Sydney, Feb 27, 2026, 17:32 AEDT — After-hours
- Lynas shares closed up 10.1% at A$18.98, extending a post-results rally.
- The rare earths producer posted a A$80.2 million half-year profit but came in below a consensus estimate.
- Traders are tracking NdPr pricing and Lynas’ Kalgoorlie ramp-up into the next quarterly update.
Shares of Lynas Rare Earths climbed 10.09% to close at A$18.98 on Friday, with turnover picking up after a strong run in the stock this week. 1
The buying matters because Lynas’ earnings tend to move with NdPr — short for neodymium-praseodymium — a key input for permanent magnets used in electric motors and wind turbines. When the benchmark shifts, Lynas’ realised prices usually follow.
The other thing investors keep circling back to is execution. Lynas has been adding capacity and new product lines, and the market has been quick to punish any operational wobble — especially at Kalgoorlie.
Lynas reported net profit after tax of A$80.2 million for the six months ended Dec. 31, up from A$5.9 million a year earlier, but below a Visible Alpha consensus estimate of A$91.8 million. The company did not declare an interim dividend and pointed to power failures at its Kalgoorlie plant in Western Australia in November that hit output and lifted costs. 2
In its half-year release, CEO and Managing Director Amanda Lacaze said, “The December half of FY2026 was an exciting one for Lynas,” citing the commissioning of the Mt Weld expansion project, the first half-year of heavy rare earth production in Malaysia and an equity raising. Lynas reported revenue of A$413.7 million and EBITDA — earnings before interest, tax, depreciation and amortisation — of A$152.4 million, and said cash and cash equivalents ended the period at A$1.03 billion; it also put rare earth oxide (REO) production at 6,375 tonnes and sales volume at 6,050 tonnes. Lynas said the average China domestic NdPr price (VAT excluded) rose to US$74/kg in December 2025 and “yesterday reached” US$111.5/kg, a move it said fed through to higher selling prices.
Brokers who weighed in on the result leaned cautious even as they lifted targets. Ord Minnett kept a Sell rating but raised its target price to A$14 from A$11, while Bell Potter maintained Sell and lifted its target to A$11.60 from A$11.15, both flagging valuation and questions over how sticky the current NdPr strength proves. 3
In its investor presentation, Lynas pointed to government policy moves reshaping the rare earths market, including a U.S. government offtake agreement with MP Materials that includes a US$110/kg NdPr floor price. The deck also said electricity at Kalgoorlie stabilised from December after remediation work by the power provider and that Lynas is still working on off-grid solutions; it flagged ongoing heavy rare earth expansion in Malaysia, with first samarium production targeted for Q4 FY26, and reiterated that Lacaze intends to retire at the end of the current financial year. 4
Still, the setup cuts both ways. If NdPr pricing cools — or if buyers push back on premiums — the earnings momentum that’s carrying the stock can fade quickly, and any repeat of power-related disruptions would keep costs messy.
With the market shut until Monday, traders will be watching rare earth price prints and any follow-through in broker calls. The next scheduled catalyst is Lynas’ quarterly report due on April 27, according to Market Index calendar data. 5
