources again. Specifically, how do you all think about the margins that we produce or achieve from the ionic clay produced there versus the monazite variant ore you all are currently producing?
Pol Le Roux: What I can tell you is that when I say it is cost competitive, my reference is Mount Weld because producing from Mount Weld at Lynas, we proved that we could go through very tough times. Just a reminder, in July 2016, the price of NdPr was $29, and we did not die. It just happened that the specific rare earth distribution and very high concentration of ionic clay of Meteoric, so that is a very important aspect, makes it possible for this ionic clay to be cost competitive, which is not always the case. You have a lot of ionic clay and talks around ionic clay around the world, but with very low rare earths in the ground, so this means you move or you leach a lot more. At the end of the day, it is deposits that have a hard time to be cost competitive.
Pol Le Roux: Meteoric has this specific situation of very high rare earth content in the ground. We are talking here about 2,500 PPM versus, in some areas in Southeast Asia, of 600. So you see the difference. That was essential for us. We would not put our hands on something unless we know it can be cost competitive. Cost is our muscles, right? So we always focus on that.
Operator: Thank you. Our next question comes from Matthew Hope from Ord Minnett. Matthew, please go ahead.
Matthew Hope: Hi. I was just wondering about samarium. You did not say much about samarium in the quarterly. I did not see much. Were you still producing that, and did it increase from previous quarters?
Pol Le Roux: Well, we are producing samarium. The point is the specification of samarium, especially for samarium cobalt, is quite strict. We adjusted our production to the point for the magnet makers to qualify. We have set up a production for nameplate capacity of 400 tons a year, and there is no issue here. As soon as the qualifications are moving up, we will increase production in line with that. Phase II. At the moment, it is a bit marginal. I think it was 10 tons, around something like this in the quarters.
Matthew Hope: Right. Okay. Thank you very much for that. Just another question on Meteoric Caldeira. Are you planning to continue that on and push it forward as fast as it can go? I mean, it could probably start by 2029 if you got going ASAP. Are you planning to have a think about it or review it and see when it fits into your strategy more than just push it as hard as possible?
Pol Le Roux: At the moment, Meteoric's plan was to start operation 2031. We have started a detailed engineering with the team of Meteoric and our team of R&D and engineering. Our aim is dual, actually. Number one is to optimize the total cost of X from mine to big bag. Sometimes there are things you better do on the mine site rather than on the processing site and vice versa. This is a detailed review that we are having now. Then the second objective is to go as fast as possible. It is too early to tell you when, but we have our hands on it at the moment. It is the most important aspect, how to as quickly as possible start Meteoric.
Matthew Hope: Right. Thank you very much for that.
Operator: Thank you. We have one more question from Chen Jiang from Bank of America. Chen, please go ahead.
Chen Jiang: Thank you for taking my follow-up question. A follow-up question on Jonathan's question for the CEO search. I remember Meteoric's announcement of Phil Wilson. We had the impression the CEO succession announcement is due in a few weeks because you have AGM coming November as well. Now, John, in the call earlier, you mentioned it will take as long as it takes, and you are looking for a unique person. I am just wondering, what is the definition of a unique person, and are you taking feedback from your shareholders on the CEO, and wondering why it is taking so long to look for a CEO? Thank you.
John Humphrey: Okay. There are a number of questions in that. First of all, the rare earth industry, or the outside China rare earth industry, is comparatively small. I think it justifies, or Lynas' position justifies the description of unique because we have a large share of that outside China industry. In terms of the timing, I have said two things. The first is that the search will take as long as it takes, and secondly, we will proceed to appoint someone as soon as we can. I cannot really take things much further than that. Obviously, we will do it as fast as we can, but it has to be the right person.
Chen Jiang: Thank you for that, John. Thanks.
Operator: Thank you. There are no further questions. I will now hand back to Pol for closing remarks.
Pol Le Roux: Okay. Thank you very much. I think we are looking forward for continuing increasing production, although we have some maintenance exercise during this quarter. We take your points, your questions. I remember the point, forgot who asked to have the sales of NdPr. I think it is not a problem to avoid the misunderstandings. We move forward in the next quarters with specifying the sales of NdPr versus total REO. If any questions, Daniel, Sarah, myself, we are more than happy to answer your questions whenever you have one. Thank you very much, all.
