In Might 2024, the Biden administration imposed a 25 p.c tariff on Chinese language uncommon earth magnets beginning in 2026, marking the primary time these elements had been focused beneath Part 301. The transfer hit sintered neodymium-iron-boron (NdFeB) magnets, important for EVs and wind generators, highlighting their strategic function in clear vitality and protection.
Quickly after, China’s State Council introduced new guidelines efficient October 1, 2024, tightening management over uncommon earth manufacturing and banning the export of extraction and magnet-making know-how.
Since taking workplace in January of this 12 months, US President Donald Trump has escalated the commerce battle, imposing cumulative tariffs of 54 p.c on Chinese language items. Beijing responded by heightening export controls on seven strategic uncommon earth metals related to world protection, renewable vitality and the know-how sectors.
China’s dominance stays a defining function of the market: the nation accounts for practically 70 p.c of mine output and greater than 80 p.c of refining capability. That focus has created persistent vulnerabilities, particularly for medium and heavy uncommon earths like dysprosium and terbium, that are already in tight provide.
Analysts word that tariffs and export restrictions are setting the stage for a two-tiered market, the place ex-China consumers face premiums whereas home Chinese language consumers stay insulated.
Regardless of the volatility, demand fundamentals proceed to development upward. Everlasting magnets are driving development throughout EVs, clear vitality and protection, and efforts to diversify provide are accelerating. Within the US, Washington has elevated Division of Protection (DoD) funding and streamlined allowing to help home manufacturing, whereas in Europe, a regulation enacted in Might 2024 goals to cut back Chinese language reliance by boosting output of vital minerals by 2030.
These latest escalations could possibly be a boon to uncommon earth minerals and uncommon earth magnet shares working exterior of China. Buyers are watching carefully to see which uncommon earth firms are greatest positioned to seize the chance.
To assist paint a greater image of the REE panorama, the Investing Information Community has compiled an inventory of the largest uncommon earths shares by market cap on US, Canadian and Australian inventory exchanges. Information was collected on August 21, 2025, utilizing TradingView’s inventory screener.
US uncommon earths shares
The US is striving to safe secure home provide of REEs exterior China, a matter that has turn out to be much more urgent in 2025 because of the escalation of the US-China commerce struggle and China’s new uncommon earth mineral export restrictions.
The nation has huge uncommon earths reserves and is the second largest world REE producer because of its sole working uncommon earth mine, Mountain Cross. Nevertheless, it presently lacks ample processing amenities.
American uncommon earths firms are working to handle this imbalance, presenting funding alternatives for these trying to capitalize in the marketplace’s development potential. Study extra about MP Supplies, Vitality Fuels and NioCorp Developments, the three largest US uncommon earths shares by market cap, beneath.
Market cap: US$11.79 billion
Share value: US$66.60
MP Supplies, the biggest uncommon earths producer in North America, focuses on high-purity separated neodymium and praseodymium (NdPr) oxide, heavy uncommon earths focus, lanthanum and cerium oxides and carbonates.
The corporate went public in mid-2020 after buying the Mountain Cross mine in California, the one operational US-based uncommon earths mine and processing facility. In Q3 2023, MP Supplies started producing separated NdPr.
In April 2024, MP Supplies was awarded US$58.5 million beneath the Part 48C tax credit score to construct the US’s first totally built-in uncommon earth magnet plant. Situated in Fort Value, Texas, the power started making NdFeB magnets in January, with first deliveries due by year-end. MP Supplies sources feedstock from its Mountain Cross mine, creating a completely built-in, closed-loop provide chain with built-in recycling.
In its Q2 outcomes, MP Supplies reported an 84 p.c year-on-year enhance in income to US$57.4 million. Moreover, the corporate achieved report NdPr output of 597 metric tons (MT), whereas its uncommon earth oxide (REO) manufacturing reached 13,145 MT, marking its second-highest quarterly manufacturing ever and a forty five p.c enhance from final 12 months.
In early July, MP Supplies penned a deal with the DoD by means of which the federal government will buy US$400 million price of most well-liked inventory within the firm, making the DoD the corporate’s largest shareholder.
The funds are earmarked for the enlargement of its processing capabilities at Mountain Cross and the development of a second magnet manufacturing facility within the US.
MP Supplies additionally signed a US$500 million deal with Apple (NASDAQ:AAPL) to supply uncommon earth magnets within the US utilizing solely recycled supplies. Beginning in 2027, MP Supplies will provide magnets for a whole bunch of hundreds of thousands of Apple units, together with iPhones, iPads and MacBooks.
2. Vitality Fuels (NYSEAMERICAN:UUUU,TSX:EFR)
Market cap: US$1.97 billion
Share value: US$8.53
Vitality Fuels is a number one US uranium and uncommon earths firm that operates key uranium manufacturing facilities, together with the White Mesa mill in Utah and the Nichols Ranch and Alta Mesa tasks in Wyoming and Texas.
The corporate completed development of Part 1 REE separation infrastructure at White Mesa in early 2024, and in June reported profitable business manufacturing of separated NdPr that meets the specs required for REE-based alloy manufacturing. The Part 1 REE separation circuit is now working at full capability.
Following its 2023 acquisition of the Bahia heavy mineral sands venture in Brazil, Vitality Fuels made a number of offers in 2024 with the intention of buying feedstock for White Mesa.
In early June of final 12 months, Vitality Fuels executed a three way partnership that offers it the choice to earn a 49 p.c stake in Astron’s (ASX:ATR) Donald uncommon earths and mineral sands venture in Victoria, Australia.
Donald is anticipated to start manufacturing as early as 2026, and can provide the White Mesa mill with 7,000 to eight,000 MT of monazite sand in uncommon earths focus yearly in Part 1. In October 2024, Vitality Fuels acquired Australian mineral sands firm Base Assets, which owns the Toliara venture in Madagascar.
As for 2025, in mid-March, Vitality Fuels inked a memorandum of understanding (MoU) with South Korea-based POSCO Holdings (NYSE:PKX,KRX:005490) for the potential creation of a non-China REE provide chain for EVs and hybrid EV drivetrains. The businesses will concentrate on the US, EU, Japanese and South Korean auto markets.
In June, the Victoria authorities authorised the work plan for the development and operation of the Donald uncommon earths and mineral sand venture. The positioning can now transfer into development. A month later, Vitality Fuels achieved pilot-scale manufacturing of heavy uncommon earth oxides at its White Mesa mill and goals for business output by late 2026. Moreover, the corporate famous that it might supply feedstock from the Donald venture by the top of 2027.
In late August, Vitality Fuels produced its first kilogram of 99.9 p.c pure dysprosium oxide at pilot scale from White Mesa. Utilizing monazite sourced from Florida and Georgia, Vitality Fuels now plans to supply 2 kilograms weekly.
“A number of magnet producers and OEMs have already expressed their sturdy curiosity in acquiring these samples to speed up their validation processes,” the corporate mentioned.
3. NioCorp Developments (NASDAQ:NB)
Market cap: US$291.32 million
Share value: US$4.01
NioCorp Developments is advancing its Elk Creek venture in Nebraska, which options North America’s highest-grade niobium deposit beneath improvement, with important scandium manufacturing capability.
Elk Creek is totally permitted for development. NioCorp is working to safe financing to maneuver the venture ahead, and the US Export-Import Financial institution superior its utility for financing to its subsequent stage of due diligence in February.
An up to date 2022 feasibility research highlights an prolonged mine life, improved ore grades and enhanced economics for niobium, scandium and titanium. In April 2024, NioCorp started exploring integrating everlasting uncommon earth magnet recycling at its Elk Creek venture to supply separated uncommon earth oxides which might then be used to supply new NdFeB magnets. It accomplished preliminary bench-scale checks in October.
2025 has been busy for NioCorp. It accomplished a US$45 million public providing in July, which, mixed with an extra US$15 million, will probably be used to speed up pre-construction actions at Elk Creek.
NioCorp additionally secured as much as US$10 million from the DoD beneath the Protection Manufacturing Act’s Title III program.
The funding, tied to milestone achievements, is geared toward establishing the nation’s first home scandium mine-to-manufacture provide chain. The award is anticipated to bolster NioCorp’s efforts to safe as much as US$800 million in debt financing from the US Export-Import Financial institution.
In an effort to bolster its Nebraska land place, NioCorp acquired three key land parcels related to the Elk Creek venture in early August. The adjoining parcels will home manufacturing operations and infrastructure.
NioCorp is presently awaiting the outcomes from the Part I drilling marketing campaign accomplished in mid-August. This system goals to transform parts of the useful resource from the indicated and possible classes to measured and confirmed.
Canadian uncommon earths shares
As a part of Canada’s Vital Minerals Technique, the federal government has allotted C$3.8 billion in federal funding for alternatives throughout the vital minerals worth chain, from exploration to recycling.
REEs are among the many minerals listed as vital.
Moreover, the federal government has designated C$7.5 million to help the institution of a uncommon earths processing facility in Saskatoon, Saskatchewan. In mid-September 2024, the Saskatchewan Analysis Council (SRC) introduced that the power reached commercial-scale manufacturing, making it the primary in North America to realize this milestone.
The SRC plans to supply 400 MT yearly as soon as it’s totally operational.
Study Aclara Assets, Mkango Assets and Ucore Uncommon Metals, the three largest Canada-listed uncommon earth shares by market cap, beneath.
Market cap: C$321.18 million
Share value: C$1.46
Aclara Assets is advancing its Penco Module venture in Chile, characterised by ionic clays ample in heavy uncommon earths, and its Carina Module venture in Brazil. Its goal at Penco Module is to generate uncommon earths focus through an environmentally pleasant extraction course of. This strategy goals to eradicate the necessity for a tailings facility, reduce water use and make sure the absence of radioactivity within the last product.
Aclara efficiently concluded a semi-industrial pilot plant program for Penco Module in 2023, yielding 107 kilograms of moist high-purity heavy uncommon earths focus from 120 MT of ionic clays.
Aclara and Vacuumschmelze penned a MoU in early July 2024 to collectively pursue a “mine-to-magnets” resolution for ESG-compliant everlasting magnets. The corporate submitted a new environmental affect evaluation (EIA) for the venture in June 2024, and it moved to the following stage in August.
This previous Might, Aclara obtained the second spherical of technical observations from the Environmental Service Evaluation Authority, together with 205 questions concerning technical features of the EIA.
The corporate plans to submit its response through the third quarter of 2025.
Aclara can also be advancing its Carina Module venture in Brazil, which it found in 2023. In December of that 12 months, Aclara disclosed an preliminary inferred useful resource for the venture, saying it encompasses roughly 168 million MT grading 1,510 elements per million TREO and 477 elements per million desorbable uncommon earth oxides.
In August 2024, Aclara launched an up to date preliminary financial evaluation for Carina Module that includes preliminary capital prices of US$593 million and sustaining capital prices of US$86 million. Later within the month, the corporate signed a MoU with the State of Goiás and Nova Roma to expedite the Carina Module venture.
In late Might of this 12 months, Aclara submitted its EIA for Carina Module, and anticipates its approval through the fourth quarter. The corporate additionally reiterated its expectations to supply a median of 191 MT of dysprosium and terbium yearly, in addition to yearly output targets of 1,350 MT of neodymium and praseodymium.
On the innovation aspect, Aclara is deepening its tech-driven strategy to uncommon earths by means of a long-term letter of intent (LOI) with Stanford’s Mineral-X initiative to leverage AI, information science and resolution modeling to construct a extra resilient heavy uncommon earth provide chain. In the meantime, an MoU with Virginia Tech covers operation of Aclara’s pilot plant showcasing its solvent-extraction know-how for producing high-purity uncommon earth parts.
Market cap: C$262.87 million
Share value: C$0.79
Mkango Assets is advancing as a producer of recycled uncommon earth magnets, alloys and oxides, by means of its 79.4 p.c stake in Maginito with associate CoTec Holdings (TSXV:CTH,OTCQB:CTHCF).
Mkango’s property embody Malawi’s Songwe Hill venture, focusing on neodymium, praseodymium, dysprosium and terbium, and the Pulawy uncommon earths separation venture in Poland, alongside a broader exploration portfolio in Malawi.
In July 2024, Mkango and the Malawian authorities signed a mining improvement settlement for the Songwe uncommon earths venture, granting Malawi a ten p.c stake and customs and excise exemptions.
Via Maginito, Mkango additionally owns HyProMag, which licenses the Hydrogen Processing of Magnet Scrap (HPMS) course of to recycle uncommon earth magnets from scrap. A pilot plant utilizing a long-loop recycling course of underpinned by the HPMS course of was commissioned in July 2024.
Maginito is increasing HyProMag’s recycling know-how to the US by means of the three way partnership HyProMag USA, with a constructive feasibility research accomplished in November 2024. Whereas the feasibility research was based mostly on two HPMS vessels, HyProMag introduced in March that conceptual research had been underway to broaden the capability to a few vessels and the addition of “long-loop chemical processing” to enrich the HPMS short-loop recycling course of.
In an August 2024 replace, Mkango reported that HyProMag would obtain 350,125 euros to develop its eco-friendly NeoLeach know-how, which can additional improve metals recovered with HPMS. The funding, a part of the 8 million euro GREENE venture, goals to enhance the useful resource effectivity and efficiency of uncommon earth everlasting magnets.
In late March of this 12 months, the European Fee designated Mkango’s Pulawy venture in Poland as a strategic venture beneath the Vital Uncooked Supplies Act. In June, HyProMag USA obtained a “Make Extra in America” LOI from the US Export-Import Financial institution. The letter alerts potential financing of as much as US$92 million for the corporate’s first built-in uncommon earths recycling and magnet manufacturing facility in Dallas-Fort Value, with a ten 12 months compensation time period.
Later within the month, Mkango up to date on its superior pilot program and the scale-up of HPMS know-how, aiming to supply domestically sourced, short-loop recycled uncommon earth magnets with a minimal carbon footprint within the UK and Germany in 2025, and the US in 2027. The corporate commenced preliminary manufacturing runs on its commercial-scale HPMS vessel at Tyseley Vitality Park in Birmingham in early July.
On July 3, Mkango signed a definitive merger deal with Crown PropTech Acquisitions that may see a number of of Mkango’s subsidiaries, together with Lancaster Exploration, mix with Crown to kind Mkango Uncommon Earths. The mixed firm will probably be a vertically built-in uncommon earth agency that owns the Songwe Hill and Pulawy tasks.
Within the US, Clever Lifecycle Options began stockpiling feedstock beneath its provide and pre-processing settlement with HyProMag USA in late August. Pre-processing is slated to begin earlier than the top of 2025.
3. Ucore Uncommon Metals (TSXV:UCU)
Market cap: C$231.44 million
Share value: C$2.60
Ucore Uncommon Metals is targeted on the exploration and separation of uncommon earth parts in Canada and the US.
The corporate owns the Bokan-Dotson Ridge uncommon earth venture in Alaska and is growing a strategic metals complicated for processing heavy and lightweight uncommon earth parts in Louisiana, US. Ucore acquired an 80,800 sq. foot brownfields facility in Alexandria, Louisiana, for growing its first business REE processing facility in January 2024.
In Canada, Ucore’s Ontario-based RapidSX demonstration plant, operated by Kingston Course of Metallurgy, was commissioned to guage the techno-economic benefits, scalability and business viability of the RapidSX know-how platform for separating and producing REEs like praseodymium, neodymium, terbium and dysprosium. This initiative was supported by a US$4 million award from the DoD granted to Ucore’s subsidiary, Innovation Metals.
Final 12 months, Ucore entered and superior partnerships with a number of firms. In April, Ucore examined combined uncommon earths carbonate from Protection Metals’ (TSXV:DEFN,OTCQB:DFMTF) Wicheeda venture and confirmed it was appropriate for commercial-scale processing at Ucore’s deliberate amenities. A number of months later, Ucore executea non-binding MoU with Cyclic Supplies to qualify Cyclic’s recycled uncommon earth oxide product in Ucore’s course of.
In August 2024, Ucore and Meteoric Assets (ASX:MEI) signed an MoU for Meteoric to provide 3,000 MT of TREO from its Caldeira venture in Brazil to Ucore’s Louisiana strategic metals complicated, and Ucore established a comparable deal with Australia’s ABx Group (ASX:ABX) in early September beneath which ABx would provide Ucore with combined uncommon earth carbonates from its Deep Leads ionic adsorption clay uncommon earths useful resource in Northern Tasmania.
Firstly of 2025, Ucore was awarded C$500,000 through its partnership with Ontario’s Vital Minerals Innovation Fund to assist finance the development of the corporate’s Canadian RapidSX business demonstration facility.
As for its Louisiana facility, the corporate obtained US$18.4 million from the DoD in Might, its largest funding dedication to this point. The funding will help development of Ucore’s first commercial-scale RapidSX refining machine in Louisiana.
In late August, Ucore entered a non-binding LOI with Vital Metals (NASDAQ:CRML) for a ten 12 months offtake of heavy uncommon earth feedstock from Vital’s Tanbreez venture in Greenland that may provide its Louisiana facility, with smaller volumes first processed at its demo facility in Ontario.
Australian uncommon earths shares
Australia ranks among the many globe’s high uncommon earths producers and possesses the fourth largest uncommon earths reserves. The nation is notable for internet hosting the biggest provider of uncommon earths exterior of China.
Study extra about Lynas Uncommon Earths, Iluka Assets and Arafura Assets, the three largest ASX-listed uncommon earths shares centered shares by market cap.
1. Lynas Uncommon Earths (ASX:LYC)
Market cap: AU$13.08 billion
Share value: AU$14.61
Nicely-known ASX-listed uncommon earths inventory Lynas Uncommon Earths is the main separated uncommon earths producer exterior of China, with operations in Australia and Malaysia.
In Western Australia, Lynas operates the Mount Weld mine and concentrator and is ramping up processing at its Kalgoorlie uncommon earths processing facility. In mid-2023, Lynas secured AU$20 million from Australia’s Fashionable Manufacturing Initiative to advance its apatite leach circuit on the Kalgoorlie plant. By December, the power hit its first manufacturing milestone, marking the shift from commissioning to full-scale operations. Lynas’ new large-scale downstream Kalgoorlie uncommon earths processing facility got here on-line in November 2024.
In August 2024, the agency reported a 92 p.c enhance in mineral sources and a 63 p.c rise in ore reserves at Mount Weld. Assets grew to 106.6 million MT at 4.12 p.c TREO, whereas reserves elevated to 32 million MT at 6.44 p.c TREO, together with added tailings. The up to date estimates enhance contained heavy uncommon earths and help a mine life exceeding 20 years at larger manufacturing charges.
Lynas additionally processes mined materials at its separation facility in Malaysia. After commissioning the brand new heavy uncommon earth separation circuit earlier within the 12 months, the location achieved first manufacturing of dysprosium oxide this previous Might.
Later within the month, Lynas penned a non-binding MoU with Menteri Besar, the Kelantan state funding arm in Malaysia, to produce combined uncommon earth carbonate. Subsequently, its Malaysian facility reported its first manufacturing of terbium oxide. In keeping with Lynas, the Malaysian milestones mark the primary business manufacturing of separated dysprosium and terbium oxides exterior China in many years.
Throughout its June fiscal quarter, the corporate additionally signed a MoU with Korea’s JS Hyperlink to develop a magnet plant in Malaysia and superior key enlargement tasks at Mount Weld and Kalgoorlie.
On August 27, Lynas launched its newest annual outcomes and its new long-term technique referred to as In the direction of 2030. The corporate produced 10,462 metric tons of uncommon earth oxides, together with 6,558 metric tons of NdPr, for the 12 months.
Whereas it had beforehand been working with the DoD to determine a uncommon earth processing facility in Texas, Lynas shared that it’s now unsure if the power will probably be constructed, partially attributable to allowing points with the location. It’s negotiating an offtake with the DoD for manufacturing from its present operations as a substitute.
Market cap: AU$2.71 billion
Share value: AU$6.34
Iluka Assets is advancing its Eneabba uncommon earths refinery in Western Australia with backing from the Australian authorities, which goals to bolster the nation’s footprint within the world uncommon earths market. The corporate additionally owns zircon operations in Australia, together with Jacinth-Ambrosia, the world’s largest zircon mine.
Moreover, Iluka is progressing its Wimmera venture in Victoria, specializing in mining and beneficiation of fine-grained heavy mineral sands within the Murray Basin. This venture goals to produce zircon and uncommon earths over the long run. A definitive feasibility research for Wimmera is scheduled for completion by the top of 2025.
Iluka secured an AU$1.25 billion non-recourse mortgage for Eneabba beneath the AU$2 billion Vital Minerals Facility administered by Export Finance Australia, and the Australian authorities agreed to an extra AU$400 million in funding in December 2024. This funding will help the event of Eneabba as Australia’s first totally built-in refinery able to producing each gentle and heavy separated uncommon earth oxides. The power will course of materials from Iluka’s personal feedstocks and third-party suppliers, with commissioning anticipated in 2027.
In early August of this 12 months, Iluka signed a 15 12 months deal with Lindian Assets (ASX:LIN) for the annual provide of 6,000 MT of uncommon earth focus from Lindian’s Kangankunde venture in Malawi. The feedstock will probably be processed at Eneabba, accounting for about 10 p.c of the refinery’s capability.
Additionally in August, Iluka launched its half-year outcomes, which had been impacted by world financial uncertainty and a subdued mineral sands market, in keeping with the corporate. The information famous a 8 p.c year-on-year income decline to AU$558 million within the mineral sands section.
Market cap: AU$468.22 million
Share value: AU$0.19
Arafura Assets, an Australian uncommon earths agency, has secured authorities funding to advance its Nolans uncommon earths venture within the Northern Territory. Arafura is presently working towards a last funding resolution for Nolans, which is shovel prepared. Nolans is envisioned as a vertically built-in operation with on-site processing amenities.
A 2022 mine report updates Nolans’ anticipated lifespan to 38 years, focusing on an annual manufacturing capability of 4,440 MT of NdPr focus. The venture’s definitive feasibility research highlights important concentrations of neodymium and praseodymium, alongside all different uncommon earths in various portions.
Arafura has inked binding offtake agreements with Hyundai Motor (KRX:005380,OTC Pink:HYMTF), Kia (KRX:000270) and Siemens Gamesa Renewable Vitality. Moreover, the corporate has a non-binding MoU with GE Vernova’s (NYSE:GEV) GE Renewable Vitality to collaborate on establishing sustainable uncommon earths provide chains.
In late August 2024, Arafura signed a MoU with Canada’s Saskatchewan Analysis Council to course of uncommon earths from Arafura’s Nolans venture into dysprosium and terbium oxides at SRC’s uncommon earths processing facility in Saskatchewan. The collaboration goals to help world provide chain diversification for vitality transition applied sciences.
The corporate obtained a AU$200 million funding dedication from Australia’s Nationwide Reconstruction Fund in January 2025. In March, Arafura introduced a binding offtake settlement with Traxys Europe by means of which Arafura will provide a minimal of 100 MT per 12 months of NdPr oxide over a five-year time period from the Nolans venture. Arafura has the choice to extend the offtake to a most of 300 MT per 12 months at its discretion.
The corporate supplied an replace in its annual report, launched in July, noting the Nolans venture has superior to the appraisal stage for 100 million euros in funding from the 1 billion euro German Uncooked Supplies Fund, turning into solely the second venture to achieve this part. The proposed financing is linked to NdPr oxide provide, supported by Arafura’s current offtake deal with Siemens Gamesa for 520 MT yearly.
As of August, Arafura had secured conditional approval for over US$1 billion in debt funding for Nolans.
In August, Arafura obtained a conditional letter of curiosity from Export Finance Australia to bolster fairness alongside current debt funding, and accomplished a AU$80M a “two-tranche institutional placement” at AU$0.19 per share. It additionally launched a AU$5M share buy plan on the similar value.
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Securities Disclosure: I, Georgia Williams, maintain no direct funding curiosity in any firm talked about on this article.
