Rare earths and critical minerals stocks

Rare-earth mining, separation, and oxide production are Lynas’s core business, including NdPr and heavy rare-earth oxides.

Lynas is an established non-Chinese miner and separator with operating Australian and Malaysian facilities and planned U.S. processing.

Lynas is an established ex-China producer positioned to capture demand from automakers, defense firms, and industrial customers qualifying alternatives to Chinese supply.

MP operates the Mountain Pass rare-earth asset and is ramping NdPr separation as a non-Chinese alternative supplier.

MP Materials Corp. manages and operates facilities dedicated to the extraction and refinement of rare earth elements. The company's primary asset is the Mountain Pass Rare Earth mine, a key operation situated within the Western Hemisphere. MP Materials holds comprehensive mineral rights for this significant deposit and its surrounding areas, alongside proprietary intellectual property essential for the ongoing processing and technological development of rare earth minerals. Its product offerings include critical elements such as cerium, lanthanum, neodymium, praseodymium, and samarium. Established in 2017, the company is headquartered in Las Vegas, Nevada.

Neo has commissioned a European heavy-rare-earth solvent-extraction line and produced terbium and dysprosium process solutions, directly overlapping the separation theme.

Neo’s ex-China separation, alloy and magnet operations can serve customers seeking auditable non-Chinese processing.

Neo operates ex-China rare-earth separation and NdFeB magnet capacity. A large U.S. facility processing mined and recycled feedstock strengthens demand for auditable non-Chinese separation, alloy and magnet supply, although it may compete for future feedstock and customer contracts.

Neo is the direct beneficiary of the development: its Estonian facility has moved into commercial operations and shipped its first rare-earth sintered magnets, converting development spending into commercial revenue, customer qualification, and production utilization.

Neo Performance Materials Inc. is a global company that manufactures and sells a diverse range of specialized products, including rare earth elements, magnetic powders, various types of magnets, and functional materials based on rare metals. The company's operations are divided into three key segments: Magnequench, Chemicals and Oxides, and Rare Metals. The Magnequench division focuses on producing magnetic powders essential for creating bonded and hot-deformed, fully dense neodymium-iron-boron magnets. These advanced powders are critical components in permanent magnets utilized across numerous applications, such as automotive motors, micro motors, traction systems, and sensing devices. The Chemicals and Oxides segment is responsible for the production and distribution of a wide array of industrial materials. These materials find application in automotive catalysts, petroleum refining and other chemical catalysis, magnet manufacturing, hybrid and electric vehicles, water treatment processes, consumer electronics, and more. The Rare Metals segment manages the sourcing, production, reclamation, refining, and marketing of high-temperature metals, including tantalum, niobium, hafnium, and rhenium, as well as electronic metals like gallium and indium. The output from this segment is used in high-performance super alloys for jet engines, medical imaging technology, wireless communications, LED lighting, flat panel displays, solar energy, steel additives, batteries, and various electronic applications. Founded in 1994, Neo Performance Materials Inc. is based in Toronto, Canada.

USA Rare Earth is described as spanning mining, metals, alloys, and neodymium magnet manufacturing, although its platform remains emerging.

USAR is developing the most vertically integrated evidenced alternative, spanning mining, oxide extraction, metal conversion and NdFeB magnet manufacturing.

USA Rare Earth Inc. specializes in the production of magnets. The company is actively developing an integrated facility that will manage the entire lifecycle of NdFeB magnet creation, from mineral sourcing and extraction to processing and final manufacturing. Within the United States, USA Rare Earth supplies its magnet products to a diverse range of sectors, including defense, automotive, aerospace, general industrial applications, healthcare, and consumer electronics.

EMAT directly produces bonded and sintered magnets in South Korea from metal and alloy sourced or produced outside China.

EMAT is the direct beneficiary of the new information: it raised FY2026 revenue guidance after citing expanded non-China feedstock, improved rare-earth pricing and commercial demand. The 13 additional ULVAC machines are intended to expand Pohang capacity toward more than 10,000 metric tons annually, improving revenue-conversion potential while increasing commissioning and working-capital execution exposure.

Evolution Metals & Technologies Corp. operates as a critical materials and technology company. The company provides rare earth magnet-related products; battery metals production; and other recycling operations. It also produces and develops rare earth magnet materials and finished magnet products for automotive, aerospace, defence, industrial automation, consumer electronics, and other advanced manufacturing end markets. Evolution Metals & Technologies Corp. is headquartered in Miami, Florida.

Explicitly built to be non-Chinese at every stage, from feedstock to equipment and chemicals.

REalloys Inc. operates as a rare earth metals and permanent magnet company in North America. The company produces rare earth metals, such as neodymium, praseodymium, dysprosium, terbium, samarium, gadolinium, yttrium, and scandium; and magnets, such as NdFeB Magnets, SmFe12 Magnets, and MnBi Magnets. The company was founded in 2024 and is headquartered in Euclid, Ohio.

JL Mag is a major NdFeB permanent-magnet manufacturer serving EV traction motors and robotics.

JL Mag Rare-Earth Co., Ltd. engages in the research and development, production, and sale of rare earth permanent magnetic materials in Mainland China and internationally. The company offers NdFeB PMs for use in new energy vehicles and auto parts, energy-saving variable-frequency air-conditioners, wind power generation, 3C, robotics and industrial servo motors, energy-saving elevators, rail transit, and other fields. JL Mag Rare-Earth Co., Ltd. was incorporated in 2008 and is headquartered in Ganzhou, China.

Ganfeng Lithium owns resource extraction assets globally, chemical conversion refining, battery manufacturing, and recycling operations.

Lithium is a critical battery input and potential undersupply benefits mining companies while increasing costs for battery and EV makers; Albemarle is a major lithium supplier.

Albemarle Corporation stands as a global innovator, producing and distributing a diverse portfolio of engineered specialty chemicals. Its business operations are divided into three principal segments: Lithium, Bromine, and Catalysts. The Lithium division supplies a variety of lithium compounds, including lithium carbonate, hydroxide, and chloride, alongside critical reagents like butyllithium. These materials are vital for manufacturing lithium-ion batteries found in electric vehicles and consumer electronics, as well as for high-performance greases, thermoplastic elastomers used in tires and plastics, and as catalysts for chemical reactions, organic synthesis in areas like steroid chemistry, vitamins, and the pharmaceutical industry. This segment also delivers cesium products for chemical and pharmaceutical applications, zirconium, barium, and titanium for pyrotechnic devices such as airbag initiators, offers expert technical services for the safe handling of reactive lithium products, and provides recycling solutions for lithium-containing by-products. The Bromine segment focuses on bromine and bromine-based fire safety compounds. It produces an array of specialty chemicals, including elemental bromine, various bromides, and brominated powdered activated carbon, which are utilized in chemical synthesis, fluids for oil and gas drilling, mercury emission control, water purification, and food processing. Additionally, it provides tertiary amines, which serve as key ingredients in surfactants, biocides, and sanitizers. Finally, the Catalysts segment offers a range of catalytic agents, including those for hydroprocessing, isomerization, and alkylation, alongside fluidized catalytic cracking (FCC) catalysts and additives, as well as organometallics and curatives. Albemarle's products are integral to numerous industries, including energy storage, petroleum refining, consumer electronics, construction, automotive, lubricants, pharmaceuticals, and crop protection. Established in 1887, the company's headquarters are located in Charlotte, North Carolina.

Syrah is a non-Chinese supplier of battery-grade graphite and anode material, making it a direct localization beneficiary.

As a non-Chinese supplier of battery-grade graphite, Syrah Resources is a primary beneficiary of U.S. efforts to localize the battery supply chain and reduce dependence on Chinese processing, which is accelerated by expanding tariffs on finished Chinese battery goods.

Sibanye-Stillwater’s Sandouville refinery is explicitly identified as a strategic project for multiple battery-grade critical minerals.

Sibanye-Stillwater’s Sandouville refinery is identified as an EU strategic project covering battery-grade nickel, cobalt, lithium, graphite and manganese. French state support for Eramet validates and may expand public financing, procurement and supply-chain demand for European critical-minerals projects, but could also intensify competition for capital and policy support.

ABAT is directly aligned with domestic battery recycling and recovery of multiple critical minerals through a U.S. commercial-scale facility.

ABAT has domestic battery-recycling and lithium-refining activities directly aligned with increased U.S. recovery capacity.

ABAT is a direct beneficiary of the domestic battery-materials funding because the retrieved context identifies a $150 million award for a commercial-scale lithium-ion battery recycling facility. The facility should increase ABAT’s recycling capacity and revenue potential from recovered lithium, nickel, cobalt, manganese, copper, aluminum, and graphite.

American Battery Technology Company (ABTC) specializes in the field of battery materials. The firm's activities include discovering and securing resources of critical battery metals like lithium, nickel, cobalt, and manganese. Furthermore, ABTC develops and introduces innovative technologies for extracting these essential metals, and it also commercializes holistic systems for the recycling of depleted lithium-ion batteries. Established in 2011, the company was formerly identified as American Battery Metals Corporation and currently bases its main operations in Reno, Nevada.

Glencore is identified as a leading participant in battery black-mass recycling and critical-material recovery.

Glencore’s Ontario mine is positioned as a source of domestic critical minerals for EV batteries and low-carbon technologies, although it produces concentrate rather than a finished battery chemical.

Electra is a North American refiner positioned to benefit from increased domestic availability and policy preference for recycled critical minerals.

Electra is a North American alternative cobalt-sulfate refiner and therefore a direct substitute for China-centered processing.

Electra is a North American cobalt and battery-materials refiner developing recycling capability for lithium, nickel, cobalt, copper, and graphite. Expanded U.S. recycling and processing capacity should improve the strategic value of Electra’s refining platform and potential access to regional feedstock, although the new federally supported projects also create future competition.

Electra is developing Canadian hydrometallurgical battery-material recycling capacity. Expanded Canadian critical-minerals support can improve access to project funding and domestic battery supply-chain demand, although the company is not identified as a direct package recipient.

Aqua Metals operates battery-recycling technology that recovers lithium, cobalt, and nickel.

Aqua Metals has demonstrated a domestic recycling process that recovers lithium, cobalt, and nickel and produces material for cathode development. The new federal recycling allocation expands the addressable market for domestic recovery technologies, but Aqua Metals is not identified as an awardee and faces greater competition from funded facilities.

Critical Metals is positioned to capture strategic-minerals financing and offtake value as the EU seeks Western Greenland supply.

The formalized U.S.-Greenland security relationship increases the strategic and financing value of allied Greenland rare-earth projects. Critical Metals has direct Greenland exposure and a potential Western strategic-minerals pathway, although permitting, infrastructure, financing, and production remain uncertain.

Critical Metals Corp. is a mining company dedicated to the exploration and development of mineral resources. The firm's primary focus is on locating and developing deposits of crucial materials like lithium and rare earth elements. Based in New York, New York, Critical Metals Corp. operates as a subsidiary of European Lithium Limited.

Arafura's proposed project is centered on producing NdPr and other rare-earth oxides, placing it upstream of magnet manufacturing.

Arafura's Australian NdPr and heavy-rare-earth project becomes more strategically valuable when the SIA disclosure highlights the gap between apparent Tier 1 sourcing and concentrated upstream processing. The positive effect is conditional on financing, construction, commissioning and customer qualification.

Tronox is directly developing an Australian cracking and leaching route and related U.S. oxide-refining capacity, giving it high ex-China supply optionality.

Tronox's evidenced role in this pathway is development of rare-earth supply-chain infrastructure, including cracking and leaching capacity.

Energy Fuels is developing U.S. separation and recycling capacity, creating an emerging but not yet fully commercial ex-China position.

Energy Fuels is developing separated NdPr and heavy-rare-earth oxide capacity, giving it meaningful exposure to dysprosium and terbium availability and qualification.

Persistent separation between U.S. technology controls and Chinese rare-earth concessions increases the value of domestic rare-earth processing and recycling. Energy Fuels is developing non-Chinese separation capacity and has produced terbium oxide qualified by a permanent-magnet manufacturer, although its commercial scale and customer commitments remain developing.

Energy Fuels operates a U.S. monazite-processing route and is developing domestic separation capacity. A new U.S.-Australia rare-earth supply chain should increase strategic demand for ex-China processing, although Tronox’s planned U.S. refinery could compete for feedstock, policy support and customers.

Iluka's Eneabba refinery is an emerging ex-China separation project that can benefit from strategic supply diversification, although its capacity is not yet fully operational.

Iluka's planned Australian refinery could benefit from stronger strategic demand for non-Chinese rare-earth oxides as European magnet manufacturing moves into commercial production. The effect is long-dated because Iluka's relevant Dy/Tb output is planned rather than established commercial supply.

Chinese control of additional feedstock and separation capacity increases the strategic and commercial value of Iluka's planned Eneabba refinery. Allied financing, offtake, and customer interest could improve, but the project cannot immediately replace Chinese supply while it remains under construction.

Solvay operates ex-China separation capacity that can capture demand from manufacturers seeking regional alternatives to Chinese processing.

Solvay operates industrial-scale rare-earth separation in France, including a dedicated Nd-Pr oxide line.

Solvay has commercialized a recycling-based rare-earth separation process, providing established but narrower secondary-supply leverage.

Solvay operates one of the few facilities outside China capable of separating all seventeen rare earth elements. Diversification and supply-security requirements could improve utilization and strategic value of its La Rochelle separation capacity.

Ionic Technologies’ proprietary hydrometallurgical process is the technology platform intended for the new U.S. magnet-recycling JV.

Ionic Rare Earths is the direct listed project sponsor and technology contributor. The new 50-50 U.S. joint venture creates a potential commercialization pathway for its proprietary hydrometallurgical magnet-recycling process, with future revenue, licensing, and project-ownership exposure.

Recyclus receives battery gate fees and sells black mass and other recovered materials, making Technology Minerals’ subsidiary directly exposed to secondary-material economics.

Jupiter Mines is identified as a key manganese producer and therefore has direct critical-mineral production exposure.

South32 operates manganese mines and is investing in processing upgrades specifically to capture growing battery-grade manganese demand.

FPX is developing an allied refinery pathway intended to produce battery-grade nickel sulfate for EV cathode and battery supply chains.

Imerys’ project produces battery-grade lithium hydroxide for the Battery Valley, making it a direct upstream beneficiary of EV-cell scale.

Lithium Americas is linked to GM through planned sourcing of battery-grade lithium carbonate from Thacker Pass, making it an upstream lithium supplier to the broader domestic battery pathway.

Chengxin Lithium operates as a dedicated processor and refiner of lithium chemicals with upstream mining feedstocks.

Nouveau Monde's Canadian battery-grade spherical-graphite production is strongly aligned with regional anode-material localization.

Nouveau Monde Graphite is developing Canadian battery-grade spherical graphite capacity, an anode input for lithium-ion cells. A larger Canadian cell-manufacturing base improves the potential addressable market for its regional anode materials, but no NextStar supply agreement is disclosed.

Northern Graphite is a North American natural-graphite producer with purification technology and therefore has direct exposure to the development of non-Chinese graphite supply.

Northern Graphite is a weak relative beneficiary because uncertainty around a planned synthetic-graphite supply source can increase the strategic value of other North American graphite platforms. Northern is the only identified current North American natural-graphite producer and is planning a Canadian battery-materials facility, but natural graphite is not a direct substitute for every synthetic-graphite application and no PowerCo relationship is disclosed.

Rainbow is producing separated NdPr oxide and SEG+ carbonate rather than purchasing rare-earth inputs for a downstream product.

A mineral exploration and development company focused on the exploration, development and long-term supply of certain rare earth elements. Its principal project is the Itarantim Project, an ionic adsorption clay rare earth deposit located in the States of Bahia and Minas Gerais, Brazil.

Chilwa Minerals Limited is an Australian mineral exploration company. The company's principal activities are mineral exploration at its 100%-owned Chilwa Critical Minerals Project in southern Malawi. Its primary exploration targets are heavy mineral sands like ilmenite and zircon, as well as rare earth elements, niobium, and other critical minerals essential for aerospace, defense, and clean energy technologies.

Mkango Magnetic Materials Ltd. engages in the exploration and development of mining properties, which focuses on rare earth elements and associated minerals in the Republic of Malawi. Its project includes Songwe Hill and Thambani. The company was founded by William Dawes and Alexander Lemon on November 13, 2007 and is headquartered in Vancouver, Canada.

Primarily involved in uncovering and developing rare earth deposits, Harena Rare Earths Plc holds a dominant 75% equity in Madagascar's Ampasindava Ionic Clay rare earth project. This entity was formerly recognized as Harena Resources plc. The company's operational base is located in London, United Kingdom.

VHM Limited, an Australian entity, focuses on discovering and cultivating mineral assets. Its principal venture is the Goschen rare earth and mineral sands project, encompassing 2,860 square kilometers within Victoria, Australia. The company also manages the Australian Rare Earth Mineral Refinery, undertaking the secondary processing of mixed rare earth carbonate to yield critical elements like neodymium, praseodymium, dysprosium, and terbium. Established in 2014, the firm previously traded as VHM Exploration Limited before adopting its current designation, VHM Limited, in November 2018. Its corporate headquarters are located in Subiaco, Australia.

AuraSource, Inc. is a company dedicated to advancing technologies for both sustainable energy generation and efficient mineral processing. It operates through two primary divisions: AuraMetal and AuraMoto. The firm's fundamental technological expertise spans physical, hydrometallurgical, and pyrometallurgical methods. Specifically, the AuraMetal division utilizes grinding and separation techniques to extract desired minerals from various raw ores. Concurrently, AuraMoto focuses on establishing supply chain and customer relationships within the automotive industry. AuraSource, Inc. was founded in 1990 and is headquartered in Tempe, Arizona.