Market Update

General - Lynas - West African

Good afternoon

Euro area economic confidence hits the lowest level in 3 years…German inflation stays very ( too ) low. US jobless market showing signs of weakness…Consumer spending is slowing there as well. Pressure on Trump is increasing .

Germany finally realizes, that the threat from the ultra-right is worse than the threat from the ultra-left….

Very quiet day in Europe ahead of G-20…nickel the standout in metals, up another 210$ currently no news really - I think the relativeyl short position might be getting smaller!

Lynas - Japan shows the Germans and Americans, how supply of battery metals can be assured: The existing Japanese consortium extends it´s loan facility of I think 500 Mill US by 10 years to 2030 - reduced interest rates from 3.5% to 2.5%, minimal repayment until 2025, no cash sweep, voluntary payments without penalty at any time!!! Absolutely fantastic conditions. In return, Japan gets preferential delivery of Rare Earth. This is a very positive announcement - I am surprised, that LYC did not put on a few cents. Japan Inc has cemented preferential supply from the ONLY sizeable producer of Rare Earth outside of China!!

West African Resources - updated on their development: 45% complete, all on budget in terms of time and money, initial underground development going faster than expected ( but very early days ), 99% of construction contracts complete, 95% of engineering. well done!

Otherwise - can´t be bothered - too hot and also a little frustrating!

Have a good evening!