LYNAS RARE EARTHS LIMITED — Director's Dealing 2007

Nov 19, 2007

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity Lynas Corporation Ltd

ABN 27 009 066 648

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	David Oliver Davidson
Date of last notice	8 December 2005

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Indirect
Nature of indirect interest	D & S Davidson atf Stanley
(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.	Superannuation Fund- in effect controls beneficial owner of shares
Date of change	16 November 2007
No. of securities held prior to change	Direct:
	300,000 - Employee Incentive Options
	Indirect:
	635,000 - Ordinary shares
Class	Ordinary shares
Number acquired	Ordinary shares – 300,000
Number disposed	Nil
Value/Consideration	$90,000
Note: If consideration is non-cash, provide details and estimated
valuation

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change Direct: Nil Indirect: 935,000 - Ordinary shares Nature of change

Example: on-market trade, off-market trade, exercise of options, issue of Shares allotted on the exercise of 300,000 securities under dividend reinvestment plan, participation in buy-back Employee Incentive Options at $0.30 per share

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

==> picture [433 x 328] intentionally omitted <==

----- Start of picture text ----- Detail of contractNature of interestName of registered holder(if issued securities)Date of changeNo. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changedInterest acquiredInterest disposedValue/ConsiderationNote: If consideration is non-cash, provide details andan estimated valuationInterest after change----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002