Lynas Rare Earths has reported record revenue for the fiscal year ending June 30, driven by strong rare earths market prices.
The company posted a net profit after tax of AU$222.4 million for fiscal 2026, a sharp rebound from the AU$8 million recorded in 2025.
Annual revenue nearly doubled to reach a record AU$977.9 million, compared to AU$556.5 million in 2023, while earnings rose to AU$386 million from AU$101.2 million.
The results were supported by an average selling price of AU$80.7 per kilogram of rare earth oxide across all products, driven by improved market conditions and long-term price floor agreements with Japanese and US industry partners.
Operational performance across the group remained solid, with total neodymium and praseodymium (NdPr) production reaching record levels in the second half. NdPr sales volume climbed 12 per cent to 7,337 tonnes.
An increase in the cost of sales reflected a higher fixed cost attributed to new facilities which are in commissioning and ramp up, as well as the higher cost of sourcing inputs outside China.
At Mt Weld in Western Australia, high-efficiency mining operations continued alongside the commissioning of a new hybrid renewable power station, which achieved a 93 per cent renewable energy blend in the second half.
In Malaysia, first production of samarium (Sm) oxide was achieved in March, adding to the company’s separated heavy rare earth product suite.
Lynas Malaysia’s operating licence was renewed for 10 years, commencing March 3, providing greater investment certainty
Interim CEO Pol Le Roux noted that Lynas remains uniquely positioned to supply permanent magnet manufacturers outside China.
“Demand for rare earth permanent magnets in outside China markets remains strong and Lynas is focused on optimising our production assets and delivering Towards 2030 growth initiatives to meet customer needs today and tomorrow, while building long term value for our shareholders,” Le Roux said.
Lynas closed 2026 with AU$1.21 billion in cash and short-term deposits. Moving forward, the producer plans to expand its downstream processing capacity and advance downstream magnet joint ventures across Malaysia, Vietnam, and the US.
