LYC +1.23%: results for FY22 looked like a miss from the rare earths company today, however, shares traded higher on positive growth commentary. Profit was $541m for the year, around a 5% miss to expectations however they have built up a cash balance of $965m putting them in a great position to grow. Construction of their Kalgoorlie processing facility remains on track and was 40% complete at the end of the period. They also noted continued strong demand for their products, taking advantage of both increasing production and strong commodity prices.
MM remains bullish and long LYC in the Emerging Companies Portfolio
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