Expected mine supply from existing and announced projects and primary supply requirements for rare earths, 2035

Notes

STEPS: Stated Policies Scenario. The percentage values indicate the share of base case supply against 2035 primary supply requirements in the STEPS. Expected supply is based on mined or raw material output based on announced projects. Primary supply requirements are calculated as “total demand net of secondary supply”, also accounting for losses during refining operations. " Rare earth elements are for magnet rare earth elements only.