PERTH, April 24, 2026, 06:14 (AWST)
Lynas Rare Earths Ltd delivered gross sales revenue of A$265 million ($190 million) in the March quarter, jumping 115% from the same period a year ago and marking its highest result since late 2022. Buyers continued to seek rare earths outside China, keeping demand robust, the Australian miner said, as customers aimed to lock in non-Chinese supply chains.
Timing is key here. The U.S. and allied nations are working to loosen China’s grip on the critical minerals trade, a sector it’s dominated for years. U.S. Trade Representative Jamieson Greer said this week that partners should expect to incur a “national security premium” for minerals that don’t come from China. Meanwhile, new Chinese customs figures show U.S. imports of Chinese rare-earth magnets dropped to a nine-month low in March. These rare earths power permanent magnets that show up in everything from EVs and wind turbines to electronics and weapons systems. Reuters
Lynas reported an average selling price of A$84.60 per kilogram for its products in the March quarter. Pricing for neodymium-praseodymium (NdPr)—the main magnet material in electric vehicle motors—jumped 25% from the previous quarter. Total rare earth oxide output hit 3,233 metric tons, with NdPr accounting for 1,996 tons.
Some of the gain was tied to product mix. In Malaysia, Lynas delivered its first batch of samarium oxide last month, beating its own timeline. That addition gives the company three separated heavy rare earths now—dysprosium, terbium, and samarium oxide. CEO Amanda Lacaze described the achievement as “a significant milestone” and said it would help boost supply for high-performance permanent magnets. ASX Announcements
The quarter came on the heels of two supply agreements inked in March. Japan Australia Rare Earths locked in 5,000 tonnes of NdPr annually, with a floor price set at $110 per kg. The Pentagon, for its part, outlined a plan to purchase roughly $96 million worth of light and heavy rare earth oxides from Lynas across four years, also at that $110 floor. Lacaze called the Japanese deal a guarantee of “reliable supply” for customers, and said the U.S. framework would help shore up the defence industrial base. Reuters
Lynas is pushing further into metals and magnets, beyond just oxides. The company inked a framework deal with South Korea’s LS Eco Energy to ship rare earth oxides to a new metals facility in Vietnam, and continues its work with JS Link on a magnet plant in Malaysia. LS Eco Energy CEO Lee Sang-ho put it plainly: customers want “to build supply chain outside of China.” Reuters
The rush is picking up speed. USA Rare Earth agreed to acquire Brazil’s Serra Verde for $2.8 billion this week—a fresh move as Western companies push to secure rare earth supply chains outside China. Back in March, Reuters pointed out that only Lynas and MP Materials are producing rare earths at commercial scale beyond China, although Lynas maintains it’s the sole supplier of both light and heavy rare earth oxides outside Chinese borders.
Still, some bumps remain. Lynas flagged unpredictable increases in fuel and other input costs, which have been difficult to pin down. A process tweak at Kalgoorlie ended up reducing finished output during the changeover. Malaysia’s decision in March to hand Lynas a fresh 10-year operating licence has eased a nagging risk, though it comes with strings attached: the company must address legacy radioactive residue and halt new radioactive waste output within five years.
The company said it expects to process its work-in-progress dysprosium and terbium material during the June quarter. The board, meanwhile, has launched a search for Lacaze’s replacement as she prepares to leave at the close of the current financial year.
