Rare Earth Stocks: Listed Companies by Supply Chain Stage

Facts checked against sources on October 14, 2026. How we check facts.

Rare earth stocks are shares in companies that mine, separate or refine rare earths, or turn them into magnets, and the latest filings show a wide gap between the companies that already sell rare earth products and those still building their first plant. Lynas Rare Earths reported A$977.9 million of revenue in the year to 30 June 2026 and MP Materials $108.5 million in the June 2026 quarter. Energy Fuels' rare earth segment recorded no revenue in the first half of 2026, and Critical Metals Corp's annual report says its liquidity raises substantial doubt about its ability to continue as a going concern. This page sets out ten listed companies and what each one's most recent filing reports.

Not investment advice. This page reports what companies and funds publish. It contains no share prices, price targets or ratings, and it does not say whether any share is worth owning.

A$977.9m

Lynas revenue in the year to 30 June 2026, a record, against A$556.5m a year earlier

Source: Lynas 2026 Annual Report

$108.5m

MP Materials revenue in the June 2026 quarter, up 89%, plus $17.6m of price protection income

Source: MP Materials Q2 2026 results

revenue of the Energy Fuels rare earth segment in the six months to 30 June 2026, when all $60.9m came from uranium

Source: Energy Fuels Form 10-Q

$1.53bn

cash held by USA Rare Earth at 30 June 2026, against $359.9m at the end of 2025

Source: USA Rare Earth Form 10-Q

Which listed companies are rare earth stocks?

Ten companies listed in the United States, Australia, Canada and China are set out below, with the latest period each one has reported. The table is not a ranking and it is not complete, because Sprott's REXC fund held 41 companies outside China on 13 October 2026.

Ten listed rare earth companies and what their latest filings report
Company and listing	Where it sits in the chain	Latest filing and period	What the filing reports
MP Materials NYSE: MP	Mines and separates rare earths at Mountain Pass, California, and makes magnets	Results release, quarter to 30 June 2026	NdPr oxide production of 840 tonnes, up 41%. Materials segment revenue of $95.6m, including $94.4m from NdPr oxide and metal, and Magnetics segment revenue of $16.5m. Price protection income of $17.6m. Net loss of $20.3m. Cash and short-term investments of $1,452.6m.
Lynas Rare Earths ASX: LYC	Mines and separates rare earths in Australia and Malaysia	Annual report, year to 30 June 2026	Revenue of A$977.9m and net profit after tax of A$222.4m. Production of 13,089 tonnes of rare earth oxide, including 7,260 tonnes of NdPr. Cash and short-term deposits of A$1,209.1m after a A$750m placement and a share purchase plan of about A$182m.
USA Rare Earth Nasdaq: USAR	Magnet maker in Stillwater, Oklahoma, metal and alloy maker through Less Common Metals, developer of the Round Top project and, since 3 September 2026, parent of Serra Verde, which operates the Pela Ema mine in Brazil	Form 10-Q, quarter to 30 June 2026, and Form 8-K of 3 September 2026	Revenue of $5.8m from casting and strip casting, with none yet from magnets. Loss from operations of $46.3m. Cash of $1,530.1m. The Serra Verde merger closed on 3 September 2026 for $300.0m in cash and 126,849,307 shares.
Neo Performance Materials TSX: NEO	Makes magnet powders, rare earth oxides and salts, and rare metals such as hafnium and gallium	Results release, quarter to 30 June 2026	Revenue of $205.7m: Magnequench $64.3m, Chemicals & Oxides $37.4m and Rare Metals $106.3m. Net income of $17.5m. Rare Metals produced $44.4m of the $57.0m Adjusted EBITDA, which Neo attributes to record hafnium, gallium and tantalum prices. A small heavy rare earth separation line was commissioned at its Silmet facility in April 2026.
Iluka Resources ASX: ILU	Mineral sands miner building the Eneabba rare earths refinery in Western Australia	Results presentation, half year to 30 June 2026	Mineral sands revenue of A$433m. The refinery is 60% built, with a capital estimate of A$1.7 to 1.8bn, commissioning in 2027 and capacity of 5,500 tonnes a year of NdPr oxide within 23,000 tonnes of total rare earth oxide. A$1.65bn government loan, with A$877m of rare earths net debt at 30 June. First offtake: 1,200 tonnes over four years from 2028.
Energy Fuels NYSE American: UUUU; TSX: EFR	Uranium and vanadium producer that separates rare earths at the White Mesa Mill, Utah	Form 10-Q, quarter to 30 June 2026	Revenue of $25.1m, of which $25.0m came from uranium concentrates. The rare earth segment recorded no revenue in the quarter or the half. The mill has made separated NdPr at commercial scale and dysprosium and terbium oxides at pilot scale. Net loss attributable to the company of $33.4m.
Arafura Rare Earths ASX: ARU	Developer of the Nolans project in the Northern Territory	Quarterly report, quarter to 30 June 2026	Final investment decision on 21 May 2026, with construction due to start in September 2026. Cash and term deposits of A$723m. Total funding requirement of about US$1.9bn. Five binding offtake commitments, including two signed in the quarter for 500 tonnes a year of NdPr oxide each.
Critical Metals Corp Nasdaq: CRML	Holds 92.5% of the Tanbreez project in Greenland and lithium projects in Austria	Form 20-F, year to 30 June 2026	Loss after income tax of $228.2m, against $51.9m a year earlier. Cash on hand of $102.5m. Tanbreez is at the exploration and evaluation stage. The report says current liquidity raises substantial doubt about continuing as a going concern unless more capital is raised.
China Northern Rare Earth SSE: 600111	Chinese producer of rare earth products	Annual report (in Chinese), year 2025	Revenue of RMB 42.56bn, up 29.11%. Net profit attributable to shareholders of RMB 2.25bn, up 124.17%. The report says output of its main products reached a record.
China Rare Earth Group Resource Technology SZSE: 000831	Chinese producer of rare earth products	Annual report (in Chinese), year 2025	Revenue of RMB 3.18bn, up 5.11%. Net profit attributable to shareholders of RMB 172.6m, up 160.15%. The report says some medium and heavy rare earth prices fell in the second half, sharply in the fourth quarter, which raised inventory write-downs.

Amounts are in the reporting currency (A$ for Australian dollars, RMB for renminbi, US dollars otherwise). Tickers come from each company's own filing or release, except Lynas, whose ticker is taken from the Sprott REXC holdings. Sources were read on 14 October 2026.

Which rare earth stocks earn rare earth revenue today?

Lynas and MP Materials report revenue from rare earth products, and the two Chinese producers list rare earth products among their main products. Neo reports $101.8 million of its quarter's $205.7 million of revenue from Magnequench and Chemicals & Oxides, the segments that sell magnet powders, oxides and salts, and a further $106.3 million from Rare Metals. The other five report revenue from other sources or none. Energy Fuels' revenue came from uranium, Iluka's from mineral sands and USA Rare Earth's from casting and strip casting, with none yet from magnets, while Arafura and Critical Metals Corp have no operating mine.

How do price floors and offtake contracts change a rare earth company's price exposure?

Price floors and offtake contracts change a rare earth company's price exposure by fixing part of what it receives, and the filings show the effect differently for each company. MP Materials recorded $17.6 million of price protection income in the June 2026 quarter, against none a year earlier, under the agreement that sets a $110 per kilogram floor for NdPr oxide. Lynas's annual report says the average China domestic NdPr price, excluding VAT, rose from US$55.0 per kilogram in June 2025 to US$100.8 in June 2026, and it names floor price agreements with Japan Australia Rare Earths B.V. and the US Government.

Iluka's first offtake, announced on 22 June 2026 (ASX announcement), covers 1,200 tonnes of neodymium, praseodymium, dysprosium and terbium oxides over an initial four-year term from 2028 on a take-or-pay basis, which Iluka puts at about 10% of its planned production over that period. Pricing is the higher of a minimum and a market-linked price, with at least US$155 million of minimum revenue. Neo's results depend on a different set of prices, because its Rare Metals segment produced $44.4 million of the quarter's $57.0 million of Adjusted EBITDA and the release credits record hafnium, gallium and tantalum prices for it. The pages on offtake agreements and how critical minerals are priced explain the contract types.

How do rare earth companies fund their projects?

Rare earth companies fund their projects mainly by issuing shares and borrowing from governments, and the filings put figures on both. Lynas raised A$750 million from institutions and about A$182 million from retail holders. Arafura raised A$350 million at A$0.26 a share and A$11.5 million through a share purchase plan. Iluka's refinery is financed by a A$1.65 billion non-recourse loan from the Australian Government, administered by Export Finance Australia, and by an Iluka equity contribution of A$200 million at 30 June 2026.

USA Rare Earth's 10-Q shows the size of the commitments involved. The company issued 16,132,790 shares to the US Department of Commerce on 3 June 2026 and a warrant for up to 17,600,584 shares at $17.17, in connection with agreements that provide up to $277.0 million of direct funding and a loan guarantee. It must also raise $375.0 million of equity plus the cash cost of the Serra Verde acquisition by 31 March 2027, and a further $875.0 million by 31 December 2027. Each equity raise increases the number of shares in issue, so per-share measures reported before and after a raise are not directly comparable.

How have rare earth shares moved recently?

The funds that hold rare earth companies all lost value in the three months to 30 September 2026, according to the net asset value returns their issuers report. VanEck's REMX fell 27.56% over the three months and had a net asset value range of $108.31 to $63.25 over 52 weeks (fact sheet). Sprott's REXC, which holds only companies outside China, fell 19.86% over the three months and 22.68% since its launch on 14 April (fund page), and WisdomTree's WDIG fell 3.53% over the three months and 22.67% since its launch on 7 May (fund page). Past performance does not predict future results, and these figures describe funds, not the individual companies in the table. The rare earth ETFs page compares the funds.

Where are rare earth stocks listed?

Rare earth companies outside China are concentrated in Australia and the United States. The Sprott Rare Earths Ex-China fund reported its holdings by company domicile on 30 June 2026 as Australia 47.91%, United States 39.93% and Canada 9.10% (fact sheet). Of the ten companies above, three trade on the ASX, four on US exchanges, one on the TSX and two in mainland China, and Energy Fuels is listed in both New York and Toronto.

The REXC page also names companies outside the table, among them Sunrise Energy Metals, Meteoric Resources, Lindian Resources, Brazilian Rare Earths, REalloys, Ucore Rare Metals, Aclara Resources and NioCorp Developments. Their appearance in a fund's holdings is not a recommendation, and a reader who wants to follow one of them should start from its own filings, as this page does for the ten above.

What do the filings add up to?

The filings split the group three ways. Lynas, MP Materials and the two Chinese producers sell rare earth products today, and the open question for them is how much of the price they keep. Neo, Energy Fuels and Iluka have rare earths as one business among several, and the open question is which business drives their results. USA Rare Earth, Arafura and Critical Metals Corp are building or proving a first project, and the open questions are delivery and funding. Each reader can check those questions against the sources listed below.

Frequently asked questions

Which rare earth stocks produce rare earths today?

Lynas, MP Materials, China Northern Rare Earth and China Rare Earth Group Resource Technology report production or sales of rare earth products. Lynas produced 13,089 tonnes of rare earth oxide in the year to 30 June 2026 and MP Materials 840 tonnes of NdPr oxide in the June 2026 quarter. Energy Fuels has separated NdPr at commercial scale but reported no rare earth segment revenue in the first half of 2026.

Is USA Rare Earth making magnets yet?

USA Rare Earth's 10-Q for the quarter to 30 June 2026 says its Stillwater facility has been commissioned and has begun commercial production, but that it had not yet generated revenue from sintered neodymium-iron-boron magnets. Its $5.8 million of revenue in the quarter came from casting and strip casting. The company closed its acquisition of Serra Verde, which operates the Pela Ema mine in Brazil, on 3 September 2026.

Are there rare earth stocks outside China?

Yes. Sprott's REXC fund held 41 listed rare earth companies outside China on 13 October 2026, and at 30 June 2026 it reported 47.91% of them domiciled in Australia, 39.93% in the United States and 9.10% in Canada. Lynas, MP Materials, Iluka, Arafura and USA Rare Earth are among them.

Do rare earth stocks follow rare earth prices?

A rare earth stock follows rare earth prices only to the extent that the company sells at market-linked prices. MP Materials has a $110 per kilogram floor for NdPr oxide and recorded $17.6 million of price protection income in the June 2026 quarter, and Iluka's first offtake has minimum prices with retained upside. Neo's Rare Metals segment, which the company credits to record hafnium, gallium and tantalum prices, produced $44.4 million of its $57.0 million Adjusted EBITDA in the quarter.

Does this page recommend a rare earth stock?

No. The page reports figures from company filings and fund documents, shows no share prices and gives no ratings. Whether any company suits a reader's circumstances is a question for a licensed adviser.

Sources

Read on October 14, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.

Rare Earth Stocks: Listed Companies by Supply Chain Stage

Which listed companies are rare earth stocks?

Which rare earth stocks earn rare earth revenue today?

How do price floors and offtake contracts change a rare earth company's price exposure?

How do rare earth companies fund their projects?

How have rare earth shares moved recently?

Where are rare earth stocks listed?

What do the filings add up to?

Frequently asked questions

Which rare earth stocks produce rare earths today?

Is USA Rare Earth making magnets yet?

Are there rare earth stocks outside China?

Do rare earth stocks follow rare earth prices?

Does this page recommend a rare earth stock?

Sources

Related topics

Rare Earth ETFs

Critical Minerals Stocks and ETFs

Magnet Makers

Offtake Agreements

Rare Earth Elements

Stay Informed on Critical Minerals