Before it becomes the magnet in an EV motor or a part in a fighter jet, a rare earth has to clear an upstream gate first — you dig the ore out, then "separate" the 17 elements jumbled together into pure, single-element oxides. It sounds like ordinary mining, but here's the truth: anyone can do the "digging" — it's the "separating" that's enormously hard, dirty, and that the whole world relies on China for, to the tune of ~90%. For the indispensable heavy rare earths, China controls nearly 99%. This is the story of the very first gate in the chain — and of the bottleneck hidden in hundreds of chemical tanks, not in a mine pit.
Laos Plans to Halt Raw Ore Exports by Mineral Type and Timeline, Stops Approving New Rare Earth Projects
Lao Minister of Industry and Commerce Malaythong Kommasith explained the shift in national mining development policy at the tenth session of the National Assembly. The draft of the new Prime Ministerial Decree on Improving Policies and Strengthening Management of Mineral Resource Development in the New Phase proposes four policy directions, including establishing ten criteria for selecting investors, requiring one hundred percent open and transparent bidding for projects, clearly planning to stop raw ore exports, and shifting management toward digitalization while implementing ESG standards. Among these, approvals for new rare earth projects will be halted absolutely. For already approved projects, the Ministry of Industry and Commerce will formulate a plan to reduce raw ore exports by the end of 2026 and submit it to the government for approval. For minor metals such as cobalt, tungsten, and nickel, raw ore exports will be fully stopped before 2030. Several industry analysts told Jiemian News that the new Lao policy will have limited impact on China's overall mineral supply and demand landscape. Li Congming, a rare earth industry analyst at Shanghai Ganglian, pointed out that China has a relatively high self-sufficiency rate for rare earth raw materials, and the scale of imports from Laos is not large compared with Myanmar and the United States. However, since 2025, as US import volumes have dropped sharply, the share of Lao ore has increased. Data from Antaike show that in 2025, China's imports of intermediate rare earth smelting products from Laos rose 57.8 percent year on year, with Lao ore accounting for 25 percent, surpassing the 19 percent share from the United States. Chen Qiqi, an antimony industry analyst at Shanghai Ganglian, said Laos accounts for only about 2 percent of China's total antimony raw material imports, and the figure was 2.81 percent from January to August this year. The disappearance of that import volume would actually reduce downward pressure on domestic prices in the short term, making its symbolic significance greater than its practical impact. Bai Qiong, a nickel industry analyst at Shanghai Ganglian, said Laos has cobalt reserves exceeding 100,000 tonnes and nickel resources of a certain scale, but its output accounts for an extremely low share globally. Tungsten industry analyst Lü Yannan said China's imports of tungsten concentrate from Laos account for less than 1 percent of total domestic tungsten raw material imports, so the impact is basically negligible. The new policy is the result of continued tightening of mining regulation in Laos in recent years. In May 2026, Directive No. 11 of the Central Committee of the Lao People's Revolutionary Party explicitly banned raw ore exports for the first time. In July, the Standing Committee of the special session of the tenth National Assembly proposed setting a two-to-three-year deadline to stop raw ore exports. The new Prime Ministerial Decree issued in October turns those principles into a concrete ban plan by mineral type and timeline.
Baogang Steel Plans to Adjust Q4 2026 Rare Earth Concentrate Related-Party Transaction Price to 38,800 Yuan per Tonne
Baogang Steel announced that, in accordance with the rare earth concentrate price adjustment mechanism and calculation formula approved at the company's 2022 annual general meeting, it plans to adjust the related-party transaction price for rare earth concentrate in the fourth quarter of 2026 to 38,769 yuan per tonne excluding tax, or 38,800 yuan per tonne, with the pricing basis being dry weight and REO equal to 50%. The announcement also clarified that for every 1% increase or decrease in REO, the tax-exclusive price will correspondingly increase or decrease by 775.38 yuan per tonne.
600010.CG · Pricing · Neutral Baogang Steel adjusts its Q4 2026 rare earth concentrate related-party transaction price to 38,800 yuan/tonne under the approved mechanism, a change in its own product pricing.
MP Materials Posts Record NdPr Output, Targets Terbium and Dysprosium Production
MP Materials is accelerating its push to build a fully integrated U.S. rare earth supply chain, reporting record NdPr production and progress toward heavy rare earth and magnet manufacturing. In 2025, its Mountain Pass operations delivered a record 2,599 metric tons of neodymium-praseodymium, more than double the 1,294 metric tons produced in 2024. First-quarter 2026 NdPr output hit a record 917 metric tons, up 63% year over year, and second-quarter production rose 41% year over year to 840 metric tons despite a scheduled semiannual maintenance outage; management expects third-quarter 2026 NdPr production to have exceeded 1,000 metric tons. The company remains on track to begin producing terbium and dysprosium later this year, with first samarium production targeted for 2028, and recently signed a multiyear agreement to supply gadolinium oxide to a leading U.S. aerospace and defense manufacturer. In December 2025, MP produced its first commercial-scale neodymium-iron-boron permanent magnets at its Independence facility in Fort Worth, Texas, and it has been delivering magnetic precursor products to General Motors under a supply agreement since the first quarter of 2025. As of June 30, 2026, MP had collected $150 million in required GM prepayments and delivered $104.5 million of precursor products, with the remaining $45.5 million expected within a year, after which it expects to shift to finished magnet sales; it delivered magnets to GM for in-vehicle qualification testing in the second quarter of 2026 and expects commercial shipments to begin in the fourth quarter of 2026. MP has begun construction of the 10X magnetics facility, which is expected to contribute to total production capacity of approximately 10,000 metric tons of NdFeB rare-earth magnets per year, and it has launched Project Swarm with U.S. and allied drone manufacturers while continuing its partnership with Apple on magnet recycling and production.
MP · Supply · Positive MP Materials reported record NdPr output and progress toward terbium, dysprosium, and magnet production, expanding its rare earth supply capacity.
GM · Demand · Positive MP Materials is delivering magnetic precursor products and magnets to GM under a supply agreement, with commercial magnet shipments expected in Q4 2026.
Medaro Mining Reports Multiple Magnetic Targets at Bastnäs Project in Sweden
Medaro Mining Corp. announced results from a high-resolution, low-elevation drone magnetic survey completed across the central section of its Bastnäs Project in central Sweden as part of its 2026 exploration program. The survey identified multiple magnetic high structures correlating with historical iron ore mines, strongly defined magnetic high lineaments trending northeast-southwest across the project area, and a structural fabric overprint that breaks up those lineaments. Coverage gaps caused by terrain, environmental and operational constraints will be infilled during a Phase 2 drone magnetic survey planned for 2027. The geophysical data is being interpreted alongside the company's 2026 surface sampling results, which included 218 rock chip samples collected from new outcrops and historic workings, with previously reported results of up to 32.99% TREO, 16.5 grams per tonne gold and 23.7% copper. Medaro has identified six principal areas of interest from the combined geological, geochemical and geophysical results, and President and CEO Mark Carruthers said the survey has helped prioritize several areas for follow-up exploration and drilling. The Bastnäs Project comprises two mineral exploration permits, Bastnäs 100 and Bastnäs 200, held on trust by McKnight Resources AB, and one permit, Bäckegruvan nr 1, held on trust by Explora Mineral AB, all intended to be transferred 100% to Medaro pending regulatory approvals.
Medaro Mining Corp. · Technology · Positive Drone magnetic survey identified multiple magnetic targets and six priority areas, advancing its Bastnäs exploration program toward follow-up drilling.
Canamera Wins Three-Year Permit for Schryburt Lake REE-Niobium Project, Drilling Starts October 2026
Canamera Energy Metals Corp. has received a three-year Exploration Permit from the Ontario Ministry of Energy and Mines for the Schryburt Lake Rare Earth Element-Niobium Project in northwestern Ontario and has signed a Community Benefit Agreement with Nibinamik First Nation, clearing the way for the project's first-ever diamond drill program to begin in mid-October 2026. The permit, effective from September 10, 2026 to September 9, 2029, authorizes a 19-hole diamond drilling program plus mechanized stripping and trenching, line cutting and geophysical surveys across 36 claims covering the core of the Schryburt Lake Carbonatite Complex. The initial phase, mobilizing October 16, 2026, comprises approximately 1,500 metres of helicopter-supported diamond drilling in three holes testing the Blue Jay, Starling and Blackbird targets, with a budget of approximately CAD $1.7 million. This is the first diamond drill program on the project and the first drilling of any kind since six shallow reconnaissance holes totalling 293 metres were completed in 1977. Expenditures under the program further the CAD $1.5 million First Option expenditure condition under the company's JV Option Agreement, through which Canamera may earn an initial 51% interest in the project, and up to a 90% interest through a three-stage earn-in requiring aggregate expenditures of CAD $9.0 million.
Canamera Energy Metals Corp. · Regulation · Positive Received a three-year Ontario exploration permit and signed a Community Benefit Agreement, clearing the way for its first diamond drill program at Schryburt Lake.
China's Rare Earth Refining Share Falls from 91% to 85% as Japan and the U.S. Build Supply Chains Without China
Each time China uses rare earths as a diplomatic card, momentum grows among Japan and the U.S. in particular to build supply chains that exclude China. According to the International Energy Agency, as of 2025 China accounts for 85% of global rare earth refining, but its share of refining rare earths for magnets has fallen from 91% in 2023 to roughly 85% in 2025, and if planned projects come to fruition it could drop to around 70% by 2035. In October 2025, President Trump and Prime Minister Sanae Takaichi signed a Japan-U.S. framework on the mining and processing of critical minerals and rare earths, setting out a policy of diversifying supply chains through a combination of loans, guarantees, insurance, long-term purchase contracts, stockpiling, recycling, and geological surveys. In April 2026, Prime Minister Takaichi launched the Partnership for Resilient Energy and Resource Supply Capacity in Asia, known as Power Asia, under which financial cooperation totals about 10 billion dollars, equivalent in crude oil and petroleum product procurement to as much as about 1.2 billion barrels, roughly one year's worth of ASEAN's crude oil imports. At the second Pax Silica Summit in June 2026, governments from 35 countries and regions including Japan joined a joint statement on the AI field, and connecting the two frameworks of Power Asia and Pax Silica under Japan's leadership has become a realistic policy concept.
Energy Fuels Holds $996 Million Working Capital as Growth Spending Climbs
Energy Fuels reported $996 million in working capital as of June 30, 2026, up from $927.4 million as of Dec. 31, 2025, including $58.4 million of cash and cash equivalents and $878.3 million of marketable securities. The company's net cash used in operating activities declined to $17.8 million in the first half of 2026 from $44.8 million a year earlier, while net cash used in investing activities rose to $133.3 million from $75.2 million on higher investments in marketable securities, equipment and mineral properties, plus contributions to the Donald Project joint venture. In June, Energy Fuels received a conditional $725 million financing commitment from the U.S. Office of Strategic Capital, a proposed 20-year loan to support critical minerals processing expansion at the White Mesa Mill and a planned U.S. rare earth metals and alloys facility, subject to customary conditions and approvals. Among peers, MP Materials generated $4.9 million of operating cash flow in the first half of 2026 versus an outflow of $66.9 million a year earlier, and spent $307.7 million on property, plant and equipment, up from $59.5 million, ending with $429.6 million in cash, cash equivalents and restricted cash. Centrus Energy reported $16.7 million of operating cash outflow in the first half of 2026 against $89.3 million of inflow a year earlier, with capital expenditures surging to $94.8 million from $5.7 million and cash and cash equivalents of $1.87 billion as of June 30, 2026.
Energy Transition & Power Demand › Uranium Mining & Development Capital
Energy Transition & Power Demand › Nuclear Fuel Cycle (Uranium & Enrichment) Capital
Critical Materials & Supply Chain › Uranium Mining Capital
Energy Transition & Power Demand › Conversion & Enrichment (HALEU) Capital
UUUU · Capital · Positive Energy Fuels reported $996M working capital and a conditional $725M U.S. Office of Strategic Capital financing commitment for critical minerals and rare earth expansion.
LEU · Capital · Negative Centrus reported $16.7M H1 operating cash outflow versus $89.3M inflow a year earlier, with capex surging to $94.8M from $5.7M.
MP · Capital · Positive MP Materials generated $4.9M operating cash flow in H1 2026 versus a $66.9M outflow a year earlier.
Greenland Resources Collects 8 Tonnes of Core, 14 Tonnes of Water for Malmbjerg REE and Magnesium Study
Greenland Resources Inc. has collected more than eight tonnes of drill core and fourteen tonnes of saline and fresh water from its Malmbjerg ore body in Greenland for a by-product test program backed by a non-repayable contribution from the government of Canada. The materials are expected to arrive at SGS Lakefield in Ontario around October 12, and the test program, which aims to verify metallurgical recoveries and concentration grades, will continue until March 2028. The work falls under the Malmbjerg Project Molybdenum Optimization, and Magnesium and Rare Earths By-product Feasibility Study, which received $7 million from Natural Resources Canada's Critical Minerals Research, Development and Demonstration Program. The company noted that China accounts for approximately 69% of global rare earth element production and 89% of global magnesium production, with the EU sourcing 97% of its magnesium from China and US net import reliance on magnesium exceeding 75% of consumption in 2025. The program covers characterization of ore samples and process water, optimization of molybdenum flotation under fresh and saline water conditions, and evaluation of magnesium and REE recovery pathways, with each program potentially advancing to continuous pilot-scale testing.
SGS Lakefield · Demand · Positive SGS Lakefield is the lab receiving the drill core and water samples to run the metallurgical test program for Greenland Resources.
LH Fund launches IPO of LHCRITMAT fund investing in nine critical mineral groups
Land and Houses Fund Management, or LH Fund, has opened the initial public offering of the LH Critical Materials open-ended fund (LHCRITMAT) from October 6 to 14, 2026, with a risk level of 7. The fund invests in the master fund, the Sprott Critical Materials ETF (SETM), at an average of no less than 80% of net asset value per fiscal year. Monarat Padungsit, Managing Director of LH Fund, said critical minerals are becoming a strategic raw material for the modern world, driven by their necessity for energy production, transmission and storage, as well as the defense and aerospace industries. The master fund is passively managed, tracking the Nasdaq Sprott Critical Materials Index, which selects stocks that derive at least 50% of revenue or assets from the critical minerals business, caps each security's weight at no more than 4.75%, and reviews index constituents every six months. Its key highlight is diversification across nine critical mineral groups through a single fund, with copper at 26.6% and uranium at 25.2%, followed by lithium, silver and rare earths, as of June 30, 2026. The master fund's portfolio has more than 77% combined exposure to companies listed in Canada, Australia and the United States, in line with the trend of supply chain diversification away from China. The master fund returned 60.33% over the past year and an average of 18.36% per year since inception, as of August 31, 2026. On the demand side, China accounts for as much as 90% of global rare earth processing and refining, while Japan relied on imports from China for 63% of its rare earths in 2024. The United States Geological Survey announced its 2025 national critical minerals list of 60 items, 10 more than the previous list. The IEA estimates global power grid investment in 2026 at about 550 billion US dollars, up nearly 20% from the previous year, with nuclear power capacity under construction totaling 78 gigawatts across 15 countries. NATO members aim to raise defense budgets to 5% of GDP by 2035. On the supply side, constraints remain: capital spending by critical minerals mining companies fell 9% in 2025 and exploration budgets dropped 10%. The IEA estimates that by 2035, mines worldwide may produce 30% less copper than needed and 40% less lithium, requiring about 500 billion US dollars in new mine investment by 2040.
Critical Metals Wins Greenland Approval for Tanbreez Rare Earth Mine
Critical Metals Corp. shares rose 13% Monday morning after the company said it received formal mining approvals from the Government of Greenland for its Tanbreez Mine, valid through 2050. The Government of Greenland approved the Mining Plan and Closure Plan for the Tanbreez Project, one of the world's largest heavy rare earth deposits, located in Southern Greenland. The approvals, signed by Minister Múte B. Egede on September 29, 2026, establish a framework for approximately 24 years of permitted operations under the company's existing exploitation licence. They cover the extraction of 19 critical elements, including the heavy rare earths terbium, dysprosium and yttrium, as well as the magnet metals neodymium and praseodymium. The remaining step before construction can begin is obtaining activity-specific operating permits under sections 120 and 121 of the Greenland Mineral Activities Act, covering environmental management, marine transport, health and safety, and the export and sale of minerals. The approvals were granted to the company's Greenlandic subsidiary, Tanbreez Mining Greenland A/S, under Exclusive Licence No. 2020-54, which covers mineral exploitation at Killavaat Alannguat, between Narsaq and Qaqortoq in Southwest Greenland.
CRML · Regulation · Positive Critical Metals Corp. received formal Greenland government mining approvals for its Tanbreez rare earth project, a key regulatory milestone.
Tanbreez Mining Greenland A/S · Regulation · Positive Tanbreez Mining Greenland A/S, the company's subsidiary, was granted the mining and closure plan approvals under its exploitation licence.
Apex Resources Grants ReOsiris Option to Acquire Wau Mineral Claim
Apex Resources Inc. has entered into an option agreement granting ReOsiris Inc. the exclusive right to acquire Apex's 100% interest in the Wau mineral claim in British Columbia. The option agreement took effect October 1, 2026, with ReOsiris, an arm's-length party, paying a non-refundable upfront cash payment of $20,000 for the grant of the option. ReOsiris must pay an additional $250,000 in cash upon exercising the option, and the upfront payment will not be credited against that exercise price. ReOsiris has 12 months to decide whether to exercise the option. The property consists of mineral tenure No. 1136563 and includes all minerals on the claim in whatever form, including tailings and waste rock, with all amounts stated in Canadian dollars.
Energy Transition & Power Demand › Uranium Mining & Development Capital
Apex Resources Inc. · Capital · Positive Apex grants ReOsiris an option to acquire its Wau mineral claim for $20,000 upfront plus $250,000 on exercise
ReOsiris Inc. · Capital · Neutral ReOsiris obtains an option to acquire the Wau claim, paying $20,000 now and $250,000 if it exercises within 12 months
American Rare Earths Unveils Larger Cowboy State Mine Plan in Updated Scoping Study
American Rare Earths has unveiled an updated Scoping Study for the Cowboy State Mine outlining a larger development concept for Halleck Creek, CEO Mark Wall said. The study evaluates a 4.5-million-tonne-per-year operation with a projected mine life of 26 years, generating an estimated after-tax net present value of approximately US$1.07 billion at an 8% real discount rate. Initial capital is estimated at approximately US$900 million, comprising roughly US$690 million in direct capital and US$210 million in contingency, with the updated study applying a 30% contingency allowance to direct capital versus 20% in the company's 2025 study. Modelled average annual production of neodymium-praseodymium oxide has increased from approximately 1,800 tonnes to 2,500 tonnes, and a separate closure cost provision of approximately US$56 million has been included at the end of the projected mine life. The development concept combines mining, comminution and mineral concentration at the Cowboy State Mine with a separate hydrometallurgical refinery planned for the Wheatland or Laramie area of Wyoming, as the company aims to establish a domestic supply of rare earth oxides and advance technical work to connect those materials with downstream U.S. production of rare earth metals and permanent magnets.
American Rare Earths Limited · Supply · Positive Updated scoping study outlines a larger 4.5Mtpa Cowboy State Mine with higher NdPr output, expanding its rare earth supply project
EQ Resources Swings to A$7.11 Million Full-Year Profit as Sales Reach A$165.44 Million
EQ Resources Limited reported full-year results to 30 June 2026, swinging to a net profit of A$7.11 million from a prior-year net loss. Sales rose to A$165.44 million and revenue to A$167.04 million, and the company moved from a loss per share to positive basic and diluted earnings per share from continuing operations. The company said the turnaround reflects core operations now earning their keep, though it flagged risks around high non-cash earnings, volatile share price moves, concentration in a niche commodity, and recent shareholder dilution. Short-term catalysts center on execution at key projects, integration of the Springer APT joint venture in the US, and governance and capital allocation under a refreshed board and relatively new management team. Simply Wall St Community fair value estimates for EQ Resources range from roughly A$0.25 to A$2.43 across three submissions.
EQ Resources Limited · Capital · Positive EQ Resources swung to a A$7.11 million full-year net profit with sales of A$165.44 million, a financial-results turnaround.
United StatesUnited KingdomEuropean UnionMalawiPoland
Rare-Earth Mining & Oxide/Concentrate
Mkango Files Amended Form F-4 for Crown PropTech SPAC Merger
Mkango Magnetic Materials Limited announced that its wholly-owned subsidiary, Mkango Rare Earths Limited, filed an amendment to its registration statement on Form F-4 with the United States Securities and Exchange Commission on September 29, 2026, in connection with its proposed business combination with Crown PropTech Acquisitions, first announced on July 3, 2025. The Amended Form F-4 comprises a preliminary proxy statement of CPTK and a preliminary prospectus of MKAR covering the common shares and warrants to be issued in the deal. The filing has not yet been declared effective by the SEC and remains subject to completion or amendment. Subject to the SEC review process and customary closing conditions, including approval by CPTK shareholders, MKAR's common shares and warrants are expected to list on Nasdaq under the symbols MKAR and MKARW on closing. Mkango, which is listed on AIM and the TSX-V, is pursuing a strategy to become a market leader in recycled rare earth magnets, alloys and oxides, and its Songwe Hill and Pulawy rare earths projects have both been selected as Strategic Projects under the European Union Critical Raw Materials Act.
Defense & Geopolitical Fragmentation › Sovereign Critical Minerals & Magnets Capital
Defense & Geopolitical Fragmentation › Sovereign Supply — Minerals & Reshoring Industrials Capital
Crown PropTech Acquisitions · Capital · Positive Amended Form F-4 filed with SEC advances its proposed SPAC business combination with Mkango Rare Earths, with shares/warrants expected to list on Nasdaq.
Tronox and JX Advanced Metals Sign Rare Earth Cooperation and Investment Agreement
Tronox Holdings plc has signed a cooperation and investment agreement with JX Advanced Metals Corporation to advance its rare earth and critical minerals business. Under the agreement, the two companies will fund on a 50/50 basis approximately $32 million to support a definitive feasibility study for Tronox's proposed rare earth cracking and leaching facility in Australia, a pre-feasibility study for a proposed rare earth oxide refinery in the United States, and development of a US-based pilot facility capable of producing initial quantities of high-purity rare earth oxides. The Cracking Plant is planned for the Rockingham Industrial Zone in Western Australia, about three kilometers south of Tronox's Kwinana TiO2 pigment plant, while the Refinery is expected to be located on Tronox-owned land adjacent to its Hamilton, Mississippi TiO2 pigment facility. Together, the two sites would aim to produce up to 10,000 tonnes per annum of total rare earth oxides, and the agreement also contemplates joint development of niobium, scandium, zirconium, and hafnium from Tronox's mineral resources. If the engineering studies demonstrate technical and commercial viability, the companies will explore forming a joint venture to fund, build, and operate the assets, and they have engaged with government-backed financing institutions including the US Export-Import Bank and Export Finance Australia.
5016.JP · Capital · Positive JX Advanced Metals signs agreement to co-fund ~$32M in rare earth studies and explore a joint venture with Tronox.
TROX · Capital · Positive Tronox signs cooperation and investment agreement with JX Advanced Metals, with 50/50 funding of ~$32M for rare earth feasibility studies and potential JV.
Laos
China
Myanmar (Burma)
United States
