Highlights

  • Revenue of A$310.1 million in the September quarter was the highest in Lynas's history, driven by record NdPr output.
  • NdPr production reached 2,082 tonnes, a quarterly record, as both Mt Weld and LAMP operated at high efficiency.
  • Lynas announced a scheme of arrangement to acquire 100% of Meteoric Resources for A$0.155 per share in cash.
  • Net cash from operations was A$108.4 million; cash and equivalents at quarter-end were A$895.1 million.

Lynas Rare Earths Limited (ASX:LYC) delivered its highest-ever quarterly revenue of A$310.1 million in the three months to September 2026, with neodymium-praseodymium output also reaching a record 2,082 tonnes, and capped the period by announcing the acquisition of Meteoric Resources.

Production Records

Mt Weld mined 320,800 tonnes of ore and concentrated 2,862 tonnes of NdPr at an average grade of 10.0% against a planned 9.9%. Total rare earth oxides (TREO) produced were 3,432 tonnes. At the Lynas Advanced Materials Plant in Malaysia, 2,082 tonnes of NdPr and 5,618 tonnes of TREO were produced, both described as quarterly records. LAMP cracker and separator utilisation rates were 95% and 96% respectively, with plant availability of 97%. The company attributed performance to continued strong plant efficiency and ore quality.

The NdPr oxide price realised was US$55.9 per kilogram, down from US$58.0 in the prior quarter. Dysprosium (Dy) and terbium (Tb) revenues also contributed to the period's result. Sales volumes were 2,066 tonnes of NdPr.

Financials

Revenue of A$310.1 million compared with A$280.4 million in the June quarter. Cost of sales was A$130.1 million. Earnings before interest, tax, depreciation and amortisation were A$135.6 million. Net cash from operations was A$108.4 million. Capital expenditure was A$57.4 million, covering Mt Weld mine development and the Lynas Kalgoorlie rare earths processing facility build. Cash and equivalents at 30 September 2026 were A$895.1 million.

Meteoric Acquisition

Lynas announced a scheme of arrangement to acquire all of the shares in Meteoric Resources NL, an ASX-listed company exploring rare earths in Brazil, for A$0.155 per Meteoric share, valuing Meteoric at approximately A$333 million. The scheme is subject to Meteoric shareholder and court approval. Lynas described the acquisition as securing a significant rare earth deposit outside China. No financial completion date was given.

Lynas Kalgoorlie Build

Construction of the Lynas Kalgoorlie facility to process Mt Weld concentrate in Western Australia rather than Malaysia continued during the quarter. The company said detailed engineering is complete for the cracker and leach circuit and that procurement is advanced. The site is the main capital focus outside Mt Weld. No revised timeline or budget update was provided in the quarterly.