The Conversation (0)
April 28, 2025
Impact Minerals Limited (ASX:IPT) (Impact or Company) is pleased to announce that it will acquire a 50% interest in Alluminous Pty Ltd (Alluminous), becoming its largest shareholder. Alluminous is a newly formed company that has successfully acquired 100% of HiPurA Pty Ltd (Administrators Appointed) (HiPurA). HiPurA owns the HiPurA® High Purity Alumina (HPA) processing technology which was previously developed and wholly owned by ChemX Materials Limited (Administrators Appointed) (ChemX). Both ChemX and HiPurA separately entered voluntary administration on 2 January 2025 (ASX Release 4 April 2025).
The acquisition provides a number of strategic and tactical benefits, including:
- Potential to accelerate Impact’s entry into the HPA market by up to two years, providing a significant time and cost advantage compared to the current projected timeline.
- HiPurA® is complementary to the Lake Hope Project, which remains central to Impact’s strategy. Financial modelling and report writing for the pre-feasibility study (PFS) are well advanced.
- Immediate access to the HiPurA® HPA process, which has demonstrated >99.99% (4N) purity and is designed to be scalable.
- A pilot plant that is largely constructed and nearing commissioning, with modest additional capital expenditure required to commence production and generate product samples.
- Ownership of a fully equipped HPA laboratory and micro-plant eliminates the need for third-party testing, and enables faster customer qualification and process optimisation.
- Potential integration of the Lake Hope resource into HiPurA® via back-engineering, while unlocking a new pathway using chemical feedstocks. This allows both commercial options to be pursued to reach a streamlined path to market.
- Supports strategic alignment with Impact’s CRC-P research grant, allowing integration of membrane technologies and strengthening government funding prospects.
- Involvement of the original HiPurA® inventors, which together with Impact’s own HPA capabilities, ensures technical continuity, deep expertise, and innovation-led process improvements.
- Partnership with experienced North American investors may provide exposure to additional funding opportunities and global customer networks in high-growth HPA markets including batteries, semiconductors, and LEDs.
- The total acquisition cost of $2.2 million will be shared equally by Impact and the other shareholders of Alluminous. Impact's share is $1.1 million. This structure is expected to lower Impact’s financial exposure and share technical and financial responsibilities.
The remaining 50% of Alluminous will be owned by the two founders and inventors of the HiPurA® technology, together with North American venture capital investors with experience in the resource sector. This ownership structure is expected to support the development of the HiPurA® HPA process's development by retaining its original developers' involvement and may facilitate access to North American capital markets.
Alluminous's next steps will be to demonstrate the HiPurA® technology at pilot plant scale, followed by expansion to commercial-scale production in North America. There is also potential for Alluminous to pursue a listing on a North American securities exchange within the next 12 to 24 months.
Impact's Managing Director, Dr. Mike Jones, said, “This acquisition represents a rare and strategic opportunity for Impact. ChemX ultimately failed due to financial issues rather than any technical shortcomings. Our due diligence identified a robust, well-designed technology and business plan. The HiPurA® process demonstrated innovation, scalability, and the proven ability to produce 4N HPA at the micro-plant scale. The associated pilot plant, which is capable of producing at least 25 tonnes of HPA per year, is nearing commissioning. This has the potential to accelerate the time to commercialisation materially.
The acquisition process was highly competitive and provides us with a second avenue to progress our HPA strategy. HiPurA may serve as a complementary addition to our Lake Hope Project, with plans to explore integration through back-engineering. HiPurA® technology also provides alternative development possibilities, with potential advantages including faster time to market, multiple feedstock options, and a highly scalable production model. Based on our current assessments, the time savings could be as much as two years, which may be worth millions of dollars.
Our partnership within Alluminous brings together a rare combination of deep technical and financial expertise. The original inventors of HiPurA® will remain actively involved, ensuring continuity in technology development. At the same time, our North American co-investors contribute significant financial acumen and market access, particularly in high-value supply chains for batteries, semiconductors, and specialty materials.
“This acquisition provides more than just a process—it gives us real assets, well-credentialed partners, and a faster path to revenue. Impact is now uniquely positioned to become part of a vertically integrated, globally competitive supplier of HPA.”
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This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
IPT:AU
27 March
Successful Completion of the Renounceable Rights Issue
Impact Minerals Limited (IPT:AU) has announced Successful Completion of the Renounceable Rights Issue
19 March
Renounceable Rights Issue Closing Date
13 March
Major drill targets identified at the Caligula Prospect
Impact Minerals Limited (IPT:AU) has announced Major drill targets identified at the Caligula Prospect
09 March
NFM: Sale of Broken Hill East Project to Impact Minerals
Impact Minerals Limited (IPT:AU) has announced NFM: Sale of Broken Hill East Project to Impact Minerals
04 March
Update on the Renounceable Rights Issue to raise $5.2M
Impact Minerals Limited (IPT:AU) has announced Update on the Renounceable Rights Issue to raise $5.2M
15 August
Top 5 Australian Mining Stocks This Week: Bayan Mining Soars 87.5 Percent on Project Updates
Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.
Rare earths companies took the lead this week, with several gainers involved in the sector.
In corporate news, Alkane Resources (ASX:ALK,TSX:ALK,OTCQX:ALKEF) closed its AU$559.1 million merger with gold- and antimony-focused Mandalay Resources. The deal was announced in April, and the combined company is projected to produce about 160,000 gold equivalent ounces in the 2025 fiscal year; that could rise to 180,000 ounces next year.
On a separate note, Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF) received a non-binding letter of interest regarding a potential investment in its Nolans project from Export Finance Australia (EFA).
EFA doesn't specify the amount of funding, but Reuters reported that it is likely to be around AU$100 million.
Market and commodity price round-up
The S&P/ASX 200 (INDEXASX:XJO) posted a modest 0.93 percent gain this week, opening at 8,817.2 on Monday (August 11) and closing at 8,900.4 on Friday (August 15).
Gold demonstrated a 0.75 percent decrease in US dollars, going from US$3,365.65 per ounce on Monday to US$3,340.53 by the close of Australian trading on Friday. The yellow metal saw a smaller decrease in Australian dollars, going down 0.5 percent from AU$5,159.15 to AU$5,133.32 over the same period.
Silver largely remained flat in US dollars, starting the week at US$38.06 per ounce and closing at US$38 with a 0.16 percent decrease. In Australian dollars, the metal went from AU$58.33 to AU$58.39.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as the Investing News Network breaks down their operations and why these companies are up this week.
Stocks data for this article was retrieved at 4:00 p.m. AEST on Thursday (August 14) using TradingView's stock screener and reflects price movements between Monday and Thursday. Only companies trading on the ASX with market capitalisations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Bayan Mining and Minerals (ASX:BMM)
Weekly gain: 87.5 percent
Market cap: AU$14.2 million
Share price: AU$0.135
Bayan Mining and Minerals is a critical minerals explorer with assets in Canada and the US. It is focused on rare earths, gold and silver projects such as its Desert Star and Desert Star North assets in North America.
Desert Star is located in a prospective rare earths corridor in California’s Mojave Desert, while Desert Star North is a gold asset sitting 3 kilometres from Dateline Resources’ (ASX:DTR,OTC Pink:DTREF) Colosseum gold mine.
On Tuesday (August 12), Bayan announced a trading halt pending the release of an announcement.
The following day, the company provided an update to its North American portfolio, including Desert Star and Desert Star North. Sixty-five rock chip samples and 30 heavy minerals samples for Desert Star have been tested and are awaiting results this month, while Desert Star North is expecting multi-element analysis results by September.
Trading recommenced on Thursday, with Bayan shares rising as high as AU$0.16 that day.
2. Lindian Resources (ASX:LIN)
Weekly gain: 80 percent
Market cap: AU$254.44 million
Share price: AU$0.225
Lindian Resources is an Australian rare earths explorer and developer. Its flagship project is the Kangankunde rare earths project in Malawi, which it regards as one of the world’s highest-grade undeveloped deposits.
On Monday, Lindian said that its mining licence expansion application in Malawi's Balawa District has been approved by the country's Mining and Minerals Regulatory Authority. The expansion increases the licence area from 900 hectares to 2,500 hectares, allowing the company to speed up a Stage 2 expansion at Kangankunde.
Shares of the company were the highest this week on Thursday, closing at AU$0.225.
3. Energy Transition Minerals (ASX:ETM)
Weekly gain: 72.73 percent
Market cap: AU$139.58 million
Share price: AU$0.095
Energy Transition Minerals is an explorer and developer focused on critical minerals. Its flagship asset is the Kvanefjeld rare earths project in Southern Greenland, a multi-element deposit containing rare earths, zinc and uranium.
The company has delineated a JORC-compliant resource of over 1 billion tonnes across three zones at Kvanefjeld.
Energy Transition Minerals said on Tuesday that it has won an auction to acquire the Spain-based Penouta tin-tantalum-niobium mine and processing facility. Its successful bid was for AU$9.2 million.
In addition, Energy Transition Minerals announced a placement for AU$10 million. It is with existing shareholder OCJ Investment and will support the acquisition and the firm's balance sheet. OCJ will own approximately 15.5 percent of the company following settlement of the placement, and will have voting power of approximately 17 percent.
OCJ nominee Amy Jiang has been appointed non-executive director of the company following the investment.
Shares of the company peaked at AU$0.10 on Friday.
4. Dateline Resources (ASX:DTR)
Weekly gain: 52 percent
Market cap: AU$527.87 million
Share price: AU$0.19
Dateline Resources is focused on gold and rare earths projects in the US. Its efforts are currently geared toward the advancement of its flagship Colosseum gold and rare earths project in San Bernardino County, California. It sits 10 kilometres from MP Materials’ (NYSE:MP) Mountain Pass mine, the only operating rare earths mine in the US.
In June, the Trump administration announced that it would fast track the development of Colosseum as part of its push to boost domestic critical minerals supply. On Monday, Dateline published magnetotelluric survey results from Colosseum, confirming multiple high-priority drilling targets with significant rare earths potential.
Dateline’s shares saw a significant jump on Thursday, rising from a Wednesday (August 13) close of AU$0.15 to AU$0.175. The company addressed the increase in an ASX response published on Friday, saying that its ASX disclosures are up to date, with no new information received since the announcement on Monday.
5. Eclipse Metals (ASX:EPM)
Weekly gain: 50 percent
Market cap: AU$83.98 million
Share price: AU$0.033
Eclipse Metals is an exploration company focused on unlocking the potential of rare earths mineralisation in Greenland. Its flagship asset is the Ivigtût project in the southwest of Greenland.
According to Eclipse Metals’ website, Ivigtût holds the world’s largest and only known source of naturally occurring cryolite, a rare mineral historically used in aluminum production.
Situated less than 10 kilometres from Ivigtût is the company’s Grønnedal rare earths deposit, which currently holds a resource estimate of 89.2 million tonnes at 6,363 parts per million total rare earths oxide.
The last updates from Eclipse include a quarterly report on July 31 and an investor presentation on July 21. Shares of the company started climbing on August 8, closing at AU$0.033 on Friday, the highest level over the past two weeks.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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14 August
Rare Earths Market Update: H1 2025 in Review
Supported by growing permanent magnet demand, the rare earths market started 2025 on an uptrend.
Concerns about supply chain stability quickly began to impact the sector as US-China trade tensions increased early in the year. Throughout Q1, tariff uncertainty and concerns about tighter Chinese controls were on the rise.
As the year unfolded, supply chain growth became a key focus for the US, boosting US-focused stocks.
In early April, China flexed its grip on the rare earths market with Announcement 18, a sweeping export control measure from the Ministry of Commerce and General Administration of Customs.
The policy, which the Asian nation framed as a national security and nonproliferation safeguard, requires exporters to obtain licenses for a slate of medium and heavy rare earths — including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium — along with their oxides, alloys and compounds.
The export of permanent magnet and rare earth technologies face similar safeguards under the measure.
The move added a fresh layer of regulatory complexity for global supply chains reliant on these critical materials for high-performance magnets, electronics, defense, clean energy and advanced manufacturing.
Countering the new restrictions out of China, US President Donald Trump issued an executive order to examine the security of America's critical minerals supply chain, with a focus on rare earths.
“President Trump recognizes that an overreliance on foreign critical minerals and their derivative products could jeopardize US defense capabilities, infrastructure development, and technological innovation,” as per the White House.
China eases rare earths export restrictions
By June, the global auto sector was feeling the pressure of China’s new restrictions.
“With a deeply intertwined global supply chain, China’s export restrictions are already shutting down production in Europe’s supplier sector,” said Benjamin Krieger of the European Association of Automotive Suppliers (CLEPA).
“We urgently call on both the EU and Chinese authorities to engage in a constructive dialogue to ensure the licensing process is transparent, proportionate, and aligned with international norms,” added the secretary general.
Rare earths are used in both electric and internal combustion engine vehicles, and CLEPA went on to warn of more auto sector shutdowns if the situation was not rectified.
To quell growing anxieties around supply security in the auto industry, trade discussions between Chinese Minister of Commerce Wang Wentao and EU Trade Commissioner Maroš Šefčovič were held in Paris.
The meeting resulted in China introducing a “green channel” to speed up export licenses for rare earths; the concession will particularly benefit select EU firms. Export licenses were also granted to rare earths suppliers serving major US auto players like General Motors (NYSE:GM), Ford Motor (NASDAQ:F) and Stellantis (NYSE:STLA).
US lasers in on rare earths supply
China has long controlled the vast majority of the rare earths market, overseeing 69 percent of annual mine production, 85 percent of refining and processing capacity and 90 percent of magnet manufacturing.
As the US hones in on supply chain security, it has amped up its support of a domestic rare earths supply chain through investment in mining companies and permit streamlining.
The most notable recent move is US$400 million in funding from the Department of Defense for MP Materials (NYSE:MP), the operator of California-based Mountain Pass, the country’s only rare earths mine.
The investment, announced in July, will fund the expansion of MP’s processing capabilities at the Mountain Pass site and will support the construction of a second magnet manufacturing facility in the US. In return, the defense department will have a domestic source of permanent magnets for defense applications.
“Rare earth magnets are one of the most strategically important components in advanced technology systems spanning defense and commercial applications. Yet today, the US relies almost entirely on foreign sources,” said MP. “This strategic partnership builds on MP Materials’ operational foundation to catalyze domestic production, strengthen industrial resilience, and secure critical supply chains for high-growth industries and future dual use applications.”
A few days later, the public sector also showed support, with Apple (NASDAQ:AAPL) penning a US$500 million deal with MP to produce rare earth magnets in the US using 100 percent recycled materials.
Starting in 2027, MP will supply magnets for “hundreds of millions” of Apple devices, advancing the tech giant’s push for a sustainable domestic supply chain. In a press release at the time, Apple CEO Tim Cook called the partnership a step toward securing vital materials for advanced technology while bolstering US innovation.
Internationally, Lynas Rare Earths (ASX:LYC,OTC Pink:LYSDY) achieved a sector milestone in May by producing on-spec dysprosium oxide at its Malaysian facility, marking the first commercial heavy rare earths output outside China.
CEO Amanda Lacaze told investors that the development strengthens supply chain resilience, giving customers in Japan, the US and Europe an alternative source for critical materials, and positioning Lynas as the world’s only producer of separated heavy rare earths products beyond China’s borders.
These moves were applauded by industry watchers as concrete steps in reducing reliance on Chinese supply; however, the consensus is that there is still much work to be done.
Mid and downstream rare earths buildout
During a keynote presentation at this year's Rule Symposium, held in early July in Boca Raton, Florida, Nomi Prins, an economist, author and former Wall Street executive, described what she calls the “real asset uprising,” a global shift in value and power driven by hard assets like precious metals, energy and rare earths.
“The entire US defense system runs on China's processing of rare earths, and that is one of the reasons why there is a current (Section) 232 investigation into the importance of critical minerals, and particularly those 17 rare earths, because this is an issue you don't want, even in peacetime,” she said. “You're basically relying on China, another country, to define what you need to run your defense, also what you need to run the growing energy requirements."
Watch Prins discuss the real asset uprising, as well as the precious metals market.
Chris Berry of House Mountain Partners sees strategic investments in refining, processing and manufacturing as the most effective way to expand North American rare earths supply.
“Rare earths, in and of themselves, are not rare. What is rare is the separation and the processing capacity, and then secondarily is the magnet processing capacity,” Berry told the Investing News Network during an interview at Fastmarkets' Lithium Supply & Battery Raw Materials conference in June.
“If the US government was going to fund something in the magnet supply chain, I would argue it's either magnet process or magnet-building capacity, or, more importantly, rare earth separation capacity,” he added.
This would not only reduce US dependence on China for rare earth magnets — Berry also noted that getting refinement and processing facilities built is a much faster process than permitting mines.
“If we’re talking about building a mine, it could take 10 to 15 years — sometimes more, depending on the situation,” he said. “Refining capacity is different. From finding a site and securing permits to raising capital and building the facility, you could be looking at five years, maybe less, though it depends on the material — whether it’s rare earths, nickel or something else.” Berry argued that boosting refining capacity is key to reducing reliance on China.
“You strike deals with raw material producers — maybe they’re Canadian, Australian, Chilean or even from parts of Africa. The point is, refining gets you to a usable product much faster,” he explained.
“Ask a battery manufacturer what they can do with spodumene or raw nickel — the answer is not much. But give them battery-quality material and they can trial it and integrate it into their supply chain. It’s a much more realistic approach.”
Global collaboration only way to compete with China
While a concerted effort like Berry described is key to quickly building out and fortifying a North American supply chain, tariff tensions with many countries around the globe have hurt allyship with the US.
However, as Berry and Gracelin Baskaran, director of the Critical Minerals Security Program at the Center for Strategic and International Studies argue, the US can't do it alone.
“If countries continue to operate independently instead of collectively, China will retain its dominant position because no single nation has enough market leverage on its own,” Baskaran wrote in a June overview.
Raising the warning bells of an impending crisis, her report goes on to note:
“Prices for neodymium-praseodymium oxide — the principal rare earth component in neodymium-iron-boron magnets — have fallen below US$60 per kilogram. If prices stay below US$60 per kilogram through 2030, approximately half of the projected supply originating outside of China is expected to become economically unviable. In fact, at this price point, only eight rare earth projects beyond China are expected to break even on direct production costs.”
According to Baskaran, China’s use of export controls has heightened the urgency of building critical minerals supply chains with allied nations. However, she believes this won’t happen without market intervention.
While US tariffs on Chinese imports are one option, their impact would be limited — the US accounts for just 1.7 percent of rare earths consumption, along with similarly small shares of other key minerals.
Any price-shaping strategy would require coordination with major consuming nations such as Australia, Canada, Japan, South Korea, the UK and the EU.
Rare earths market bifurcation
According to an August report from Benchmark Source, China’s newly imposed export restrictions on heavy rare earth oxides have created a pronounced regional price split.
While domestic Chinese rare earths prices remain relatively stable, markets outside China are seeing significant surges, driven by increased demand for ex-China supply.
This divergence underscores how export controls can distort global price dynamics, propelling up costs where alternatives are scarce while leaving domestic markets largely shielded.
Light rare earths have also been pushed higher by the broad market tailwinds.
The rest of the year could see more upward momentum in light of China “quietly” issuing its first rare earths mining and smelting quotas of the year in July. “This low-key approach is part of China’s continued efforts to tightly control its rare earths supply chain,” the Benchmark report explains. “It is likely that the impacts of this quota will further contribute to a bullish market sentiment over the next few months.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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14 August
3 Best-performing Canadian Rare Earths Stocks in 2025
Rare earths are important for many of today's technologies and tomorrow's carbon-free economy.
Investors may not be familiar with the metals individually, but the group of elements is found in technology all around us, commonly in the form of rare earth magnets, which are used in everything from electric vehicles (EVs) to smartphones to wind turbines. As technology advances, they are expected to remain in high demand.
In 2025, the rare earths market is navigating a volatile yet strategically critical phase that is being shaped by supply concerns, demand fluctuations and intensifying US-China trade tensions.
Rare earth metals demand continues to be driven by uses such as clean energy technologies — particularly permanent magnets used in EVs and wind turbines — as well as by the defense and electronics industries.
However, consumption forecasts for rare earth magnets have been revised down, with expected year-on-year growth in 2025 easing from 9 percent to around 5 percent as macro uncertainties weigh on manufacturing and industrial activity.
On the supply side, China's influence remains significant, accounting for over 50 percent of the world’s refined rare earths output. Beijing’s latest round of export controls on the strategic minerals, which came in response to tariffs enacted by US President Donald Trump, has intensified concerns about global supply chain vulnerability.
These measures have especially impacted US and European manufacturers, prompting renewed efforts to diversify supply, invest in recycling technologies and accelerate domestic production projects.
In response to China’s rare earths export measures, the Trump administration initiated a Section 232 national security probe into the rare earths supply chain in April, sparking renewed interest in miners, producers and refiners.
Here the Investing News Network looks at the Canadian rare earth metals companies on the TSXV and the CSE with the biggest share price gains over the past year. Stocks with market caps above C$10 million were considered. TSX-listed rare earths stocks were reviewed, but did not make the cut this time. This top Canadian rare earths stocks list was compiled using TradingView’s stock screener, and data was gathered on August 5, 2025.
1. Mkango Resources (TSXV:MKA)
Yearly gain: 325 percent
Market cap: C$219.61 million
Share price: C$0.69
Mkango Resources is positioning itself to be a leader in recycled rare earth magnets, alloys and oxides.
The company holds a 79.4 percent stake in Maginito, which owns HyProMag, a firm focusing on rare earth magnet recycling in the UK. Maginito also owns Mkango Rare Earths UK, which has honed its efforts on long-loop rare earth magnet recycling. Additionally, Maginito and CoTec Holdings (TSXV:CTH,OTCQB:CTHCF) are expanding HyProMag’s recycling technology to the US through their joint venture, HyProMag USA.
Mkango’s mineral assets include the advanced Songwe Hill rare earths project and a diverse exploration portfolio in Malawi, covering rare earths, uranium, tantalum, niobium and more. Its subsidiary Lancaster Exploration signed a mining development agreement with the Malawi government for Songwe Hill in June 2024.
Mkango is also developing the Pulawy rare earths separation project in Poland via its subsidiary Mkango Polska.
In January, Mkango announced plans for HyProMag and Areera to partner with Inserma and Sweden’s RISE Research Institutes to develop automated sorting and pre-processing of speakers, creating a concentrated feed of NdFeB magnets for recycling. It also raised C$4.11 million to advance rare earth magnet recycling in the UK and Germany.
On March 25, the European Commission granted Mkango’s Pulawy rare earths separation project in Poland strategic project status under the Critical Raw Materials Act.
The designation highlights the project's importance to EU supply chains. It will streamline permitting while enhancing access to financing and support from EU institutions and potential offtakers.
The company's share value nearly doubled from C$0.34 on July 2 to C$0.60 by July 7 following the announcement on July 3 that Mkango’s wholly owned subsidiaries, Lancaster Exploration and Mkango Polska, had entered into a definitive business combination agreement with special purpose acquisition company Crown PropTech Acquisitions to form a new company, to be renamed Mkango Rare Earths and listed on the NASDAQ. The deal will create a vertically integrated rare earths company that holds Songwe Hill in Malawi as well as the Pulawy plant in Poland.
Later in the month, news hit the wire that HyProMag had secured feedstock supply and a pre-processing site share agreement with global electronics recycling company Intelligent Lifecycle Solutions.
Shares of Mkango reached a year-to-date high of C$0.70 on July 31.
2. Ucore Rare Metals (TSXV:UCU)
Yearly gain: 192.47 percent
Market cap: C$166.65 million
Share price: C$2.18
Ucore Rare Metals is a rare earths processing and exploration company with operations in the US and Canada.
Following its 2020 acquisition of Innovation Metals, the company is commercializing its proprietary RapidSX separation technology. Ucore plans to implement this system at its first commercial heavy rare earth elements (HREE) refining facility, the Strategic Metals Complex in Louisiana. It is also developing its Bokan HREE project in Alaska.
This past January, Ucore received C$500,000 from the Ontario government as part of the province's Critical Minerals Innovation Fund. The rare earths processor said at the time that it would use the cash infusion to advance improvements at its RapidSX commercial demonstration facility in Ontario. A private placement of 3.6 million shares priced at C$0.60 each raised an additional C$2.16 million for Ucore when it closed in February.
In May, Ucore broke ground on its Strategic Metals Complex, where it plans to "produce high-purity rare earth oxides from mixed rare earth chemical concentrates obtained from multiple global feedstock sources."
Shortly after, at the beginning of June, the company executed a definitive contract for an US$18.4 million follow-on first-stage production award from the US Department of Defense. Later in the month, it closed a private placement for aggregate gross proceeds of C$15.5 million. Ucore is working to achieve early production readiness for salable individual HREE products from the processing facility by the second half of 2026.
Shares of Ucore rose to a year-to-date high of C$2.10 on August 5, 2025.
3. Leading Edge Materials (TSXV:LEM)
Yearly gain: 77.78 percent
Market cap: C$35.99 million
Share price: C$0.16
Leading Edge Materials is focused on developing three critical raw materials projects located in the EU. Its portfolio includes the wholly owned Norra Kärr HREE project and the Woxna graphite mine in Sweden, and the company also has a 51 percent stake in the Bihor Sud nickel-cobalt exploration alliance in Romania.
In January, Leading Edge released its 2024 results, noting that in early December, the company applied to the Mining Inspectorate of Sweden for an exploitation concession 25 year mining lease for Norra Kärr.
A February update outlines plans to start up and downsteam prefeasibility study (PFS) work at Norra Kärr in Q2.
“As part of the PFS, the company will evaluate the business case for a Rapid Development Plan, whereby Norra Kärr can be in production in the shortest possible timeframe to be supplying REE concentrates to the market in advance of the completion of the downstream processing facility and selling nepheline syenite,” the statement reads.
Shares of Leading Edge hit a year-to-date high of C$0.30 on March 23, coinciding with news that the company was awaiting a decision on its application for strategic project status under the EU’s Critical Raw Materials Act.
A few days later, Leading Edge learned that Norra Kärr did not earn the designation; however, the company plans to reapply for strategic project status when a new round of submissions is requested.
In a June company update, Leading Edge discusses the steps it is taking to address the deficiencies in its strategic project application. Work on the PFS is also advancing, and the company anticipates its completion in Q1 2026.
FAQs for rare earth investing
What are rare earth minerals?
Rare earths are a category of elements that share many chemical properties. In fact, all but two — yttrium and scandium — are also called lanthanides. These elements are commonly found in the same deposits and are necessary for diverse technological applications such as rare earth magnets.
How many rare earth elements are there?
In total there are 17 elements that make up the rare earths category, and they are split into light and heavy rare earths. On the light side, there are cerium, lanthanum, praseodymium, neodymium, promethium, europium, gadolinium and samarium, and on the heavy side there are dysprosium, yttrium, terbium, holmium, erbium, thulium, ytterbium, yttrium and lutetium.
Where are rare earth metals found?
In terms of both reserves and production, China is the frontrunner for rare earth metals by a long shot, with 44 million metric tons of reserves and 270,000 metric tons of production in 2024. However, Brazil also has significant reserves above 21 million MT. With regards to rare earth production, the US is in second place at 45,000 metric tons due to the Mountain Pass mine in California.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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13 August
Rare Earths Stocks: 5 Biggest ASX Companies in 2025
Prices and demand for rare earths have taken a hit in recent years. However, the long-term outlook for these important materials remains positive, especially given their precarious supply situation.
Rare earth elements are key metals for high-tech applications, including permanent magnets, which have widespread potential, especially in the technology and electric vehicle sectors.
With future demand looking strong, countries around the world are keen to secure rare earths from sources outside of China — which is good news for rare earths companies in Australia. Indeed, looking at the next couple of decades, the International Energy Agency notes that rare earths demand could double by 2040.
For investors interested in getting a foot in the door, below is a list of the largest ASX rare earths stocks by market cap. Data for this stocks list was collected using TradingView's stock screener on July 31, 2025.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$10.05 billion
Share price: AU$10.47
Lynas Rare Earths is Australia's largest rare earths miner, as well as the only significant rare earth materials producer in the world outside of China. Focused on integrated delivery, Lynas is a miner and supplier of high-grade rare earths.
Its Mount Weld asset in Western Australia is one of the highest-grade rare earths mines in the world. In November 2024, Lynas' AU$800 million Kalgoorlie rare earths processing facility officially opened in Western Australia.
In May of this year, the company announced that its Lynas Malaysia facility commenced first production of the heavy rare earth dysprosium. Production of terbium, another heavy rare earth product, began the following month.
During its fourth fiscal quarter of 2025, Lynas reported neodymium and praseodymium (NdPr) production of 2,080 tonnes. Its total rare earth oxide production reached 3,212 tonnes during the same period.
2. Iluka Resources (ASX:ILU)
Market cap: AU$2.21 billion
Share price: AU$5.15
Iluka Resources has decades of experience in the mining industry, mostly in the production of zircon and high-grade titanium dioxide-derived rutile and synthetic rutile. However, in recent years, it has developed a rare earths portfolio.
At its Eneabba operation in Western Australia, Iluka has a strategic monazite-rich mineral stockpile that it plans to process. The company is currently working on a feasibility study for a fully integrated rare earths refinery at Eneabba, which would produce separated rare earth oxides from its own feedstock and potentially from third-party feedstock as well. Construction is slated to start in the second half of 2025 once earthworks have been completed, with first production at the refinery expected in 2027.
Iluka’s Wimmera project in Victoria, Australia, also has the potential to be a long-term supplier of zircon and rare earths. Iluka is currently working toward a definitive feasibility study for the project.
3. Brazilian Rare Earths (ASX:BRE)
Market cap: AU$568.72 million
Share price: AU$2.20
Brazilian Rare Earths is advancing its district-scale Rocha da Rocha rare earths province in the state of Bahia, Brazil.
The company's 1,410 square kilometres of mining claims are highly prospective for both heavy and light rare earths, with grades of over 40 percent total rare earth oxides (TREO) found. The company’s exploration campaigns have identified three styles of rare earths mineralisation across the project area, including source rock for high-grade niobium and scandium, shallow high-grade monazite sand and ionic clay rare earths mineralisation.
Brazilian Rare Earths’ current resource estimate for Rocha da Rocha stands at 510 million tonnes at 1,513 parts per million TREO. This includes the high-grade Monte Alto project with a monazite sand rare earths resource of 25.2 million tonnes at 1 percent TREO; it has a higher-grade, shallow, free-dig resource core of 4.1 million tonnes at 3.2 percent TREO. The company is working toward completing an updated resource estimate for the district.
Brazilian Rare Earths announced in December 2024 that it had received approval for the final exploration report for the Monte Alto exploration licence, a significant milestone in securing a mining permit for the project.
In May 2024, the company inked a binding agreement with Senai Cimatec for the joint development of both a bench-scale laboratory and a pilot plant for the beneficiation of Brazilian Rare Earths’ high-grade rare earth ores. Commissioning of the facility is scheduled for mid-2026.
The next month, Brazilian Rare Earths reported that metallurgical testing at Monte Alto had resulted in the production of both a mixed rare earth carbonate and a uranium peroxide.
4. Arafura Rare Earths (ASX:ARU)
Market cap: AU$443.58 million
Share price: AU$0.175
Arafura Rare Earths is advancing its Nolans NdPr project in Australia's Northern Territory, and is currently in the midst of construction. Arafura has plans for Nolans to be a vertically integrated NdPr operation with processing facilities on site. According to the company, the Nolans project will supply around 4 percent of global NdPr oxide demand once complete, with an annual production capacity of 4,400 tonnes of NdPr concentrate.
The company has signed several offtake agreements, including one with Siemens Gamesa Renewable Energy that commences in 2026. The deal guarantees a five year contract under which Arafura will supply Siemens Gamesa with NdPr from Nolans. The supply deal will kick off at 200 tonnes for the first year, before increasing over time.
Arafura kicked off 2025 by announcing it had received a AU$200 million investment commitment from Australia's National Reconstruction Fund. In March, Arafura announced a binding offtake agreement with Traxys Europe through which Arafura will supply a minimum of 100 tonnes per year of NdPr oxide over a five year term from the Nolans project. Arafura has the option to increase the offtake to a maximum of 300 tonnes per year at its discretion.
According to Arafura's report for the quarter ended on June 30, Nolans is shovel ready, with construction set to start once funding is secured.
5. Northern Minerals (ASX:NTU)
Market cap: AU$279.96 million
Share price: AU$0.031
Northern Minerals is focused on developing its Browns Range dysprosium-terbium project in Western Australia, and on bringing the project's Wolverine deposit into production.
The company has a long-term rare earths concentrate supply agreement with Iluka for all concentrate produced from Browns Range until 30,500 tonnes of contained rare earth oxides have been delivered.
Northern Minerals is developing Browns Range through a three stage system, and the project has been producing heavy rare earth carbonate since 2018. The company is now working on a definitive feasibility study for a commercial-scale mining operation and beneficiation plant at Browns Range that will respectively extract and process ore from Wolverine.
It is on track to complete a definitive feasibility study in Q3 2025, and is targeting first production in Q4 2027.
FAQs for ASX rare earths stocks
What are rare earths?
Rare earths are a category of elements that share many chemical properties. In fact, all but two — yttrium and scandium — are also called lanthanides. These elements are commonly found in the same deposits and are necessary for diverse technological applications such as rare earth magnets.
In total there are 17 rare earth elements, and they are split into light and heavy rare earths, with each segment being grouped together on the periodic table. On the light side, there are cerium, lanthanum, praseodymium, neodymium, promethium, europium, gadolinium and samarium, and on the heavy side there are dysprosium, yttrium, terbium, holmium, erbium, thulium, ytterbium, yttrium and lutetium.
Which countries have the most rare earths?
In terms of both rare earths reserves and rare earths production, China is the frontrunner by a long shot, with 44 million tonnes of reserves and 270,000 tonnes of production in 2024. Brazil comes in second in terms of reserves with 21 million tonnes. With regards to production, the US is in a distant second place at 45,000 tonnes due to the Mountain Pass mine in California, and Myanmar is in third place with 31,000 tonnes.
What makes rare earths rare?
Rare earths are actually relatively abundant in the Earth's crust, contrary to what their name suggests. However, they're quite dispersed instead of being found concentrated in specific areas, which means locating economic deposits to mine is difficult.
As China controls much of global rare earths production, many countries have deemed them critical minerals and are prioritizing supply chain security.
This is an updated version of an article originally published by the Investing News Network in 2018.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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13 August
Arafura’s Nolans Rare Earths Project Could Get AU$100 Million from Export Finance Australia
Arafura Rare Earths (ASX:ARU,OTC Pink:ARAFF) said on Tuesday (August 12) that Export Finance Australia (EFA) has provided it with a non-binding letter of interest regarding a potential investment in its Nolans project.
EFA doesn't specify the amount of funding, but Reuters reported that it is likely to be around AU$100 million.
The EFA investment is in addition to Arafura's AU$200 million in funding from the National Reconstruction Fund Corporation, announced in January. In addition, the federal government committed AU$840 million in March 2024.
Total public funding for the project now stands at AU$1 billion.
Nolans is regarded by Arafura as “the world’s most advanced ore-to-oxide rare earths project." The company's aim is to support the development of secure and reliable supply chains with key international partners.
Arafura also notes that the development of Nolans aligns with the Australian government’s Critical Minerals Strategy, as well as the more recently announced G7 Critical Minerals Action Plan.
Located 135 kilometres north of Alice Springs in Australia's Northern Territory, Nolans is expected to account for about 4 percent of the world’s demand for neodymium and praseodymium (NdPr).
Arafura states on its website that Nolans is the only NdPr-focused project in Australia that has secured complete environmental permitting for mining, beneficiation, extraction and separation of rare earths.
“EFA’s investment consideration highlights the significance of the Nolans Project in nurturing the development of Australia’s nascent rare earths sector and unlocking the future potential of Australia’s north,” said Managing Director and CEO Darryl Cuzzubbo, adding that he sees an opportunity for Australia to become a global rare earths leader.
On July 8, Arafura provided an update on potential funding for Nolans from the German Raw Materials Fund, saying that the project has been referred to the fund for appraisal by Germany’s Interministerial Committee.
Arafura is seeking up to AU$175 million from the fund tied to supply from Nolans.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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30 July
Victory Metals Marks "Breakthrough" Rare Earth Oxide Production at North Stanmore
Victory Metals (ASX:VTM) said on Tuesday (July 29) that its flagship North Stanmore heavy rare earth project has produced a mixed rare earth oxide (MREO) containing 94 percent total rare earth oxides (TREO).
For this result, a total of 453 samples averaging 525 parts per million TREO were taken from the project area to highlight the project’s true potential and value.
“To the company's knowledge, this represents the highest grade heavy rare earth enriched MREO produced in Australia directly from an Australian clay-hosted rare earth project,” the press release noted.
North Stanmore is located approximately 6 kilometres north of Cue, Western Australia, and has a January 2025 mineral resource estimate of 247.5 million tonnes (Mt), including 176.5 Mt, or 72 percent, in the indicated category.
"This is one of the most significant technical and commercial breakthroughs in Victory's journey so far,” said Victory CEO and Executive Director Brendan Clark, adding that the production record is “a first in Australia and sets a new benchmark for the whole sector.”
“(We are) now sitting at the most advanced downstream processing point, prior to rare earth separation and metallisation. This milestone was successfully achieved at the ALS metallurgy laboratory in Western Australia, in conjunction with Victory's own technical team.”
The company added that it is expecting to experience increased offtake interest following this, especially from companies seeking Chinese rare earths independence.
Victory said that it is strategically progressing offtake conversations and that further metallurgical work at North Stanmore is in progress.
On July 14, the company also shared that it has received approval from the US Government’s System for Award Management, a prerequisite to engage with US federal agencies such as the Department of Defence (DoD) and the Export-Import Bank of the United States.
This means that the company can now participate in strategic procurement, funding and partnership programs under U.S. federal oversight.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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