LEADING EDGE MATERIALS REPORTS QUARTERLY RESULTS TO JULY 31, 2025

US uncommon earths shares

The US is striving to safe steady home provide of REEs exterior China, a matter that has grow to be much more urgent in 2025 as a result of escalation of the US-China commerce conflict and China’s new uncommon earth mineral export restrictions.

The nation has huge uncommon earths reserves and is the second largest world REE producer due to its sole working uncommon earth mine, Mountain Move. Nevertheless, it at present lacks adequate processing amenities.

American uncommon earths corporations are working to handle this imbalance, presenting funding alternatives for these trying to capitalize available on the market’s development potential. Study extra about MP Supplies, Vitality Fuels and NioCorp Developments, the three largest US uncommon earths shares by market cap, beneath.

1. MP Supplies (NYSE:MP)

In April 2024, MP Supplies was awarded US$58.5 million beneath the Part 48C tax credit score to construct the US’s first totally built-in uncommon earth magnet plant. Positioned in Fort Value, Texas, the ability started making NdFeB magnets in January, with first deliveries due by year-end. MP Supplies sources feedstock from its Mountain Move mine, creating a completely built-in, closed-loop provide chain with built-in recycling.

In its Q2 outcomes, MP Supplies reported an 84 p.c year-on-year enhance in income to US$57.4 million. Moreover, the corporate achieved report NdPr output of 597 metric tons (MT), whereas its uncommon earth oxide (REO) manufacturing reached 13,145 MT, marking its second-highest quarterly manufacturing ever and a forty five p.c enhance from final yr.

In early July, MP Supplies penned a cope with the DoD by way of which the federal government will buy US$400 million price of most popular inventory within the firm, making the DoD the corporate’s largest shareholder.

The funds are earmarked for the enlargement of its processing capabilities at Mountain Move and the development of a second magnet manufacturing facility within the US.

MP Supplies additionally signed a US$500 million cope with Apple (NASDAQ:AAPL) to provide uncommon earth magnets within the US utilizing solely recycled supplies. Beginning in 2027, MP Supplies will provide magnets for tons of of hundreds of thousands of Apple units, together with iPhones, iPads and MacBooks.

2. Vitality Fuels (NYSEAMERICAN:UUUU,TSX:EFR)

Market cap: US$1.97 billion
Share worth: US$8.53

Vitality Fuels is a number one US uranium and uncommon earths firm that operates key uranium manufacturing facilities, together with the White Mesa mill in Utah and the Nichols Ranch and Alta Mesa tasks in Wyoming and Texas.

The corporate completed building of Section 1 REE separation infrastructure at White Mesa in early 2024, and in June reported profitable industrial manufacturing of separated NdPr that meets the specs required for REE-based alloy manufacturing. The Section 1 REE separation circuit is now working at full capability.

Following its 2023 acquisition of the Bahia heavy mineral sands undertaking in Brazil, Vitality Fuels made a number of offers in 2024 with the goal of buying feedstock for White Mesa.

In early June of final yr, Vitality Fuels executed a three way partnership that provides it the choice to earn a 49 p.c stake in Astron’s (ASX:ATR) Donald uncommon earths and mineral sands undertaking in Victoria, Australia.

Donald is anticipated to start manufacturing as early as 2026, and can provide the White Mesa mill with 7,000 to eight,000 MT of monazite sand in uncommon earths focus yearly in Section 1. In October 2024, Vitality Fuels acquired Australian mineral sands firm Base Assets, which owns the Toliara undertaking in Madagascar.

As for 2025, in mid-March, Vitality Fuels inked a memorandum of understanding (MoU) with South Korea-based POSCO Holdings (NYSE:PKX,KRX:005490) for the potential creation of a non-China REE provide chain for EVs and hybrid EV drivetrains. The businesses will give attention to the US, EU, Japanese and South Korean auto markets.

In June, the Victoria authorities permitted the work plan for the development and operation of the Donald uncommon earths and mineral sand undertaking. The positioning can now transfer into building. A month later, Vitality Fuels achieved pilot-scale manufacturing of heavy uncommon earth oxides at its White Mesa mill and goals for industrial output by late 2026. Moreover, the corporate famous that it might supply feedstock from the Donald undertaking by the tip of 2027.

In late August, Vitality Fuels produced its first kilogram of 99.9 p.c pure dysprosium oxide at pilot scale from White Mesa. Utilizing monazite sourced from Florida and Georgia, Vitality Fuels now plans to provide 2 kilograms weekly.

“A number of magnet producers and OEMs have already expressed their sturdy curiosity in acquiring these samples to speed up their validation processes,” the corporate stated.

3. NioCorp Developments (NASDAQ:NB)

Market cap: US$291.32 million
Share worth: US$4.01

NioCorp Developments is advancing its Elk Creek undertaking in Nebraska, which options North America’s highest-grade niobium deposit beneath growth, with important scandium manufacturing capability.

Elk Creek is totally permitted for building. NioCorp is working to safe financing to maneuver the undertaking ahead, and the US Export-Import Financial institution superior its software for financing to its subsequent stage of due diligence in February.

An up to date 2022 feasibility examine highlights an prolonged mine life, improved ore grades and enhanced economics for niobium, scandium and titanium. In April 2024, NioCorp started exploring integrating everlasting uncommon earth magnet recycling at its Elk Creek undertaking to provide separated uncommon earth oxides which might then be used to provide new NdFeB magnets. It accomplished preliminary bench-scale exams in October.

2025 has been busy for NioCorp. It accomplished a US$45 million public providing in July, which, mixed with an extra US$15 million, will probably be used to speed up pre-construction actions at Elk Creek.

NioCorp additionally secured as much as US$10 million from the DoD beneath the Protection Manufacturing Act’s Title III program.

The funding, tied to milestone achievements, is aimed toward establishing the nation’s first home scandium mine-to-manufacture provide chain. The award is anticipated to bolster NioCorp’s efforts to safe as much as US$800 million in debt financing from the US Export-Import Financial institution.

In an effort to bolster its Nebraska land place, NioCorp acquired three key land parcels related to the Elk Creek undertaking in early August. The adjoining parcels will home manufacturing operations and infrastructure.

NioCorp is at present awaiting the outcomes from the Section I drilling marketing campaign accomplished in mid-August. This system goals to transform parts of the useful resource from the indicated and possible classes to measured and confirmed.

Canadian uncommon earths shares

As a part of Canada’s Crucial Minerals Technique, the federal government has allotted C$3.8 billion in federal funding for alternatives throughout the vital minerals worth chain, from exploration to recycling.

REEs are among the many minerals listed as vital.

Moreover, the federal government has designated C$7.5 million to assist the institution of a uncommon earths processing facility in Saskatoon, Saskatchewan. In mid-September 2024, the Saskatchewan Analysis Council (SRC) introduced that the ability reached commercial-scale manufacturing, making it the primary in North America to realize this milestone.

The SRC plans to provide 400 MT yearly as soon as it’s totally operational.

Study Aclara Assets, Mkango Assets and Ucore Uncommon Metals, the three largest Canada-listed uncommon earth shares by market cap, beneath.

1. Aclara Assets (TSX:ARA)

Market cap: C$321.18 million
Share worth: C$1.46

Aclara Assets is advancing its Penco Module undertaking in Chile, characterised by ionic clays ample in heavy uncommon earths, and its Carina Module undertaking in Brazil. Its goal at Penco Module is to generate uncommon earths focus by way of an environmentally pleasant extraction course of. This method goals to get rid of the necessity for a tailings facility, decrease water use and make sure the absence of radioactivity within the ultimate product.

Aclara efficiently concluded a semi-industrial pilot plant program for Penco Module in 2023, yielding 107 kilograms of moist high-purity heavy uncommon earths focus from 120 MT of ionic clays.

Aclara and Vacuumschmelze penned a MoU in early July 2024 to collectively pursue a “mine-to-magnets” resolution for ESG-compliant everlasting magnets. The corporate submitted a new environmental impression evaluation (EIA) for the undertaking in June 2024, and it moved to the subsequent stage in August.

This previous Might, Aclara acquired the second spherical of technical observations from the Environmental Service Evaluation Authority, together with 205 questions concerning technical points of the EIA.

The corporate plans to submit its response in the course of the third quarter of 2025.

Aclara can also be advancing its Carina Module undertaking in Brazil, which it found in 2023. In December of that yr, Aclara disclosed an preliminary inferred useful resource for the undertaking, saying it encompasses roughly 168 million MT grading 1,510 elements per million TREO and 477 elements per million desorbable uncommon earth oxides.

In August 2024, Aclara launched an up to date preliminary financial evaluation for Carina Module that includes preliminary capital prices of US$593 million and sustaining capital prices of US$86 million. Later within the month, the corporate signed a MoU with the State of Goiás and Nova Roma to expedite the Carina Module undertaking.

In late Might of this yr, Aclara submitted its EIA for Carina Module, and anticipates its approval in the course of the fourth quarter. The corporate additionally reiterated its expectations to provide a mean of 191 MT of dysprosium and terbium yearly, in addition to yearly output targets of 1,350 MT of neodymium and praseodymium.

On the innovation aspect, Aclara is deepening its tech-driven method to uncommon earths by way of a long-term letter of intent (LOI) with Stanford’s Mineral-X initiative to leverage AI, knowledge science and choice modeling to construct a extra resilient heavy uncommon earth provide chain. In the meantime, an MoU with Virginia Tech covers operation of Aclara’s pilot plant showcasing its solvent-extraction expertise for producing high-purity uncommon earth components.

2. Mkango Assets (TSXV:MKA)

Market cap: C$262.87 million
Share worth: C$0.79

Mkango Assets is advancing as a producer of recycled uncommon earth magnets, alloys and oxides, by way of its 79.4 p.c stake in Maginito with companion CoTec Holdings (TSXV:CTH,OTCQB:CTHCF).

Mkango’s belongings embody Malawi’s Songwe Hill undertaking, concentrating on neodymium, praseodymium, dysprosium and terbium, and the Pulawy uncommon earths separation undertaking in Poland, alongside a broader exploration portfolio in Malawi.

In July 2024, Mkango and the Malawian authorities signed a mining growth settlement for the Songwe uncommon earths undertaking, granting Malawi a ten p.c stake and customs and excise exemptions.

By Maginito, Mkango additionally owns HyProMag, which licenses the Hydrogen Processing of Magnet Scrap (HPMS) course of to recycle uncommon earth magnets from scrap. A pilot plant utilizing a long-loop recycling course of underpinned by the HPMS course of was commissioned in July 2024.

Maginito is increasing HyProMag’s recycling expertise to the US by way of the three way partnership HyProMag USA, with a constructive feasibility examine accomplished in November 2024. Whereas the feasibility examine was primarily based on two HPMS vessels, HyProMag introduced in March that conceptual research have been underway to increase the capability to a few vessels and the addition of “long-loop chemical processing” to enrich the HPMS short-loop recycling course of.

In an August 2024 replace, Mkango reported that HyProMag would obtain 350,125 euros to develop its eco-friendly NeoLeach expertise, which is able to additional improve metals recovered with HPMS. The funding, a part of the 8 million euro GREENE undertaking, goals to enhance the useful resource effectivity and efficiency of uncommon earth everlasting magnets.

In late March of this yr, the European Fee designated Mkango’s Pulawy undertaking in Poland as a strategic undertaking beneath the Crucial Uncooked Supplies Act. In June, HyProMag USA acquired a “Make Extra in America” LOI from the US Export-Import Financial institution. The letter indicators potential financing of as much as US$92 million for the corporate’s first built-in uncommon earths recycling and magnet manufacturing facility in Dallas-Fort Value, with a ten yr compensation time period.

Later within the month, Mkango up to date on its superior pilot program and the scale-up of HPMS expertise, aiming to provide domestically sourced, short-loop recycled uncommon earth magnets with a minimal carbon footprint within the UK and Germany in 2025, and the US in 2027. The corporate commenced preliminary manufacturing runs on its commercial-scale HPMS vessel at Tyseley Vitality Park in Birmingham in early July.

On July 3, Mkango signed a definitive merger deal with Crown PropTech Acquisitions that can see a number of of Mkango’s subsidiaries, together with Lancaster Exploration, mix with Crown to type Mkango Uncommon Earths. The mixed firm will probably be a vertically built-in uncommon earth agency that owns the Songwe Hill and Pulawy tasks.

Within the US, Clever Lifecycle Options began stockpiling feedstock beneath its provide and pre-processing settlement with HyProMag USA in late August. Pre-processing is slated to begin earlier than the tip of 2025.

3. Ucore Uncommon Metals (TSXV:UCU)

Market cap: C$231.44 million
Share worth: C$2.60

Ucore Uncommon Metals is concentrated on the exploration and separation of uncommon earth components in Canada and the US.

The corporate owns the Bokan-Dotson Ridge uncommon earth undertaking in Alaska and is growing a strategic metals complicated for processing heavy and lightweight uncommon earth components in Louisiana, US. Ucore acquired an 80,800 sq. foot brownfields facility in Alexandria, Louisiana, for growing its first industrial REE processing facility in January 2024.

In Canada, Ucore’s Ontario-based RapidSX demonstration plant, operated by Kingston Course of Metallurgy, was commissioned to guage the techno-economic benefits, scalability and industrial viability of the RapidSX expertise platform for separating and producing REEs like praseodymium, neodymium, terbium and dysprosium. This initiative was supported by a US$4 million award from the DoD granted to Ucore’s subsidiary, Innovation Metals.

Final yr, Ucore entered and superior partnerships with a number of corporations. In April, Ucore examined blended uncommon earths carbonate from Protection Metals’ (TSXV:DEFN,OTCQB:DFMTF) Wicheeda undertaking and confirmed it was appropriate for commercial-scale processing at Ucore’s deliberate amenities. Just a few months later, Ucore executea non-binding MoU with Cyclic Supplies to qualify Cyclic’s recycled uncommon earth oxide product in Ucore’s course of.

In August 2024, Ucore and Meteoric Assets (ASX:MEI) signed an MoU for Meteoric to provide 3,000 MT of TREO from its Caldeira undertaking in Brazil to Ucore’s Louisiana strategic metals complicated, and Ucore established a comparable deal with Australia’s ABx Group (ASX:ABX) in early September beneath which ABx would provide Ucore with blended uncommon earth carbonates from its Deep Leads ionic adsorption clay uncommon earths useful resource in Northern Tasmania.

At first of 2025, Ucore was awarded C$500,000 by way of its partnership with Ontario’s Crucial Minerals Innovation Fund to assist finance the development of the corporate’s Canadian RapidSX industrial demonstration facility.

As for its Louisiana facility, the corporate acquired US$18.4 million from the DoD in Might, its largest funding dedication thus far. The funding will assist building of Ucore’s first commercial-scale RapidSX refining machine in Louisiana.

In late August, Ucore entered a non-binding LOI with Crucial Metals (NASDAQ:CRML) for a ten yr offtake of heavy uncommon earth feedstock from Crucial’s Tanbreez undertaking in Greenland that can provide its Louisiana facility, with smaller volumes first processed at its demo facility in Ontario.

Australian uncommon earths shares

Australia ranks among the many globe’s prime uncommon earths producers and possesses the fourth largest uncommon earths reserves. The nation is notable for internet hosting the biggest provider of uncommon earths exterior of China.

Study extra about Lynas Uncommon Earths, Iluka Assets and Arafura Assets, the three largest ASX-listed uncommon earths shares centered shares by market cap.

1. Lynas Uncommon Earths (ASX:LYC)

Market cap: AU$13.08 billion
Share worth: AU$14.61

Effectively-known ASX-listed uncommon earths inventory Lynas Uncommon Earths is the main separated uncommon earths producer exterior of China, with operations in Australia and Malaysia.

In Western Australia, Lynas operates the Mount Weld mine and concentrator and is ramping up processing at its Kalgoorlie uncommon earths processing facility. In mid-2023, Lynas secured AU$20 million from Australia’s Fashionable Manufacturing Initiative to advance its apatite leach circuit on the Kalgoorlie plant. By December, the ability hit its first manufacturing milestone, marking the shift from commissioning to full-scale operations. Lynas’ new large-scale downstream Kalgoorlie uncommon earths processing facility got here on-line in November 2024.

In August 2024, the agency reported a 92 p.c enhance in mineral assets and a 63 p.c rise in ore reserves at Mount Weld. Assets grew to 106.6 million MT at 4.12 p.c TREO, whereas reserves elevated to 32 million MT at 6.44 p.c TREO, together with added tailings. The up to date estimates increase contained heavy uncommon earths and assist a mine life exceeding 20 years at increased manufacturing charges.

Lynas additionally processes mined materials at its separation facility in Malaysia. After commissioning the brand new heavy uncommon earth separation circuit earlier within the yr, the location achieved first manufacturing of dysprosium oxide this previous Might.

Later within the month, Lynas penned a non-binding MoU with Menteri Besar, the Kelantan state funding arm in Malaysia, to produce blended uncommon earth carbonate. Subsequently, its Malaysian facility reported its first manufacturing of terbium oxide. In line with Lynas, the Malaysian milestones mark the primary industrial manufacturing of separated dysprosium and terbium oxides exterior China in a long time.

Throughout its June fiscal quarter, the corporate additionally signed a MoU with Korea’s JS Hyperlink to develop a magnet plant in Malaysia and superior key enlargement tasks at Mount Weld and Kalgoorlie.

On August 27, Lynas launched its newest annual outcomes and its new long-term technique referred to as In the direction of 2030. The corporate produced 10,462 metric tons of uncommon earth oxides, together with 6,558 metric tons of NdPr, for the yr.

Whereas it had beforehand been working with the DoD to ascertain a uncommon earth processing facility in Texas, Lynas shared that it’s now unsure if the ability will probably be constructed, partly attributable to allowing points with the location. It’s negotiating an offtake with the DoD for manufacturing from its present operations as a substitute.

2. Iluka Assets (ASX:ILU)

Market cap: AU$2.71 billion
Share worth: AU$6.34

Iluka Assets is advancing its Eneabba uncommon earths refinery in Western Australia with backing from the Australian authorities, which goals to bolster the nation’s footprint within the world uncommon earths market. The corporate additionally owns zircon operations in Australia, together with Jacinth-Ambrosia, the world’s largest zircon mine.

Moreover, Iluka is progressing its Wimmera undertaking in Victoria, specializing in mining and beneficiation of fine-grained heavy mineral sands within the Murray Basin. This undertaking goals to produce zircon and uncommon earths over the long run. A definitive feasibility examine for Wimmera is scheduled for completion by the tip of 2025.

Iluka secured an AU$1.25 billion non-recourse mortgage for Eneabba beneath the AU$2 billion Crucial Minerals Facility administered by Export Finance Australia, and the Australian authorities agreed to an extra AU$400 million in funding in December 2024. This funding will assist the event of Eneabba as Australia’s first totally built-in refinery able to producing each gentle and heavy separated uncommon earth oxides. The power will course of materials from Iluka’s personal feedstocks and third-party suppliers, with commissioning anticipated in 2027.

In early August of this yr, Iluka signed a 15 yr deal with Lindian Assets (ASX:LIN) for the annual provide of 6,000 MT of uncommon earth focus from Lindian’s Kangankunde undertaking in Malawi. The feedstock will probably be processed at Eneabba, accounting for about 10 p.c of the refinery’s capability.

Additionally in August, Iluka launched its half-year outcomes, which have been impacted by world financial uncertainty and a subdued mineral sands market, in accordance with the corporate. The information famous a 8 p.c year-on-year income decline to AU$558 million within the mineral sands phase.

3. Arafura Assets (ASX:ARU)

Market cap: AU$468.22 million
Share worth: AU$0.19

Arafura Assets, an Australian uncommon earths agency, has secured authorities funding to advance its Nolans uncommon earths undertaking within the Northern Territory. Arafura is at present working towards a ultimate funding choice for Nolans, which is shovel prepared. Nolans is envisioned as a vertically built-in operation with on-site processing amenities.

A 2022 mine report updates Nolans’ anticipated lifespan to 38 years, concentrating on an annual manufacturing capability of 4,440 MT of NdPr focus. The undertaking’s definitive feasibility examine highlights important concentrations of neodymium and praseodymium, alongside all different uncommon earths in various portions.

Arafura has inked binding offtake agreements with Hyundai Motor (KRX:005380,OTC Pink:HYMTF), Kia (KRX:000270) and Siemens Gamesa Renewable Vitality. Moreover, the corporate has a non-binding MoU with GE Vernova’s (NYSE:GEV) GE Renewable Vitality to collaborate on establishing sustainable uncommon earths provide chains.

In late August 2024, Arafura signed a MoU with Canada’s Saskatchewan Analysis Council to course of uncommon earths from Arafura’s Nolans undertaking into dysprosium and terbium oxides at SRC’s uncommon earths processing facility in Saskatchewan. The collaboration goals to assist world provide chain diversification for power transition applied sciences.

The corporate acquired a AU$200 million funding dedication from Australia’s Nationwide Reconstruction Fund in January 2025. In March, Arafura introduced a binding offtake settlement with Traxys Europe by way of which Arafura will provide a minimal of 100 MT per yr of NdPr oxide over a five-year time period from the Nolans undertaking. Arafura has the choice to extend the offtake to a most of 300 MT per yr at its discretion.

The corporate offered an replace in its annual report, launched in July, noting the Nolans undertaking has superior to the appraisal stage for 100 million euros in funding from the 1 billion euro German Uncooked Supplies Fund, changing into solely the second undertaking to succeed in this part. The proposed financing is linked to NdPr oxide provide, supported by Arafura’s present offtake cope with Siemens Gamesa for 520 MT yearly.

As of August, Arafura had secured conditional approval for over US$1 billion in debt funding for Nolans.

In August, Arafura acquired a conditional letter of curiosity from Export Finance Australia to bolster fairness alongside present debt funding, and accomplished a AU$80M a “two-tranche institutional placement” at AU$0.19 per share. It additionally launched a AU$5M share buy plan on the identical worth.