Key highlights

  • Lynas Rare Earths (ASX:LYC) reported FY26 Revenue of $977.9 million and NPAT of $222.4 million.
  • PLS Group (ASX:PLS) reported FY26 revenue of $1,934 million, underlying EBITDA of $1,137 million and a 5 cent final dividend.
  • Rio Tinto (ASX:RIO) reported first-half 2026 underlying EBITDA of US$14.8 billion, up 28%.

Critical minerals producers reported sharply higher Earnings in the latest reporting period as prices for rare earths and lithium moved up from low levels. This article reviews the latest results of Lynas Rare Earths Ltd (ASX:LYC) and PLS Group Limited (ASX:PLS), which reported for the year ended 30 June 2026, and of diversified miner Rio Tinto Limited (ASX:RIO), whose release covers the half year ended 30 June 2026.

Sector context

Rare earths, lithium and copper are linked to electrification and Manufacturing demand, and their producers’ earnings follow Commodity prices closely. The releases describe price floor arrangements in rare earths, a change in lithium market conditions and growth projects in copper, iron ore and lithium.

Lynas Rare Earths Ltd (ASX:LYC)

Lynas reported FY26 results on 26 August 2026, with record revenue of $977.9 million, compared with $556.5 million, NPAT of $222.4 million, compared with $8.0 million, EBIT of $247.4 million and EBITDA of $386.0 million. Closing cash, equivalents and short-term deposits were $1,209.1 million, compared with $166.5 million. NdPr sales Volume rose 12% to 7,337 tonnes, total REO sales rose 11% to 12,122 tonnes, and the average selling price was a record A$80.7/kg REO.

The company reported first production of samarium oxide, record NdPr production in the second half, and floor price agreements to Supply Japanese and US industry. Its Malaysian operating licence was renewed for ten years in March 2026.

PLS Group Limited (ASX:PLS)

PLS reported FY26 results on 24 August 2026. Production was a record 879.5 kt, up 17%, sales were 891.6 kt, and the average realised price rose 121% to A$2,164 per tonne. Revenue was $1,934 million, up 152%, underlying EBITDA was $1,137 million at a 59% margin, and net profit after tax was $526 million, compared with a loss of $196 million. Unit operating cost (FOB) fell 9% to $569 per tonne.

The cash balance rose to $2,290 million, helped by proceeds from an inaugural US$600 million bond, and capex fell 42% to $328 million. A fully franked final Dividend of 5 cents per share, about $161 million, is payable on 24 September 2026. PLS decided to restart the Ngungaju processing plant, approved about $175 million of pre-FID Capital for P2000, and progressed Colina feasibility studies.

Rio Tinto Limited (ASX:RIO)

Rio Tinto’s release of 29 July 2026 covers the half year ended 30 June 2026, not a full year. It reported underlying EBITDA of US$14.8 billion, up 28%, free Cash Flow of US$3.8 billion, up 75%, and net earnings of US$6.7 billion, up 47%, with underlying earnings of US$6.9 billion, up 43%. Copper equivalent production rose 3%, and copper, aluminium and lithium contributed more than 50% of underlying EBITDA.

The interim ordinary dividend was US$3.4 billion, up 43%, or 211 US cents per share, a 50% payout ratio. Net Debt was US$14.1 billion, and the company said it had banked US$870 million of productivity benefits and was on track for an annualised run-rate of US$1.8 billion by year end. It referred to growth in iron ore at Simandou and in lithium.

Taking stock of the three results

Lynas and PLS both reported large increases in revenue and profit from low prior-year bases, while Rio Tinto’s half-year result reflected a broader portfolio. Rio’s figures are for six months and in US dollars, so they should be read separately from the annual Australian dollar results of Lynas and PLS.