Company Reports

Lynas has agreed to buy Meteoric Resources, owner of the Caldeira rare earths project in Brazil. Meteoric shareholders will receive 0.0207 Lynas shares for each share they own. The deal is due to complete in early 2027, subject to Meteoric shareholder and regulatory approvals, among others.

Lynas Rare Earths is the largest rare-earth producer outside China, with vertically integrated operations spanning mining, refining, and separation of various rare-earth oxides. It owns the Mount Weld mine in Western Australia, one of the highest-grade, lowest-cost, and longest-life rare-earth deposits in the world. It also has processing operations in Kalgoorlie, Australia, and Kuantan, Malaysia. Lynas’ main products are separated light rare-earth neodymium and praseodymium, which account for about 60% of its production. They are sold to customers in the form of neodymium-praseodymium oxide. Lynas sold 7,300 metric tons of NdPr in fiscal 2026, roughly 10% of global supply, and we expect it to produce around 12,500 metric tons of NdPr midcycle in fiscal 2031 as it ramps up to its current nameplate while further expanding capacity.

Stronger rare-earth sales prices and volumes drove Lynas' fiscal 2026 NPAT to AUD 222 million, up from AUD 8 million last year. It didn't declare a dividend due to a focus on further expansion, including potentially downstream into metallization and magnet production.

Lynas Rare Earths is the largest rare-earth producer outside China, with vertically integrated operations spanning mining, refining, and separation of various rare-earth oxides. It owns the Mount Weld mine in Western Australia, one of the highest-grade, lowest-cost, and longest-life rare-earth deposits in the world. It also has processing operations in Kalgoorlie, Australia, and Kuantan, Malaysia. Lynas’ main products are separated light rare-earth neodymium and praseodymium, which account for about 60% of its production. They are sold to customers in the form of neodymium-praseodymium oxide. Lynas sold 7,300 metric tons of NdPr in fiscal 2026, roughly 10% of global supply, and we expect it to produce around 12,500 metric tons of NdPr midcycle in fiscal 2031 as it ramps up to its current nameplate while further expanding capacity.

Iluka agreed to an offtake with a 'globally recognized automotive company' for light and heavy rare earth oxides to be produced at its refinery, being built at Eneabba. The offtake is initially for four years starting in 2028 with minimum prices for each product. 90% of volumes are take-or-pay.

Lynas Rare Earths is the largest rare-earth producer outside China, with vertically integrated operations spanning mining, refining, and separation of various rare-earth oxides. It owns the Mount Weld mine in Western Australia, one of the highest-grade, lowest-cost, and longest-life rare-earth deposits in the world. It also has processing operations in Kalgoorlie, Australia, and Kuantan, Malaysia. Lynas’ main products are separated light rare-earth neodymium and praseodymium, which account for approximately 60% of its production. They are sold to customers in the form of neodymium-praseodymium oxide. Lynas sold 6,600 metric tons of NdPr in fiscal 2025, about 10% of global supply, and we expect it to produce around 12,500 metric tons of NdPr midcycle in fiscal 2030 as it ramps up to its current nameplate while further expanding capacity.

Lynas shares closed up 16% on March 11 on news that the group has extended its rare-earth supply deal with Japan Australia Rare Earths to 2038. It now includes an offtake agreement for a minimum of 5,000 metric tons of neodymium-praseodymium oxide at a price floor of USD 110 per kilogram.

Lynas Rare Earths is the largest rare-earth producer outside China, with vertically integrated operations spanning mining, refining, and separation of various rare-earth oxides. It owns the Mount Weld mine in Western Australia, one of the highest-grade, lowest-cost, and longest-life rare-earth deposits in the world. It also has processing operations in Kalgoorlie, Australia, and Kuantan, Malaysia. Lynas’ main products are separated, light rare-earth neodymium and praseodymium, which account for approximately 60% of its production. They are sold to customers in the form of neodymium-praseodymium oxide. Lynas sold 6,600 metric tons of NdPr in fiscal 2025, about 10% of global supply, and we expect it to produce around 12,500 metric tons of NdPr midcycle in fiscal 2030 as it ramps up to its current nameplate while further expanding capacity.

Lynas' interim fiscal 2026 net profit after tax of AUD 80 million is up materially on the AUD 5.9 million recorded a year ago, driven by higher rare earths prices and volumes. One minor quibble is that it didn’t declare an inaugural dividend despite previously flagging the possibility.

Lynas Rare Earths is the largest rare-earth producer outside China, with vertically integrated operations spanning mining, refining, and separation of various rare-earth oxides. It owns the Mount Weld mine in Western Australia, one of the highest-grade, lowest-cost, and longest-life rare-earth deposits in the world. It also has processing operations in Kalgoorlie, Australia and Kuantan, Malaysia. Lynas’ main products are separated, light rare-earth neodymium, or Nd, and praseodymium, or Pr, which account for approximately 60% of its production. They are sold to customers in the form of neodymium-praseodymium oxide. Lynas sold 6,600 metric tons of NdPr in fiscal 2025, about 10% of global supply, and we expect it to produce around 12,500 metric tons of NdPr midcycle in fiscal 2030 as it ramps up to its current nameplate while further expanding capacity.

Base metals prices have risen strongly since last quarter, with copper and aluminum driven by supply concerns and optimism over rising demand for use in decarbonization and electrification. Metallurgical coal and rare earths prices are also higher, but thermal coal and minerals sands are weaker.

Lynas Rare Earths is the largest rare-earth producer outside China, with vertically integrated operations spanning mining, refining, and separation of various rare-earth oxides. It owns the Mount Weld mine in Western Australia, one of the highest-grade, lowest-cost, and longest-life rare-earth deposits in the world. It also has processing operations in Kalgoorlie, Australia and Kuantan, Malaysia. Lynas’ main products are separated, light rare-earth neodymium, or Nd, and praseodymium, or Pr, which account for approximately 60% of its production. They are sold to customers in the form of neodymium-praseodymium oxide. Lynas sold 6,600 metric tons of NdPr in fiscal 2025, about 10% of global supply, and we expect it to produce around 12,500 metric tons of NdPr midcycle in fiscal 2030 as it ramps up to its current nameplate while further expanding capacity.

We initiate coverage of Lynas, a rare-earth producer with operations in Australia and Malaysia. Its main product is neodymium-praseodymium oxide, and it also produces separated terbium and dysprosium. Rare-earth materials are used in renewables, electric vehicles, and defense equipment.

Lynas Rare Earths is the largest rare-earth producer outside China, with vertically integrated operations spanning mining, refining, and separation of various rare-earth oxides. It owns the Mount Weld mine in Western Australia, one of the highest-grade, lowest-cost, and longest-life rare-earth deposits in the world. It also has processing operations in Kalgoorlie, Australia and Kuantan, Malaysia. Lynas’ main products are separated, light rare-earth neodymium, or Nd, and praseodymium, or Pr, which account for approximately 60% of its production. They are sold to customers in the form of neodymium-praseodymium oxide. Lynas sold 6,600 metric tons of NdPr in fiscal 2025, about 10% of global supply, and we expect it to produce around 12,500 metric tons of NdPr midcycle in fiscal 2030 as it ramps up to its current nameplate while further expanding capacity.