FY21 Result: a slight miss on FY21 for the rare earths miner, however the outlook for the business is exceptional, and that’s what the market should focus on. EBITDA grew nearly 300% to $235m while Net profit swung back into the black however the numbers were marginally below consensus estimates. Production out of the Malaysian processing facility ran at 75% of nameplate capacity despite obvious COVID headwinds in the region, while prices continue to climb seeing the average price received jump 40%. The trend looks set to continue while drilling results out of the Mt Weld mine were strong. Shares trading up over 5% early in the session.
MM remains bullish LYC
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