Critical Minerals
Lynas Rare Earths
Lynas Rare Earths is the largest rare earths producer outside China and, as of March 2026, the first company outside China to begin commercial production of samarium oxide -- part of its push to offer a full suite of heavy rare earths independent of Chinese supply. The company posted record Q4 FY2026 gross sales revenue of A$288.9 million (up from A$170.2 million a year earlier) on record pricing, while lifting its Malaysia heavy rare earths project capex estimate to A$294 million to account for non-China equipment sourcing and added purification steps; further staged product rollouts are planned through 2028 (gadolinium in early FY28, yttrium in early CY2028, lutetium thereafter), against a backdrop of concern that China could reinstate rare earth export restrictions as soon as November 2026.
Sources
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Evidence
1 source · 55% avg. source confidence
- Discovery Alert / The Motley Fool Australia — Lynas posts record Q4 FY2026 revenue, begins samarium oxide production55% source confidence
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The Story So Far (last 6 months)
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Market Intelligence
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Malaysian parliamentary committee reportedly scrutinizing Lynas's Pentagon rare-earths supply deal
32% confidenceA Malaysian parliamentary special select committee reportedly convened to review Lynas's binding agreement to supply the Pentagon with roughly $96 million of rare-earth oxides, examining implications for Malaysia's foreign policy and role in the US defense supply chain; Lynas separately disclosed ongoing discussions with the US Department of Defense for further supply agreements.
The committee's review was ongoing and its findings or recommendations had not been published at time of reporting, and the scope of any further Pentagon supply agreements remained under discussion rather than finalized.
Bloomberg / Mining Weekly · Jul 17, 2026
Lynas Rare Earths's Timeline
A sourced, dated history of Lynas Rare Earths's key moments — founding to present.
2026-Q4 · Record quarterly revenue on record rare earth pricing
Lynas reported record Q4 FY2026 gross sales revenue of A$288.9 million, up from A$170.2 million in Q4 FY25, driven by record rare earth pricing and strong demand, while raising its Malaysia heavy rare earths project capex estimate to A$294 million.
Mar 2026 · First commercial samarium oxide production outside China
Lynas began producing samarium oxide at its Malaysia separation plant, becoming the first company outside China to commercially produce this heavy rare earth element, with customer qualification underway and first orders expected in Q1 FY27.