Rare Earth Stocks List

Shin-Etsu is one of the world's leading producers of high-performance sintered NdFeB permanent magnets outside China, alongside Japan's TDK and Proterial, with deep expertise across the rare-earth-to-magnet value chain. Shin-Etsu has accumulated decades of process expertise and intellectual property in sintered magnet manufacturing. Non-Chinese NdPr reaches Japanese magnet makers largely through the JOGMEC and Sojitz offtake of Lynas production (extended to 2038 in March 2026), while heavy rare earths such as dysprosium and terbium remain predominantly China-sourced, a concentration risk for the whole Japanese magnet industry. The company is expanding magnet capacity in Japan, Vietnam and internationally in response to growing EV traction motor demand.

Shin-Etsu's rare earth exposure comes from downstream magnet manufacturing within a diversified chemicals group. Its operations illustrate the processing expertise required after rare earth oxides have been mined and separated.

China Northern Rare Earth is the world's largest rare earth producer, controlling the Bayan Obo mine — the single largest rare earth deposit on earth — alongside extensive smelting and separation operations in Baotou. It processes primarily light rare earths (lanthanum, cerium, neodymium, praseodymium) and is the dominant global price-setter for LREE materials, operating under Chinese government production quotas as a state-controlled enterprise. Net profit for the first three quarters of 2025 was up approximately 280% year-on-year, driven by the April 2025 Chinese export controls on medium and heavy rare earths and rising domestic NdPr prices. The stock is listed onshore only and is not directly investable via international exchanges. Its production volumes and pricing decisions influence rare earth prices and the project economics of other producers and developers on this list.

Lynas Rare Earths is the largest rare earth producer outside China. It operates the Mt Weld mine in Western Australia and the Lynas Advanced Materials Plant (LAMP) in Malaysia. Mt Weld is among the world's highest-grade rare earth deposits, and LAMP is the largest rare earth separation facility outside China. In 2025 Lynas became the first company outside China to produce commercial quantities of separated dysprosium (May) and terbium (June), with first samarium oxide following in March 2026, and completed its "Lynas 2025" capital programme targeting 10,500 tonnes of annual NdPr capacity. A cracking and leaching facility at Kalgoorlie in Australia, first fed in December 2023 and officially opened in November 2024, upgrades Mt Weld ore concentrate into mixed rare earth carbonate before shipping to Malaysia, reducing throughput pressures on LAMP.

Lynas's "Towards 2030" growth strategy targets six separated heavy rare earths (dysprosium, terbium, samarium, gadolinium, yttrium and lutetium), anchored by an expanded heavy rare earth production facility alongside LAMP. Announced in late 2025 at about A$180 million, the facility was re-estimated in July 2026 at approximately A$294 million including contingency, with Lynas citing customer purity and particle specifications, the cost of sourcing equipment outside China and geopolitical cost escalation. The planned Seadrift processing facility in Texas is no longer expected to proceed after unresolved wastewater permitting; in March 2026 the US government relationship was restructured into a binding letter of intent with the US Department of War worth roughly US$96 million over four years for rare earth oxide supply at a US$110/kg NdPr floor. The same month, Lynas extended its Japanese offtake arrangement with JOGMEC and Sojitz to 2038, covering 5,000 tonnes per year of NdPr at a US$110/kg floor plus half of its heavy rare earth oxide output. In July 2026 Lynas agreed a long-term partnership with South Korea's JS Link, investing about A$50 million in JS Link equity to support a 3,000 tonne per year NdFeB sintered magnet factory in Kuantan, Malaysia, alongside an exclusive rare earth supply arrangement running to January 2038. NdPr prices, which averaged about US$55/kg in 2024, recovered to cross US$110/kg in February 2026.

MP Materials is the sole operator of a commercial-scale rare earth mine in the United States, owning and operating the Mountain Pass mine in California, one of the world's richest bastnaesite deposits. Mountain Pass accounts for essentially all US mine output, which USGS data put at roughly 13% of global rare earth production in 2025. NdPr oxide separation has scaled rapidly since Phase 1 was commissioned in late 2023: full-year 2024 output was a record 1,294 tonnes, first-half 2025 reached 1,160 tonnes, and quarterly records continued into Q1 2026. Q2 2026 output was 840 tonnes, up 41% year on year, held back by a scheduled semiannual maintenance outage at Mountain Pass in April 2026; NdPr sales reached 1,006 tonnes in the quarter, up 127% year on year.

In July 2025 MP Materials entered a partnership with the US Department of Defense. The DoD invested $400 million in convertible preferred stock plus warrants (about 15% of the company as-converted, making it the largest shareholder), set a ten-year $110/kg floor price for MP's NdPr oxide with a 30% share of upside above the floor, committed to backstop the purchase of 100% of the magnet output from a planned 7,000 tonne per year "10X" facility for ten years, and provided a $150 million loan for heavy rare earth separation at Mountain Pass, alongside $1.0 billion of construction financing from JPMorgan and Goldman Sachs. A $500 million partnership with Apple followed in July 2025, covering US-made magnets from recycled feedstock with shipments planned from 2027.

The 10X magnet campus was sited at Northlake, Texas in February 2026 (investment above $1.25 billion, commissioning targeted around 2028), complementing the Independence facility in Fort Worth, which produces at 1,000 tonnes per year today with an expansion to 3,000 tonnes planned under the DoD partnership. MP has ceased exporting concentrate to China, with oxide sales to South Korea and Japan via Sumitomo growing as its primary revenue stream. The DoD-backed heavy rare earth facility at Mountain Pass (200 tonnes per year of dysprosium and terbium initially) reached mechanical completion of its first separation circuit in May 2026 and was in commissioning as of the Q2 2026 results, with first terbium and dysprosium production targeted for later in 2026.

China Rare Earth Resources and Technology (formerly China Minmetals Rare Earth) is a Shenzhen-listed producer of separated rare earth oxides, metals and downstream products headquartered in Ganzhou — the centre of China's southern heavy rare earth industry. The company produces a basket of separated products spanning the heavy rare earths dysprosium, terbium and yttrium alongside europium, from ionic clay mining and separation operations in Jiangxi and Guangdong, operating within China's government quota system as a state-linked enterprise.

China's expansion of heavy rare earth export controls in October 2025 sharpened the company's strategic significance. Its shares are listed only onshore in China and are not directly accessible through international exchanges. Its results provide information on heavy rare earth pricing and the effects of Chinese government policy.

Shenghe is China's most internationally active rare earth company, combining domestic production and trading with a deliberate strategy of acquiring overseas assets to secure long-term feedstock. Its most prominent Western relationship was as the historical offtake buyer for MP Materials' Mountain Pass concentrate — an arrangement MP has been unwinding as it builds its own separation capacity.

Shenghe acquired ASX-listed Peak Rare Earths through a scheme of arrangement implemented in September 2025, taking Peak's 84% interest in the Ngualla carbonatite project in Tanzania (the Tanzanian state holds the remaining 16%) and continuing a pattern of securing African feedstock. Shenghe's role as an offtake buyer creates counterparty exposure for companies reliant on Chinese processing. Its overseas acquisitions also show where the company is seeking future feedstock.

USA Rare Earth is advancing the Round Top heavy rare earth project in Hudspeth County, west Texas — a large, flat-lying deposit described as the largest US source of gallium and beryllium alongside a heavy rare earth endowment led by dysprosium, terbium and yttrium. The project is a fully permitted, surface-mineable deposit on private land in a politically supportive US state jurisdiction, with commercial production targeted for 2028 under the company's accelerated mining plan.

The downstream build-out moved from construction to production in 2026: the Stillwater, Oklahoma magnet plant commissioned its first commercial sintered NdFeB production line in March 2026 and began customer shipments in Q2 2026, ramping toward 1,200 tonnes per year of magnet capacity across Phases 1a and 1b, and in June 2026 the company announced a $1.2 billion magnet and metals facility in Cherokee County, South Carolina alongside a US Commerce Department support package of up to $1.6 billion. A Colorado hydrometallurgical demonstration facility, commissioned in June 2026, targets the company's first separated heavy rare earth oxide production.

Two pending acquisitions announced in 2026 would transform its scale: a definitive agreement (April 2026) to acquire Serra Verde, operator of the producing Pela Ema ionic clay mine in Goiás, Brazil, for roughly $2.8 billion in cash and shares, expected to close in Q3 2026; and an all-stock merger (announced March 2026) with Texas Mineral Resources Corp that would consolidate full ownership of Round Top.

Energy Fuels produces uranium and refines rare earth oxides at its White Mesa Mill in Utah. The company describes White Mesa as the only operating conventional uranium mill in the United States and the country's only facility licensed and capable of producing high-purity rare earth oxides from monazite at commercial scale.

Phase 1 of the rare earth circuit, commissioned in 2024, has a capacity of up to 1,000 tonnes per year of separated NdPr oxide, with Energy Fuels' NdPr qualifying with South Korea's largest drive unit motor core manufacturer for use in EV permanent magnets in September 2025. Heavy rare earth work has moved from first output toward commercial plans: 99.9% pure dysprosium oxide was first produced in August 2025 and terbium oxide followed in March 2026 (the first US primary heavy rare earth production in decades), with Phase 1 circuit modifications targeting initial commercial heavy rare earth capacity (roughly 35 tonnes of dysprosium and 12 tonnes of terbium per year) as early as 2027. The Phase 2 Mill expansion, underpinned by a $700 million convertible notes offering completed in October 2025, targets up to 6,000 tonnes per year of NdPr oxide plus around 288 tonnes of dysprosium and 80 tonnes of terbium at commercial scale, with commissioning targeted for late 2029.

In June 2026 Energy Fuels announced a definitive agreement to acquire VAC (Vacuumschmelze), the German NdFeB permanent magnet manufacturer, for approximately $1.9 billion in equity value, adding operating magnet plants in Hanau, Germany and Sumter, South Carolina; the deal, expected to close in early 2027, would make the group a vertically integrated mine-to-magnet supplier.

Feedstock security is being addressed through monazite offtake from The Chemours Company's Florida and Georgia heavy mineral sands operations, the Donald Project in Victoria, Australia, a joint venture with Astron in which Energy Fuels held a 12.7% interest as of June 30, 2026 with an option to earn in to 49% and rights to 100% of the monazite offtake, targeting 7,100 tonnes per year of rare earth oxide concentrate with conditional debt support from Export Finance Australia, plus the 100%-owned Bahia project in Brazil and the Vara Mada project in Madagascar (renamed from Toliara in January 2026), acquired with Base Resources in October 2024.

Iluka is Australia's largest mineral sands producer and is constructing the Eneabba rare earths refinery. The company describes Eneabba as Australia's first fully integrated rare earths refinery, and the only facility designed from the outset to produce both light and heavy separated rare earth oxides from monazite and xenotime feedstock. The project is backed by a A$1.65 billion non-recourse government loan, the largest critical minerals loan in Australian history, with total capital cost now estimated at A$1.7–1.8 billion and commissioning expected in 2027. Feedstock will be sourced from Iluka's own accumulated mineral sands stockpile supplemented by third-party supply including Lindian Resources' Kangankunde project in Malawi.

Primary risks are construction cost overruns, feedstock sufficiency beyond the initial stockpile, and commissioning complexity in a technically novel facility.

Sunrise Energy Metals is developing the Syerston Scandium Project in New South Wales, targeting 60 tonnes per annum of 99.9% scandium oxide as the world's first dedicated primary mine supply of scandium — a rare earth element used to strengthen aluminium alloys for aerospace and defence and in solid oxide fuel cells, rather than in permanent magnets. Scandium is currently recovered almost entirely as a by-product of other operations. At its stated 60 tpa capacity, Syerston would add a large new source of primary scandium supply. The company is the former Clean TeQ Holdings, renamed in 2021, and is chaired by Robert Friedland.

The 2026 feasibility study set a 32-year mine life and development capital of A$450–475 million, with a final investment decision targeted for the second half of 2026 and first production for the second half of 2028. In August 2026 Sunrise received a conditional, non-binding commitment for up to US$400 million of 25-year debt from the US Department of War's Office of Strategic Capital, subject to due diligence, equity deployment and binding offtake agreements; it followed a US Export-Import Bank letter of interest issued earlier in 2026. Alongside that commitment the company expanded the project scope to include a US-based scandium metal refinery and a potential second phase taking output to 180 tpa. Syerston's laterite orebody also hosts the Sunrise Nickel-Cobalt Project, one of the world's largest cobalt-rich nickel laterite resources, deferred in favour of scandium.

Evolution Metals & Technologies Corp. is a Miami-headquartered holding company that listed on Nasdaq on 6 January 2026 through a business combination with Welsbach Technology Metals Acquisition Corp. Its entire operating base is four South Korean companies acquired immediately before closing: KMMI (sintered magnets from NdPr alloy), NS World (bonded magnets from NdPr alloy), KCM Industry (NdFeB powder) and Handa Lab (machine vision, laser testing and data-gathering systems). The company operates in the alloy, powder and finished-magnet stages of the rare earth chain. It owns no mine, separation capacity or oxide production.

Disclosed installed capacity is small. The 10-K's own operating history sets out a 400 tpa magnet plant commissioned in 2007, a 260 tpa second plant in 2024, and 2021 NdPr metal (144 tpa) and NdPr alloy (216 tpa) lines — roughly 660 tpa of magnet capacity in total. Combined property, plant and equipment across all four Korean entities was $8.2m at acquisition. First-quarter 2026 revenue, the first consolidated period the company has ever reported, was $1.9m at a 23.7% gross margin, against $16.1m of SG&A, of which $15.1m was corporate rather than operating cost.

Management plans to replicate the Korean plants in the United States. Its two-year targets include roughly 55,000 tpa of US magnet capacity and 78,000 tpa of battery-grade carbonates, sulfates and pCAM, supported by a large hydrometallurgical facility. No site, permit, capital cost or construction schedule has been disclosed for any of it, and Item 2 of the 10-K lists only the Miami executive office as company property. A nearer-term plan to reach 10,000 tpa of magnet capacity by November 2026 rests on 13 sintered-magnet machines ordered from ULVAC Korea. The company has not said where those machines will be installed. The ramp currently relies on virgin NdPr metal purchased from SRE Vietnam through Japan's Senri and Tokai. Recycled end-of-life material remains part of the company's longer-term urban-mining strategy.

Financial condition is the dominant risk. Both the FY2025 10-K and the Q1 2026 10-Q assert substantial doubt about the company's ability to continue as a going concern, and the Q1 filing states the doubt has not been alleviated. At 31 March 2026 the company held $5.4m of cash against an $81.8m working capital deficit, and goodwill of $60.1m made up 70% of total assets on still-preliminary purchase accounting. A $48.1m payment to the former Korean shareholders falls due within 14 days of any capital raise above $50m. Funding depends on a convertible facility of up to $100m from Yorkville Advisors. Management identified material weaknesses in internal control at both the parent and each Korean subsidiary, and the company missed its first quarterly filing deadline, drawing a Nasdaq notice in May 2026 that it cured within days. David Wilcox controls 70.18% of the stock, making EMAT a controlled company under Nasdaq rules. The shares closed at $2.32 on 11 August 2026, a 52-week low and roughly 88% below the first recorded post-listing close.

Neo is the only Western-listed company currently operating both rare earth separation and sintered NdFeB magnet manufacturing at commercial scale outside China. Its Estonian cluster — a separation facility in Sillamäe and a new sintered magnet plant in Narva — constitutes Europe's most significant rare earth manufacturing footprint. The Narva magnet plant opened in September 2025 with initial capacity of 2,000 tonnes per year scaling to 5,000 tonnes, with qualification contracts already secured from Schaeffler and Bosch.

Full-year 2025 Adjusted EBITDA guidance was US$67–71 million, making Neo one of the few rare earth companies in the Western world that is profitable and cash-generative. Narva was scheduled to ramp toward mass production during the second half of 2026.

Tronox is the world's leading integrated titanium dioxide producer, with mineral sands mines in Australia, South Africa and elsewhere. Tronox's rare earth business would use monazite from its Australian mineral sands deposits. It currently mines this material but does not process it for its rare earth content. In December 2025 Tronox received coordinated non-binding letters of support from Export Finance Australia and US EXIM Bank for up to US$600 million in potential financing to develop a rare earth supply chain, including mine extensions and a cracking and leaching facility in Western Australia. A pre-feasibility study has been completed and a definitive feasibility study is underway.

Tronox has also taken a ~5% equity stake in Lion Rock Minerals to secure additional monazite feedstock. The definitive feasibility study will determine whether the rare earth project is commercially viable.

Arafura Rare Earths is advancing the Nolans Project in the Northern Territory of Australia — a proposed fully integrated ore-to-oxide rare earth mine and processing facility 135 kilometres north of Alice Springs — which, upon completion, would produce 4,440 tonnes of NdPr oxide per year and represent approximately 4% of global NdPr supply, with a 38-year mine life.

As at the June 2026 quarter Arafura had announced five binding offtake commitments: Hyundai/Kia, Siemens Gamesa and Traxys Europe, plus two binding term sheets executed during that quarter with Traxys North America and with an Indian group under India's government-backed rare earth magnet manufacturing scheme, each covering 500 tonnes per annum of NdPr oxide and 7 tonnes per annum of dysprosium and terbium. Both June 2026 quarter agreements price off a global seaborne NdPr index rather than the China domestic index. Nolans has conditional senior debt facilities of US$775 million from export credit agencies in Australia, Canada, Germany and South Korea alongside commercial lenders, plus A$200 million of convertible notes with Australia's National Reconstruction Fund Corporation, whose long-form documentation was executed in May 2026. Arafura completed an A$475 million institutional placement in October 2025. A further fully underwritten A$350 million two-tranche placement at A$0.26 per share and an A$11.5 million share purchase plan were launched in the June 2026 quarter and completed in July 2026. Following the placement Hancock Prospecting held approximately 17.5%, before any shares issued under the share purchase plan or to cornerstone investors. Binding cornerstone equity subscriptions entered into on 31 March 2026 totalled approximately A$230 million: EUR 50 million (about A$84 million) from KfW on behalf of the German Raw Materials Fund and US$100 million (about A$146 million) from Export Finance Australia.

The board took the final investment decision for Nolans in May 2026, with construction to formally commence from September 2026 on what would be Australia's first fully integrated rare earth ore-to-oxide facility. During the June 2026 quarter the Northern Territory Government declared Nolans its first-ever Significant Project under the Territory Coordinator Act 2025. The total funding requirement for Nolans was put at approximately US$1.9 billion as at the June 2026 quarter, including an undrawn US$160 million cost overrun account and US$200 million subordinated liquidity facility. Arafura held A$723 million in cash and term deposits at 30 June 2026.

NioCorp Developments is advancing the Elk Creek Critical Minerals Project in Nebraska — a proposed underground mine targeting a unique combination of niobium, scandium and titanium with secondary rare earth element production. Niobium is the dominant economic driver, used as a steel-strengthening additive in automotive, infrastructure and energy applications, while scandium improves aluminium alloys for aerospace applications and rare earths including NdPr would be extracted as supplementary products from the same ore body.

Elk Creek has moved into pre-construction: work on the mine portal, an approximately US$44.6 million package approved in late 2025, began in February 2026. The balance sheet was rebuilt to match, with US$360.8 million of equity raised in calendar 2025, roughly US$307 million of consolidated cash at the end of 2025 and a further US$100 million public offering completed in February 2026, alongside up to US$10 million from the US Defense Production Act Title III program to advance a domestic scandium mine-to-manufacture supply chain. The company's application for a US$780 million loan from the US Export-Import Bank remains in advanced due diligence, and full-scale construction is gated on completing overall project financing. Elk Creek's revenue would come from niobium, scandium and rare earth products. That mix diversifies its commodity exposure but makes comparisons with single-commodity developers less direct.

Aclara Resources is a Canada-listed heavy rare earth developer that was spun out of Hochschild Mining in 2021. Following a US$50 million private placement completed in May 2026, New Hartsdale Capital is its largest shareholder at 36.52%, ahead of Hochschild at 19.32% and CAP S.A. at 12.92%. The supply chain it is developing spans ionic clay deposits in Brazil and Chile, a separation facility in the United States, and a metals and alloys joint venture with Chilean steelmaker CAP. Aclara describes this as the only fully vertically integrated heavy rare earth supply chain outside China.

Its flagship asset is the Carina Project in Goiás, Brazil. In 2025 Carina became the world's first ionic clay rare earth project to declare NI 43-101 compliant mineral reserves. A March 2026 feasibility study reported an after-tax NPV of US$1.7 billion and targeted annual production of 156 tonnes of dysprosium and 27 tonnes of terbium. Early site works are planned from mid-2026 ahead of full construction in 2027. The company's proprietary Circular Mineral Harvesting technology uses water-based extraction from ionic clay ores. Aclara says the process avoids acid leaching and does not generate radioactive by-products.

In October 2025, Aclara announced a planned US$277 million heavy rare earth separation facility in Louisiana, backed by US$46.4 million in state incentives, with groundbreaking targeted for Q4 2026 and production converging around 2028, designed to supply a majority of US dysprosium and terbium demand for EVs. The Penco Module in Chile received its Environmental Qualification Resolution in June 2026, clearing environmental review, with a feasibility study on the module expected to complete in Q4 2026.

Idaho Strategic Resources is a small-cap Idaho-based gold producer that claims the largest rare earth elements land package in the United States, spanning three REE and thorium projects within Idaho's 70-mile REE-Thorium Belt — Lemhi Pass, Mineral Hill, and Diamond Creek — all of which are included in the US National REE Inventory. The Golden Chest gold mine near Murray, Idaho generates operating cash flow that has funded part of the company's rare earth exploration.

The REE optionality thesis rests primarily on Lemhi Pass, where trenching results have returned up to 5% total rare earth oxides with a favourable magnet REE mix — 58% neodymium, 8% praseodymium, 8% samarium and 2% dysprosium — which, if confirmed at scale, would represent a notably higher-value distribution than most global rare earth deposits. The company conducted its most active exploration season to date in 2025 across all three projects, including LiDAR, magnetics and radiometrics drone surveys at Mineral Hill and expanded soil sampling at Lemhi Pass.

No resource estimate has been completed and the company remains at early exploration stage, with its rare earth valuation dependent on future resource delineation work, processing technology development in collaboration with national laboratories, and eventual permitting on federal lands.

Caldeira is one of the largest ionic clay rare earth deposits outside China. The definitive feasibility study released on 31 July 2026 reported a global resource of 1.6 billion tonnes at 2,317 ppm TREO, of which 703 million tonnes at 2,617 ppm is measured and indicated, following a June 2026 quarter upgrade that lifted Measured resources by 246%. Operating costs are low given soft free-dig mining, a short leach cycle, and access to renewable grid power. The pilot plant at Poços de Caldas, established in 2025, is producing mixed rare earth carbonate samples for offtake partners, and Export Finance Australia has issued a US$50 million letter of support.

The July 2026 study reported a post-tax NPV of US$847 million at an 8% discount rate and a 24% post-tax IRR at spot prices, rising to US$2.72 billion and 47% on forecast prices, with initial capital of US$498 million including a 10% contingency. It is underpinned by an ore reserve of 151 million tonnes at 3,524 ppm TREO, supporting more than 20 years of mining at 6 million tonnes a year, and average annual production of 3,862 tonnes of NdPr and 127 tonnes of dysprosium and terbium. The Minas Gerais regulator is scheduled to consider the installation licence, or construction permit, early in the December quarter of 2026. The study allows about two years of construction after a final investment decision, reaching first mixed rare earth carbonate production in 2029.

Pensana is developing the Longonjo carbonatite project in Huambo province, Angola, targeting Stage 1 production of 20,000 tonnes per year of mixed rare earth carbonate rising to 40,000 tpa in Stage 2. Construction began May 2025 with first production targeted for 2027. Financing is multi-layered: a US$160 million syndicated debt facility, equity and convertible loans from Angola's sovereign wealth fund FSDEA, and a US$165 million strategic investment agreed with Cascade Natural Resources in March 2026, comprising US$150 million into the Sable Min subsidiary for a 38.2% interest and US$15 million for 13.55 million new Pensana shares at 80 pence, around 3.8% of the listed company. The initial US$15 million tranche has been received; the balance is still to be drawn.

Pensana has a mine-to-magnet partnership with eVAC Magnetics, the US arm of German magnet manufacturer VAC, which is building a magnet plant at Sumter, South Carolina. Longonjo is intended to supply carbonate feedstock to that facility. Sable Min holds a majority interest in Ozango Minerais S.A., the Longonjo development vehicle. Cascade's 38.2% interest in Sable Min, alongside FSDEA's equity and convertible loans, leaves the listed parent with a diluted economic interest in the project. Longonjo carries the permitting, infrastructure and currency risks of developing in Angola. Construction execution is the primary near-term risk.

Rare Element Resources is a US-focused rare earth developer advancing the Bear Lodge project in Wyoming — a large, NdPr-enriched carbonatite deposit in the Black Hills region. The company is majority-owned by General Atomics, the US defence and energy technology conglomerate, which provides strategic backing and technology development resources unusual for a junior explorer. Rare Element Resources has developed a proprietary chloride-based hydrometallurgical process, the REEtec process, designed to separate individual rare earth oxides more cleanly and at lower cost than conventional solvent extraction.

Bear Lodge remains at the pre-feasibility stage and could provide a domestic US source of magnet rare earths. Its development has advanced more slowly than MP Materials and Energy Fuels, and Rare Element Resources has not secured comparable Department of Defense funding.

Rare Earths Americas is an exploration-stage critical minerals company targeting magnet rare earth elements — including the high-value heavy rare earths dysprosium (Dy) and terbium (Tb) — across three projects in the United States and Brazil. The company was formed in July 2025 through the combined acquisition of Alpha Minerals Brazil Participações Ltda. and Foothills Rare Earths Limited (Australia), creating a dual-jurisdiction exploration platform headquartered in Manchester, Georgia.

The flagship Shiloh Project in Georgia spans 1,927 acres in a newly identified rare earth district, with trench intercepts of up to 30.98% Total Rare Earth Oxides (TREO) and monazite mineralization identified across a broad area. REA's two Brazilian projects — the Alpha Project (Bahia, 201.7 Mt inferred at 1,520 ppm TREO) and Constellation Project (Minas Gerais, 266.2 Mt inferred at 2,637 ppm TREO) — are ionic adsorption clay (IAC) deposits amenable to simplified ion-exchange leaching at ambient temperatures with low-concentration reagents. NdPr, Dy, and Tb represent approximately 24% of contained oxides at Alpha and more than 22% at Constellation.

Rare Earths Americas listed on NYSE American under the ticker REA in 2026, raising approximately $43 million USD, with $20 million allocated to advancing Shiloh and $4 million each to the Alpha and Constellation projects. None of the three material projects have defined mineral reserves under SEC Regulation S-K 1300, and the company has generated no revenue to date.

Ucore Rare Metals is a Canada-based rare earth technology and processing company focused on commercialising its proprietary RapidSX separation technology. The company describes the continuous-flow solvent extraction platform as more compact, faster and more capital-efficient than conventional mixer-settler systems.

The company's strategic model is to serve as a separation services provider, processing third-party rare earth feedstocks rather than relying solely on its own mining assets. Its primary operational project is the Strategic Metals Complex (SMC) under construction in Alexandria, Louisiana, backed by US Department of War (formerly Defense) funding totalling US$22.4 million: an initial US$4 million demonstration award followed by a US$18.4 million construction award executed in May 2025. A May 2026 engineering report set the optimised deployment plan: a first commercial RapidSX machine of roughly 600 tonnes per year of TREO targeted for the first half of 2027, within a facility designed for up to approximately 9,600 tonnes per year across three production lines. The SMC has been awarded DPAS DO-B8 priority rating — a national defense designation requiring supplier preferential treatment.

Ucore also signed a Heads of Agreement with Wyloo and Hastings in October 2025 to secure Yangibana monazite from Australia as feedstock, and received conditional approval from the Canadian government for up to C$36.3 million for Canadian rare earth processing. The Bokan-Dotson Ridge rare earth project in Alaska remains on the company's books as a longer-term upstream option but is not the current strategic focus.

American Rare Earths is an Australia-listed rare earth explorer with US projects at Halleck Creek in Wyoming and La Paz in Arizona. A January 2025 resource update for Halleck Creek outlined 2.63 billion tonnes at 3,292 ppm TREO.

The company has attracted interest from US government agencies given the project's location on private land — avoiding the lengthy federal permitting process — and has engaged in studies examining bulk mining approaches that could make lower-grade ore commercially viable at scale. American Rare Earths remains at exploration and scoping stage, with further metallurgical studies and economic assessments required before advancing to feasibility.

Yangibana has an average NdPr-to-TREO ratio of approximately 37%, rising to 52% in its highest-grade zones. Hastings describes this as one of the highest NdPr distributions among advanced rare earth projects. In 2025 Wyloo Consolidated Investments (Andrew Forrest's private vehicle) took a 60% JV stake and management control, cancelling approximately A$135 million in outstanding exchangeable notes owed by Hastings and effectively recapitalising the company; by May 2026, however, Wyloo was reported to be marketing that 60% stake, putting the operatorship picture in flux. An updated definitive feasibility study for Stage 1, released on 13 July 2026, reported a pre-tax NPV of approximately A$649 million at an 8% discount rate, an ungeared pre-tax IRR of 34% and payback of about 2.4 years from first production. Stage 1 capital is approximately A$333.4 million, against an ore reserve of 20.93 million tonnes at 0.90% TREO supporting a 19-year mine life. The beneficiation plant is forecast to produce 37,000 tonnes of concentrate a year at 27% TREO at peak, averaging 31,570 tonnes over the mine life. Yangibana remains pre-FID on a fully permitted site, with about A$160 million of infrastructure and long-lead equipment already delivered, and the study targets first concentrate about two years from award of the process plant EPC contract.

Hastings' nearest-term production is downstream instead: in March 2026 it acquired 49% of the fully permitted Kabin Buri hydrometallurgical plant in Thailand, with first mixed rare earth carbonate production targeted for Q4 2026 on African monazite feedstock and the potential to process Yangibana concentrate later. Yangibana's economics depend on the final investment decision and on the NdPr price.

Defense Metals is a Vancouver-based rare earth developer whose sole focus is the Wicheeda Rare Earth Element Project in British Columbia, Canada — a high-quality carbonatite deposit 80 kilometres northeast of Prince George, close to existing road, rail, power and port infrastructure at Prince Rupert. A preliminary feasibility study completed in February 2025 reported 25.5 million tonnes of mineral reserves at 2.43% TREO, supporting a 15-year mine life. Using an NdPr price assumption of about $133/kg, the February 2025 study estimated a post-tax NPV of approximately $1.0 billion and an 18.9% post-tax IRR, or $1.8 billion and 24.6% before tax.

In February 2026 the BC Critical Minerals Office selected Wicheeda for its Advanced Project Initiative (one of four projects in the program and the only rare earth project), providing coordinated permitting and engagement support. Defense Metals closed a $5.4 million capital raise in May 2025 and converted $4 million of convertible debt to equity. It is advancing environmental baseline work and integrated pilot metallurgy with SGS Canada and the Saskatchewan Research Council ahead of a feasibility study.

Appia Rare Earths & Uranium is a small-cap Canadian explorer with rare earth assets across multiple jurisdictions, combining ionic clay and hard-rock carbonatite mineralisation at the PCH Project in Goiás, Brazil with a conventional hard-rock rare earth property in northern Saskatchewan. PCH carries a maiden ionic clay resource (2024: 6.6 million tonnes indicated at 2,513 ppm TREO plus 46.2 million tonnes inferred at 2,888 ppm), and diamond drilling on the project's separate hard-rock carbonatite target returned a headline February 2026 intercept of 300 metres at 2.55% TREO from surface, including 1.7 metres at 14.27% TREO. Following a transaction with Ultra Rare Earth that closed in October 2025, Appia holds 25% of the PCH project vehicle (Ultra 50%, a Brazilian partner 25%), with Ultra funding US$6 million of work toward a maiden carbonatite resource estimate and an ionic clay pre-feasibility study.

Appia's Alces Lake property in northern Saskatchewan hosts high-grade rare earth and gallium mineralisation, with surface showings the company reports at up to roughly 49% TREO, among the highest-grade surface showings reported anywhere, though the remote location and early-stage status (no resource estimate yet) present significant development challenges. The company is a member of a strategic Canadian rare earth research consortium announced in March 2025 alongside Defense Metals, Commerce Resources, Vital Metals and the Corem processing research centre.

Vital briefly operated Canada's first rare earth mine at Nechalacho on a demonstration scale before halting operations and writing off its Saskatoon processing subsidiary. The company has since pivoted to the much larger Tardiff deposit, which hosts a Measured & Indicated Resource of 192.7 million tonnes at 1.3% TREO containing 636,000 tonnes of NdPr and a niobium oxide resource reported for the first time in 2025. A July 2025 Scoping Study returned a post-tax NPV of US$445 million and 26% IRR for an 11-year open-pit operation at US$291 million capex, with a pre-feasibility study targeted for February 2027. Regional exploration has returned high-grade surface samples with up to 86% heavy rare earth content, suggesting meaningful HREE potential beyond the current resource.

The company is a founding member of the Canadian Rare Earth Supply Chain Consortium with a non-binding agreement with Ucore for US separation of its concentrate. Key risks are the small market capitalisation, remote NWT location, and history of operational failure.

Avalon Advanced Materials is a Canada-based critical minerals developer with a multi-commodity portfolio in which rare earths are one of several focus areas. Its primary REE asset is the Nechalacho heavy rare earth and zirconium deposit in the Northwest Territories — a large resource with an unusually high proportion of the more valuable heavy and critical rare earths including dysprosium, terbium and yttrium.

In 2025 Avalon and processing technology company Engina reported the successful recovery of all 15 rare earth elements from Nechalacho ore using a novel processing approach, a metallurgical validation step for a deposit whose complex mineralogy has historically made processing economics challenging. Avalon closed an approximately C$18.65 million LIFE financing in late 2025 to advance its rare earth and lithium projects, and appointed SCP Resource Finance as strategic capital advisor. The company also holds the Separation Rapids lithium project in Ontario and the East Kemptville tin-indium project in Nova Scotia.

Mont Royal was formed through the October 2025 merger of Australia-listed Mont Royal and Canada's Commerce Resources, bringing the Ashram deposit — one of North America's largest undeveloped rare earth assets — into active development under new management. The monazite-dominant carbonatite resource totals around 204 million tonnes at 1.90% TREO with approximately 22–23% NdPr distribution and meaningful dysprosium and terbium content. An updated PEA released in June 2026 (post-tax NPV of C$2.03 billion, 22% IRR and C$1.23 billion initial capital cost over an initial 30-year mine life) incorporates a revised logistics strategy routing concentrate south by road to Schefferville and onward by rail to Sept-Îles, reducing capital risk versus earlier ice-bound port concepts. MD Nicholas Holthouse brings previous rare earth development roles at Meteoric Resources and Hastings.

Ashram has remained undeveloped for roughly 15 years, and financing the plan set out in the June 2026 PEA is the project's main hurdle under current market conditions.