Lynas posts record Q2 revenue, expands heavy REE

Lynas Rare Earths posted a quarterly gross revenue of A$288.9 million for June 2026, up 70% from the prior year as the company benefited from higher prices and demand. Total rare earth oxide production reached 3,481 tonnes, with NdPr production at 1,857 tonnes, while heavy rare earths contributed to the mix as Lynas ramps up its expanded Mt Weld plant and resolves bottlenecks at the Kalgoorlie facility. The quarter saw a record average selling price of A$98.2 per kilogram across all products, underpinning the revenue jump. Management highlighted ongoing ramp-up efforts, including the commercial production of Samarium oxide and progress on the Malaysia heavy rare earths processing expansion, and noted partnerships such as the long-term supply and investment deal with JS Link. Industry context points to a structural pricing shift driven by geopolitics, with non-Chinese supply increasingly valued as a strategic asset and Western buyers diversifying away from China. These dynamics coincide with Lynas’ strategy to diversify beyond China and expand capacity to meet growing demand for rare earths in high-performance magnets and electronics.