Lynas Rare Earths has posted record sales for the first quarter of 2026, supported by growing rare earths demand from China.
The company recorded $200.2 million in sales, strengthening its balance sheet to more than $1 billion in cash, coming off a recent announcement of its Towards 2030 growth strategy.
Lynas also reported a sales revenue growth of 18 per cent against the previous quarter, and 66 per cent growth compared to the previous corresponding quarter – driven by higher production and demand for neodymium and praseodymium (NdPr) products.
The average selling price across all rare earth products during the period was $54.30 per kilogram, with the company focusing on developing new supply chains, gaining customers and developing a balanced portfolio in order to improve pricing.
Lynas chief executive officer (CEO) Amanda Lacaze said that the September quarter was “significant” for Lynas in light of its 2025 financial year (FY25) results, the completion of an equity raising comprising a $750 million institutional placement, and a share purchase plan for retail shareholders.
“This further strengthens our balance sheet, enabling Lynas to pursue a strong growth agenda,” she said.
Total rare earth oxide (REO) production for Lynas was 3933 tonnes for the quarter, a jump from the previous quarter’s (Q4 FY25) 3212 tonnes, while dysprosium (Dy) and terbium (Tb) oxides were delivered for the first time.
Lynas also commissioned a new plant in Mt Weld, alongside a solar farm component of the site’s hybrid power station, which has since begun operation; all four wind turbines for the project were also constructed, with two commissioned to date.
An expanded heavy rare earth (HRE) separation circuit was also approved for construction in Malaysia, targeting first Samarium output in the first half of 2026, and with works to commence in this December quarter.
This development comes off Lynas’ signing of a memorandum of understanding (MoU) with Korea’s JS Link and US-based Noveon Magnetics to develop new magnet supply chains, with JS Link to develop a value chain in Malaysia.
Lacaze said that Lynas Malaysia plays a key role as a “foundational element” of the rare earths industry in Malaysia, with a dedicated team working on upstream and downstream opportunities.
Furthermore, Lynas has a partnership with the Japanese government and Sojitz Corporation, with Lacaze adding that it positions the company as a crucial commercial producer of separated light and heavy rare earth oxides outside of China.
Lacaze said the announcement by China earlier this month to increase rare earth exports controls to include rare earths and downstream processing, reinforces the need to “protect” current functioning outside Chinese supply chains.
“Lynas has subsequently experienced a significant increase in demand from direct end customers and new metal and magnet maker projects,” she said.
“If the new regulations come into force as planned, certain inputs which were previously sourced by Lynas from Chinese suppliers are likely to be restricted.”
Subscribe to Australian Mining and receive the latest news on product announcements, industry developments, commodities and more.
