Lynas Rare Earths (LYC) AGM 2024 summary

Opening remarks and agenda

• Chair welcomed shareholders, acknowledged traditional land owners, and outlined meeting logistics, including Q&A and voting procedures.

• Chair's address delivered by John Humphrey, setting the tone for the meeting and outlining the agenda.

• Introduced board members, executive team, and audit representatives; confirmed quorum and proper meeting convening.

• Outlined agenda: Chair's address, CEO presentation, tabling of FY24 financials, Q&A, and formal business.

Financial performance review

• FY24 sales revenue was AUD 463.3 million, with net profit after tax of AUD 84.5 million.

• Total costs reduced by 17% year-on-year, reflecting strong cost control and efficiency focus.

• $1.45 billion invested from 2019 to 2024, including significant external funding and government grants.

• $84.1m paid in employee wages and benefits, $61.9m paid in taxes and royalties in FY24.

• Average China domestic NdPr price fell from $60.4/kg to $44/kg over the year.

Board and executive committee updates

• Board is planning director succession and expects to appoint one or two new directors in the coming year.

• Board discussed the possibility of a minimum shareholding requirement for directors and will review it at an upcoming meeting.

• Resolution for re-election of Philippe Etienne as Director, with background and experience detailed.

• Grant of Performance Rights for CEO & Managing Director Amanda Lacaze, including STI and LTI awards.