February 2012

Lynas Corporation Rare Earths – we touch them everyday

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Disclaimer

This 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 the

Australian Securities and Investments Commission (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 2010 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.

Past 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.

Future performance

This Presentation contains certain “forward-looking statements”. The words “expect”, “should”, “could”, “may”, “will, “predict”, “plan”, “scenario”, “forecasts”, “anticipates” 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; construction risks; progressing risks; project developments; 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. Securities in the Company have not been, and will not be, registered under the U.S. Securities Act

of 1933 or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States unless the securities are registered under the Securities Act or pursuant to an exemption

from, or in a transaction not subject to, registration.

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Agenda

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1. SAFETY AND SUSTAINABILITY

2. WESTERN AUSTRALIA OPERATIONS

3. MALAYSIA OPERATIONS

4. SALES & MARKETING

5. FINANCIAL UPDATE

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Lynas will offer a source of supply of Rare Earths

outside of China

VISION: Be the leader in Rare Earths for a

sustainable future.

EXCHANGES: ASX (code LYC), OTCQX (code LYSDY)

INDICES: ASX 100, MSCI Australia

SHARES: 1,714m on issue (1,885m fully diluted)

MARKET CAP: A$2.5bn as at 8 February 2012

CASH: A$215.5m (incl. restricted cash) as at 31 Dec 2011

DEBT: US$225.0m as at 31 Dec 2011 (excluding

US$225m convertible bond)

LYNAS VITALS AT A GLANCE

Mount Weld

Concentration Plant

Lynas Advanced Materials Plant For

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SAFETY AND SUSTAINABILITY

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Lynas is a safe and sustainable source of Rare

Earths supply

Malaysia Operations

Lynas has achieved more than 7,000,000 hours Lost Time Injury (LTI) free on the LAMP construction project

IAEA confirmed compliance of the LAMP design with international standards

Western Australia Operations

One LTI incident in the 4-year operational history of the WA operations

Frequency of hazard and near-miss reporting continues to increase, demonstrating a strong safety culture

STRONG SAFETY CULTURE

Gas Treatment

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WESTERN AUSTRALIA OPERATIONS

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The mine is within the Central Lanthanide Deposit

(CLD), a Resource of 15.0 million tonnes at 9.8%

for 1.5 million tonnes of contained REO

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DUNCAN

DEPOSIT

(DD) Offices

8%

13%

17%

26%

15%

13%

20%

21% Conc.

Plant

1.5km

773,000t on

stockpiles

MOUNT WELD STOCKPILES WITH RARE EARTH OXIDE PERCENTAGES

DD CLD

DEPOSIT

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The Concentration Plant commenced feed of ore

in May 2011

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OVERHEAD VIEW OF THE CONCENTRATION PLANT

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Concentration Plant continues to perform well –

this part of the production process is now

significantly de-risked

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Flotation cells with initial feed

MOUNT WELD CONCENTRATION PLANT

Concentrate cake discharging from filter press

Plant throughput rates will be synchronised

with the ramp-up of the Lynas Advanced

Materials Plant in Malaysia.

Over 9,000 tonnes of dry bagged Rare

Earths concentrate stockpiled on site

Concentration Plant

Performance

December

2011

December

ramp- up plan

Final concentrate

grade 37.0% 36.0%

Recovery 71.7% 65.0%

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The Duncan deposit is complementary to the

current operations at the Central Lanthanide

Deposit

Comparison of REE distribution

Category

Tonnes

Mt

Grade %

REO

Tonnes

(kt) REO

CLD 14.95 9.8 1,465

Duncan 8.99 4.8 432

Total 23.94 7.9 1,891

Current reserves are 2.08Mt @ 15.5% REO

Reserve statement expected to be updated in

2012 ahead of Phase 2 mining campaign

Proven floatable process for the CLD

Metallurgical test work underway for Duncan

CLD & Duncan Mineral Resource

(2.5% REO cut-off)

CENTRAL LANTHANIDE DEPOSIT AND DUNCAN DEPOSIT RESOURCES

REO

CLD

(Secondary Monazite)

Duncan

(Crandalite)

Lanthanum Oxide 23.88% 24.87%

Cerium Oxide 47.55% 39.38%

Praseodymium Oxide 5.16% 4.75%

Neodymium Oxide 18.13% 17.89%

Samarium Oxide 2.44% 2.83%

Europium Oxide 0.53% 0.77%

Gadolinium Oxide 1.09% 1.99%

Terbium Oxide 0.09% 0.26%

Dysprosium Oxide 0.25% 1.27%

Holmium Oxide 0.03% 0.19%

Erbium Oxide 0.06% 0.41%

Thulium Oxide 0.01% 0.04%

Ytterbium Oxide 0.03% 0.18%

Lutetium Oxide 0.00% 0.02%

Yttrium Oxide 0.76% 5.17%

Total 100.00% 100.00% For

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Duncan is a highly prospective deposit that could

provide a new source of HREEs

Total Mount Weld resources

Duncan Deposit Outline

Central Lanthanide

Deposit

Potential extension

to Duncan Deposit

Potential extension

to Duncan Deposit

Duncan is a shallow deposit that could be easily exploited using open cut mining

Duncan is open to the east and southwest (see chart) with a high likelihood that further drilling would increase the size of the deposit

Preliminary metallurgical test work has begun to determine if the rare earths, in particular the heavy rare earths, can be economically extracted from the mineralisation

Scoping study expected to commence in 1H 2012

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MALAYSIA OPERATIONS

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Current status of the LAMP

LAMP construction: 91% complete

Ready-for-Start-Up program (operational preparedness): 91% complete

Malaysia headcount: 236 (now at 85% of total expected workforce)

Pre-commissioning test packs: 33% complete

Temporary Operating Licence for the LAMP approved

Phase 2 funding secured in April 2011 and construction permits received in Sept 2011

Customer contracts signed in each market segment and for each type of product

MAJOR MILESTONES TO DATE

Lynas is on track for first feed to kiln and first production in Q2 2012 For

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LAMP Temporary Operating Licence

Lynas respects the regulatory approvals process in Malaysia.

Lynas has intensified its community consultation and engagement following the IAEA review. We intend to maintain this commitment to all stakeholders in the future.

Lynas recognises its responsibility to the community to operate the LAMP in a safe and sustainable manner.

Lynas expects to meet all the conditions associated with the Temporary Operating Licence.

Licence approved in February 2012

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Schematic - Lynas Advanced Materials Plant core

process, which uses mature industry technology

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The Lynas Advanced Materials Plant (LAMP) is

0.8km wide (N-S) and 1.4 km long (E-W)

OVERVIEW OF LEACHING, UP AND DOWNSTREAM SEPARATION AND PRODUCT

FINISHING WORKSHOPS

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LAMP construction is more than 90% complete

Secondary Leaching

Gas Treatment Cracking (Rotary Kiln)

Primary Leaching

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LAMP construction is more than 90% complete

Upstream Extraction Downstream Extraction

Post Treatment Tunnel Furnaces

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The path to operating cash flow

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Key steps to first cash flow

Construction completion

Commissioning & first feed to

kiln

Commence plant ramp-

up

First production

Customer qualification

Commercial shipments

First cash flow from

sales

Current operational focus is construction completion and pre-commissioning and commissioning activities

First feed to kiln and first production expected in Q2 2012

After a period of customer qualification, commercial shipments will commence with full plant ramp-up occurring later in 2012 F

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The products are set for Phase 1; Lynas has

product flexibility in Phase 2

PHASE 1 ─ 11,000t REO PRODUCTS ANTICIPATED

VOLUMES (tpa)

Ce carbonate 2,600

La carbonate 1,350

Ce / La carbonate 4,000

Nd / Pr oxide 2,700

SEG + Heavy Rare Earths 480

PHASE 2 ─ ADDITIONAL 11,000t REO PRODUCTS. Phase 2 will provide additional flexibility, with

capacity to produce up to the following approximate volumes:

Ce carbonate, oxide 5,200

La carbonate, oxide 2,700

Nd oxide and Pr oxide 2,700

Separated SEG + Heavy Rare Earths 480 For

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SALES & MARKETING

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Sales & Marketing

Lynas’ philosophy is to establish a non-Chinese Rare Earths supply chain based on environmentally sustainable practices. Lynas’ Rare Earths Direct (RED) brand epitomises this philosophy.

Lynas has entered into binding offtake agreements in each market segment and each type of product.

Lynas is majority contracted for Phase 1 products.

Lynas continues to be engaged in a number of additional negotiations with key customers in Europe, Japan and the US concerning potential supply agreements.

Key points

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The Strategic Alliance with Sojitz shall provide

a stable and long term source of supply for the

Japanese market

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LYNAS, SOJITZ AND JOGMEC HAVE EXECUTED DEFINITIVE AGREEMENTS

Sojitz – Lynas

Strategic Alliance

Financing

Agreement

• Funding for Phase 2 expansion to 22,000t

• US$225M loan from JOGMEC and Sojitz

• 6 year loan at LIBOR plus 2.75%, principal

repayments begin in year 4

• US$25M subscription for new fully paid

ordinary shares in Lynas at a price of A$2.12

per share

• Funds drawn in May 2011

Availability

Agreement

• Minimum 8,500t

(+/-500t) per annum

• Allocated to Japanese

Customers

• 10 year allocation

Distribution & Agency

Agreement

• Joint marketing by

Sojitz and Lynas

• Customer commitment

will determine Phase 2

products suite

• Professional organisation,

speed, understanding of

requirements, transparent

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Letter of Intent signed with Siemens to establish a

JV company for the sustainable production of

neodymium-based Rare Earths magnets

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LYNAS AND SIEMENS INTEND TO FORM A JOINT VENTURE FOR MAGNET PRODUCTION

LYNAS SIEMENS

The partnership between Lynas and Siemens will secure a long-term and

sustainable end-to-end supply chain from mine to magnet to end application

Long term supply

contract for Nd/Pr metal

Magnet technology and

manufacturing capabilities

Supply of Nd-based rare

earth magnets to Siemens

(and third parties) JV COMPANY

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FINANCIAL UPDATE

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Budgeted Phase 1 construction costs are fully

funded

PHASE 1 ESTIMATED CONSTRUCTION AND OTHER

CAPITAL COSTS

TOTAL

A$m

SPEND TO 31/12/11

A$m

FUTURE SPEND

A$m

Mount Weld Concentration Plant 75.4 75.4 0.0

Lynas Advanced Materials Plant, Malaysia 349.1 255.0 94.1

Engineering and Project Management Costs 146.9 139.6 7.3

Other Capex including Land in Malaysia 61.9 61.9 0.0

Contingency 7.5 - 7.5

Total $640.9 $532.0 $108.9

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US$225m Convertible Bond issue to Mount

Kellett provides comprehensive funding facility

through to first cash flow from sales

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In January 2012, Lynas executed binding documentation with Mount Kellett

Sources of funds Uses of funds

• US$50m Tranche 1 (already subscribed on

an unconditional basis)

• US$175m Tranche 2 (subscribed upon the

satisfaction of specific conditions precedent,

including completion of technical due

diligence (expected to be satisfied in Feb12)

• ~$172m for working capital (includes

retiring unutilised $125m J.P. Morgan /

Sumitomo working capital facility)

• ~$42m for additional capital costs at the

LAMP

Key terms

• Term: 4.5 years

• Coupon: 2.75% p.a.

• No conversion for the first 6 months

• Initial conversion price: $1.25 per share

Comprehensive long-term funding

secured to cover requirements

through to first cash flow from sales

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Lynas – online in 2012, delivering

Rare Earths globally

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• Our vision is to be the leader in Rare Earths

for a sustainable future.

• We are close to realising this vision.

• Our supply of Rare Earths will be based on

environmentally sustainable practices.

• Lynas will be online in 2012, delivering

Rare Earths globally.

• The LAMP is scheduled to come online with

a Phase 1 production capacity of 11,000tpa

REO.

• Work for Phase 2 is underway for an

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NOTE

The information in this report that relates to Exploration Results, Mineral

Resources or Ore Reserves is based on information compiled by Brendan Shand,

who is a member of The Australasian Institute of Mining and Metallurgy. Brendan

Shand is an employee of Lynas Corporation Limited. Brendan Shand has

sufficient experience which is relevant to the style of mineralisation and type of

deposit under consideration and to the activity which he is undertaking to qualify

as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code

for Reporting of Exploration Results, Mineral Resources and Ore Reserves’.

Brendan Shand consents to the inclusion in the report of the matters based on his

information in the form and context in which it appears.

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