Rare Earths Stocks: 5 Biggest ASX Companies
Prices and demand for rare earths have taken a hit in recent years. However, the long-term outlook for these important materials remains positive, especially given their precarious supply situation.
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 earths from sources outside of China — which is good news for rare earths companies in Australia. Indeed, looking at the next couple of decades, the International Energy Agency notes that rare earths demand could double by 2040.
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 July 31, 2025.
1. Lynas Rare Earths (ASX:LYC)
Market cap: AU$10.05 billion
Share price: AU$10.47
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 earths mines in the world. In November 2024, Lynas’ AU$800 million Kalgoorlie rare earths processing facility officially opened in Western Australia.
In May of this year, the company announced that its Lynas Malaysia facility commenced first production of the heavy rare earth dysprosium. Production of terbium, another heavy rare earth product, began the following month.
During its fourth fiscal quarter of 2025, Lynas reported neodymium and praseodymium (NdPr) production of 2,080 tonnes. Its total rare earth oxide production reached 3,212 tonnes during the same period.
2. Iluka Resources (ASX:ILU)
Market cap: AU$2.21 billion
Share price: AU$5.15
Iluka Resources has decades of experience in the mining industry, mostly in the production of zircon and high-grade titanium dioxide-derived rutile and synthetic rutile. However, in recent years, it has developed a rare earths portfolio.
At its Eneabba operation in Western Australia, Iluka has a strategic monazite-rich mineral stockpile that it plans to process. The company is currently working on a feasibility study for a fully integrated rare earths refinery at Eneabba, which would produce separated rare earth oxides from its own feedstock and potentially from third-party feedstock as well. Construction is slated to start in the second half of 2025 once earthworks have been completed, with first production at the refinery expected in 2027.
Iluka’s Wimmera project in Victoria, Australia, also has the potential to be a long-term supplier of zircon and rare earths. Iluka is currently working toward a definitive feasibility study for the project.
