Rare earth producer Lynas Rare Earths reported a 27-fold surge in annual profit for the fiscal year ended June 30, 2026, driven by sharply higher rare earth prices and expanded production.
Net profit reached $222.4 million, compared with $8.0 million in the prior year, while sales revenue rose 76% to $977.9 million from $556.5 million. EBITDA more than tripled to $386.0 million, up from $101.2 million in FY25. Cash and short-term deposits totaled $1.21 billion at year-end, an increase from $166.5 million as of June 30, 2025, following approximately $930 million in equity raised during the year.
Total rare earth oxide production increased 25% to 13,089 tonnes, with neodymium-praseodymium output up 11% to 7,260 tonnes. The average selling price per kilogram of rare earth oxide reached a record $80.70, a 60% increase from $50.60 in FY25. NdPr prices stabilized around $100–$110 per kilogram in 2026, supported by a 12-year supply agreement with Japan Australia Rare Earths (JARE) featuring a floor price of $110 per kilogram.
Capital expenditure declined to $178.3 million from $430.8 million in FY25, reflecting reduced mine development spending. Operational costs rose, with general and administrative expenses up $34 million and underabsorbed costs at the Kalgoorlie facility totaling $23 million. Sulfuric acid costs quadrupled year-over-year, the company noted.
Safety performance improved, with the lost time injury frequency rate dropping 50% to 0.9 from 1.8, though the total recordable injury frequency rate increased to 4.1 from 3.6. Lynas invested $9 million in research and development and $500,000 in community initiatives, while paying $124 million in employee wages and $8.8 million in taxes and royalties.
Shares fell 6.63% to $15.49 following the results presentation, with the stock trading between $12.15 and $22.37 over the past 52 weeks. The company highlighted the completion of the Mt Weld expansion project in December 2025 and the full operation of a 65MW hybrid power station in January 2026 as key operational milestones.
