Rare Earths Stocks: 5 Biggest ASX Companies in 2026

1. Lynas Rare Earths (ASX:LYC)

Market cap: AU$12.3 billion
Share price: AU$12.97

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 earth metals mines in the world. The company also operates the Kalgoorlie rare earths processing facility. In mid-2025, the company commenced first production of the heavy rare earth metals dysprosium and terbium at its Lynas Malaysia facility.

Late last year, Lynas signed a memorandum of understanding agreement with Noveon Magnetics, the only operational US manufacturer of sintered rare earth magnets, to build out a rare earth magnetic supply chain domestic US supply chain for rare earth permanent magnets.

During its first fiscal quarter of 2026, Lynas reported neodymium and praseodymium (NdPr) production of 2,003 tonnes. Its total rare earth oxide production reached 3,993 tonnes during the same period.

2. Iluka Resources (ASX:ILU)

Market cap: AU$2.52 billion
Share price: AU$6.73

Iluka Resources has decades of experience in the mining industry, mostly in the production of zircon, high-grade titanium dioxide-derived rutile and synthetic rutile. In recent years, it has also developed a rare earths portfolio.

In Western Australia, Iluka holds a strategic monazite-rich mineral stockpile, which it is expanding with material from its operations. The company is currently constructing the Eneabba rare earths refinery in Western Australia, with commissioning expected in 2027, to process its stockpile. The refinery will be able to produce light and heavy separated rare earth oxides from feedstocks such as mineral sands concentrates, hard rock concentrates and ionic clay carbonates.

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. Arafura Rare Earths (ASX:ARU)

Market cap: AU$1.23 billion
Share price: AU$0.275

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 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. In March of last year, 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. Arafura has the option to increase the offtake to a maximum of 300 tonnes per year at its discretion.

To start 2025, Arafura received a AU$200 million investment commitment from Australia's National Reconstruction Fund.

According to Arafura's report for the quarter ended on September 30, Nolans is shovel ready, with construction set to start once funding is secured. The report highlighted that Arafura's Nolans project was one of only two priority projects identified under Australia and the United States' recently announced bilateral Critical Minerals Framework.

As such, Export Finance Australia has provided conditional approval for an equity investment into Arafura of up to US$100 million and the Export-Import Bank of the United States provided a letter of interest for financing support for up to US$300 million to evaluate the acceleration of third-party ore processing infrastructure at Nolans.

4. Brazilian Rare Earths (ASX:BRE)

Market cap: AU$1.05 billion
Share price: AU$3.96

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 earth minerals, 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, and 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' final exploration report for the Monte Alto exploration licence received approval in late 2024, a significant milestone in securing a mining permit for the project.

The company has 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. The company has also secured a long-term strategic partnership with Carester, a rare earth processing specialist, for the purchase of heavy rare earth feedstocks over an initial 10-year term. Commissioning of the facility is scheduled for mid-2026.

5. St George Mining (ASX:SGQ)

Market cap: AU$364.95 million
Share price: AU$0.465

St George Mining is advancing its wholly owned Araxá rare earths and niobium project in Minas Gerais, Brazil. The project has the backing of both the Federal Government’s MagBras Initiative and the State of Minas Gerais. The goal of the MagBras program is to establish a Brazilian integrated rare earth products supply chain, including permanent magnets.

The company bills Araxá as the largest and highest-grade carbonatite-hosted rare earths resource in South America and second-highest grade rare earths resource in the West.

The 2025 maiden resource estimate for the project contains a rare earths resource of 40.6 million tonnes at 4.13 percent TREO, including 31.37 million tonnes in the inferred category at 3.9 percent TREO. It also holds a niobium resource of 41.2 million tonnes at 0.68 percent niobium, including 31.93 million tonnes in the inferred category at 0.59 percent niobium.

In mid-December, St George Mining reported its best ever intercept at Araxá from its latest diamond drill assays, showing 139.45 metres grading 4.05 percent TREO and 0.55 percent niobium from surface, including 53.9 metres at 5.44 percent TREO and 0.79 percent niobium.

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