Lynas Rare Earths Ltd (LYC.AU) saw its shares plummet 5.08% during intraday trading on Wednesday.
The sharp decline followed the company's quarterly results release, which revealed that gross sales revenue of A$288.9 million for the quarter missed the Visible Alpha consensus estimate of A$359.8 million. Despite reporting a 70% year-over-year revenue increase, the significant miss against market expectations weighed heavily on investor sentiment.
Adding to the negative outlook, Lynas announced a substantial cost overrun for its expanded heavy rare earths facility in Malaysia, with estimated costs ballooning from A$180 million to A$294 million. The company also noted it would update the market on its CEO search in due course, contributing to uncertainty among investors.