ASX · Mining and separation
Lynas Rare Earths (LYC): rare earth profile
Lynas Rare Earths (ASX: LYC) mined and separated 3,481 tonnes of rare earth oxide in the June 2026 quarter, including 1,857 tonnes of NdPr and 19 tonnes of dysprosium and terbium, at a record average selling price of A$98.2 per kg.
Information only, not investment advice · figures from company filings, reviewed 28 October 2026
This profile reports company disclosures. It contains no share price, valuation, rating or recommendation. See the disclosures.
Lynas Rare Earths latest results: Quarter ended 30 June 2026 (Q4 FY26)
| Measure | Q4 FY26 | Q4 FY25 |
|---|---|---|
| Total REO production | 3,481 t | 3,212 t |
| NdPr production | 1,857 t | 2,080 t |
| Dysprosium and terbium production | 19 t | none |
| Gross sales revenue | A$288.9 million | A$170.2 million |
| Average selling price, all products | A$98.2 per kg | A$60.2 per kg |
| Sales volume | 2,941 t REO | 2,828 t REO |
| Closing cash and short-term deposits | A$1,209.1 million | A$166.4 million |
Source: Lynas quarterly report, 22 July 2026. Unaudited. Sales figures exclude price adjustments on quotational sales.
Lynas Rare Earths assets and projects
| Asset | Status |
|---|---|
| Mount Weld, Western Australia | Mine and processing plant; the expansion is operating apart from a new fine grinding mill planned for Q1 FY27 |
| Kalgoorlie, Western Australia | Rare earths processing facility (cracking and leaching); a continuous precipitation process was commissioned in the June quarter |
| Lynas Malaysia, Kuantan | Advanced materials plant and the heavy rare earth expansion, with first samarium oxide in March 2026 |
Recent developments
Production issues in the June quarter
NdPr output fell from 2,080 tonnes (Q4 FY25) and 1,996 tonnes (Q3 FY26) to 1,857 tonnes. Lynas cited problems with the new Mt Weld water recycling plant, now resolved, and a variation in ore combined with a fixed crusher replacing a movable one, which affected concentrate quality and downstream productivity at Kalgoorlie and Kuantan.
Heavy rare earth expansion
After first dysprosium and terbium oxide in the June quarter of 2025 and first samarium in March 2026, the next products are gadolinium (early FY28), yttrium (early calendar 2028) and then lutetium. The estimated cost rose from about A$180 million to about A$294 million including contingency, due to extra equipment for customer purity specifications, higher cost of sourcing equipment outside China and geopolitical cost escalation.
Magnet partnership
On 7 July 2026 Lynas signed a long-term agreement with JS Link for a 3,000 tonne-per-year NdFeB magnet factory in Kuantan. Lynas will invest about A$50 million in JS Link ordinary equity and supply rare earth materials to JS Link's Yesan, South Korea, and planned Malaysian factories under an exclusive arrangement until January 2038.
Management
CEO and managing director Amanda Lacaze retired on 30 June 2026. Chief operating officer Pol Le Roux became interim CEO on 1 July 2026, and the board has not yet named a permanent successor.
What to watch
- NdPr output returning above 2,000 tonnes per quarter after the Mt Weld and Kalgoorlie fixes
- Samarium customer qualification and first orders (expected in Q1 FY27)
- Appointment of a permanent CEO
Context: rare earth mines, heavy vs light rare earths, Chinese export controls and rare earth prices.
Lynas Rare Earths: frequently asked questions
How much did Lynas produce in the June 2026 quarter?
Lynas produced 3,481 tonnes of rare earth oxide, including 1,857 tonnes of NdPr and 19 tonnes of dysprosium and terbium.
Does Lynas produce heavy rare earths?
Yes. It produced dysprosium and terbium oxide in Malaysia, 19 tonnes in the June 2026 quarter, and first samarium oxide in March 2026. It describes itself as the only commercial producer of light and heavy rare earth oxides outside China.
What is the Lynas heavy rare earth expansion cost?
The estimate rose from about A$180 million to about A$294 million including contingency, according to the 22 July 2026 quarterly report.
Sources
Compiled from the sources above, reviewed 28 October 2026. Report errors on the corrections page. Other companies: rare earth stocks.