Lynas Rare Earths closed at A$16.20, supported by a year of strong top-line growth and renewed interest from defence buyers.
Revenue rose about 20% to A$556.5m in 2025, while reported net income plunged roughly 90% to A$8m, leaving EPS near zero and inflating the trailing P/E. Shares outstanding are ~1.01bn and market cap is about A$16.3bn.
The miner operates Mt Weld (WA) and processing at Kalgoorlie, with advanced materials production in Gebeng, Malaysia. Product mix spans light rare earths such as lanthanum, cerium, praseodymium and neodymium, and select heavy rare earths used in permanent magnets and specialty alloys.
Management has entered talks with the U.S. Department of Defense on potential price-floor support as Washington seeks secure non-Chinese supply of magnet metals. That demand backdrop, plus a Malaysian super-magnet plant ramp, underpins longer-term market optimism.
Operationally, Kalgoorlie recently suffered power disruptions that may cost up to a month of production, and the company flagged a capex-driven cash profile. Amanda Lacaze will step down as CEO after a 12-year turnaround, remaining through the end of June as succession plans proceed.