Best Rare Earth Stocks: 7 Companies Compared

Best rare earth stocks: seven listed companies compared

The best-known rare earth stocks are MP Materials (NYSE: MP), Lynas Rare Earths (ASX: LYC), Iluka Resources (ASX: ILU), Arafura Rare Earths (ASX: ARU), Energy Fuels (NYSE American: UUUU), USA Rare Earth (Nasdaq: USAR) and Neo Performance Materials (TSX: NEO). Only two of them report separated NdPr oxide output of hundreds of tonnes a quarter: MP Materials made 840 tonnes in the June quarter of 2026 and Lynas made 1,857 tonnes (MP Materials, 6 August 2026; Lynas quarterly report, 22 July 2026). The rest are building refineries, magnet plants or mines, so their stock stories depend on projects that have not yet delivered.

This page is written for investors who want the facts side by side: ticker, what the company actually produces, the latest dated figures, and an honest list of strengths and weaknesses. It names no price targets and gives no buy or sell view. Share prices change daily and are left out on purpose.

Some terms first. Rare earths are 17 related metals, including neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb). REO means rare earth oxide, the unit used to count output from different ores on one scale. NdPr oxide is the separated, refined product that magnet makers buy. Separation is the chemical step that splits a mixed concentrate into single oxides, and it is the hard part: the US Geological Survey estimates that the United States produced about 51,000 tonnes of REO in mineral concentrates in 2025, yet it still imported most of its rare earth compounds and metals (USGS Mineral Commodity Summaries 2026). Permanent magnets are the largest end use, at about 48% of global demand in 2024 (Natural Resources Canada).

For a wider view of metals beyond this group, see our overview of metals and minerals stocks. If you would rather hold a basket than single names, our rare earth and rare metals ETF comparison covers funds. For Canadian projects and a list of the elements, read the earth metals list for Canada.

How we chose these companies

We started from companies that report rare earth output or a funded rare earth build in a regulator filing, and we kept those with recent dated reporting: mostly primary documents (an ASX announcement, an SEC or Nasdaq release, or a Canadian management discussion and analysis, MD&A). For Arafura, the Serra Verde deal and China Northern we could only read secondary reports, and the text says so. Four tests decided the final seven.

• Exchange and ticker confirmed in the company’s own release.
• Rare earths are central to the business or to its largest capital project, not a side line.
• Outside-China focus: each company is part of the effort to build mining, separation or magnet capacity outside China.
• Dated numbers available: a production, spending or financing figure with a dated source we could open (primary where available).

The seven are not ranked by expected return, because nobody can know that. They are grouped by stage: producers first (MP Materials, Lynas), then builders (Iluka, Arafura), then integrated or downstream names (Energy Fuels, USA Rare Earth, Neo). China Northern Rare Earth is covered at the end as a reference point, not as a pick.

The seven stocks at a glance

Chart

NdPr oxide produced in the June quarter

Tonnes, quarter ended 30 June

Figures are from each company’s own June-quarter 2026 report, listed in the sources below. Currencies differ: Lynas, Iluka and Arafura report in Australian dollars, the others in US dollars.

Company profiles: best for, pros and cons

1. MP Materials (NYSE: MP)

Best for: readers who want the largest US rare earth producer, with mining, refining and magnet making under one roof.

Chart

Iluka Eneabba refinery: spent versus planned

A$ million, as at 30 June 2026

MP Materials runs the Mountain Pass mine in California. It produced a record 2,599 tonnes of NdPr oxide in 2025, up 101% on 2024, and 50,692 tonnes of REO in concentrate (MP Materials, 26 February 2026). In the June quarter of 2026 it produced 840 tonnes and sold 1,006 tonnes of NdPr, and revenue was US$108.5 million plus US$17.6 million of price protection income, with adjusted EBITDA (earnings before interest, tax, depreciation and amortisation, as the company defines it) of US$28.5 million. Magnets are made at its Independence plant in Fort Worth, Texas, and a larger 10X magnet facility is under construction.

• Pros: a price floor of US$110 per kilogram of NdPr from the US Department of War, running since 1 October 2025; sales to China stopped in July 2025; output is growing fast.
• Cons: the company still reported a 2025 net loss of US$85.9 million; part of its earnings come from the floor payment rather than the market price; concentrate output in the June quarter of 2026 fell 16% to 11,072 tonnes of REO.

2. Lynas Rare Earths (ASX: LYC)

Best for: readers who want the largest producer outside China, including some dysprosium and terbium.

Lynas mines at Mt Weld in Western Australia, cracks and leaches at Kalgoorlie, and separates at Kuantan in Malaysia. Reuters describes it as the world’s largest producer of rare earths outside China (Reuters via Kitco, 2 March 2026). In the June quarter of 2026 it produced 3,481 tonnes of REO, of which 1,857 tonnes was NdPr and 19 tonnes was dysprosium and terbium, on sales revenue of A$288.9 million and closing cash of A$1,209.1 million. The average selling price across all products was a record A$98.2 per kilogram.

• Pros: Malaysia renewed its operating licence for 10 years in March 2026; a A$1.5 billion expansion is complete; first samarium oxide came in March 2026; a partnership with JS Link plans a magnet factory in Malaysia.
• Cons: NdPr output fell from 2,080 tonnes in the June quarter of 2025 to 1,857 tonnes a year later, which Lynas linked to a water recycling plant and ore concentrate quality; the heavy rare earth plant estimate rose from about A$180 million to about A$294 million; its previous chief executive retired and an interim chief took over on 1 July 2026.

3. Iluka Resources (ASX: ILU)

Best for: readers who want a refinery build financed with a government loan, alongside an existing mineral sands business.

Iluka mines zircon, rutile and other heavy minerals and is building Australia’s first fully integrated refinery for separated rare earth oxides at Eneabba, Western Australia. Capital spent to 30 June 2026 was A$1,101 million against an estimate of A$1.7 to 1.8 billion, with construction nearing 60% complete and commissioning planned for 2027 (Iluka quarterly review, 28 July 2026). In June 2026 it signed its first binding offtake: 1,200 tonnes of magnet rare earth oxides, starting in 2028 for four years, with agreed minimum prices. Export Finance Australia confirmed access to the full A$1.65 billion non-recourse loan.

• Pros: a funded build; feedstock agreements with VHM, Northern Minerals and Lindian Resources; a take-or-pay customer in the car industry.
• Cons: no refinery revenue yet; mineral sands revenue fell 22.4% in the first half of 2026 to A$433 million, and two synthetic rutile kilns are idle; one customer contract covers only part of the planned output.

4. Arafura Rare Earths (ASX: ARU)

Best for: readers who want a single-purpose NdPr project that has reached a final investment decision.

Arafura’s Nolans project sits about 135 kilometres north of Alice Springs in the Northern Territory. Industrial Info Resources reports a final investment decision in May 2026, planned output of 4,440 tonnes a year of NdPr oxide (about 4% of global supply, by that report), a 30-month build and first production in 2029 (Industrial Info Resources, 29 May 2026). A summary of the company’s annual report says Hatch was appointed to manage engineering and construction, site works were due to start in September 2026, and the company held A$223.2 million of cash plus A$500 million of other current financial assets at 30 June 2026 (FilingReader summary, 31 August 2026).

• Pros: binding offtake for most of the planned NdPr; Australian government support through the Critical Minerals Strategic Reserve; a funded construction start.
• Cons: no revenue until about 2029; reported cost figures differ by source and currency, so read the ASX announcements before using any number; the net loss for the year to 30 June 2026 was A$41.1 million; construction risk.

5. Energy Fuels (NYSE American: UUUU, TSX: EFR)

Best for: readers who want a uranium producer that is also building a rare earth chain.

Energy Fuels separates NdPr oxide at its White Mesa Mill in Utah and also mines and mills uranium. On 29 July 2026 it began building a heavy rare earth expansion, with terbium and dysprosium circuits due by the end of 2027 and samarium, europium and gadolinium circuits by the end of 2028. It reported working capital of US$996.0 million and a second-quarter net loss of US$33.6 million, mostly deal costs (Energy Fuels, 5 August 2026). It completed the purchase of Australian Strategic Materials on 28 August 2026, adding a South Korean metals plant with 1,300 tonnes a year of NdFeB alloy capacity (Investing News Network, 28 August 2026). A US$1.9 billion agreement to buy magnet maker VAC, signed on 23 June 2026, was still pending in that release.

• Pros: commercial NdPr separation already works; a strong balance sheet; uranium revenue cushions the build.
• Cons: heavy rare earth output is small until the new circuits run; two large acquisitions raise integration risk; results swing with uranium sales timing.

6. USA Rare Earth (Nasdaq: USAR)

Best for: readers who accept early-stage risk in exchange for exposure to a US magnet and mine build.

USA Rare Earth targets 600 tonnes a year of run-rate magnet capacity at its Stillwater plant in Oklahoma by the fourth quarter of 2026, and expects to complete the definitive feasibility study for its Round Top deposit in Texas in the fourth quarter of 2026, with publication in the first quarter of 2027. Second-quarter 2026 revenue was only US$5.8 million, all from its Less Common Metals business, against cash of about US$1.53 billion (USA Rare Earth earnings release, 10 August 2026). A report dated 22 September 2026 says it completed the roughly US$2.8 billion purchase of Serra Verde, owner of the Pela Ema ionic clay mine in Brazil. Completion is reported by (Shanghai Metals Market; production figures for the mine are not verified here).

• Pros: large cash balance; a producing Brazilian mine added to its portfolio; mine and magnet plans in one company.
• Cons: revenue is tiny next to the spending; most of the plan is not yet built; a chief executive change took effect on 1 October 2026.

7. Neo Performance Materials (TSX: NEO)

Best for: readers who want an established downstream supplier of magnet powders and rare metals rather than a miner.

Neo makes magnetic powders, rare earth products and rare metals, and runs a sintered magnet plant at Narva in Estonia. Revenue was US$205.7 million in the June quarter of 2026, up from US$114.7 million a year earlier, and adjusted EBITDA was a record US$57 million. The company raised its full-year adjusted EBITDA guidance to US$140 to 150 million, and plans to lift Narva’s nameplate capacity from about 2,000 to about 5,000 tonnes a year (Neo second-quarter MD&A).

• Pros: real revenue and earnings today; qualification samples are shipping from Narva to car makers; a small heavy rare earth line began running at its Silmet site in April 2026.
• Cons: its own filing says the Silmet site sources feedstock from a Russian supplier, which is a sanctions risk; earnings lean on strong prices for several metals, not only rare earths; commercial magnet volume at Narva is still ramping.

Reference point: China Northern Rare Earth (SSE: 600111)

China produced about 270,000 of the world’s 390,000 tonnes of mined REO in 2025 (USGS estimate). Its largest listed producer, China Northern Rare Earth (Group) High-Tech, reported first-half 2026 revenue of RMB 25.8 billion and net profit of RMB 2.05 billion, with record output of separated products, according to Rare Earth Exchanges, 20 August 2026, a trade publication. We include it only to show the scale of the competitor the Western companies above are trying to match.

Why rare earth stocks move: supply, China and price floors

China mines about 69% of the world’s rare earths and refines about 90%, so Chinese policy sets the tone for every name on this page (Natural Resources Canada, 2024 data). In April 2025 China added export controls on samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium. In October it widened them to more elements, then suspended that expansion for one year in November, while the April controls stayed (USGS). Heavy elements such as dysprosium and terbium are scarce outside China, which is why Lynas, Energy Fuels and MP Materials all stress their heavy rare earth projects.

Chart

NdPr oxide price against the US floor

US$ per kilogram; dates differ as labelled

Chart

Mined rare earth oxide by country

Thousand tonnes REO, 2025 estimate, selected countries shown

The second driver is price. In a report dated 21 August 2026, Benchmark Mineral Intelligence assessed ex-China NdPr oxide at US$95,000 a tonne, delivered to Europe and North America, below the US$110 per kilogram floor in the US Department of War agreement with MP Materials, and below Chinese PrNd oxide at RMB 721,500 a tonne (about US$107,504). Benchmark says oversupply outside China may last until the US and European magnet chains create more demand (Benchmark, 21 August 2026). A floor protects a producer that has a contract; it does nothing for a developer without one.

The charts below show who mines what, how the two producers’ NdPr output has moved, how much money Iluka has already committed, and where prices sit against the floor.

NdPr revenue calculator: market price versus a floor

A price floor works as a top-up payment: if the market price is below the floor, the producer receives the difference on covered volumes. The calculator below shows how that changes quarterly revenue. It is a simplified illustration. MP Materials’ real formula uses a volume-weighted quarterly benchmark and its own volumes, so use its filings for the true figure.

What to check before you rely on a project update

Many rare earth stories are built on a resource estimate, a feasibility study or a press release, and the three are not equal. Read these items in the original filing before trusting a headline.

• Stage of the estimate. Resources are classed as inferred, indicated or measured, in rising order of confidence. Only reserves, which require a feasibility study, support a production plan. Our guide to mineral resource estimation explains the steps.
• Product sold. Concentrate, mixed carbonate, separated oxide, metal and magnet sell at very different prices. MP Materials, for example, stopped selling concentrate to China in July 2025.
• Funding. A project with a final investment decision, a lender commitment and a binding offtake is at a different stage from one with a letter of intent.
• Feedstock source. A refinery needs ore. Iluka has signed supply agreements with three outside producers for Eneabba, which shows how much the midstream depends on others.
• Heavy versus light. NdPr is the volume product; dysprosium and terbium are the scarce ones. Check which the company actually produces, and in what tonnes.
• Currency and basis. Compare Australian dollar and US dollar figures, quarterly and annual numbers, and REO versus metal content, only after converting them to the same basis.

Satellite data can help at the earliest stage, before drilling. Surface clues such as alteration, structure and lithology can point to ground worth sampling, and Farmonaut’s satellite analysis produces exploration targets from a licence boundary in days. A target is not a resource estimate, and it says nothing about grade or tonnes until drilling confirms it. If you hold a licence, you can see how satellite mineral screening works or send the details through the mining quote form. For where rare earth deposits occur worldwide, see our rare earth elements map.

▶ What satellite exploration can and cannot do, a Farmonaut explainer for due diligence. · 2:08

Related reading on this site: Best Minerals to Invest In: 6 Compared With Data.

We cover a connected topic in Gold Detector Price in PNG: 8 Models Compared.

Frequently asked questions

What are the best rare earth stocks?

There is no single best. The listed names with the most output today are MP Materials and Lynas Rare Earths. Iluka, Arafura, Energy Fuels, USA Rare Earth and Neo Performance Materials are earlier or more diversified. “Best” depends on whether you want production now, a funded build, or a downstream business, and on your own risk limits.

Which rare earth stocks are listed in the United States?

MP Materials trades on the NYSE (MP), Energy Fuels on NYSE American (UUUU) and the TSX (EFR), and USA Rare Earth on Nasdaq (USAR). Lynas, Iluka and Arafura are listed on the ASX, and Neo Performance Materials on the TSX.

Which rare earth companies are listed in Australia?

Lynas Rare Earths (LYC), Iluka Resources (ILU) and Arafura Rare Earths (ARU) are the three covered here. Energy Fuels also has an ASX listing under the code EF2, according to its own release.

Is MP Materials the only US rare earth producer?

No. MP Materials mines Mountain Pass in California, which USGS names as the primary US bastnaesite source. Energy Fuels separates NdPr oxide from monazite at White Mesa in Utah, and USGS notes that monazite is also produced from heavy-mineral-sand concentrates in the southeastern United States.

What is NdPr and why do investors track it?

NdPr is the combined oxide of neodymium and praseodymium. It is the main raw material for the strongest permanent magnets, used in electric motors and wind turbines. Because most producers’ revenue depends on its price, investors watch it more closely than any other rare earth.

What is a rare earth price floor?

It is a contract term that guarantees a minimum price. MP Materials’ agreement with the US Department of War pays the difference between US$110 per kilogram and the market benchmark for its NdPr products. The floor protects the producer’s revenue, not the share price.

How much of the world’s rare earths does China produce?

USGS estimates 270,000 tonnes of REO from China in 2025 out of a world total of about 390,000 tonnes, or roughly 69%. Chinese reserves are estimated at 44 million tonnes of the world’s more than 75 million.

Are rare earth ETFs a better choice than single stocks?

A fund spreads company risk but still follows the same price and policy swings, and funds can hold Chinese or non-rare-earth companies. See our ETF comparison for holdings and fees. This page does not say which is better for you.

What risks do rare earth producers face?

The main ones are price swings, Chinese export and pricing policy, construction delays and cost overruns, dependence on government support, ore quality, and environmental licences. Lynas needed Malaysia to renew its processing licence in March 2026, and its heavy rare earth plant estimate rose by more than half.

What is the difference between mining and separating rare earths?

Mining produces a concentrate that contains many rare earths mixed together. Separation uses chemical circuits to split them into individual oxides. Separation capacity outside China is scarce, which is why refinery projects such as Eneabba and White Mesa get so much attention.

Where can I check a company’s production figures?

Read the quarterly report on the ASX announcements platform for Australian companies, the earnings release filed with the SEC for US companies, and the MD&A on SEDAR+ for Canadian ones. Trade press is useful but can differ from the filing.

Can satellites find rare earth deposits?

Satellites cannot see the elements directly. They map surface rock, alteration and structure, which helps rank ground for sampling. Treat any satellite result as an exploration target, to be confirmed by sampling and drilling.

This page is for information only. It is not investment advice, and nothing here is a recommendation to buy or sell any security.

▶ Remote sensing for mining explained in three minutes, a Farmonaut explainer. · 2:01