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2026-11-06
◂ Monitor LYC ASX

Lynas Rare Earths Limited

Producer · Rare Earths · AU · MY · BR Rating locked: sign in to view v8 · lyc-20261024t160312-full
Last 2026-11-06
A$12.31
1D
—
1M
—
YTD
—
1Y
—
Upside
Locked: sign in to view
Mkt cap
A$12.4B
EV
A$11.6B
Cash
A$504.1M
Debt
A$119.7M
1 newer ASX announcement not yet reflected in this valuation

Portfolio detail

Assets

2 assets

Core asset

Mt Weld integrated rare earths business

AU · MY

Producer100% ownedRare Earths

Operating100%-owned mine, concentration, Kalgoorlie cracking/leaching and Malaysia separation; HRE expansion underway.

Producer · Producer
Production annualised (attributable)
—
Production (last FY, 100%)
—
AISC (latest quarter)
—
AISC margin at spot
—
Delivery vs guidance
—
Reserve life
—
Head grade
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Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured Indicated Inferred Total109.2 Mt4.2% TREORare Earths2026-06-30
Ore ReserveProved and Probable Total31.5 Mt6.4% TREORare Earths2026-06-30
Milestones3
  1. Mt Weld expansion commissioning completed December2025

    Achieved · High materiality

  2. Gadolinium separation targeted early FY2028

    Pending · Medium materiality

  3. Malaysia alternative cracking modifications to commence by March2028

    Pending · High materiality

Permits & approvals1
PermitJurisdictionStatusExpiryCritical path
Malaysia operating licenceMalaysiaGranted2036-03-02Yes

Material

Caldeira conditional acquisition option

BR

DFS Unfunded Developer0% ownedRare Earths

Unowned at cutoff; proposed all-scrip acquisition conditional on scheme, court, regulatory and Brazil approvals. Preliminary environmental licence granted; installation licence pending.

Developer · DFS unfunded developer
Study
DFS
Post-tax NPV (study prices, attributable)
—
NPV restated at our deck (attributable)
Locked
IRR
—
Initial capex (100%)
US$498.4ms
Capital intensity
US$39,872/(t/yr TREO)d
LoM AISC
A$23,853/ts
Mine life
23.0 yrss
Published study economicsIssuer or study metrics
NPVUS$847M8% discount
IRR24%Published return
Initial capexUS$498.4MPublished capital estimate
Operating cost16.74USD/kg TREO AISC

100%project realQ12026 cost basis; July2026 spot-study pricing with70%MREC payability. Not current Lynas ownership.

Resources & reserves2
TypeCategoryQuantityGradeContained mineralsDate
Mineral ResourceMeasured Indicated Inferred Total1.6K Mt2317ppm TREORare Earths2026-07-09
Ore ReserveProbable Total151.1 Mt3524ppm TREORare Earths2026-07-31
Milestones2
  1. Conditional Meteoric implementation March2027

    Pending · High materiality

  2. Caldeira installation licence targeted2026

    Pending · High materiality

Permits & approvals2
PermitJurisdictionStatusExpiryCritical path
Preliminary environmental licenceMinas Gerais BrazilGranted—Yes
Installation environmental licenceMinas Gerais BrazilPending—Yes
Economic studies1
StudyStageStatusDateSummary
Caldeira July2026 DFS as summarized by LynasDFSCurrent2026-07-3123-year reserve-supported DFS,12,500tpaTREO,3862tpaNdPr,127tpaDyTb; mixed rare earth carbonate payable70%. Post-taxNPV8 spotUSD847m/forecastUSD2721m includes initial capitalUSD498.4m.

d derivedr our researchg guidances study forecastm daily marketNo marker: as reported— / NM missing or not meaningful (hover for why)

Stock database

Other assets

Plants, holdings and assets valued inside a project
JS Link strategic equity investment · Equity investment · Held
Investee
JS Link
Holding
4.6%
Shares held
—
Market value
—
% of holder's market cap
—
Cost basis
A$50.0m
Kalgoorlie cracking and leaching · Processing plant / refinery · Operating
Product and spec
Mixed rare earth carbonate
Nameplate capacity
—
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Captive Mt Weld concentrate
Offtake contracted
—
LS reciprocal convertible investment · Other · Held
Ownership
100%d
Description
Reciprocal LS convertible note asset, face approximatelyAUD29m; forecastcashflows not a listed equity stake
Book value
A$29.0md
Malaysia separation · Processing plant / refinery · Operating
Product and spec
Separated rare earth oxides including NdPr DyTb Sm
Nameplate capacity
—
Throughput (12M)
—
Utilisation
—
Capital intensity (capex / tpa)
—
Feed source
Captive Mt Weld feed via Kalgoorlie MREC
Offtake contracted
—
Meteoric unsecured loan receivable · Other · Held
Ownership
100%d
Description
Unsecured Meteoric tranche1 working capital loan,10%capitalized interest; futuretranche75mconditional
Book value
A$35.0md
Short-term deposits · Other · Held
Ownership
100%d
Description
Short-term bank term deposits outside cash equivalents
Book value
A$705.0m