Lynas Rare Earths (ASX: $LYC) H1 2024 Financial Report Highlights

Lynas Rare Earths Limited (ASX: $LYC) has released its Financial Report for the half year ending 31 December 2023, showing a profitable first half with revenue of $234.8m, EBITDA of $62.6m, and a net profit (NPAT) of $39.5m. The company invested $347m in capital projects, primarily related to the Lynas Kalgoorlie and Mt Weld expansion projects, and ended the period with a strong cash balance of $686.1m.

CEO Amanda Lacaze on H1 2024 Financial Performance and Growth Initiatives

The 2024 financial year is a transitional year for Lynas and the progress achieved in the first half of the year has established an excellent foundation for our future success. This included the variation to the Malaysian operating licence which allows for the continued import and processing of lanthanide concentrate from our Mt Weld mine and provides a continuing path for our operations in Malaysia. Notwithstanding the exciting expansion and exploration activities undertaken in the half year, and the low market price environment, I am pleased to report a profitable first half for the business. Continued demand for Lynas products and careful management of inventory and operating costs resulted in revenue of $234.8m, EBITDA of $62.6m and a net profit (NPAT) of $39.5m. During the half year, Lynas invested $347m in capital projects, primarily related to the Lynas Kalgoorlie and Mt Weld expansion projects, and ended the period with a strong cash balance of $686.1m. The rare earths market is important to many industries and we continue to see strong customer demand for Lynas' products. Lynas has a proven track record of managing costs and operations to ensure that we can be successful in all market conditions, and across all stages of the market cycle. Optimising our industrial footprint through operating efficiencies and capital growth projects will ensure Lynas is well positioned to benefit from forecast market growth and any improvement in market pricing conditions.

Lynas Rare Earths (ASX: $LYC) H1 2024 Financial Report Summary

Lynas Rare Earths Limited (ASX: $LYC) has reported a profitable first half for the financial year 2024, with revenue of $234.8m, EBITDA of $62.6m, and a net profit (NPAT) of $39.5m. The company invested $347m in capital projects, primarily related to the Lynas Kalgoorlie and Mt Weld expansion projects, and ended the period with a strong cash balance of $686.1m. The updated Malaysian operating licence allows for the continued import and processing of lanthanide concentrate from the Mt Weld mine, ensuring a continuing path for operations in Malaysia. Significant progress was made on key growth projects, including upgrade works at the Lynas Malaysia plant and construction activities in Kalgoorlie and Mt Weld. Lynas also signed a follow-on contract with the U.S. Department of Defense for the new U.S. Heavy Rare Earths plant in Texas. The company remains optimistic about the future, aiming to benefit from forecast market growth and any improvement in market pricing conditions.