Rare Earths Stocks: 5 Biggest ASX Companies in 2026

1. Lynas Rare Earths (ASX:LYC)

Market cap: AU$18.18 billion
Share price: AU$16.91

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 mines in the world. The company also operates the Kalgoorlie rare earths processing facility and its Lynas Malaysia advanced materials plant in Malaysia.

In mid-2025, the company commenced first production of oxides of heavy rare earths dysprosium and terbium at its Lynas Malaysia facility from Mount Weld feedstock. In March of this year, it added samarium oxide to its list of heavy rare earth products.

Lynas launched its Towards 30 strategy last year, and formed a number of key strategic partnerships in the past year focused on a mine-to-magnet supply chain. It signed an October 2025 memorandum of understanding (MoU) agreement with Noveon Magnetics, the only operational US manufacturer of sintered rare earth magnets, to build out a domestic supply chain in the US for rare earth permanent magnets.

In addition, in March 2026 Lynas extended its offtake agreement with existing partner Japan Australia Rare Earths, and signed an MoU with JARE for mineral exploration of rare earth elements and adjacent minerals. That same month, Lynas inked a letter of intent (LOI) with the US Department of War concerning a US$96 million rare earth oxide supply agreement.

In July 2026, Lynas entered into a formal long-term partnership with South Korean firm JS Link. JS will develop a rare earth permanent magnet factory in Malaysia that Lynas will supply with rare earth materials. Lynas is also making an AU$50 million equity investment to help fund the factory.

During the first half of its fiscal 2026, Lynas reported total rare earth oxide (TREO) production of 6,375 tonnes. Its net profit after tax for the same period came in at AU$80.2 million.

2. Iluka Resources (ASX:ILU)

Market cap: AU$2.96 billion
Share price: AU$6.59

Iluka Resources has decades of experience in the mining industry, mostly in the production of zircon, and high-grade titanium dioxide derived from 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 to process its stockpile, with commissioning expected in 2027.

The Australian government has provided the company with a AU$1.65 billion non-recourse loan for construction provided through the Export Finance Australia's Critical Minerals Facility.

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. In June 2026, Iluka announced a binding, four-year agreement with a global automotive company for the supply of 1,200 tonnes of magnet rare earth oxides from the refinery.

Iluka’s Wimmera project in Victoria, Australia, also has the potential to be a long-term supplier of zircon and rare earths. Iluka is in the later stages of a definitive feasibility study for the project.

3. Arafura Rare Earths (ASX:ARU)

Market cap: AU$1.34 billion
Share price: AU$0.24

Arafura Rare Earths is advancing its Nolans NdPr project in Australia's Northern Territory, and is currently targeting September 2026 for 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. Arafura received a AU$200 million investment commitment from Australia's National Reconstruction Fund in early 2025.

The company has signed several offtake agreements for production from Nolans, including one with Siemens Gamesa Renewable Energy. 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.

In June 2026, the Nolans project was declared the first ever Significant Project in the Northern Territory under the Territory Coordinator Act 2025 for its economic significance to the region.

“As Australia’s first fully integrated ore-to-oxide rare earths facility, this project requires high-level, cross-government coordination to move at pace,” Northern Territory Chief Minister Lia Finocchiaro stated.

Before this, the project was named one of two priority projects under the Australia and US Critical Minerals Framework, under which the Australian government has provided an equity investment of about AU$140 million.

According to Arafura's update shared June 30, 2026, Nolans is shovel ready, with site-based camp facilities, water and power at the project site and funding is in the final stages.

4. Brazilian Rare Earths (ASX:BRE)

Market cap: AU$1.22 billion
Share price: AU$4.19

Brazilian Rare Earths is advancing its district-scale Rocha da Rocha rare earths province in the state of Bahia, Brazil.

The company's 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. 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.

Brazilian Rare Earths is working to complete a scoping study and an updated mineral resource estimate for Rocha da Rocha this year.

In March, the company secured a trial mining license for the Monte Alto project at Rocha da Rocha. The licence allows for extraction of up to 2,000 tonnes per annum of product from the Monte Alto deposit.

Additionally, Brazilian Rare Earths plans to produce bulk shipments for potential customer offtakes and metallurgical testing at its fully permitted Camaçari pilot plant. The company is targeting Q3 2026 for commissioning and operation of the plant.

Brazilian Rare Earths reported in June that high-resolution airborne geophysics at the Velhinhas project near Monte Alto has defined more than 9 kilometres of cumulative exploration corridor trends. In addition, reconnaissance diamond drilling returned assays with a highlight of 8.4 percent TREO over 4.2 metres, including 19.6 percent TREO over 1 metre.

"The Velhinhas results are an important step in expanding Monte Alto from a large ultra-high-grade deposit into a broader rare earth and critical minerals growth corridor," CEO Bernardo da Viega said.

5. St George Mining (ASX:SGQ)

Market cap: AU$425.56 million
Share price: AU$0.091

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 earth resource in the West.

The 2026 updated resource estimate for the project contains a total rare earths resource of 70.91 million tonnes at 4.06 percent TREO and 0.62 percent niobium oxide. This comprises 29.49 million tonnes at 4.56 percent TREO and 0.75 percent niobium oxide in the measured and indicated category, and 41.42 million tonnes at 3.9 percent TREO in the inferred category.

In June, St George reported metallurgical test work results, including open circuit flotation which achieved 39.6 percent niobium concentrate grade at 54.3 percent flotation recovery; and 40.2 niobium concentrate grade at 46 percent flotation recovery.

That same month, the company raised AU$60 million in an institutional placement to help fund the advancement of the Araxá project. The company's largest shareholder, Hancock Prospecting, committed AU$20 million in the placement, giving it an approximately 10.5 percent interest in St George.

St George revealed that diamond drilling intersected a 199 metre continuously mineralised interval, starting from surface and open at depth, in a July 1 release. The interval graded 2.86 percent TREO and 0.44 percent niobium oxide, including 60 metres at 3.96 percent TREO and 0.52 percent niobium oxide.

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