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.
Mount Weld is one of the world’s highest-grade rare-earth deposits with a remaining mine lifespan of more than two decades and with low sovereign risk.
Bears
Rare-earth prices are driven by Chinese dominance of the industry; the Chinese government has artificially suppressed prices in the past.
Lynas is the largest rare-earth producer outside China. It owns the high-grade Mount Weld deposit in Western Australia and rare-earth processing facilities in Kalgoorlie and Malaysia. We estimate that Mount Weld is the world’s lowest-cost producer of separated neodymium and praseodymium, light rare-earth materials, which are sold to customers in the form of neodymium-praseodymium oxide with a mine life exceeding 20 years. As of December 2025, Lynas is also the only producer of separated heavy rare-earth dysprosium and terbium outside China. The company is further expanding NdPr capacity while diversifying into producing additional separated rare-earth materials, including samarium. It also intends to move downstream into rare-earth metal and magnet production.