Rare Earths Stocks: 5 Biggest ASX Companies in 2026
Prices and demand for rare earth metals have continued on an upward trend in 2026. The long-term outlook for these important materials remains positive, especially given their precarious supply situation amidst China’s dominant control over the market.
Rare earth elements are key metals for high-tech applications, including permanent magnets, which have widespread potential, especially in the technology and electric vehicle sectors.
With future demand looking strong, countries around the world are keen to secure rare earth minerals from sources outside of China — which is good news for rare earths companies in Australia. Looking ahead, the International Energy Agency notes that rare earths demand could double by 2040.
This year, Australia and the US committed US$3.5 billion to underwrite numerous critical minerals projects in Australia, including those targeting rare earth metals.
For investors interested in getting a foot in the door, below is a list of the largest ASX rare earths stocks by market cap. Data for this stocks list was collected using TradingView’s stock screener on November 2, 2026.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$12.18 billion
Share price: AU$12.12
Lynas Rare Earths is Australia’s largest rare earths miner, as well as the only significant rare earth materials producer in the world outside of China. Focused on integrated delivery, Lynas is a miner and supplier of high-grade rare earths.
Its Mount Weld asset in Western Australia is one of the highest-grade rare earth mines in the world. The company also operates the Kalgoorlie rare earths processing facility and its Lynas Malaysia advanced materials plant in Malaysia.
In mid-2025, the company commenced first production of oxides of heavy rare earths dysprosium and terbium at its Lynas Malaysia facility from Mount Weld feedstock. In March 2026, it added samarium oxide to its list of heavy rare earth products.
Lynas launched its Towards 2030 strategy last year, and formed a number of key strategic partnerships in the past year focused on a mine-to-magnet supply chain. It signed an October 2025 memorandum of understanding with Noveon Magnetics, which describes itself as the only operational US manufacturer of sintered rare earth magnets, to build out a domestic supply chain in the US for rare earth permanent magnets.
In March 2026 Lynas extended its offtake agreement with existing partner Japan Australia Rare Earths, and signed a memorandum of understanding with Japan Australia Rare Earths for mineral exploration of rare earth elements and adjacent minerals. That same month, Lynas inked a letter of intent with the US Department of War concerning an approximately US$96 million rare earth oxide supply agreement.
Then, in July, Lynas entered into a formal long-term partnership with South Korean firm JS Link. JS will develop a rare earth permanent magnet factory in Malaysia that Lynas will supply with rare earth materials. Lynas is also making an…
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