US Rare Earth Companies: Top 10 Ranked by Project Stage

The main US rare earth companies are MP Materials, Energy Fuels, Noveon Magnetics, USA Rare Earth, NioCorp, Rare Element Resources, American Rare Earths, Ramaco Resources, Ucore and Caldera Holding. Only MP Materials runs a large US rare earth mine today. It made 50,692 metric tons of rare earth oxide (REO) in concentrate in 2025, per its results, against a national estimate of 51,000 tons from the USGS.

Most names on other lists are processors, magnet makers or owners of undeveloped deposits. So this list ranks ten companies by how close each is to real output, not by share price or by the size of a resource. Status is taken from filings and company reports available on 5 November 2026.

Top 10 US rare earth companies ranked by project stage

How we chose: each company must own or control a rare earth mine, deposit, separation plant or magnet plant in the United States. We rank by the most advanced US asset: producing first, then operating plants, then permitted projects, then studies. Where two sit at a similar stage, the one with the later study or permit decision ranks higher. This is an editorial ranking of project stage, not a measure of value.

This page is for information only. Listings are facts for identification, not recommendations, and it is not investment advice.

Which US rare earth companies mine, separate or make magnets

The word “mining” hides four separate steps. A company can be strong at one and absent from the others, so check which step you are buying from, selling to or investing near.

• Mining: digging ore and concentrating it. MP Materials does this at scale. Monazite, a rare earth phosphate mineral, also comes out of heavy mineral sands in the southeastern states, according to the USGS.
• Separation: splitting mixed concentrate into single oxides such as NdPr (neodymium plus praseodymium oxide). MP Materials and Energy Fuels do this in the US.
• Metal and alloy: turning oxide into metal. Energy Fuels plans to add this through the purchase of VAC and ASM.
• Magnets: MP Materials, USA Rare Earth and Noveon sit here.

Our separate guide to the rare earth mining companies in the USA and their industry trends covers the wider sector, and the largest rare earth mineral companies worldwide puts these names beside the global producers.

Biggest rare earth mining companies in the US, one by one

1. MP Materials: the only large US rare earth miner

Best for: readers who want the producing benchmark. Mountain Pass mines bastnaesite, a rare earth carbonate mineral, as a primary product (USGS, 2026). Its 10-K reports 1.96 million short tons of REO reserves at a 5.89% ore grade as of December 2025.

In the second quarter of 2026 it made 840 metric tons of NdPr oxide, up 41% on a year earlier, and 11,072 metric tons of REO, against 13,145 a year before. Magnet qualification continued at its Independence plant in Texas, and construction of its 10X magnet plant sped up. Limit: it has signed a gadolinium supply deal, yet most of its output is still light rare earths.

2. Energy Fuels: a separator with bought-in feed

Best for: anyone tracking separation and heavy rare earths. Its White Mesa Mill in Utah already produces light rare earth oxides. Its Q2 2026 report says a heavy rare earth expansion began in July, with terbium and dysprosium circuits due by the end of 2027 and samarium, europium and gadolinium circuits by the end of 2028.

Its named near-term monazite source is abroad: the Donald project in Australia, and the company held 12.7% of that joint venture on 30 June 2026. It also agreed to buy magnet maker VAC for about US$1.9 billion and, at that report date, was still completing its purchase of Australian Strategic Materials (close expected by the end of August 2026). Limit: it is a uranium company too, and it does not run a US rare earth mine.

3. Noveon Magnetics: a magnet seller, not a miner

Best for: magnet buyers. The privately held Texas company began selling sintered neodymium-iron-boron magnets in 2023, and it has an oxide supply deal with Solvay (November 2025) and a memorandum with Lynas (October 2025). Limit: as a private firm it publishes less than listed peers, and it owns no deposit on our list.

4. USA Rare Earth: magnets first, Round Top later

Best for: following a mine-to-magnet plan. Its March 2026 filing says Phase 1a at the Stillwater, Oklahoma magnet plant was commissioned that month, with 600 metric tons a year of run-rate capacity expected by the end of Q4 2026. That filing scheduled a preliminary feasibility study for Round Top, Texas, for the end of Q3 2026, a definitive study for Q1 2027 and commissioning of commercial production for late 2028. We did not find a published result for the Q3 study.

It reports completing its combination with Serra Verde on 3 September 2026, which adds a producing mine in Brazil, and its site cites a US$1.6 billion Commerce Department letter of intent. Limit: Round Top has not begun construction, and a letter of intent is not final funding.

5. NioCorp: rare earths as one product of several

Best for: readers who want a permitted US project. Elk Creek in southeast Nebraska has all major permits, according to the company, and would be an underground mine producing niobium, scandium and titanium products plus magnetic rare earth oxides. The August 2026 feasibility study puts upfront capital at US$1.85 billion including contingency. Limit: early construction work is under way, according to the company, but financing is still open, and rare earths are not the sole driver of the project.

6. Rare Element Resources: Bear Lodge in permitting

Best for: high-grade deposit watchers. The Bull Hill resource averages 4.08% total rare earth oxide (TREO) across 6.02 million tonnes measured and indicated (company, 2024). The project joined the federal FAST-41 list in March 2026, and the Forest Service is preparing an Environmental Impact Statement. Limit: no mine can start before that review ends. Read more on Wyoming rare earth deposits.

7. American Rare Earths: very large, low grade

Best for: bulk-tonnage comparisons. Halleck Creek holds a 2.63 billion tonne resource at 3,292 ppm TREO. ppm means parts per million, so that grade equals about 0.33%. Its September 2026 scoping study models 4.5 million tonnes a year for 26 years, about 2,500 tonnes a year of NdPr oxide and about US$900 million of initial capital. Limit: the company itself says a scoping study cannot support reserves, and none are declared.

8. Ramaco Resources: rare earths in coal rock

Best for: unconventional-source watchers. Ramaco is a metallurgical coal producer. Its Q2 2026 report cites a Hatch conceptual study with US$3.2 billion of construction capital plus about US$0.8 billion of contingency and first production estimated for 2031. Full pilot operations are expected in 2027. Limit: the Brook Mine figures are inferred resources, which have no demonstrated economic viability.

9. Ucore Rare Metals: processing before Bokan

Best for: heavy rare earth processing. Ucore is based in Nova Scotia, and its main projects are in the US. Its April 2026 update says the focus is a Louisiana refining plant, with the Bokan-Dotson Ridge deposit in Alaska as a longer-term source (indicated: 3.37 million tonnes at 0.58% TREO). Limit: Bokan is undeveloped.

10. Caldera Holding: Pea Ridge tailings

Best for: reprocessing old waste. Trade press on its pre-feasibility study describes a first phase on 24 million tonnes of surface tailings at the old Missouri iron mine, then a return underground. Limit: it is private, so public detail is thin.

Names we left out, and why

Lynas USA drops out because Lynas says its Texas heavy rare earth facility will no longer proceed (August 2026). REalloys (Nasdaq: ALOY) has its main refining upgrade at a Saskatchewan Research Council plant, although it sells metals from a Euclid facility and is in lease talks for a Utah site, and Aclara’s deposits are in Brazil and Chile with a US pilot separation plant and a planned commercial separation facility in Louisiana (basic engineering completed, October 2026). Texas Mineral Resources is covered under Round Top, because USA Rare Earth agreed to buy it in March 2026. For earlier-stage names, see our list of rare earth exploration companies.

Neodymium and dysprosium mining companies in the US

Neodymium is the easier part. Mountain Pass is the US source in production, and NdPr oxide is its headline product. See also neodymium material and the companies behind it.

Dysprosium and terbium, the heavy rare earths that keep magnets strong when hot, are harder. No company on this list reports heavy rare earth mining in the US at scale. Energy Fuels plans its circuits by the end of 2027, and Bokan and Pea Ridge are described as heavy-rich but are undeveloped. The USGS treats heavy rare earths in a separate chapter of its 2026 summaries.

How much the United States produces and imports

The US ranked second in estimated 2025 mine output, with 51,000 tons of REO against China’s 270,000 tons, out of a world total of about 390,000 tons (USGS, 2026). China’s reserves are 44 million tons and US reserves 1.9 million tons.

Chart

US concentrate versus refined output

Tons of rare earth oxide equivalent; 2025 is an estimate

Chart

Rare earth mine output, selected countries, 2025

Tons of rare earth oxide, estimates

Mining is not the weak point. Net import reliance for compounds and metals was 67% in 2025, because refined products are the gap. Production of US compounds and metals rose to an estimated 8,900 tons from 120 tons in 2021. A Congressional Research Service brief from March 2026 lists Bear Lodge, Bokan Mountain, Elk Creek and Round Top among the advanced US exploration projects identified by USGS.

What rare earth prices mean for these companies

The NdPr oxide price sets the revenue case for most projects here. The USGS 2025 average was US$69 per kg, up from US$55 in 2024. Rare Earth Exchanges quoted US$103 to US$106 per kg in China and US$125 to US$140 outside China for October 2026. Dysprosium oxide showed a far wider gap: US$196 to US$201 in China and US$2,500 to US$5,500 outside it, on the same page. Treat any study based on one price deck with care, and check the price it assumes.

Chart

NdPr oxide average price

US$ per kg, annual average; 2025 is an estimate

How to compare a rare earth company before you act

1. Find the step. Mine, separator, metal maker or magnet maker? Each has different risks.
2. Read the study level. In rising order: scoping or conceptual, pre-feasibility, feasibility. Only the latter two support reserves.
3. Separate resource from reserve. Inferred resources carry the lowest confidence and are not reserves.
4. Compare grade with tonnage. A 0.33% deposit moves far more rock per kilogram of oxide than a 5.89% one.
5. Check the mix. Value sits mostly in NdPr and heavies. Cerium and lanthanum sold near US$1 to US$2 per kg in 2025 (USGS).
6. Check permits and funding. A permit list place, a letter of intent or a conditional loan is progress, not a final approval.
7. Read the latest quarterly filing. Dates in this sector move often.

▶ Farmonaut explainer: seven environmental impacts of mining, useful when reading a project’s permitting file. · 2:31

Chart

Reported grade at four US deposits

% rare earth oxide; bases differ, as labelled

What this means for licence owners and consultants

If you hold rare earth ground, the companies above are also possible buyers, partners or benchmarks. Before you approach one, put your grade, tonnage and rare earth mix beside their figures. Satellite imagery can help at the screening stage by mapping alteration and structure across a claim before drilling, though it does not measure a resource or grade. Farmonaut offers satellite-based mineral detection for this early stage; results are exploration targets that sit ahead of a resource estimate. To discuss an area, use the mining query form or contact us. See also our US rare earth minerals map for project locations.

▶ Farmonaut explainer: what remote sensing for mining measures, without jargon. · 2:01

Frequently asked questions

What is the biggest rare earth mining company in the US?

MP Materials. It produced 50,692 metric tons of REO in concentrate at Mountain Pass in 2025, close to the USGS national estimate of 51,000 tons.

Are there any other US rare earth mines in production?

Mountain Pass is the only primary rare earth mine the USGS names. It also notes monazite produced from heavy mineral sands in the southeastern states.

Is USA Rare Earth a mining company?

Partly. It holds an interest in the undeveloped Round Top deposit in Texas and reports completing its combination with Serra Verde in Brazil. Its US activity so far centers on the Stillwater magnet plant.

Does Energy Fuels mine rare earths in the US?

It separates oxides at White Mesa Mill in Utah, but it does not run a US rare earth mine. Its named future monazite source is in Australia.

Which companies are in Wyoming?

Rare Element Resources (Bear Lodge), American Rare Earths (Halleck Creek) and Ramaco Resources (Brook Mine). All three are before production.

Which companies process rare earths in the US?

MP Materials and Energy Fuels separate oxides now. Ucore plans a plant in Louisiana, and Aclara is advancing a pilot plant with Virginia Tech.

Who makes rare earth magnets in the USA?

MP Materials, USA Rare Earth and Noveon Magnetics are the three on this list. MP and USA Rare Earth were still qualifying or ramping up lines in 2026, on their own reports.

Are there heavy rare earth mining companies in the US?

Not at scale today. Bokan and Pea Ridge are heavy-rich projects, and Energy Fuels plans dysprosium and terbium circuits by the end of 2027.

What do North American lists add?

Canada holds 830,000 tons of reserves but no reported 2025 mine output (USGS, 2026). Companies there sit mainly at project or processing stage, and Ucore is the one on our list based in Canada.

Is this list a stock recommendation?

No. It ranks project stage using company reports. Nothing here is a view on any share, and it is not investment advice.

▶ Farmonaut explainer: six kinds of AI geology tools and what to ask before choosing one. · 3:18