Lynas Rare Earths : August 31 Notice of Change of Interests of Substantial Holder

604 Page 1 of 3 15 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

ToCompany Name/Scheme	LYNAS RARE EARTHS LTD
ACN/ARSN	009 066 648
1. Details of substantial holder (1)
Name	Ausbil Investment Management Limited
ACN/ARSN (if applicable)	076 316 473
There was a change in the interests of the
substantial holder on	27/08/2021
The previous notice was given to the company on 30/07/2021
The previous notice was dated	30/07/2021

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Fully Paid	61,079,417	6.784%	51,824,476	5.756%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of	Person whose	Nature of change (6)	Consideration given in	Class and number	Person's votes
change	relevant interest		relation to change (7)	of securities	affected
	changed			affected
	Ausbil
27/08/21	Investment	Refer to	Refer to	-9,254,941	-1.028%
Management	Annexure B	Annexure B	Ordinary
	limited

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

	Holder of	Registered holder	Person entitled to be	Nature of relevant	Class and number	Person's votes
	relevant	of securities	registered as holder	interest (6)	of securities
	interest		(8)
	Ausbil
	Investment	Refer to	Refer to	Refer to	51,824,476	5.756%
	Management	Annexure A	Annexure A	Annexure A	Ordinary
	Limited

604 Page 2 of 3 15 July 2001

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

	Name	Address
	Ausbil Investment	Level 27, 225 George Street, Sydney NSW 2000
	Management Limited

Signature

print name	Anna Copeland	capacity	Compliance Analyst
sign here
	date	31/08/2021

DIRECTIONS

1. If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
2. See the definition of "associate" in section 9 of the Corporations Act 2001.
3. See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
4. The voting shares of a company constitute one class unless divided into separate classes.
5. The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.
6. Include details of:
7. 1. any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
   2. any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

1. Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
2. If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

604 Page 3 of 3 15 July 2001

1. Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A Ausbil Investment Management Limited

ABN: 26 076 316 473

Relevant interest in: LYNAS RARE EARTHS LTD

National Nominees Limited (NNL) and various other custodians hold shares in the Company as custodian and for which Ausbil is either:

• The responsible entity or trustee of a pooled investment product such as managed investment schemes (funds); or
• The investment manager of Portfolios held for a number of institutional investors. The institutional investors are generally superannuation funds regulated under the Superannuation Industry Supervision Act 1993.

The holding of shares in the Company was acquired as part of a wide portfolio of Australian shares acquired for the Funds and Portfolios.

Ausbil and the Custodians may hold relevant interests due to the capacity of these entities to dispose of the shares in the Company.

Each investor in a fund owns an individual interest in the Fund's assets; no investor directly owns any asset of the Fund. The unit holding of each Fund varies from time to time as clients enter and withdraw from the Funds. The various institutional investors with portfolios delegate the management of the Portfolios to Ausbil.

_______________________

Signed 31/08/2021

Anna Copeland

Compliance Analyst

Annexure B

Ausbil Investment Management Limited

LYNAS RARE EARTHS LTD

Ticker	As of Date	Settle Date	B/S	Amount	Net Amount
LYC	29/07/2021	02/08/2021	S	20,000	142,054.00
LYC	30/07/2021	03/08/2021	B	38,251	281,798.94
LYC	30/07/2021	03/08/2021	B	147,161	1,084,149.80
LYC	02/08/2021	04/08/2021	B	38,448	284,707.44
LYC	02/08/2021	04/08/2021	S	17,222	127,031.19
LYC	02/08/2021	04/08/2021	S	186,500	1,381,032.50
LYC	02/08/2021	04/08/2021	B	148,052	1,096,325.06
LYC	03/08/2021	05/08/2021	S	100,000	761,930.00
LYC	03/08/2021	05/08/2021	S	49,211	373,654.20
LYC	03/08/2021	05/08/2021	S	189,505	1,438,892.51
LYC	03/08/2021	05/08/2021	S	8,468	64,682.82
LYC	04/08/2021	06/08/2021	S	37,004	281,123.09
LYC	04/08/2021	06/08/2021	S	142,363	1,081,545.95
LYC	05/08/2021	09/08/2021	S	143,510	1,080,443.74
LYC	05/08/2021	05/08/2021	S	466,000	3,504,320.00
LYC	05/08/2021	09/08/2021	S	37,285	280,707.58
LYC	06/08/2021	10/08/2021	S	90,000	676,044.00
LYC	06/08/2021	10/08/2021	S	110,000	826,276.00
LYC	09/08/2021	11/08/2021	S	163,194	1,244,827.51
LYC	10/08/2021	12/08/2021	S	5,000	38,372.00
LYC	10/08/2021	12/08/2021	S	2,000	15,348.80
LYC	10/08/2021	12/08/2021	S	56,000	429,766.40
LYC	10/08/2021	12/08/2021	S	21,000	161,162.40
LYC	10/08/2021	12/08/2021	S	26,000	199,534.40
LYC	10/08/2021	12/08/2021	S	24,000	184,185.60
LYC	10/08/2021	12/08/2021	S	12,000	92,092.80
LYC	10/08/2021	12/08/2021	S	9,000	69,069.60
LYC	10/08/2021	12/08/2021	S	17,000	130,464.80
LYC	10/08/2021	12/08/2021	S	28,000	214,883.20
LYC	10/08/2021	12/08/2021	S	700	5,372.08
LYC	10/08/2021	12/08/2021	S	50,000	383,720.00
LYC	10/08/2021	12/08/2021	S	67,000	514,184.80
LYC	10/08/2021	12/08/2021	S	7,200	55,255.68
LYC	10/08/2021	12/08/2021	S	30,000	230,232.00
LYC	10/08/2021	12/08/2021	S	99,100	760,533.04
LYC	10/08/2021	12/08/2021	S	46,000	353,022.40
LYC	11/08/2021	13/08/2021	S	110,209	831,747.32
LYC	11/08/2021	13/08/2021	S	106,741	804,891.18
LYC	11/08/2021	13/08/2021	S	389,791	2,941,752.68
LYC	11/08/2021	13/08/2021	S	28,259	213,089.82
LYC	12/08/2021	16/08/2021	S	27,500	210,760.00
LYC	12/08/2021	16/08/2021	B	262,000	2,007,968.00
LYC	12/08/2021	16/08/2021	S	29,500	226,088.00
LYC	12/08/2021	16/08/2021	S	33,000	252,912.00
LYC	12/08/2021	16/08/2021	S	10,200	78,172.80