Lynas Rare Earths Limited (LYSCF) Stock Price & How to Invest
Last updated October 2026
Short answer
LYSCF is the US over-the-counter line for Lynas Rare Earths, the only commercial producer of both light and heavy separated rare earths outside China, whose primary listing is LYC on the ASX. Owning it is a concentrated bet on non-Chinese magnet-material supply. As of October 16, 2026 the US quote (~$7.65, market cap ~US$7.7 billion) sat near its 52-week low, roughly half its April 2026 high.
LYSCF stock price
As of 2026-10-16, Lynas Rare Earths Limited (LYSCF) last closed at $7.70, down 36.6% over the past year. Over the past 52 weeks it has traded between $7.64 and $15.52.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Lynas Rare Earths Limited's investor relations page. Walnut is informational, not investment advice.
What does Lynas Rare Earths Limited (LYSCF) do?
Lynas Rare Earths Ltd is a Perth-based miner and processor. It digs rare earth ore at Mt Weld in Western Australia, cracks and leaches the concentrate at its Kalgoorlie facility, and separates it into finished oxides at its plant in Kuantan, Malaysia. Revenue comes from selling those oxides to magnet makers, metal makers and manufacturers, mostly in Japan, other parts of Asia and, increasingly, the US and Europe. The main product is neodymium-praseodymium (NdPr), used in the permanent magnets inside electric vehicle motors, wind turbines, robotics and defense systems. Since mid-2025 it has also produced the heavy rare earths dysprosium and terbium, and in March 2026 it made its first samarium oxide, which makes it the only commercial producer of both light and heavy separated rare earths outside China. The primary listing is LYC on the ASX. LYSCF trades the same ordinary shares OTC in US dollars, one for one, and a sponsored ADR, LYSDY, also trades OTC at one ADR per share.
FY26 (the year to June 30, 2026) was a record. Revenue rose to ~A$978 million from ~A$557 million, EBITDA to ~A$386 million from ~A$101 million, and net profit to ~A$222 million from ~A$8 million. Output of ready-for-sale rare earth oxide rose ~25% to ~13,089 tonnes, NdPr rose ~11% to ~7,260 tonnes, and the average selling price was a record ~A$80.7/kg for the year and ~A$98.2/kg in the June quarter. A ~A$914 million net equity raise left ~A$1.21 billion of cash. What changed is execution: June-quarter NdPr fell to ~1,857 tonnes on water-plant and ore-quality problems at Mt Weld, the Malaysian heavy rare earths expansion cost rose to ~A$294 million from ~A$180 million, and long-time CEO Amanda Lacaze retired on June 30.
The debate is strategic value against price and execution. Bulls point to Chinese export controls, government-backed demand for non-Chinese supply, premium pricing for heavy rare earths and a long supply deal with Korean magnet maker JS Link. Bears point to volatile NdPr prices, a trailing multiple of ~51x, and the October 1, 2026 all-share ~A$968 million agreement to buy Meteoric Resources and its Caldeira clay project in Brazil, which the market greeted with a fall of more than 6%. The US line dropped from ~$15.75 in April to a low of ~$7.43 on October 15, 2026.
What's driving Lynas Rare Earths Limited (LYSCF)?
1. Supply security outside China
China controls most of the world's rare earth mining, separation and magnet production, and has used export restrictions on rare earth materials and technology as a trade lever. That has pushed carmakers, defense contractors and governments in the US, Japan, Korea and Europe to look for alternatives, and Lynas is the largest scaled one. It has held a US government contract since 2021, presented to a Malaysian parliamentary committee on that relationship in July 2026, and says customers are paying increased premiums over the market index for non-Chinese material. If policy keeps favoring secure supply through stockpiles, price floors or offtake support, Lynas is positioned to capture it. If tensions ease and Chinese material flows freely, that premium could shrink.
2. NdPr and heavy rare earth pricing
Earnings swing hard with prices. The average selling price across all products moved from ~A$54.3/kg in the September 2025 quarter to ~A$98.2/kg in the June 2026 quarter, and that, more than volume, is why net profit jumped from ~A$8 million in FY25 to ~A$222 million in FY26. June-quarter revenue of ~A$288.9 million was up ~70% year on year and the highest since FY22, even though sales volume was only ~2,941 tonnes. Part of the gain came from a richer mix of heavy rare earths, which sell for far more per kilogram than NdPr. Because costs are largely fixed, a sustained move in NdPr prices in either direction flows almost directly into profit.
3. Volume ramp and the heavy rare earths build
Lynas has completed ~A$1.5 billion of new capacity under its 2025 growth plan, including the expanded Mt Weld plant and the Kalgoorlie facility, and the job now is running them at design rates. Quarterly NdPr output ranged from ~1,404 to ~2,003 tonnes in FY26, so consistency is the open question. A fine-grinding mill at Mt Weld was due online in the September 2026 quarter to lift recoveries. In Malaysia, dysprosium and terbium output reached ~19 tonnes in the June quarter, samarium sales were expected to start in the September quarter, and the expanded heavy rare earths facility (now ~A$294 million) targets gadolinium in early FY28 and yttrium in early 2028.
4. Downstream partners and the Caldeira deal
Lynas is moving toward magnets and new feedstock. In July 2026 it agreed to invest ~A$50 million in JS Link, which plans a ~3,000-tonne-a-year magnet factory near Kuantan, with Lynas the exclusive supplier to it and to JS Link's Korean plant until January 2038. On October 1, 2026 it agreed to buy Meteoric Resources for 0.0207 Lynas shares per Meteoric share, valuing it at ~A$968 million and leaving Lynas holders with ~94.1% of the combined group. The deal adds the Caldeira ionic clay project in Brazil, a potential heavy rare earth source, and Lynas will lend Meteoric up to ~A$110 million meanwhile. It needs court, shareholder and Brazilian approvals.
What are the risks to Lynas Rare Earths Limited (LYSCF)?
The biggest risk is price. NdPr and heavy rare earth prices are volatile and heavily influenced by Chinese output quotas and export policy, so a price slump or a relaxation of Chinese controls could erase much of the FY26 margin gain quickly. Operations are the second: the June 2026 quarter showed how ore variation, a new crusher and a water recycling plant problem at Mt Weld can cut NdPr output by several hundred tonnes, and G&A rose in FY26 partly because of under-absorbed costs at Kalgoorlie during ramp-up. Capital costs are drifting up, with the Malaysian heavy rare earths project rising ~63% to ~A$294 million, partly because equipment sourced outside China costs more. The Kuantan plant has faced political and legal challenges in the past, even though its licence was renewed for 10 years. The Meteoric deal adds dilution, Brazilian permitting risk and the technical risk of processing a new clay feedstock. Leadership is in transition under interim CEO Pol Le Roux while the board searches for a permanent chief. For US holders, LYSCF trades far less than LYC, spreads can be wide, and returns also move with the Australian dollar.
Is LYSCF a buy or a sell?
We give no verdict on Lynas Rare Earths Limited. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. Supply security outside China. China controls most of the world's rare earth mining, separation and magnet production, and has used export restrictions on rare earth materials and technology as a trade lever.
The case against. The biggest risk is price.
Read the full bull and bear case on LYSCF, including what would have to change to break either one. Walnut is not an investment adviser.
How is Lynas Rare Earths Limited (LYSCF) valued? (approximate, October 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Lynas Rare Earths Limited's investor relations page or your broker.
- Revenue (FY26, to June 30): ~A$978M (up from ~A$557M)
- Net profit (FY26): ~A$222M (vs ~A$8M in FY25)
- EBITDA (FY26): ~A$386M (vs ~A$101M)
- June 2026 quarter revenue / avg price: ~A$289M / record ~A$98.2/kg
- P/E (trailing) / price to book: ~51x / ~3.2x
- Cash (June 30, 2026): ~A$1.21B, no dividend
On October 16, 2026 the US OTC quote was about $7.65, a market value of roughly US$7.7 billion, near the 52-week low of ~$7.43 and about half the ~$15.75 high reached in April 2026. The trailing multiple of ~51x looks high because FY26 profit, while a record, came off a very low FY25 base, and because the June quarter's ~A$98/kg selling price was well above the full-year average. Financial figures are in Australian dollars and the OTC price in US dollars, so the ratios also move with the AUD/USD rate.
Who competes with Lynas Rare Earths Limited (LYSCF)?
Chinese rare earth producers
China Northern Rare Earth, China Rare Earth Group and other state-linked groups dominate global mining, separation and magnet supply and largely set the market price. They are the incumbents Lynas sells against: its customers pay a premium specifically to diversify away from them, and Chinese export policy shapes the price Lynas receives.
Western rare earth miners and processors
MP Materials (Mountain Pass, California), Iluka Resources (building the Eneabba refinery in Western Australia), Arafura Rare Earths, Energy Fuels and Neo Performance Materials are all building non-Chinese supply chains. They compete with Lynas for the same magnet-maker offtake agreements, government funding and investor capital earmarked for critical minerals.
Ionic clay and heavy rare earth developers
Developers such as Brazilian Rare Earths, Aclara Resources and, until the pending deal closes, Meteoric Resources target dysprosium and terbium from ionic clay deposits in Brazil and Chile. Clay deposits are China's main heavy rare earth source, and this is the niche Lynas is entering through its proposed purchase of Meteoric's Caldeira project.
What stocks are similar to Lynas Rare Earths Limited (LYSCF)?
Other names that sit close to LYSCF: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Lynas Rare Earths Limited (LYSCF)
There are three common ways to get LYSCF exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so LYSCF sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where LYSCF fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Lynas Rare Earths Limited (LYSCF)
Lynas posted record FY26 profit and holds ~A$1.2 billion of cash, but its shares have roughly halved since April on production misses, rising project costs, a CEO change and a dilutive Brazil acquisition.
More on Lynas Rare Earths Limited (LYSCF)
Whether LYSCF is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LYSCF a buy or a sell?, and where the stock could go from here in the LYSCF stock forecast.
For income investors, whether LYSCF pays a dividend and how the payout looks is covered in does LYSCF pay a dividend? And to weigh LYSCF against a peer, read the full side-by-side comparisons: LYSCF vs MP and LYSCF vs ILKAY.
Wondering how LYSCF fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Lynas Rare Earths Limited with AI
Connect the broker you already use and ask Walnut's AI how LYSCF fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is LYSCF?
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LYSCF is the US over-the-counter ticker for the ordinary shares of Lynas Rare Earths Ltd, an Australian rare earths miner and processor. One LYSCF share represents one share of LYC, the company's primary listing on the Australian Securities Exchange, quoted in US dollars instead of Australian dollars. Because almost all trading and price discovery happens on the ASX, LYSCF usually tracks the LYC price converted at the AUD/USD exchange rate, with some lag and wider spreads when the US market is open and Sydney is closed. As of October 16, 2026 LYSCF was about $7.65, giving Lynas a market value of roughly US$7.7 billion. Lynas also has a sponsored ADR, LYSDY, which trades OTC at one ADR per ordinary share. Many US brokers offer LYSCF, though some charge foreign or OTC trading fees and limit order types.
What is the difference between LYSCF, LYSDY and LYC?
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All three give exposure to the same company. LYC is the primary listing on the ASX, where most volume trades, prices are set in Australian dollars, and company announcements are released first. LYSCF is the ordinary share itself traded on the US OTC market in dollars, one for one with LYC. LYSDY is a sponsored American depositary receipt, a certificate issued by a US depositary bank that holds Lynas shares on behalf of ADR owners, also at one ADR per share. The practical differences are liquidity, fees and settlement: the OTC lines trade far fewer shares, can show wider bid-ask spreads, and ADRs may carry small depositary fees. Since Lynas pays no dividend, withholding tax on dividends is not currently a factor for any of the three lines.
What does Lynas Rare Earths do?
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Lynas mines rare earth ore at Mt Weld in Western Australia, one of the highest-grade rare earth deposits in the world, and turns it into concentrate on site. The concentrate is cracked and leached at its Kalgoorlie facility, also in Western Australia, and the resulting material is separated into individual oxides at its plant in Kuantan, Malaysia. Its main product is NdPr oxide, the key input for neodymium-iron-boron permanent magnets used in EV motors, wind turbines, electronics, robotics and defense equipment. Since 2025 it has also produced dysprosium and terbium, heavy rare earths that let magnets withstand heat, and in March 2026 it made its first samarium oxide. It also supplies Korean magnet maker JS Link under an exclusive agreement running to 2038.
How did Lynas do in its latest results?
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For FY26, the year to June 30, 2026, reported on August 26, Lynas posted record revenue of ~A$977.9 million, up from ~A$556.5 million, EBITDA of ~A$386 million and net profit of ~A$222.4 million, up from ~A$8 million in FY25. Ready-for-sale oxide output rose ~25% to ~13,089 tonnes and NdPr ~11% to ~7,260 tonnes. In the June 2026 quarter alone, revenue was ~A$288.9 million on a record average selling price of ~A$98.2/kg, but NdPr production fell to ~1,857 tonnes from ~1,996 tonnes in the March quarter because of water-plant and ore-quality problems at Mt Weld. Lynas ended June with ~A$1.21 billion of cash. It usually publishes its September quarter report in the second half of October, and that report is the next update.
Is Lynas being acquired?
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No. Lynas is the buyer, not the target. On October 1, 2026 it agreed to acquire Meteoric Resources, owner of the Caldeira ionic clay rare earths project in Minas Gerais, Brazil, through a scheme of arrangement. Meteoric holders would receive 0.0207 new Lynas shares for each Meteoric share, valuing the company at about A$968 million and representing a ~68% premium to Meteoric's prior close. Existing Lynas shareholders would own about 94.1% of the enlarged group. The deal needs approval from Meteoric shareholders, an Australian court and Brazil's national council for critical and strategic minerals, with completion expected in early 2027. While approvals are pending, Lynas will lend Meteoric up to ~A$110 million, starting with ~A$35 million, to keep Caldeira moving.
Does Lynas pay a dividend?
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No. Lynas did not declare or pay a dividend for FY26, despite record net profit of ~A$222 million, and it has historically kept its cash for growth. That cash has gone into the Mt Weld expansion, the Kalgoorlie processing facility, the Malaysian heavy rare earths build (now estimated at ~A$294 million) and, from 2026, a ~A$50 million investment in magnet maker JS Link and an interim loan of up to ~A$110 million to Meteoric Resources. The company raised ~A$914 million of net equity in FY26 and held ~A$1.21 billion of cash at June 30, which gives it room to fund those plans. Holders of LYSCF are therefore relying entirely on share price changes for returns, and the dividend yield shown for the stock is zero.
Is Lynas stock a good investment?
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It depends on how someone weighs the bull and bear cases. The bull case: Lynas is the only commercial producer of both light and heavy separated rare earths outside China, demand from non-Chinese magnet makers is rising, governments are backing secure supply, prices hit records in the June 2026 quarter, and the balance sheet holds ~A$1.21 billion of cash. The bear case: profit depends heavily on volatile NdPr prices partly set by Chinese policy, production has been uneven, project costs keep rising, the Meteoric deal brings dilution and Brazilian execution risk, the CEO role is interim, and the shares still trade at ~51x trailing earnings after halving. For US holders, thin OTC liquidity and the AUD/USD rate add another layer of variability.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Lynas Rare Earths Limited's investor relations page or your broker before making investment decisions.