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Quarterly roundup

Rare earth producers outside China: Q3 2026 roundup

Procurement and supply-chain buyers tracking rare earth output from producers outside China.

By the StrategicRawMaterial team · · 8 min read

Which non-Chinese rare earth producers report quarterly production?

As of 29 October 2026, two producers outside China publish separated rare earth output product by product every quarter: Lynas Rare Earths (Australia, with separation in Malaysia) and MP Materials (United States). Both give an NdPr figure. Lynas also gives a combined dysprosium and terbium figure.[20][2]

Other companies that separate rare earths outside China, such as Energy Fuels, Neo Performance Materials, Solvay and IREL, did not give a product-level NdPr volume in the filings we checked.

Latest reported quarter, by producer, as of 29 October 2026, with figures as each company defines them:

CompanyPlantLatest reported quarterNdPrDy and TbPrice reportedNext report dueFiling
Lynas Rare EarthsMt Weld (mine and concentrator) and Kalgoorlie, Western Australia; separation at Kuantan, MalaysiaSeptember 2026 quarter2,082 t ready for sale (June quarter: 1,857 t)Combined: 23 t (June quarter: 19 t)Average selling price A$102.1/kg, all rare earth products, excluding price adjustmentsBy 31 January 2027 (ASX deadline for the December quarter)Quarterly report, 29 October 2026[20]
MP MaterialsMountain Pass, CaliforniaQ2 2026, April to June (Q3 pending)840 t of finished, packaged NdPr oxide (Q1 2026: 917 t)None reportedNo realised price stated. A US$110/kg NdPr price floor applies under its agreement with the US Department of War.[5]5 November 2026, after US market close[3]Q2 2026 results, 6 August 2026[2]

The two NdPr figures are not defined the same way, and as of 29 October 2026 the rows cover different quarters: September for Lynas, June for MP. Lynas reports NdPr "ready for sale". MP reports "finished and packaged NdPr oxide produced at Mountain Pass".[20][2]

What changed in the September quarter

  • 29 October 2026, Lynas: 2,082 tonnes of NdPr ready for sale in the September quarter, a record for its Malaysian plant and 12% more than in June (our calculation), and 23 tonnes of dysprosium and terbium. The average selling price rose to a record A$102.1/kg. Lynas expects lower output in the December quarter, when its Malaysian plant shuts for about a month of planned maintenance.[20]
  • 28 October 2026, Iluka: the Eneabba refinery was 65% complete at the end of September, with A$1,237 million of capital expenditure accrued. Iluka also produced dysprosium and terbium metal to specification and bought equipment for 200 tonnes a year of it.[21]

Other company events from July to 29 October 2026, from company filings:

  • 8 October 2026: Arafura broke ground at its Nolans project in the Northern Territory. The company describes a build of about three years.[11]
  • 1 October 2026: Lynas agreed to acquire Meteoric Resources, owner of the Caldeira ionic-clay project in Brazil. The all-share deal implies an equity value of A$968 million, on a fully diluted basis using Lynas's 60-day volume-weighted average share price. It is proposed as a court-approved scheme and still needs regulatory approvals, including in Brazil, and the approval of Meteoric's shareholders and the court.[12]
  • 5 August 2026: Energy Fuels reported that construction of its heavy rare earth plant at the White Mesa Mill in Utah had begun, with terbium and dysprosium circuits due by the end of 2027.[13]
  • July 2026: Iluka signed a feedstock agreement with VHM for the Eneabba refinery.[8]

How much NdPr did Lynas produce in the September 2026 quarter?

Lynas produced 2,082 tonnes of NdPr ready for sale in the September 2026 quarter, the first quarter of its 2027 financial year. Lynas calls it a new production record for its Malaysian plant. It is up from 1,857 tonnes in the June quarter, a rise of 225 tonnes or 12.1% (our calculation).[20]

Lynas ready-for-sale production by quarter, in tonnes:[1][20]

Quarter endedNdPrDy and TbTotal REO
June 20252,080not reported3,212
September 20252,00393,993
December 20251,404262,382
March 20261,99683,233
June 20261,857193,481
September 20262,082234,254

The June quarter had been held back by concentrate quality: the ore fed to the Mt Weld plant varied, and a new fixed crusher made impurities in the concentrate harder to control, which slowed processing at Kalgoorlie and Kuantan.[1] Lynas says the same problems still affected July, and that strong production in August and September produced the record.[20]

Dysprosium and terbium output rose to 23 tonnes, from 19 tonnes in June, and Lynas says it increased through the quarter.[20]

Lynas expects lower output in the December quarter. Its Malaysian plant will shut for about a month of planned maintenance, including statutory electrical works required every three years, and Kalgoorlie for about two weeks while the power network operator, Western Power, modifies its network.[20]

What realised rare earth price did Lynas report for the September 2026 quarter?

For the September 2026 quarter, Lynas reported an average selling price of A$102.1/kg, a record, up from A$98.2/kg in June. It is an average across all the rare earth products Lynas sold, excluding later price adjustments, not an NdPr price. Lynas's quarterly report does not give a separate NdPr realised price.[20]

The comparable figure for the September 2025 quarter was A$54.3/kg. Lynas attributes the 88% rise to better market prices, more bundling of light and heavy rare earths for magnet customers, and a larger premium over the market index, partly from floor price agreements that now cover over 50% of its production. Sales revenue for the quarter was A$310.1 million, 55% more than a year earlier and Lynas's highest since the June 2022 quarter.[20]

For the full year to June 2026, the average was A$80.7/kg.[6]

How are ex-China rare earth producers performing in 2026?

As of 29 October 2026, NdPr output from the two producers that report it fell by 7% (Lynas) and 8% (MP) from the first quarter to the second (our calculation), and Lynas's recovered to a record in the third. The average China domestic NdPr price rose 83% in the year to June 2026 (our calculation).[6] Among new refineries, Iluka said in August 2026 that it would commission Eneabba in 2027,[9] and Arafura said on 9 October 2026 that building Nolans would take about three years.[11]

NdPr output by quarter of calendar 2026, in tonnes. The changes and percentages are our calculations from each company's own quarterly figures.[1][20][2][4] The two companies define NdPr output differently, so compare each company's trend rather than the tonnages.

ProducerJanuary–MarchApril–JuneJuly–SeptemberLatest change (calculation)
Lynas (ready for sale)1,9961,8572,082+225 t (+12.1%), April–June to July–September
MP Materials (NdPr oxide)917840Due 5 November−77 t (−8.4%), January–March to April–June
  • Volumes: MP's first-quarter output of 917 tonnes was a record for the company, up 63% year on year. Its second-quarter output was still 41% above the same quarter of 2025.[2][4] MP sold 1,006 tonnes in each of the first two quarters, more than it produced. That sales figure counts NdPr metal as oxide equivalent and includes sales to MP's own magnet business.[2]
  • Prices: Lynas reports that the average China domestic NdPr price, excluding VAT, rose from US$55.0/kg in June 2025 to US$100.8/kg in June 2026.[6] Government-backed and customer floors set a lower limit for some volumes: Lynas says floor price agreements now cover over 50% of its production.[20] MP has a US$110/kg NdPr floor with the US Department of War, and booked US$17.6 million of price-protection income in Q2 2026.[5] Lynas has a US$110/kg NdPr floor in its supply agreement with Japan Australia Rare Earths (JARE).[7]
  • Heavy rare earths: of the companies outside China whose filings we checked, only Lynas reports separated dysprosium and terbium volumes each quarter: 23 tonnes in the September quarter.[20] Lynas calls itself "the only commercial scale producer of light and heavy rare earth oxides outside of China".[20] That matters because China's export controls on dysprosium and terbium have required a MOFCOM licence for both since 4 April 2025.[19]
  • Pipeline: of the companies building rare earth separation plants outside China, Iluka said in August 2026 that it would commission its Eneabba refinery in 2027,[9] Arafura broke ground at Nolans on 8 October 2026,[11] and Energy Fuels plans to add terbium and dysprosium circuits at White Mesa by the end of 2027.[13]

How is Iluka's rare earth refinery progressing?

In its September-quarter review of 28 October 2026, Iluka reported that construction of its Eneabba rare earths refinery in Western Australia was 65% complete.[21] In August, Iluka said it would commission the refinery in 2027.[9]

  • Construction: concrete, major equipment, the pipe racks, the large tanks and the main solvent extraction buildings are complete, and all the mixer-settlers are in place. Structural, mechanical, piping, electrical and instrumentation work is advancing.[21] Civmec holds the contract for that work.[8]
  • Cost: capital expenditure accrued to 30 September 2026 was A$1,237 million. The total estimate is unchanged at A$1.7–1.8 billion.[21] That is 69–73% of the estimate (our calculation).
  • Funding: in June 2026, Export Finance Australia confirmed Iluka's access to the full A$1.65 billion non-recourse government loan. A$897.5 million had been drawn at 30 June.[10]
  • Metal: in the September quarter, Iluka produced dysprosium and terbium metal to specification and bought the equipment to make 200 tonnes a year of it at commercial scale. Its study of NdPr metal making continues.[21]
  • Capacity: 5,500 t/yr of NdPr oxide, 750 t/yr of dysprosium and terbium oxide, and 23,000 t/yr of rare earth oxides in total.[9]
  • Customers and feed: Iluka's first binding offtake, signed in June 2026, is a take-or-pay contract with a global automotive company for 1,200 tonnes of magnet rare earth oxides. It starts in 2028, runs for an initial four years and includes agreed minimum prices. Feed is to come from Iluka's own Eneabba stockpile and Balranald, plus third-party agreements with Northern Minerals, Lindian Resources and VHM.[8][9]

Which separators outside China do not report quarterly output?

Counting only companies whose own filing gives a figure for a separated product gives a shorter list than who supplies NdPr oxide outside China. As of 29 October 2026, these companies separate rare earths outside China but did not meet that test:

  • Energy Fuels (White Mesa Mill, Utah): its 10-Q says the mill has produced separated NdPr.[14] Its Q2 2026 results give uranium sales volumes but no NdPr volume.[13]
  • Neo Performance Materials (Silmet, Estonia): its Q2 2026 results give one company-wide sales volume (3,221 tonnes) with no split by product.[15] Q3 results are due on 10 November 2026.[16]
  • Solvay (La Rochelle, France) began commercial production of rare earths for magnets in April 2025,[17] and IREL (India) lists NdPr oxide among its products.[18] Neither publishes quarterly output volumes in the sources we found.

When do the September-quarter reports land?

Report dates for the September 2026 quarter, as of 29 October 2026:

CompanyReportDateSource
LynasQuarterly report, period ending 30 September 2026Published 29 October 2026Quarterly report[20]
MP MaterialsQ3 2026 results5 November 2026, after US market closeCompany notice, 8 October 2026[3]
Neo Performance MaterialsQ3 2026 results10 November 2026, before Toronto market openCompany media advisory, 21 October 2026[16]
IlukaQuarterly review to 30 September 2026Published 28 October 2026Quarterly review[21]

For buyers

As of 29 October 2026, only two producers outside China report separated output each quarter in the filings we checked, and Iluka said in August 2026 that it would commission its Eneabba refinery in 2027.[9] For material offered from any other source, buyers need to verify that a rare earth supplier is legitimate: who the seller is, and where the material was separated.

Our marketplace trades rare earth oxides, including NdPr, dysprosium and terbium oxides. Every company passes KYC/KYB before joining, buyers as part of buyer onboarding, and every offer's material is verified before buyers can bid. Trading is anonymous until a match. Request access to source rare earths from suppliers outside China.

Sources

  1. Lynas Rare Earths, Quarterly Report for the period ended 30 June 2026, ASX, 22 July 2026. announcements.asx.com.au (opens in a new tab)
  2. MP Materials, Second Quarter 2026 Results (Form 8-K, Exhibit 99.1), 6 August 2026. sec.gov (opens in a new tab)
  3. MP Materials, Announces Date for Third Quarter 2026 Financial Results and Webcast, 8 October 2026. investors.mpmaterials.com (opens in a new tab)
  4. MP Materials, First Quarter 2026 Results (Form 8-K, Exhibit 99.1), 7 May 2026. sec.gov (opens in a new tab)
  5. MP Materials, Form 10-Q for the quarter ended 30 June 2026, filed 7 August 2026 (price protection agreement). sec.gov (opens in a new tab)
  6. Lynas Rare Earths, FY26 Results Announcement, ASX, 26 August 2026. ASX filing (opens in a new tab)
  7. Lynas Rare Earths, ASX announcement on the enhanced JARE agreement, 10 March 2026. announcements.asx.com.au (opens in a new tab)
  8. Iluka Resources, Quarterly Review to 30 June 2026, ASX, 28 July 2026. announcements.asx.com.au (opens in a new tab)
  9. Iluka Resources, 2026 Half Year Results Presentation, ASX, 19 August 2026. ASX filing (opens in a new tab)
  10. Iluka Resources, 2026 Interim Report (Appendix 4D), ASX, 19 August 2026. ASX filing (opens in a new tab)
  11. Arafura Rare Earths, Nolans Groundbreaking Ceremony, ASX, 9 October 2026. ASX filing (opens in a new tab)
  12. Lynas Rare Earths, Lynas Rare Earths to Acquire Meteoric Resources, ASX, 1 October 2026. ASX filing (opens in a new tab)
  13. Energy Fuels, Energy Fuels Announces Q2-2026 Results, 5 August 2026. investors.energyfuels.com (opens in a new tab)
  14. Energy Fuels, Form 10-Q for the quarter ended 30 June 2026. sec.gov (opens in a new tab)
  15. Neo Performance Materials, Neo Performance Materials Reports Second Quarter 2026 Results, 11 August 2026. neomaterials.com (opens in a new tab)
  16. Neo Performance Materials, Media Advisory: Third Quarter 2026 Earnings Release and Conference Call, 21 October 2026. neomaterials.com (opens in a new tab)
  17. Solvay, press release on commercial rare earths production at La Rochelle, 8 April 2025. solvay.com (opens in a new tab)
  18. IREL (India) Limited, Rare Earths product page. irel.co.in (opens in a new tab)
  19. MOFCOM and GAC, Announcement No. 18 of 2025, export controls on some medium and heavy rare earth items, 4 April 2025. mofcom.gov.cn (opens in a new tab)
  20. Lynas Rare Earths, Quarterly Report for the period ended 30 September 2026, ASX, 29 October 2026. ASX filing (opens in a new tab)
  21. Iluka Resources, Quarterly Review to 30 September 2026, ASX, 28 October 2026. ASX filing (opens in a new tab)