Lynas Rare Earths has posted its highest quarterly revenue in nearly four years, with sales for the fourth quarter (Q4) of the 2025-26 financial year (FY26) hitting $288.9 million, up 70 per cent year-on-year, on record rare earth prices and strong demand for supply outside China.
The average selling price across all rare earth products hit a record $98.2/kg for the quarter, a 63 per cent lift on the same period a year earlier, driven by improved neodymium-praseodymium (NdPr) pricing, a higher mix of heavy rare earth sales and rising premiums over the market index.
“Following production of the first Samarium oxide in March 2026, we have received strong customer demand and the customer qualification process is underway,” Lynas Rare Earths interim chief executive officer (CEO) Pol Le Roux said.
Le Roux moved up from chief operating officer (COO) on July 1, taking over from Amanda Lacaze, who stepped down after 12 years to chair the Minerals Council of Australia (MCA).
First customer orders for Samarium oxide, produced at Lynas Malaysia in Kuantan, are expected in the September quarter. Samarium is used in high-performance magnets for electronics and aerospace, and in optical, catalyst and medical applications.
Dysprosium (Dy) and terbium (Tb) output at Lynas Malaysia climbed to 19 tonnes for the quarter, more than double the March quarter, on rising customer demand. Total rare earth oxide production reached 3,481 tonnes, up from 3,233 tonnes three months earlier.
Lynas’ cash and short-term deposits jumped to $1.2 billion at the end of the quarter, up from $166.4 million a year earlier, giving Le Roux firepower for the $50 million Malaysian magnet factory partnership with JS Link and the expanded heavy rare earths facility in Kuantan.