Top 3 Canadian Rare Earths Stocks (Updated January 2024)

Yearly gain: 180 percent; market cap: C$22.77 million; current share price: C$0.42

Resouro Strategic Metals is an exploration and development company with mineral projects in Brazil, including the Tiros rare earths and titanium project in Minas Gerais, and the Novo Mundo gold project in Mato Grosso. The company has an earn-in agreement to take a 90 percent stake in the Tiros asset.

In recent months, Resouro's drilling and testwork at Tiros has yielded high rare earths and titanium dioxide grades. In November 2023, the company released preliminary data on third-party metallurgical leaching tests conducted using 270 kilograms of composite samples from 19 historic drill holes across different zones at Tiros.

According to the company, important highlights from the testwork include neodymium recoveries of over 41 percent, recoveries of over 60 percent for dysprosium and recoveries of over 31 percent for praseodymium.

Yearly gain: 80.77 percent; market cap: C$32.62 million; current share price: C$0.23

Geomega Resources is developing low-cost, environmentally friendly technologies for the mining, refining and recycling of rare earths and other critical materials. It also owns the Montviel rare earths carbonatite deposit in Québec.

In late November 2023, Geomega announced it had received C$2.04 million in funding from Next Generation Manufacturing Canada (NGen) for the construction of a rare earths recycling demonstration plant in Québec. The plant will recycle magnet scrap to produce rare earth oxides that NGen will then use to produce rare earth metals. Construction of the demonstration plant will begin this year.

“We are excited to work with NGen on our rare earths recycling demonstration plant. We believe that recycling will play an important role in closing the loop within the rare earths and magnets supply chain and provide a local recycling solution for end-of-life magnets and a sustainable supply of rare earths for the developing metal and magnet industries,” said Geomega President and CEO Kiril Mugerman.

Yearly gain: 38.89 percent; market cap: C$82.47 million; current share price: C$0.50

Aclara Resources is a development-stage heavy rare earths company developing its ionic clays deposits, including the Penco module in Southern Chile and the Carina module in Central Brazil.

The company’s patented, award-winning Circular Mineral Harvesting closed-circuit rare earths extraction process eliminates the need for a tailings dam and conditions spent clays for future revegetation with native forests.

Aclara's Penco module semi-industrial pilot plant program was completed in September 2023, producing samples of high-purity rare earths concentrate. The plant processed 120 tonnes of ionic clays to produce approximately 107 kilograms of wet high-purity heavy REE concentrate. The company is targeting Q2 2027 for commencing production at the Penco module.

More recently, Aclara announced an initial inferred resource for the Carina module, reporting an estimated 168 million tonnes grading 1,510 parts per million total rare earth oxides and 477 parts per million desorbable rare earth oxides.