Lynas Rare Earths has surged ahead as global demand for critical minerals drives record profits and expansion across its Australian and Malaysian operations.
The company’s net profit after tax shot to $80.2 million, up from just $5.9 million in the previous corresponding period, reflecting higher production, sales volumes and stronger prices for rare earth products.
Lynas Rare Earths chief executive officer Amanda Lacaze said the first half of the 2025-26 (FY26) had been “an exciting one for Lynas.”
“We completed commissioning for the Mt Weld expansion project, delivered the first half year of heavy rare earth production at Lynas Malaysia, launched the Towards 2030 growth strategy and successfully completed an equity raising to support our growth agenda,” she said
“All of this occurred in a global context where the focus on rare earth supply chain security is reshaping the market through government actions to address market dysfunction and supply challenges.
At Mt Weld, commissioning of the expansion project was largely complete by December 2025, with the new flotation circuit ramped up to 70 per cent of nameplate.
The Mt Weld hybrid renewable power station also achieved 92 per cent renewable electricity production during the month. Mining operations moved to day shifts, delivering ore ahead of schedule for Kalgoorlie and Malaysian operations while optimising production costs.
The Kalgoorlie facility successfully executed process modifications to improve quality and productivity, though significant power disruptions in November reduced output. Following remediation, electricity supply stabilised in December, allowing consistent feedstock to support Lynas Malaysia’s production.
Lynas produced 6375 tonnes of rare earth oxides, including 3407 tonnes of NdPr, with sales volumes and revenue up from the prior period. Average selling prices benefited from both market increases and a greater share of sales priced independently of the market index.
“Lynas is the only company able to capture the full value of this market upside,” Lacaze said. “This is due to our position as the only commercial producer of separated light and heavy rare earth oxides outside China today.”
The company also completed a $750 million institutional placement and a $182 million retail share plan to support its Towards 2030 growth strategy.
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