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LYNAS CORPORATIONInvestor Presentation2017

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DisclaimerThis Presentation has been prepared by Lynas Corporation 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 financial year end of 30 June 2016 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.

Future performance

Past performance information given in this Presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance. This Presentation contains certain “forward-looking statements”. The words “expect”, “should”, “could”, “may”, “will, “predict”, “plan”, “scenario”, “forecasts”, “anticipates” “estimates” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and

financial position and performance are also forward-looking statements. 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. Such forward-looking statements including projections, guidance on future earnings and estimates are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. There can be no assurance that actual outcomes will not differ materially from these forward-looking statements.

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.

Not an offer

This Presentation does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. Any securities described in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 (the “Securities Act”).

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.

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Company Performance

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Introduction to Lynas § Lynas Corporation Ltd (ASX: LYC) is an integrated miner and

producer of rare earths, operating a high grade mine in Mt Weld, Western Australia and a reliable, sustainable chemical processing operation in Kuantan, Malaysia

§ Lynas is the second largest producer of Neodymium-Praseodymium (NdPr) material in the world and the leading supplier of NdPr to the free market

§ Rare earths are essential to high technology, high growth industries such as electric vehicles and wind turbines

§ Lynas has quality, long term relationships with direct customers and end users around the world, primarily magnet makers and automotive manufacturers in Japan and China

§ Significant operational, cost and balance sheet improvements over past 3 years have delivered record cash flow, sales and production rates

AXS Code LYC

Share Price (31 Oct 2017) 0.180

Issued Shares 5,353m

Market Cap. (31 Oct 2017) A$963.6M

Cash Balance (30 Sept 2017) A$58.4M

Debt US$170m JAREUS$106.5m Conv Bond

Enterprise Value A$1.3B

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Continuous improvement in NdPr and total production throughput

445 968 1,176 1,442

2,043

3,171 3,665

4,665

0

1,000

2,000

3,000

4,000

5,000

Q1 FY15 Q1 FY16 Q1 FY17 Q1 FY18

REO

t

Production VolumeOthers (RTS)

NdPr (RTS)

468 984 1,060 1,428

1,546

2,691 3,080

4,503

0

1,000

2,000

3,000

4,000

5,000

Q1 FY15 Q1 FY16 Q1 FY17 Q1 FY18

REO

t

Sales Volume (tonnes)Others Sales

NdPr Sales

Total Sales Volume

2,258 3,896 5,223

8,799

12,631

16,003

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

FY15 FY16 FY17

REOt

Production VolumeOthers(RTS)

NdPr(RTS)

TotalRTSVolume

2,262 3,900 5,219

7,883

12,513 14,616

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

FY15 FY16 FY17

REOt

Sales Volume (tonnes)OthersSales

NdPrSales

TotalSalesVolume

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Stable operating costs and higher production rates

0

20

40

60

80

0

2000

4000

6000

8000

Q1 FY15 Q1 FY16 Q1 FY17 Q1 FY18

Total Operating Costs vs Production(excl. restructuring costs, STI & employee share based payment)

NdPr Production (RTS) Others (RTS) Costs (A$'mill)0

20

40

60

80

100

120

Q1 FY15 Q1 FY16 Q1 FY17 Q1 FY18

Sales Revenue (A$’m)

Qua

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Annu

al

050

100150200250300

FY15 FY16 FY17

Sales Revenue (A$’m)

170180190200210220

05000

10000150002000025000

FY15 FY16 FY17

Total Operating Costs vs Production(excl. restructuring costs, STI & employee share based payment)

NdPr Production (RTS) Others (RTS) Costs (A$'mill)

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Significantly improved cash flow

-50-40-30-20-10

010203040

FY15 FY16 FY17

Cash Flow (excl. AELB payment)

Net Investing CF Net Operating CF Operating & Investing CF

Q1 FY15

Q1 FY16

Q1 FY17

Q1 FY18

Net Investing CF -0.8 -3.2 -0.4 -1.7

Net Operating CF -10.8 4.5 1.7 26.7

Operating & Investing CF -11.6 1.3 1.3 25.0

-15-10-505

1015202530

Q1 FY15 Q1 FY16 Q1 FY17 Q1 FY18

Cash Flow (excl. AELB payment)

Net Investing CF Net Operating CF Operating & Investing CF

FY15 FY16 FY17

Net Investing CF -9.6 -10.3 -2.2

Net Operating CF -31.9 4.6 35.1

Operating & Investing CF -41.6 -5.7 32.8

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The Balance Sheet is being progressively de-leveraged

1) In Aug 2017 restricted cash accounts were closed. JARE waived interest totalling US$15m and this amount was applied as a US$15m principal repayment under the JARE facility

On 13th October 2017, Lynas made an early prepayment of US$15m to JARE

2) 1.875% Convertible Bonds each with a face value of US$1.00, due 30 September 2020 convertible at A$ 0.10 per share with FX of 0.75.

Since July 2017, US$118.5m of the Convertible Bond debt has been converted into equity

3) Warrants exercisable at $0.038 on or before 30 September 2018

4) Warrants exercisable at $0.05 on or before 30 September 2020

Outstanding 31/12/16 Outstanding 19/10/17 Debt Reduced during 2017

JARE Facility (1) US$ 200,000,000 US$ 170,000,000 US$ 30m

Convertible Bonds (2) US$ 225,000,000 US$ 106,500,000 US$ 118.5m

Outstanding 31/12/16 Outstanding 19/10/17 Cash received by Lynas during 2017

Warrants at $0.038 (3) 174,365,466 0 A$ 6.6m

Warrants at $0.05 (4) 348,843,836 271,322,983 A$ 3.9m

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The Rare Earth industry has, at times, suffered reputational damage fromhistorical practices and legacy effects.

Tools like LCA assist to differentiate between producers; and drive continuous improvement in environmental practices.

Responsible care is becoming a standard in the chemical industry (Together For Sustainability in Europe).

When making technology decisions – which engage for decades – end users need to trust that their raw material supply and supplier is sustainable.

Life Cycle assessment provides end users with a tool to evaluate environmental impact.

Sustainability and safety

The ability to demonstrate sustainability of activity, including continuous improvement plan, is an essential selling attribute

Lynas’ safety and sustainability record:Five years of safe operations, with clear data showing no increase in background radiation, at the plant or at independently measured sites.

Industry-leading systems for water management at Mt Weld, and waste gas emissions and water management at LAMP.

Lost Time Injury Frequency Rate at June 30, 2017 was 2.2 per million hours worked.

Both Lynas sites successfully obtained recertification for ISO 9001 (Quality Management), ISO 14001 (Environmental Management) and OHSAS 18001 (Occupational Health & Safety).

Engaged with local communities. In Kuantan, local employees make up 97% of the workforce. 15% of Lynas staff are female. 80% of inputs are sourced locally.F

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Rare Earths Applications

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Improved environmental outcomesWhere RE Property RE Allows Final

Impact

Wind turbines

Permanent magnet generators

Nd Pr, Dy No gear box (Cost)Better yield in light winds

Energyproduced at lower cost

Cars Permanentmagnets motors

Nd Pr, Dy Electricity savings

Savesenergy

Weight Reduction

Electricity storage La, Ce HEV Batteries

Catalytic reduction Ce Depollution systems

Appliances Permanentmagnets motors

Nd, Pr, Dy

Electricity savings Savesenergy

Lighting Efficiency (x3) Eu, Tb, Ce, La, Y

Energy Savings

Electronics Smallercomponents

Dy, Nd Improved functionality

Efficient operation

Medical Magnetic,chemistry, luminescence

Gd, Lu IRM, PET scans, Kidney disease

Improveddiagnostics and health outcomes

Key Products

NdPr Magnets, Electric motors, Batteries

SEG/ HRE Magnets, Energy saving lighting.

Lanthanum FCC, Metal, Batteries

Cerium Auto catalysts, Batteries

La-Ce Polishing Powder

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Rare Earth market growth is accelerating driven by magnets (NdPr)§ Key uses for magnetic materials:

§ Cleaner energy production: Electric and hybrid vehicles, Wind turbines§ Electronics§ Automation/robotic applications

§ The benefits of NdFeB magnets are well recognized and important; they are lighter and more energy efficient.

§ Alternative technologies exist. § Ferrite permanent magnet for small motors§ Asynchronous motors for cars§ Gear box with or without permanent magnets for wind turbines

§ Breakeven points stand at approximately US$100/kg of NdPr oxide depending on applications.

§ Key end use customers are seeking security of supply and relative price stability

The market needs sustainable supply.LYNAS can and will play a major role in supporting development and adoption of new technologies.

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Rare earth material supply chain

MINE PRODUCTION: CRACKING & SEPARATION FURTHER RE PROCESSING FUNCTIONAL ELEMENTS

Other processing –China, France & Japan

Recycling: Magnet swarf, end of life magnet, phosphors – China,

Japan

Metal making – China, Vietnam & Thailand

Alloy – China, Japan, VietnamMixed oxide making –

France, Japan & China

Magnet makers – China, Japan & Germany

NiMH batteries – China & Japan

China: SOEs and independentsLynasSilmet

Indian RE

Fluid catalytic cracking catalyst – USA, Europe & China

Automotive catalyst – UK, Europe, USA, Japan & ChinaPhosphors (lighting) – China,

Germany & USA

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Magnet material supply chain

MAGNET COMPONENT SYSTEM END USER

Window liftsSeat drives

Power steeringpower trains

ABS/EPSMotor compressors

Motion systemsGeneratorSpeakers

HDD

Engine coolingWipers

Sunroof drivesHeating/ventilation/air

conditioningCooling pumps

Car makersAppliances

RobotsMRI

Wind turbinesElectronics

MotorsGeneratorsActuators

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Lynas Operations

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Mt Weld: resource quality

§ Central lanthanide deposit, the highest grade operating rare earths mine in the world with an operating LOM JORC reserve assessed in 2015 to be 25+ years

§ Duncan Deposit, the largest high grade dysprosium resource globally

§ Crown and Coors Deposits, the highest grade undeveloped Niobium resource in the world

§ All deposits currently limited by drilling extent § All deposits close to Mt Weld processing infrastructure

<5km

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Mt. Weld Ore Reserves (4% REO cut off )Mt Weld contains one of the world’s largest and highest grade Rare Earth deposits§ The Ore Reserves were assessed in 2015 as sufficient to sustain economic total production of 22k tpa REO for over 25 years

§ The tenements include undeveloped Heavy Rare Earths, Niobium and Phosphate deposits

Mining is on a campaign basis§ Mining Campaign 2 is in progress

Mineral Resources Ore (Mt) REO (%)1 Cont. REO (kt)

Measured 10.1 9.1% 940

Indicated 8.7 7.1% 620

Inferred 4.5 4.0% 180

Total 23.2 7.4% 1,740

Ore Reserves Ore (Mt) REO(%)¹ Cont. REO (kt)

Proven 5.7 11.9% 680

Probable 4.2 9.3% 391

Total 9.9 10.8% 1,071

Note: The above data is at 31 December 2016Figures may not sum due to rounding1 REO (%) includes all the lanthanide elements plus yttrium

Mt. Weld Mineral Resources (2.5% REO cut off)

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Mt Weld ConcentratorF

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Concentrate is shipped from Fremantle WA to Kuantan, MalaysiaF

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LAMP processing facilities

4 rotary kilns (60m long) 8 tunnel furnaces (88m long)

1,000 Solvent Extraction Stages

44 High Speed Centrifuges46 Plate & Frame Pressure

Filters

928 metres of kilns and tunnel furnaces

Quality specs as low as <50ppm for some impurities

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Global operations & customer relationships

AustraliaMount Weld rare earths deposit and processing plant. Perth office

China & JapanCore client base for rare earth metals

MalaysiaLAMP, Kuantan and Corporate office

§ Mt Weld – located 35km south of Laverton in Western Australia

§ Lynas Advanced Materials Plant (LAMP) – integrated manufacturing facility, located in Kuantan, Malaysia

Europe & USAImportant strategic end use markets

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Global customer base

§ Balanced customer portfolio – Lynas supplies market leaders in all key end use target segments§ Close partnerships with direct customers and end users, in Japan, China and Europe § Reputation as a reliable supplier of quality, traceable, environmentally assured product underpins the

development of strong relationships with key customers§ Lynas partners with customers seeking innovation and meets demand for customised grades of products which

deliver better financials yields§ All NdPr agreements include supply commitments over time and formula pricing (not spot)

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The Rare Earths Market

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Rare Earths market dynamics are changing§ Market demand is strong

§ Rare earths are essential for many future facing technologies: to reduce car emissions, electric and hybrid cars, and renewable energy such as wind turbines

§ China dominates rare earths production and is vertically integrated in all sections of the supply chain

§ Japan is the most significant market outside China for rare earths

§ There is demand for a non-Chinese reliable source which Lynas fills

§ Since mid-2017 there have been significant increases in published market prices for NdPr

NdPr Oxide price Rare earth dynamics are changing

1.8 1.95.2 4.50.1 0.4

3.9 7.1

0.1 0.3

2.2

6.9

0

5

10

15

20

2012 2015 2020 2025

mill

ion

units

Hybrid, Plug Hybrid, Electrical Cars global production

HybridPHEVBEV

220270320370420470520570

303540455055606570

RM

B/kg

USD

/kg

CIF China USD/kg Domestic RMB/kg

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Small permanent magnets are used in various motors in cars

HVAC(Heating,

Ventilation, Air Condition)

Sunroof driveFront wiper

Engine cooling

Rear wiper

Seat drive

Engine compartment actuator

Coolant pump Window

lift

Competing technology: Ferrite magnets, twice as large, twice as heavyLosing ground in new platforms

8

10

02468

1012

2016 2020NdPr oxide

kt

Traditional vehicles typically use 0.25kg magnets

Growing NdPr requirement

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High power permanent magnet motors in e-cars will drive further growth

Power Steering System

Power train: Hybrid and Electric

Chassis ComponentsPassive and Active safetyABS, ESP, ibooser, torque

Competing technology: Non PM motors, less energy efficient, heavier = less autonomy or longer battery charge

Typical usage: 2kg magnet

2

7

12

02468

101214

2016 2020 2024NdPr oxide

kt

Growing NdPr requirement

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Wind turbine growth

Wind turbines already consume around 2000tnes NdPr per annum. Future depends mainly on Direct Drive continuous market penetration

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

GWAT

TS

Windfarmsinstalledcapacitytodoublewithin5yearsSource:GWEC

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

GWAT

TS

Windfarmsinstalledcapacitytodoublewithin5yearsSource:GWEC

Windfarms installed capacity continues to grow

Source: GWEC

Rel

iabi

lity

Direct Drive600kg magnet/MW

Electrical Power efficiency

Gear Box100kg magnet/MW

10GW = 400tnes NdPr oxide

10GW = 2,000tnes NdPr oxide

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Sustainability

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Lynas leads the market in sustainability

Resource Optimisation Lynas has, and continues to, optimise flotation techniques to continuously improve ore utilisation

Best Practice Environmental strategies Lynas prioritises the safety of people, the community and the environment and has implemented industry leading environmental solutions in all parts of its operation

Delivering to customer needs Lynas is supporting technology adoption with key users and where relevant is implementing long term supply agreements

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Lynas continues to engage and participate along side the local community§ Lynas runs long and short term engagements to contribute to the local communities in Malaysia and in Mt

Weld:§ Upgrading of local facilities eg Balok Library, Laverton sports club§ Exhibition booth at local universities and government agencies events

§ Annual carnival with the Kuantan Municipal Council§ Annual Back to School Program§ Festive Celebrations with different culture groups§ Learn to swim programmes

§ Local employees are 97% of the LAMP workforce and local purchasing is maximised; currently ~80% of inputs are sourced locally

§ Move to mining camp located in Laverton leads to greater engagement with the local community

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Strategic Priorities

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Grow production in line with increased market demand- Sustainable production of 500

tonnes/month NdPr from March 2018

Continue to drive total cost down‒ Process efficiency‒ Procurement effectiveness

Deliver better returns on total Rare Earths processed- Optimise product portfolio

including higher quality specialty products

- Improve recoveries to further reduce unit cost

Contribute to total market growth - Promote Rare Earths technology- Invest in new product and

application development

Capture high value share of market- Reduce risk by entering into long

term contracts- Maintain balanced customer

portfolio

Lynas can deliver profitable growthF

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Questions

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Appendix

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Executive Management

Amanda LacazeManaging Director

Andrew ArnoldGeneral Counsel & Company Secretary

Gaudenz SturzeneggerChief Financial Officer

Dato' Mashal AhmadVP, Malaysia

Pol Le RouxVP, Sales & Marketing

Kam LeungVP, Production

Mimi Afzan AfzaVP, People & Culture

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Step 1: Cracking & Leaching

RE Fe Phosphate + H2SO4

RE Sulfate solution

High temperature

4 rotary kilns where the reaction occurs 2 state of the art waste gas treatment units

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Step 2: Solvent Extraction (SX)Separate RE Sulphate into individual elements

SX 3

SX 5 SX 7

SX 6

LaCe Chloride PrNd ChlorideLa Chloride Ce Chloride

Heavy RE Chloride

De-Fe RE Chloride

RE Sulphate

Leaching

SEG/HRE

Chloride

SX 2

241 – MgO Neutralization

Organic phase outlet

Aqueous phase outlet

AgitatorSolvent pipe Adjustable pipe

Sightglass

Internal recycling

Organic&aqueousphasesinlet

SX 1

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Step 3: Product FinishingConvert RE Chloride into carbonate/oxide Pack and Ship

Pre-treatment Filtration Precipitation

Na2CO3 Solution

Centrifuges

Waste Water (HDS)Cake

RE Cl3Filtrate

Hot water

RE Carb.

Hot waterLP Steam

Reagents

Calcination RE Oxide

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Capital Structure

§ Extension to debt maturity dates § JARE (now US$170 million) 30-6-2020§ Convertible Bond (now US$106.5 million) 30-9-2020

§ The JARE interest rate is now 3.75% per annum. The convertible bond interest rate is now 1.875% per annum.§ No fixed principal repayments from unrestricted cash prior to maturity.§ Cash sweep for unrestricted cash balances above A$40 million at 30th June and 31st December each year.§ The Conversion Price for the Convertible Bonds is A$0.10 at an exchange rate of A$1.00=US$0.75.§ The Bondholders currently hold 271,322,983 warrants with a strike price of A$0.05 per Share.

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Competent Person’s StatementCOMPETENT PERSON’S STATEMENTS– MINERAL RESOURCES The Mineral Resources and Ore Reserves Statement in this Presentation is based on, and fairly represents, information compiled by Mr. Brendan Shand who is a consultant geologist to Lynas Corporation. Mr. Shand is a Member of The Australian Institute of Geoscientists and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking, to qualify as Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr. Shand consents to the inclusion in the document of the information in the form and context in which it appears.

COMPETENT PERSON’S STATEMENTS– ORE RESERVESThe information in this Presentation which relates to the Central Lanthanide Deposit Ore Reserve estimate accurately reflects information prepared by Competent Persons (as defined by the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves). The information in this document relating to the Central Lanthanide Deposit Ore Reserves at the Mt Weld Rare Earths Project is based on information resulting from Feasibility-level updated Ore Reserve works carried out by Auralia Mining Consulting Pty Ltd. Mr. Daniel Tuffin completed the Ore Reserve estimate. Mr Daniel Tuffin is a Member and Chartered Professional (Mining) of the Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify him as a Competent Person as defined in accordance with the 2012 Edition of the Australasian Joint Ore Reserves Committee (JORC). Mr Tuffin consents to the inclusion in the document of the information in the form and context in which it appears.

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Rare Earths Market Data: Disclaimer

The slides in this presentation containing Rare Earths market data have been sourced from independent analysis of end application demand, along with Lynas estimates of quantities of Rare Earths end use in various key applications.

Although Lynas believes that the outcomes expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Forward-looking statements are based on assumptions and contingencies which are subject to change without notice. Factors that could cause actual results to differ materially from those in forward-looking statements include new Rare Earths applications, the development of economic Rare Earths substitutes, and general economic, market or business conditions. While Lynas has made every reasonable effort to ensure the veracity of the information presented, Lynas does not guarantee the accuracy and reliability of the estimates, forecasts and conclusions contained herein. Accordingly, the Rare Earths market data in this presentation should be used for general guidance only. There can be no guarantee that actual outcomes will not differ materially from forward-looking statements.

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