Rare Earths Stocks: 9 Biggest Companies in 2024

by Safe Retirement Reports

Rare earth elements (REEs) are crucial for technologies like smartphone cameras and defense systems.
A select few from the group of 17 are also vital to the expanding electric vehicle industry — neodymium and praseodymium are used in permanent magnet synchronous motors used in EV drive trains.
China’s dominance in rare earth production and reserves has prompted countries like the US, Canada and Australia to boost their own mining and processing efforts to secure their supply chains. The pressure on these nations to establish strong supply chains is likely to grow when a US tariff on imports of Chinese rare earth magnets begins in 2026.

The 25 percent tariff, announced by the US government in May 2024, aims to both protect American industries from China’s trade practices and support domestic production. One form of magnets the tariffs will affect is sintered neodymium-iron-boron (NdFeB) magnets, crucial for electric vehicle motors and wind turbines.
This marks the first time rare earth magnets are included in Section 301 tariffs, signaling a significant move in the US-China trade conflict. The initiative is part of broader efforts to bolster US energy and national security.
Meanwhile, the EU is also seeking to reduce its reliance on Chinese rare earths through a new law enacted in May, which aims to significantly boost domestic production of critical minerals, including rare earths, by 2030.
In early July, China’s State Council introduced new regulations to tighten control over the country’s rare earth resources and secure its supply chain. Taking effect on October 1, 2024, these new rules impose strict oversight on the mining, smelting and trading of rare earth elements. They also ban the export of technology for extracting and separating rare earths as well as for making rare earth magnets.

US rare earths stocks
Ahead of the Chinese tariffs, the US is striving to secure a stable domestic supply of REEs outside China. The US has vast rare earths reserves and is the second largest global REE producer thanks to its sole operating mine, Mountain Pass. However, it currently lacks sufficient processing facilities. American rare earth companies are working to address this imbalance, presenting investment opportunities for those looking to capitalize on the market’s growth potential.
Learn more about MP Materials, Energy Fuels and NioCorp Developments, the three largest US rare earths stocks by market cap, below.

1. MP Materials (NYSE:MP)

Company Profile

Market Cap: US$1.81 billion; share price: US$10.96
MP Materials, the largest producer of rare earths outside China, focuses on high-purity separated neodymium and praseodymium (NdPr) oxide, heavy rare earths concentrate, lanthanum, and cerium oxides and carbonates.
The company went public in mid-2020 after acquiring the Mountain Pass mine in California, the only operational US-based rare earths mine and processing facility. In Q3 2023, MP Materials began producing separated NdPr, marking a significant milestone. The company plans to increase rare earth oxide production by 50 percent within four years.
In April, MP Materials was awarded US$58.5 million to support the construction of the first fully integrated rare earth magnet manufacturing facility in the US. This funding, part of the Section 48C Advanced Energy Project tax credit, was granted by the IRS and Treasury following a selection process that evaluated around 250 projects based on their technical and commercial viability, as well as their environmental and community impact.
Located in Fort Worth, Texas, the facility will produce the NdFeB magnets crucial for EVs, wind turbines and defense systems. The company is targeting commercial production by late 2025. MP Materials will source raw materials from its Mountain Pass mine, creating an end-to-end supply chain with integrated recycling.

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

Press ReleasesCompany Profile

Market cap: US$764.25 million; share price: US$4.67
Energy Fuels is a leading US uranium and rare earths company that operates key uranium production centers including the White Mesa mill in Utah and the Nichols Ranch and Alta Mesa projects in Wyoming and Texas.
The company finished the construction of Phase 1 REE separation infrastructure at White Mesa in early 2024, and in June it reported the successful commercial production of separated neodymium-praseodymium that meets the specifications required for REE-based alloy manufacturing.
According to the company, it believes it is the first US company in decades to achieve commercial-scale, on-spec rare earths separation from monazite. The Phase 1 REE separation circuit was completed under budget and is now operating at full capacity. Energy Fuels anticipates commercial production of 850 to 1,000 metric tons of NdPr per year, making it one of the largest outside China.
Additionally, the mill will produce a heavy REE concentrate for pilot-scale tests to potentially develop commercial dysprosium and terbium separation facilities in the future.
Energy Fuels has also made moves to secure sources of monazite sand to process at its White Mesa mill. In 2023, the company acquired the Bahia project in Brazil to potentially supply 3,000 to 10,000 MT of REE-bearing monazite sand annually.
Additionally, in early June 2024, Energy Fuels executed a joint venture with Astron (ASX:ATR) for Astron’s Donald rare earth and mineral sands project in Victoria, Australia, of which Energy Fuels now has the option to earn 49 percent. Donald is expected to begin production as early as 2026 and supply the White Mesa mill with 7,000 to 8,000 tonnes of monazite sand in rare earth concentrate annually in Phase 1, with plans to expand output in subsequent phases.

3. NioCorp Developments (NASDAQ:NB)

Press ReleasesCompany Profile

Market cap: US$67.82 million; share price: US$1.81
NioCorp Developments is advancing its Elk Creek project in Nebraska, a leading critical minerals venture featuring North America’s highest-grade niobium deposit under development, with significant scandium production capacity. An updated 2022 feasibility study highlighted extended mine life, improved ore grades and enhanced economics for niobium, scandium and titanium.
Recent metallurgical testing has demonstrated the ability to produce high-purity magnetic rare earth oxides at a recovery rate of 92 percent or higher. These results will inform an updated feasibility study, expected in 2024, incorporating rare earth elements into the project’s mineral reserves.
In April the company delisted from the TSX due to significantly lower trading volumes than its NASDAQ listing.
A day later NioCorp announced plans to explore the feasibility of integrating the recycling of permanent rare earth magnets into its proposed Elk Creek Critical Minerals Project in southeast Nebraska. An assessment will be undertaken to better understand the technical and commercial viability of recycling post-consumer neodymium-iron-boron (NdFeB) magnets back into separated rare earth oxides, which can then be utilized in the production of new NdFeB magnets.
The initial phase of this investigation will involve bench-scale testing, with potential progression to demonstration-scale testing based on results. Notably, this initiative will be conducted independently of NioCorp’s ongoing efforts to update its Elk Creek project feasibility study.
In May, the company shared the results of a scoping study focused on using a Railveyor system to electrify the Elk Creek mine, which the study found could cut costs, shorten the timeline to full commercial production and lower the mine’s carbon footprint. The system would deliver ore to processing facilities using a narrow-gauge light rail system.

Canadian rare earths stocks
As part of Canada’s Critical Minerals Strategy, the government has allocated C$3.8 billion in federal funding for opportunities across the critical minerals entire value chain, from exploration to recycling. Rare earth elements are among the minerals listed as critical. Additionally, the government has designated C$7.5 million in funding to support the establishment of a rare earth element processing facility in Saskatchewan.
Learn more about Aclara Resources, Ucore Rare Metals and Mkango Resources, the three largest Canada-listed rare earths stocks focused stocks by market cap.

1. Aclara Resources (TSX:ARA)

Press ReleasesCompany Profile

Market cap: C$83.2 million; share price: C$0.48
Aclara Resources is advancing its Penco Module project in Chile, characterized by ionic clays abundant in heavy rare earths. Their objective is to generate rare earths concentrate utilizing an environmentally friendly extraction process. This approach aims to eliminate the need for a tailings facility, minimize water consumption and ensure the absence of radioactivity in the final product.
Additionally, the company discovered its Carina Module project in 2023, and in December disclosed an initial inferred resource for the project, encompassing approximately 168 million MT with a grade of 1,510 parts per million total rare earth oxides and 477 parts per million desorbable rare earth oxides.
Aclara successfully concluded its semi-industrial pilot plant program for the Penco Module in September 2023, yielding 107 kilograms of wet high-purity heavy rare earth concentrate from 120 MT of ionic clays. Full-scale production at the Penco Module is slated to commence in the second quarter of 2027.
On March 1, Aclara received its second patent for an innovative process to extract heavy rare earths from ionic clays in an environmentally friendly manner. The patent, granted in Chile and valid for 20 years, focuses on the circular mineral harvesting process and establishes a fully enclosed flowsheet. The company submitted a new environmental impact assessment for its Penco Module project in June that features an improved design addressing environmental and social concerns.
Aclara and Vacuumschmelze, also known as VAC, penned a memorandum of understanding in early July to jointly pursue a ‘mine-to-magnets’ solution for ESG-compliant permanent magnets. The non-binding agreement aims to meet the rising demand for electric vehicles and clean technologies, addressing the limited and Asia-centric supply of rare earth minerals. The partnership seeks to develop a resilient, ESG-focused supply chain for these critical components.

2. Ucore Rare Metals (TSXV:UCU)

Company Profile

Market cap: C$42.65 million; share price: C$0.66
Ucore Rare Metals is focused on the exploration and separation of rare earth elements in Canada and the US. The company owns the Bokan-Dotson Ridge rare earths project in Alaska and is developing a strategic metals complex for processing heavy and light rare earths in Louisiana. Ucore acquired an 80,800-square-foot brownfield facility in Alexandria, Louisiana, for developing its first commercial REE processing facility in January.
In Canada, Ucore’s Ontario-based RapidSX demonstration plant, operated by Kingston Process Metallurgy, was commissioned to evaluate the techno-economic advantages, scalability and commercial viability of the RapidSX technology platform for separating and producing REEs like praseodymium, neodymium, terbium and dysprosium. This initiative was supported by a US$4 million award from the US Department of Defense, granted to Ucore’s subsidiary, Innovation Metals, to demonstrate the capabilities of the plant.
In late April, Ucore reported that it tested a mixed rare earth carbonate from Defense Metals’ Wicheeda project and confirmed it was suitable for commercial-scale processing at Ucore’s planned facilities. According to the release, ‘(Wicheeda) is a source of material that can become a fundamental economic and technical component to Ucore’s plan of developing multiple SMC’s across North America.’
On July 9, Ucore announced the execution of a non-binding memorandum of understanding with Cyclic Materials that aims to to qualify Cyclic’s recycled rare earth oxide product in Ucore’s process. This will start with the use of initial trial quantities of Cyclic’s supply to support Ucore’s rare earth demonstration program at its RapidSX facility. Additionally, the agreement positions Cyclic Materials as a potential long-term source for Ucore’s planned facilities in the US and Canada.

3. Mkango Resources (TSXV:MKA)

Press ReleasesCompany Profile

Market cap: C$34.32 million; share price: C$0.13
Mkango is positioning itself to be a leader in the production of recycled rare earth magnets, alloys and oxides via its 79.4 percent stake in Maginito with partner CoTec Holdings. Mkango also has mineral assets, including the advanced Songwe Hill rare earths project in Malawi.
Magnito owns HyProMag, a firm focusing on rare earth magnet recycling at the Tyseley Energy Park in Birmingham, UK. A pilot plant using a long-loop recycling process was just commissioned in July, and commercial operations are anticipated to start in Q1 2025. Additionally, Maginito is expanding HyProMag’s recycling technology to the US through the joint venture HyProMag USA, with a feasibility study underway.
In early June, Mkango announced that HyProMag has entered a non-binding memorandum of understanding with Envipro Holdings, a Japanese recycling and materials trading company, to develop rare earth magnet recycling initiatives in Japan and the UK, including marketing and potentially development of its HyProMag technology in Japan, as well as scrap recycling trials in both countries.
Mkango’s mineral assets include the previously mentioned advanced Songwe Hill rare earths project in Malawi, which is targeting neodymium, praseodymium, dysprosium and terbium, and its Pulawy rare earths separation project in Poland. It also holds a diverse exploration portfolio in Malawi that host resources such as rare earths, uranium, tantalum and niobium.
At the end of July, Mkango’s wholly owned subsidiaries and the government of Malawi signed a mining development agreement for the Songwe rare earth project confirming the fiscal terms for its development, including a 10 percent interest to Malawi’s government and exemption from custom and excise duties imports and exports.
‘We are not just signing an agreement; we are embarking on a journey towards a brighter, more prosperous future for Malawi,’ Malawi’s Minister of Mining Monica Chang’anamuno said in the release.

Australian rare earths stocks
Australia ranks among the globe’s top rare earths producers and possesses the fifth largest reserves of these minerals. The nation is notable for hosting the largest supplier of rare earths outside of China, which also holds the highest market capitalization among Australian rare earths companies.

1. Lynas Rare Earths (ASX:LYC)

Company Profile

Market cap: AU$5.52 billion; current share price: AU$5.83
Lynas Rare Earths is the leading separated rare earths producer outside of China, with operations in Australia, Malaysia and the US. In Western Australia, Lynas operates the Mount Weld mine and concentrator and is ramping up processing at its Kalgoorlie rare earth processing facility.
In mid-2023, Lynas received AU$20 million from the Australian government’s Modern Manufacturing Initiative. This funding supports the Apatite leach circuit project at Lynas’ Kalgoorlie facility. The company marked a pivotal moment in December when the Kalgoorlie facility achieved its first production milestone, signaling the transition from commissioning to full-scale operation.
Additionally, Lynas is working to establish a light rare earths processing facility and a heavy rare earths separation facility in Texas, US. These initiatives not only bolster Lynas’s position but also strengthen the rare earths industry in both Australia and the US.
The company processes mined material at its separation facility in Malaysia. In the March 2024 quarter, Lynas reported strong production rates, including 1,724 metric tons of NdPr, following successful ramp-up efforts in Malaysia. Despite a challenging market with low NdPr prices averaging US$47 per kilogram, quarterly sales revenue reached AU$101.2 million.
In late June, Lynas announced plans to begin production of separated dysprosium and terbium products at its Malaysian operations in the 2025 calendar year.
In August, Lynas reported a 92 percent increase in mineral resources and a 63 percent rise in ore reserves at its Mount Weld site. Mineral resources have expanded from 55.4 million to 106.6 million MT at 4.12 percent total rare earth oxides, while ore reserves have grown from 19.7 million to 32 million MT at 6.44 percent.
The new estimates include significant increases in contained heavy rare earth elements and support a mine life of over 20 years at expanded production rates. Additionally, stored tailings were added to the ore reserves as the operations have the ability to reprocess them to recover additional rare earth minerals.

2. Iluka Resources (ASX:ILU)

Company Profile

Market cap: AU$2.35 billion; current share price: AU$5.42
Iluka Resources is advancing its Eneabba rare earths refinery in Western Australia with significant backing from the Australian government, which aims to bolster the country’s footprint in the global rare earths market by tapping into its abundant reserves. The company also owns zircon operations in Australia, including Jacinth-Ambrosia, the world’s largest zircon mine.
Iluka secured an AU$1.25 billion non-recourse loan for Eneabba under the AU$2 billion Critical Minerals Facility administered by Export Finance Australia. This funding will support the development of a fully integrated refinery capable of producing both light and heavy separated rare earth oxides. The facility will process material from Iluka’s own feedstocks and third-party suppliers, with initial production expected to commence by 2025.
Additionally, Iluka is progressing its Wimmera project in Victoria, focusing on mining and beneficiation of fine-grained heavy mineral sands in the Murray Basin. This project aims to supply zircon and rare earths over the long term. A definitive feasibility study for Wimmera is scheduled for completion by the end of 2025.
In the company’s Q2 quarterly results, Iluka noted that Q2 activity at Eneabba included the ‘progression of major engineering packages, conclusion of camp accommodation works and preparation for commencing the next phase of site works.’

3. Arafura Resources (ASX:ARU)

Company Profile

Market cap: AU$371.85 million; current share price: AU$0.16
Arafura Resources, an Australian rare earths firm, has secured government funding to advance its Nolans rare earths project in the Northern Territory. Arafura is currently working towards a final investment decision for Nolans, which is shovel ready.
Nolans is envisioned as a vertically integrated operation with on-site processing facilities. A 2022 mine report updates Nolans’ expected lifespan to 38 years, targeting an annual production capacity of 4,440 MT of NdPr concentrate. The project’s definitive feasibility study highlights significant concentrations of neodymium and praseodymium, alongside all other rare earths in varying quantities.
Arafura has inked a binding offtake agreements with Hyundai Motors (KRX:005380), Kia (KRX:000270), and Siemens Gamesa Renewable Energy. Additionally, the company has a non-binding memorandum of understanding with General Electric Company’s (NASDAQ:GE) GE Renewable Energy to collaborate on establishing sustainable rare earths supply chains.
In the most recent quarterly update Arafura noted that it had secured conditional approval for over US$1 billion in debt funding for the Nolans project. With safety preparations underway, Arafura is nearing a final investment decision and is set to begin construction once financing is finalized.

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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