- Last 2026-11-06
- A$12.31
- 1D
- —
- 1M
- —
- YTD
- —
- 1Y
- —
- Fair value
- Locked: sign in to view
- 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
- Quarterly Activities ReportLatest Four Activities Reports
Investment view
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Sign in or enter a guest codeAnnouncements
Latest 12 of 1All sources ▸Event calendar · next 12 months
9 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| 2026-10-14 to 2026-12-31 | Caldeira installation licence target | Permitting | Company Guided | High | Target remainder of calendar2026; an installation licence is a prerequisite to construction, not proof of financing. |
| 2026-11-01 to 2026-11-30 | Meteoric first court hearing | Transaction | Company Guided | High | Material test of forecast delivery, capital commitments and investor expectations. |
| 2026-11-25 | Annual general meeting | Governance | Confirmed | Medium | Board accountability and interimCEO succession discussion; AGM does not imply scheme approval. |
| 2026-12-01 to 2026-12-31 | Meteoric scheme booklet and independent expert | Transaction | Company Guided | High | Independent expert assessment and detailed risk/economic assumptions can change deal underwriting. |
| 2026-12-31 | JARE scheduled principal repayment | Financing | Confirmed | Medium | US10m due; already included in full face debt deduction, never charged twice in projectcashflow. |
| 2027-01-01 to 2027-01-31 | Meteoric shareholder meeting | Transaction | Company Guided | High | Material test of forecast delivery, capital commitments and investor expectations. |
| 2027-03-01 to 2027-03-31 | Conditional Meteoric implementation | Transaction | Company Guided | High | Transfers asset ownership and issues63.344637m shares if conditions pass; rebuild valuation and funding plan on verified completion. |
| 2027-06-30 | JARE scheduled principal repayment | Financing | Confirmed | Medium | US10m due; liquidity coverage and debt balance update needed. |
| 2027-07-01 to 2027-12-31 | First gadolinium separation target | Production | Company Guided | Medium | EarlyFY2028 target window overlaps12-month horizon; incremental product pricing remains unquantified. |
Executive roster
As of 2026-10-13Background checks ▸FY2026 management roster plus June4 interimCEO announcement effectiveJuly1. RetiredAmandaLacaze and nonexecutive directors excluded.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Pol Le Roux | Interim Chief Executive Officer | Chief Executive · Operations | 2026-07-01 | Appendix 4E and 2026 Annual Report · Appointment of Interim Chief Executive Officer |
| Mimi Afzan Afza | Vice President People and Culture | Senior Management | — | Appendix 4E and 2026 Annual Report |
| Dato Sri Mashal Ahmad | Vice President Malaysia | Operations | — | Appendix 4E and 2026 Annual Report |
| Daniel Havas | Vice President Strategy and Investor Relations | Senior Management | — | Appendix 4E and 2026 Annual Report |
| Chris Jenney | Vice President Sales and Market Development | Commercial | — | Appendix 4E and 2026 Annual Report |
| Sarah Leonard | General Counsel and Company Secretary | Company Secretary | — | Appendix 4E and 2026 Annual Report |
| Jennifer Parker | Vice President Corporate Affairs | Senior Management | — | Appendix 4E and 2026 Annual Report |
| Gaudenz Sturzenegger | Chief Financial Officer | Finance | — | Appendix 4E and 2026 Annual Report |
devCoverage status: Complete As Disclosed
Portfolio detail
Assets
Core asset
Mt Weld integrated rare earths business
AU · MY
Operating100%-owned mine, concentration, Kalgoorlie cracking/leaching and Malaysia separation; HRE expansion underway.
- Production annualised (attributable)
- —
- Production (last FY, 100%)
- —
- AISC (latest quarter)
- —
- AISC margin at spot
- —
- Delivery vs guidance
- —
- Reserve life
- —
- Head grade
- —
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured Indicated Inferred Total | 109.2 Mt | 4.2% TREO | Rare Earths | 2026-06-30 |
| Ore Reserve | Proved and Probable Total | 31.5 Mt | 6.4% TREO | Rare Earths | 2026-06-30 |
Milestones3
- Mt Weld expansion commissioning completed December2025
Achieved · High materiality
- Gadolinium separation targeted early FY2028
Pending · Medium materiality
- Malaysia alternative cracking modifications to commence by March2028
Pending · High materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Malaysia operating licence | Malaysia | Granted | 2036-03-02 | Yes |
Material
Caldeira conditional acquisition option
BR
Unowned at cutoff; proposed all-scrip acquisition conditional on scheme, court, regulatory and Brazil approvals. Preliminary environmental licence granted; installation licence pending.
- 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
100%project realQ12026 cost basis; July2026 spot-study pricing with70%MREC payability. Not current Lynas ownership.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured Indicated Inferred Total | 1.6K Mt | 2317ppm TREO | Rare Earths | 2026-07-09 |
| Ore Reserve | Probable Total | 151.1 Mt | 3524ppm TREO | Rare Earths | 2026-07-31 |
Milestones2
- Conditional Meteoric implementation March2027
Pending · High materiality
- Caldeira installation licence targeted2026
Pending · High materiality
Permits & approvals2
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Preliminary environmental licence | Minas Gerais Brazil | Granted | — | Yes |
| Installation environmental licence | Minas Gerais Brazil | Pending | — | Yes |
Economic studies1
| Study | Stage | Status | Date | Summary |
|---|---|---|---|---|
| Caldeira July2026 DFS as summarized by Lynas | DFS | Current | 2026-07-31 | 23-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
- Investee
- JS Link
- Holding
- 4.6%
- Shares held
- —
- Market value
- —
- % of holder's market cap
- —
- Cost basis
- A$50.0m
- Product and spec
- Mixed rare earth carbonate
- Nameplate capacity
- —
- Throughput (12M)
- —
- Utilisation
- —
- Capital intensity (capex / tpa)
- —
- Feed source
- Captive Mt Weld concentrate
- Offtake contracted
- —
- Ownership
- 100%d
- Description
- Reciprocal LS convertible note asset, face approximatelyAUD29m; forecastcashflows not a listed equity stake
- Book value
- A$29.0md
- 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
- —
- Ownership
- 100%d
- Description
- Unsecured Meteoric tranche1 working capital loan,10%capitalized interest; futuretranche75mconditional
- Book value
- A$35.0md
- Ownership
- 100%d
- Description
- Short-term bank term deposits outside cash equivalents
- Book value
- A$705.0m
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Reported cash504.128m plus short-term deposits704.971m; restricted security deposits79.996m excluded. Post-June cash is an explicit model estimate, not a reported balance. Existing lease218.655m and rehabilitation338.805m require separate payment calendars.
Inventory composition3
AUD240.809m carrying value. Physical product split/quantities and realizable values not disclosed; already embedded in operating working capital, no extra equitybridge uplift.
- Raw materials and consumables
- A$60.6M carrying
- Work in progress
- A$126.6M carrying
- Finished goods
- A$53.6M carrying
Capital structure
Ownership and dilution
- Ordinary shares
- 1B
- Fully diluted
- 1B
Ordinary1006502578 plus4045602 performance rights gives1010548180. LS1873386 convertibles are treated as a dated debt claim because conversion price15.48 exceeds cutoff11.67; a conversion alternative is quantified. Conditional scheme63,344,637 shares enter only closing scenarios.
Security classes3
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary issued shares | Ordinary Share | 1B | — | — |
| Existing performance rights, included in diluted ordinary-equivalent share basis | Performance Right | 4M | A$0 | — |
| LS zero-coupon convertible note; out of money at cutoff, modeled as nominal maturity claim rather than automatic conversion | Convertible | 1.9M | A$15.48 | 2031-08-06 |
KPI history
Operating metrics · Mt Weld integrated rare earths business
| Metric | Unit | Trend | Q3FY2025 | Q4FY2025 | Q1FY2026 | Q2FY2026 | Q3FY2026 | Q4FY2026 |
|---|---|---|---|---|---|---|---|---|
| NdPr oxide production | t NdPr | 1,509 | 2,080 | 2,003 | 1,404 | 1,996 | 1,857 | |
| Total REO production | t REO | 1,911 | 3,212 | 3,993 | 2,382 | 3,233 | 3,481 | |
| REO sales volume | t REO | 2,434 | 2,828 | 3,691 | 2,359 | 3,131 | 2,941 | |
| Gross-sales REO basket price | AUD/kg | 50.5 | 60.2 | 54.3 | 85.6 | 84.6 | 98.2 | |
| Gross quarterly sales excluding quotation adjustments | AUD | 123,000,000 | 170,200,000 | 200,200,000 | 201,900,000 | 265,000,000 | 288,900,000 |
Operating metric source table45
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| NdPr oxide production | Mt Weld Integrated | Q3FY2025 | Quarter | 1,509 t NdPr | Reported |
| Total REO production | Mt Weld Integrated | Q3FY2025 | Quarter | 1,911 t REO | Reported |
| REO sales volume | Mt Weld Integrated | Q3FY2025 | Quarter | 2,434 t REO | Reported |
| Gross-sales REO basket price | Mt Weld Integrated | Q3FY2025 | Quarter | 50.5 AUD/kg | Reported |
| Gross quarterly sales excluding quotation adjustments | Mt Weld Integrated | Q3FY2025 | Quarter | 123,000,000 AUD | Reported |
| NdPr oxide production | Mt Weld Integrated | Q4FY2025 | Quarter | 2,080 t NdPr | Reported |
| Total REO production | Mt Weld Integrated | Q4FY2025 | Quarter | 3,212 t REO | Reported |
| REO sales volume | Mt Weld Integrated | Q4FY2025 | Quarter | 2,828 t REO | Reported |
| Gross-sales REO basket price | Mt Weld Integrated | Q4FY2025 | Quarter | 60.2 AUD/kg | Reported |
| Gross quarterly sales excluding quotation adjustments | Mt Weld Integrated | Q4FY2025 | Quarter | 170,200,000 AUD | Reported |
| NdPr oxide production | Mt Weld Integrated | Q1FY2026 | Quarter | 2,003 t NdPr | Reported |
| Total REO production | Mt Weld Integrated | Q1FY2026 | Quarter | 3,993 t REO | Reported |
| REO sales volume | Mt Weld Integrated | Q1FY2026 | Quarter | 3,691 t REO | Reported |
| Gross-sales REO basket price | Mt Weld Integrated | Q1FY2026 | Quarter | 54.3 AUD/kg | Reported |
| Gross quarterly sales excluding quotation adjustments | Mt Weld Integrated | Q1FY2026 | Quarter | 200,200,000 AUD | Reported |
| NdPr oxide production | Mt Weld Integrated | Q2FY2026 | Quarter | 1,404 t NdPr | Reported |
| Total REO production | Mt Weld Integrated | Q2FY2026 | Quarter | 2,382 t REO | Reported |
| REO sales volume | Mt Weld Integrated | Q2FY2026 | Quarter | 2,359 t REO | Reported |
| Gross-sales REO basket price | Mt Weld Integrated | Q2FY2026 | Quarter | 85.6 AUD/kg | Reported |
| Gross quarterly sales excluding quotation adjustments | Mt Weld Integrated | Q2FY2026 | Quarter | 201,900,000 AUD | Reported |
| NdPr oxide production | Mt Weld Integrated | Q3FY2026 | Quarter | 1,996 t NdPr | Reported |
| Total REO production | Mt Weld Integrated | Q3FY2026 | Quarter | 3,233 t REO | Reported |
| REO sales volume | Mt Weld Integrated | Q3FY2026 | Quarter | 3,131 t REO | Reported |
| Gross-sales REO basket price | Mt Weld Integrated | Q3FY2026 | Quarter | 84.6 AUD/kg | Reported |
| Gross quarterly sales excluding quotation adjustments | Mt Weld Integrated | Q3FY2026 | Quarter | 265,000,000 AUD | Reported |
| NdPr oxide production | Mt Weld Integrated | Q4FY2026 | Quarter | 1,857 t NdPr | Reported |
| Total REO production | Mt Weld Integrated | Q4FY2026 | Quarter | 3,481 t REO | Reported |
| REO sales volume | Mt Weld Integrated | Q4FY2026 | Quarter | 2,941 t REO | Reported |
| Gross-sales REO basket price | Mt Weld Integrated | Q4FY2026 | Quarter | 98.2 AUD/kg | Reported |
| Gross quarterly sales excluding quotation adjustments | Mt Weld Integrated | Q4FY2026 | Quarter | 288,900,000 AUD | Reported |
| Total REO output | Mt Weld Integrated | FY2025 | Year | 10,462 t REO | Reported |
| Total REO sales | Mt Weld Integrated | FY2025 | Year | 10,970 t REO | Reported |
| Audited revenue | Company | FY2025 | Year | 556,512,000 AUD | Reported |
| Company non-IFRS EBITDA | Company | FY2025 | Year | 101,200,000 AUD | Reported |
| OCF less PP&E development payments | Company | FY2025 | Year | -326,656,000 AUD | Source Derived |
| NdPr production | Mt Weld Integrated | FY2025 | Year | 6,558 t NdPr | Reported |
| Total REO output | Mt Weld Integrated | FY2026 | Year | 13,089 t REO | Reported |
| Total REO sales | Mt Weld Integrated | FY2026 | Year | 12,122 t REO | Reported |
| Audited revenue | Company | FY2026 | Year | 977,945,000 AUD | Reported |
| Company non-IFRS EBITDA | Company | FY2026 | Year | 386,000,000 AUD | Reported |
| OCF less PP&E development payments | Company | FY2026 | Year | 140,542,000 AUD | Source Derived |
| NdPr production | Mt Weld Integrated | FY2026 | Year | 7,260 t NdPr | Reported |
| Cash equivalents only; term deposits excluded | Company | 2025-06-30 | Point In Time | 166,490,000 AUD | Reported |
| Cash equivalents only; term deposits excluded | Company | 2025-12-31 | Point In Time | 745,658,000 AUD | Reported |
| Cash equivalents only; term deposits excluded | Company | 2026-06-30 | Point In Time | 504,128,000 AUD | Reported |
Company guidance2
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Illustrative Future Ndpr Nameplate Capacity, Not Production Forecast | mt_weld_integrated | Potential future capacity; timing not committed | 12,000 | 12,000 tpa NdPr | Current |
| Revised Total Hre Growth CAPEX Budget, Not Remaining Spend | mt_weld_integrated | Full multi-product expansion budget | 294,000,000 | 294,000,000 AUD | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-10-01 | Raising | — | 63.3M | — | Announced | — |
| 2026-08-26 | Raising | A$932.6M | 70.4M | — | Completed | — |
| 2026-08-06Ann. 2026-07-27 | Debt | A$29M | — | — | Completed | — |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
All material arrangements identified in retained issuer releases and annual review registered; certain commercial volumes, prices and counterparties remain undisclosed.
NdPr floor: 110 USD/kg; Firm quantity: 5000 tpa NdPr; Available quantity: 7200 tpa NdPr; Upside threshold: 150 USD/kg NdPr; Upside share: 30 %; Annual payment cap: 10000000 USD
Commodity Hedge · Active- Counterparties
- Japan Australia Rare Earths B.V. (JARE)
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Mixed
- Period
- 2026-03-10 to 2038-12-31
- Key terms
- NdPr floor: 110 USD/kg
Firm quantity: 5,000 tpa NdPr
Available quantity: 7,200 tpa NdPr
Upside threshold: 150 USD/kg NdPr
Upside share: 30 %
Annual payment cap: 10,000,000 USD
No valuation treatment is available for this arrangement.
Face debt: 90000000 USD; Coupon: 2.5 %; Maturity: 2030-06-30
Other · Active- Counterparties
- JARE
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Burden
- Period
- Through 2030-06-30; start date not stated
- Key terms
- Face debt: 90,000,000 USD
Coupon: 2.5 %
Maturity: 2030-06-30
No valuation treatment is available for this arrangement.
Allocated supply funding: 96000000 USD; NdPr floor: 110 USD/kg NdPr
Offtake · Conditional- Counterparties
- United States Department of War
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Benefit
- Period
- From 2026-03-16; no end date stated
- Key terms
- Allocated supply funding: 96,000,000 USD
NdPr floor: 110 USD/kg NdPr
No valuation treatment is available for this arrangement.
Investment: 50000000 AUD; Holding: 4.58 %; Escrow: 3 years; Magnet factory: 3000 tpa NdFeB
Strategic Partnership · Active- Counterparties
- JS Link
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Mixed
- Period
- 2026-07-07 to 2038-01-31
- Key terms
- Investment: 50,000,000 AUD
Holding: 4.58 %
Escrow: 3 years
Magnet factory: 3,000 tpa NdFeB
No valuation treatment is available for this arrangement.
Cross subscription: 29000000 AUD; LYC conversion price: 15.48 AUD/share; Coupon: 0 %; Note maturity: 2031-08-06
Strategic Partnership · Active- Counterparties
- LS Eco Advanced Materials
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Mixed
- Period
- 2026-08-06 to 2031-08-06
- Key terms
- Cross subscription: 29,000,000 AUD
LYC conversion price: 15.48 AUD/share
Coupon: 0 %
Note maturity: 2031-08-06
No valuation treatment is available for this arrangement.
Group lease liability: 218655000 AUD
Other · Active- Counterparties
- Zenith Energy
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Group lease liability: 218,655,000 AUD
No valuation treatment is available for this arrangement.
Permanent disposal project: 400000000 MYR
Other · Active- Counterparties
- Gading Senggara Sdn Bhd
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- Permanent disposal project: 400,000,000 MYR
No valuation treatment is available for this arrangement.
FY2026 cash royalties8.774m; legal royalty rate is not separately established. Do not confuse reported historical cash ratio with contract rate.
Royalty · Active- Counterparties
- Western Australia royalty recipients
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- FY2026 royalties paid: 8,774,000 AUD
No valuation treatment is available for this arrangement.
Conditional all-scrip scheme: ownership remains0%until completion; base and bull value the acquired business and incremental shares together, bear assumes failure.
Other · Conditional- Counterparties
- Meteoric Resources
- Applies to
- Caldeira conditional acquisition option · Rare Earths
- Economic direction
- Mixed
- Period
- From 2026-10-01; no end date stated
- Key terms
- Exchange ratio: 0.02 LYC share/MEI share
Proposed new shares: 63,344,637 shares
Target current ownership: 0 %
No valuation treatment is available for this arrangement.
A35m advanced on execution; conditional75m additional availability after sixmonths/extension. Loan becomes intra-group on scheme completion; survives as external claim in failure case.
Other · Active- Counterparties
- Meteoric Resources
- Applies to
- Caldeira conditional acquisition option · Rare Earths
- Economic direction
- Mixed
- Period
- From 2026-10-01; no end date stated
- Key terms
- Tranche1: 35,000,000 AUD
Conditional tranche2: 75,000,000 AUD
Interest: 10 %
No valuation treatment is available for this arrangement.
Commercial relationship disclosed; binding quantified commercial terms not provided in selected primary documents.
Strategic Partnership · Announced- Counterparties
- Noveon Magnetics
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Benefit
- Period
- Dates not stated
No valuation treatment is available for this arrangement.
Commercial relationship disclosed; binding quantified commercial terms not provided in selected primary documents.
Tolling Or Processing · Active- Counterparties
- Existing metal-conversion providers (not identified in retained release)
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Mixed
- Period
- Dates not stated
No valuation treatment is available for this arrangement.
Commercial relationship disclosed; binding quantified commercial terms not provided in selected primary documents.
Strategic Partnership · Announced- Counterparties
- JARE
- Applies to
- Mt Weld integrated rare earths business · Rare Earths
- Economic direction
- Benefit
- Period
- Dates not stated
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Lynas has experienced rare-earth operations, sales and finance leadership, with improved FY2026 production and profitability. Regulatory conditions for Malaysian residue, disputed environmental claims and mixed safety indicators require continued oversight; individual attribution is limited.
Decision-relevant facts
Material summary
Pol Le Roux
Interim Chief Executive Officer
Operating output and profits increased
Lynas reported FY2026 ready-for-sale rare-earth oxides of 13,089 tonnes versus 10,462 in FY2025; revenue was A$977.9m versus A$556.5m and net profit A$222.4m versus A$8.0m. Higher rare-earth prices and sales mix also contributed. Le Roux was COO during the financial year and became interim CEO on 1 July 2026.
Role overlaps event; causation unproven · Group-wide results reflect market prices and the contributions of many people; no sole personal attribution.
Safety rates rose on one measure; company figures differ
The FY2026 annual report reports total recordable injuries at 4.1 per million hours versus 3.6 in FY2025 and lost-time injuries improving from 1.8 to 0.9. The later FY2026 sustainability report narrative states 4.2 while its performance table states 4.1; the discrepancy is unresolved. The company reports zero FY2026 fatalities.
Role overlaps event; causation unproven · Le Roux oversaw group operations and HSE as COO, but company-wide rates do not establish personal causation.
Former US leadership and changed project plan
A September 2026 industry report describes Vivienne Powe as a former Lynas USA CEO; her exact end date and any successor were not verified. Lynas’s FY2026 annual report says funding previously intended for a Texas heavy-rare-earth facility was reallocated to a US supply agreement and the Texas facility would not proceed.
Role overlaps event; causation unproven · The sources establish a change in project direction and a reported past role, not the reason for a personal departure or personal responsibility.
Malaysia licence, waste and disputed water claims
Malaysia renewed Lynas’s operating licence for ten years from 3 March 2026, with a five-year review and requirements to end radioactive residue generation and treat covered residue below 1 Bq/g. A 2026 media article alleges contamination of Sungai Balok; a 2024 parliamentary report said the environmental agency found no evidence attributing river pollution to Lynas, and Lynas disputed radionuclide claims in 2023. These statements address different periods and are not a definitive resolution. On 26 October 2026 the minister reported the disposal facility 77% complete at 31 August, with 1.45m tonnes transferred.
Role overlaps event; causation unproven · Ahmad managed Malaysia operations and Le Roux was COO, but the conflicting sources do not establish personal wrongdoing or the cause of river pollution.
Evidence gaps · 3
- Independent credentials, exact past-employer dates, full business outcomes and original court/regulator records are not comprehensively verified.
- Open-web screening is not an exhaustive criminal, sanctions or professional clearance.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Mimi Afzan Afza
Vice President People and Culture
Represented employee concerns over licence conditions
In February 2023 Afza publicly relayed Lynas workers’ concerns about restrictions on Malaysian cracking and leaching, asking for fair treatment as they feared jobs would be affected.
Individual involvement documented · This is documented employee advocacy, not an assessment of whether licence rules were appropriate.
Evidence gaps · 3
- Independent credentials, exact past-employer dates, full business outcomes and original court/regulator records are not comprehensively verified.
- Open-web screening is not an exhaustive criminal, sanctions or professional clearance.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Dato Sri Mashal Ahmad
Vice President Malaysia
Malaysia licence, waste and disputed water claims
Malaysia renewed Lynas’s operating licence for ten years from 3 March 2026, with a five-year review and requirements to end radioactive residue generation and treat covered residue below 1 Bq/g. A 2026 media article alleges contamination of Sungai Balok; a 2024 parliamentary report said the environmental agency found no evidence attributing river pollution to Lynas, and Lynas disputed radionuclide claims in 2023. These statements address different periods and are not a definitive resolution. On 26 October 2026 the minister reported the disposal facility 77% complete at 31 August, with 1.45m tonnes transferred.
Role overlaps event; causation unproven · Ahmad managed Malaysia operations and Le Roux was COO, but the conflicting sources do not establish personal wrongdoing or the cause of river pollution.
Expansion assessment sent back for revision
On 23 June 2026 Lynas said Malaysia’s environment department requested an updated environmental impact assessment for its proposed expansion after technical review; Lynas said it would submit one. A later definitive assessment outcome was not established.
Role overlaps event; causation unproven · Company disclosure does not identify personal fault or establish a breach.
Evidence gaps · 3
- Independent credentials, exact past-employer dates, full business outcomes and original court/regulator records are not comprehensively verified.
- Open-web screening is not an exhaustive criminal, sanctions or professional clearance.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Daniel Havas
Chief External Affairs Officer
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 4
- Independent credentials, exact past-employer dates, full business outcomes and original court/regulator records are not comprehensively verified.
- Open-web screening is not an exhaustive criminal, sanctions or professional clearance.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
- The effective date of Havas’s title change is unknown; the October briefing identification is a third-party transcript.
Chris Jenney
Vice President Sales and Market Development
Group sales grew during his sales leadership
Lynas reported FY2026 total rare-earth oxide sales of 12,122 tonnes versus 10,970 in FY2025. Higher market prices and product mix also contributed to higher revenue.
Role overlaps event; causation unproven · Group sales outcomes are not attributable to a single executive.
Evidence gaps · 3
- Independent credentials, exact past-employer dates, full business outcomes and original court/regulator records are not comprehensively verified.
- Open-web screening is not an exhaustive criminal, sanctions or professional clearance.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Sarah Leonard
General Counsel and Company Secretary
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Independent credentials, exact past-employer dates, full business outcomes and original court/regulator records are not comprehensively verified.
- Open-web screening is not an exhaustive criminal, sanctions or professional clearance.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Jennifer Parker
Vice President Corporate Affairs
No supported material findings selected. See this executive’s report and evidence gaps.
Evidence gaps · 3
- Independent credentials, exact past-employer dates, full business outcomes and original court/regulator records are not comprehensively verified.
- Open-web screening is not an exhaustive criminal, sanctions or professional clearance.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Gaudenz Sturzenegger
Chief Financial Officer
FY2026 funding and profitability
Lynas reported FY2026 net profit of A$222.4m versus A$8.0m and A$1,209.1m cash and short-term deposits at 30 June, including the effect of an equity raising.
Role overlaps event; causation unproven · Financial results reflect price, production and equity issuance, not solely the CFO.
Evidence gaps · 3
- Independent credentials, exact past-employer dates, full business outcomes and original court/regulator records are not comprehensively verified.
- Open-web screening is not an exhaustive criminal, sanctions or professional clearance.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Alex Logan
General Manager Market Development (last dated evidence; cutoff continuity unconfirmed)
Dated leadership role
A 2026 event biography reports he led the Mt Weld expansion through design, construction and commissioning; Lynas reports commissioning was completed in FY2026.
Individual involvement documented · An event biography attributes project-director responsibility; outcomes are shared across a project team.
Evidence gaps · 3
- Exact continuation at 31 October 2026 and full prior-employer career, education and independent credentials remain unverified.
- Open-web searches are not an exhaustive court, regulatory, criminal or sanctions check.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Dato’ Jumaat bin Mansor
General Manager People & Culture, Lynas Malaysia (last dated evidence; cutoff continuity unconfirmed)
Public employee advocacy
In December 2018 Mansor led a Lynas employee delegation to parliament seeking a scientific review and job security amid waste-management licence conditions.
Individual involvement documented · This records his reported advocacy; it does not validate any claim about environmental safety.
Evidence gaps · 3
- Exact continuation at 31 October 2026 and full prior-employer career, education and independent credentials remain unverified.
- Open-web searches are not an exhaustive court, regulatory, criminal or sanctions check.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Chris Torrisi
Executive General Manager Resource Development & Operations (last dated evidence; cutoff continuity unconfirmed)
Mt Weld compliance assessment signed
Torrisi signed the 2024 Mt Weld assessment report in March 2025. Lynas reported no non-compliances against the assessment conditions during that reporting period.
Individual involvement documented · The statement is the company’s declaration; independent verification of every compliance element was not performed.
Evidence gaps · 3
- Exact continuation at 31 October 2026 and full prior-employer career, education and independent credentials remain unverified.
- Open-web searches are not an exhaustive court, regulatory, criminal or sanctions check.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Marcelle Watson
Geology Manager; 2025 Kalgoorlie Site Senior Executive (last dated evidence; cutoff continuity unconfirmed)
Signed competent-person disclosures
In a February 2026 Lynas presentation, Watson is named jointly as a competent person for exploration results and described as an AusIMM member.
Individual involvement documented · The issuer’s disclosure identifies her role; independent membership-register verification was not obtained.
Evidence gaps · 3
- Exact continuation at 31 October 2026 and full prior-employer career, education and independent credentials remain unverified.
- Open-web searches are not an exhaustive court, regulatory, criminal or sanctions check.
- Targeted person, prior-employer and regulator/court searches are incomplete; the earlier repeated broad-query log could not be independently reconstructed from the preserved checkpoint.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-07-31 · 1,006,502,577 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 29.15% | 293,373,663 | |
| 2 | 22.67% | 228,210,242 | |
| 3 | 12.56% | 126,446,175 | |
| 4 | 7.45% | 75,000,000 | |
| 5 | 3.79% | 38,200,214 | |
| 6 | 3.10% | 31,233,027 | |
| 7 | 2.08% | 20,981,436 | |
| 8 | 1.28% | 12,859,581 | |
| 9 | 0.60% | 6,000,000 | |
| 10 | 0.44% | 4,438,584 | |
| 11 | 0.40% | 4,030,292 | |
| 12 | 0.35% | 3,574,306 | |
| 13 | 0.27% | 2,699,232 | |
| 14 | 0.23% | 2,367,716 | |
| 15 | 0.20% | 2,018,681 | |
| 16 | 0.19% | 1,951,458 | |
| 17 | 0.19% | 1,881,948 | |
| 18 | 0.17% | 1,698,407 | |
| 19 | 0.15% | 1,530,948 | |
| 20 | 0.13% | 1,311,928 |
Disclosed substantial holders
Latest reviewed disclosure for each holder or reporting group
| Investor / reported group | Disclosed holding | Holding at |
|---|---|---|
| 9.75%Voting power | 2026-07-16 | |
| 9.55%Voting power | 2026-02-05 | |
| 9.37%Voting power | 2026-01-07 | |
| Gina Rinehart | 8.21%Voting power | 2025-01-28 |
| 6.54%Voting power | 2025-11-24 | |
| 5.21%Voting power | 2026-10-16 |
Sources & review notesEvidence checked through 2026-10-31
Coverage and limitations
- BlackRock’s 24 November 2025 notice separates ordinary shares from 561,375 ADRs; the annual report aggregate includes both and is not used as a count of ordinary shares.
- The related Rinehart trustee notice refers to the same Hancock shares and must not be summed with them.
- Reported State Street and UBS interests can include custody, lending or collateral and are not automatically beneficial ownership.
- Nominee accounts and group relevant interests can overlap; historical percentages are not restated after capital changes.
- The issuer table prints HSBC twice without separate identifiers; rank annotations preserve both source rows.
Sources
- Appendix 4E and 2026 Annual Report
Lynas Rare Earths via ASX · Published 2026-08-26 · Accessed 2026-10-31
Top-20 register dated 31 July 2026.
downloads/LYC/2026/2026-08-26_Appendix 4E and 2026 Annual Report_1e36fef3551246ad.pdf, pages 138–139
- Capital Group becoming a substantial holder
Capital Group via ASX · Published 2026-10-20 · Accessed 2026-10-31
52,413,683 shares and 5.21% voting power on 16 October 2026, held by managed accounts.
downloads/LYC/2026/2026-10-20_Becoming a substantial holder_8e419f085099839f.pdf, page 1
- UBS change in substantial holding
UBS Group via ASX · Published 2026-07-20 · Accessed 2026-10-31
98,107,131 relevant votes and 9.75% voting power on 16 July 2026.
downloads/LYC/2026/2026-07-20_Change in substantial holding_6579a29a7d7d7c52.pdf, page 1
- State Street change in substantial holding
State Street Corporation via ASX · Published 2026-02-09 · Accessed 2026-10-31
96,082,792 relevant votes and 9.55% voting power on 5 February 2026.
downloads/LYC/2026/2026-02-09_Change in substantial holding_e4103a0c395a709e.pdf, page 1, visually reviewed
- AustralianSuper change in substantial holding
AustralianSuper via ASX · Published 2026-01-09 · Accessed 2026-10-31
94,292,123 shares and 9.37% voting power on 7 January 2026.
downloads/LYC/2026/2026-01-09_Change in substantial holding_7ea3738b2c8bb3cc.pdf, page 1
- Hancock Prospecting change in substantial holding
Hancock Prospecting via ASX · Published 2025-01-31 · Accessed 2026-10-31
76,764,078 shares and 8.21% voting power on 28 January 2025.
downloads/LYC/2025/2025-01-31_Change in substantial holding_a77f8740f3bafecd.pdf, page 1
- BlackRock becoming a substantial holder
BlackRock Group via ASX · Published 2025-11-26 · Accessed 2026-10-31
65,870,631 ordinary shares plus 561,375 ADRs on 24 November 2025; ADRs excluded from the ordinary-share field.
downloads/LYC/2025/2025-11-26_Becoming a substantial holder_4f706bfac28116bc.pdf, page 1, visually reviewed
Disclosed activity
Insider transactions
No transactions were identified in this reviewed view.
The closest covered peers
Peer comparison
Peer comparison pending
An on-demand analysis selects up to five closest peers and checks what their differences mean for independent fair value.
Narrative and provenance
Research & Sources
The full analyst report, its figures and the broker-style PDF are available to subscribers and invited guests.
Sign in or enter a guest codeChronological evidenceSource-document inventory19 documents
LYC latest eligible ASX ordinary closeMarket Data · MediumExtracted
Latest eligible local ASX ordinary close AUD11.67 on 13 October 2026; volume8520990; provider market data provider via miners.collect_stock_prices. Historical cutoff quote, not a live October24 quote.
- Document ID
- lyc_market_close
- Published UTC
- 2026-10-13T05:00:00+00:00
- Projects
- —
- Commodities
- rare_earths
Lynas Rare Earths to Acquire Meteoric Resources PresentationTransaction · HighPartial
Conditional Meteoric acquisition, Caldeira DFS summaries, full resource/reserve tables and unsecured financing terms; material slides visually reviewed.
- Document ID
- lyc_meteoric_presentation
- Published UTC
- 2026-09-30T22:39:23+00:00
- Projects
- caldeira
- Commodities
- rare_earths
Lynas Rare Earths to Acquire Meteoric ResourcesTransaction · HighPartial
October1 acquisition announcement and key SID terms; core announcement reviewed, legal annexes not represented as independently legally reviewed.
- Document ID
- lyc_meteoric_acquisition
- Published UTC
- 2026-09-30T22:39:08+00:00
- Projects
- caldeira
- Commodities
- rare_earths
Proposed issue of securities - LYCTransaction · MediumExtracted
October1 proposed issue notice verifies exact conditional Meteoric shares and estimated March31 implementation.
- Document ID
- lyc_proposed_mei_issue
- Published UTC
- 2026-09-30T22:39:43+00:00
- Projects
- caldeira
- Commodities
- rare_earths
2026 Annual General Meeting DetailsGovernance · MediumExtracted
Primary issuer release reviewed for material governance, licence or commercial terms.
- Document ID
- lyc_agm_details
- Published UTC
- 2026-09-25T07:10:23+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Lynas Rare Earths FY26 Results PresentationResults · MediumPartial
FY2026 results presentation; material operating, financial, capacity and HRE capex slides reviewed.
- Document ID
- lyc_results_presentation_2026
- Published UTC
- 2026-08-26T00:03:55+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Appendix 4E and 2026 Annual ReportResults · HighPartial
Audited FY2026 consolidated statements, operational review, management, resources/reserves, licence obligations and subsequent events. Material sections reviewed; not an exhaustive reading of sustainability and remuneration detail.
- Document ID
- lyc_annual_2026
- Published UTC
- 2026-08-25T23:46:55+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Notification regarding unquoted securities - LYCGovernance · MediumExtracted
August6 Appendix3G verifies exact issued shares, rights and executed zero-coupon convertible notes.
- Document ID
- lyc_unquoted_august
- Published UTC
- 2026-08-06T06:35:43+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Caldeira DFS Confirms Confidence in Project FundamentalsResults · HighPartial
Primary July2026 DFS: real Q12026 cost basis, post-tax NPV8 spotUSD847m/forecastUSD2721m, initialcapitalUSD498.4m,70%MREC payability and23year reserve-supported schedule. These study cases are not current spot quotes or Lynas owned production.
- Document ID
- lyc_caldeira_dfs_primary
- Published UTC
- 2026-07-30T22:19:48+00:00
- Projects
- caldeira
- Commodities
- rare_earths
Lynas and LS Eco Energy Convertible Cross SubscriptionEconomic Arrangement · MediumExtracted
Reciprocal convertible subscriptions and announced metals-processing partnership.
- Document ID
- lyc_ls_cross_subscription
- Published UTC
- 2026-07-26T22:26:39+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Quarterly Activities ReportOperations · HighExtracted
June2026 quarterly production, sales, cash and ramp commentary; all six pages reviewed.
- Document ID
- lyc_june_quarter_2026
- Published UTC
- 2026-07-21T22:46:52+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Lynas and JS Link Partnership for Malaysian Magnet FactoryEconomic Arrangement · MediumExtracted
Definitive investment and rare earth supply arrangement with JS Link; approximate holding and escrow terms.
- Document ID
- lyc_js_link
- Published UTC
- 2026-07-06T22:23:23+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Appointment of Interim Chief Executive OfficerGovernance · MediumExtracted
Primary issuer release reviewed for material governance, licence or commercial terms.
- Document ID
- lyc_interim_ceo
- Published UTC
- 2026-06-04T07:42:57+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Quarterly Activities ReportOperations · MediumExtracted
March2026 quarterly production, sales, cash and arrangements; all eight pages reviewed.
- Document ID
- lyc_march_quarter_2026
- Published UTC
- 2026-04-20T22:49:54+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Lynas and US DoW sign Letter of Intent for rare earth supplyEconomic Arrangement · MediumExtracted
Primary issuer release reviewed for material governance, licence or commercial terms.
- Document ID
- lyc_dow_loi
- Published UTC
- 2026-03-15T21:52:23+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Enhanced JARE Agreement for Japanese IndustryEconomic Arrangement · HighExtracted
JARE long-term NdPr floor, firm/available volumes, capped upside participation and heavy rare earth supply.
- Document ID
- lyc_jare
- Published UTC
- 2026-03-10T07:07:23+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Lynas Malaysia operating licence renewed for 10 yearsGovernance · MediumExtracted
Primary issuer release reviewed for material governance, licence or commercial terms.
- Document ID
- lyc_malaysia_licence
- Published UTC
- 2026-03-01T21:32:35+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Half Yearly Report and AccountsResults · MediumPartial
FY2026 half-year unaudited financial statements; financial statements and audit review pages inspected.
- Document ID
- lyc_half_year_2026
- Published UTC
- 2026-02-25T22:07:33+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
2024 Mineral Resource and Ore Reserve UpdateResults · HighPartial
Primary reserve chemistry and technical modifying factors: Table7 distinguishes NdPr grades from totalTREO, grade-dependent processing recovery,1.3Mtpa throughput, issuer reserve-life statements at7.2/12ktpaNdPr. It does not disclose a single universal netrecovery or resourceNdPr distribution.
- Document ID
- lyc_mtweld_reserve_2024
- Published UTC
- 2024-08-04T22:18:43+00:00
- Projects
- mt_weld_integrated
- Commodities
- rare_earths
Evidence facts58
35000000 AUD
2026-10-01498000000 USD
2026-10-013862 t/yr NdPr
2026-10-011631000000 t
2026-10-01151100000 t
2026-10-01Early March 2027 None
2026-10-01386000000 AUD
2026-08-26294000000 AUD
2026-08-2612000 tpa NdPr
2026-08-26504128000 AUD
2026-06-30704971000 AUD
2026-06-30977945000 AUD
2026-06-30222352000 AUD
2026-06-30318810000 AUD
2026-06-30178268000 AUD
2026-06-30338805000 AUD
2026-06-30240809000 AUD
2026-06-302010000 t
2026-06-304610000 t
2026-06-3013089 t
2026-06-307260 t
2026-06-30130770000 AUD
2026-06-30119681000 AUD
2026-06-30218655000 AUD
2026-06-30140542000 AUD
2026-06-30True None
2026-08-2629000000 AUD
2026-07-273481 t
2026-07-221857 t
2026-07-22233000000 AUD
2026-07-2250000000 AUD
2026-07-074.58 %
2026-07-07True None
2026-07-07234000000 AUD
2026-04-21110 USD/kg NdPr
2026-03-105000 tpa NdPr
2026-03-1030 %
2026-03-1010000000 USD
2026-03-10745658000 AUD
2025-12-3163344637 shares
2026-10-012027-03-31 None
2026-10-011006502578 shares
2026-08-064045602 shares
2026-08-061873386 shares
2026-08-061012421566 shares
2026-08-0611.67 AUD/share
2026-10-13847000000.0 USD
2026-07-312721000000.0 USD
2026-07-3170 %
2026-07-31498400000.0 USD
2026-07-31129 USD/kg NdPr
2026-07-31159 USD/kg NdPr
2026-07-313250 ppm
2024-06-3011730 ppm
2024-06-301300000 t/year
2024-06-3050 %
2024-06-3035 years
2024-06-3020 years
2024-06-30Conflicts requiring judgment3
- March customer receipts comparative
Contemporaneous March highlight reports AUD234m; June graph comparative reports AUD233m while June highlights also say234m. Do not manufacture precision or use the comparative in model cash estimates.
- JS Link arrangement status
July7 2026 definitive release and annual operating review supersede stale July2025 MOU language in annual subsequent-events note.
- Meteoric indicative implementation
Latest capital notice estimates March31 versus presentation earlyMarch. Event uses March2027 window; both remain conditional.