Neodymium stocks span the full NdPr supply chain, from established producers with revenue today to pre-revenue developers still years from first output, and downstream companies that turn oxide into finished magnets. Because neodymium and praseodymium are almost always mined, refined and sold together, most “neodymium stocks” are really NdPr stocks, and their investment case depends heavily on where in the chain they sit.
How We Ranked These Neodymium Stocks
This list ranks companies by their current stage of commercial NdPr or magnet output rather than by pure production tonnage. That distinguishes it from a pure volume ranking of neodymium producers: a company shipping commercial magnets today is ranked ahead of a larger but still pre-production developer, and market capitalisation is used as a tiebreaker within each stage. The list spans NYSE, NASDAQ, ASX and TSX listings rather than splitting by exchange.
1. MP Materials (NYSE: MP)
MP Materials remains the most advanced Western NdPr producer, with record output through 2026, including 840 metric tonnes of NdPr oxide in the second quarter alone. Its Independence facility in Fort Worth, Texas has begun shipping prototype NdFeB magnets to General Motors, with commercial shipments targeted for the fourth quarter of 2026. The US Department of Defense holds a direct equity stake and is MP’s largest shareholder. A second, larger magnet facility (“10X”), backed by $1bn in commercial debt from JPMorgan and Goldman Sachs plus a $150m DoD loan, is targeting commissioning in 2028.
2. Lynas Rare Earths (ASX: LYC)
Lynas posted FY26 revenue up 76% to A$977.9m and NdPr sales up 12% to 7,337 tonnes at a record average selling price, helped by a US government letter of intent redirecting $96m toward Lynas purchases at a $110/kg NdPr floor price. The company’s leadership situation remains unsettled: Amanda Lacaze retired as CEO at the end of FY26, interim CEO Pol Le Roux has been in the role since July, and no permanent successor had been named as of Lynas’s August 2026 annual results. In early September 2026, Lynas confirmed it had been in takeover talks earlier in the year that did not proceed, and that the talks were the reason its CEO search had been paused. Malaysia renewed Lynas’s operating licence for a further ten years in March 2026.
3. USA Rare Earth (NASDAQ: USAR)
USA Rare Earth commissioned its Phase 1a magnet line at Stillwater, Oklahoma in March 2026 and is now fulfilling commercial NdFeB magnet orders. The company closed its acquisition of Texas Mineral Resources Corp on August 7, 2026, giving it 100% economic ownership of the Round Top heavy rare earth deposit. USAR has also secured a $1.6bn federal support package and a $1.5bn private placement in early 2026. Mining and mineral production remain pre-revenue as of the company’s most recent quarterly filing; current revenue comes from its Less Common Metals metals-and-alloys business.
4. Iluka Resources (ASX: ILU)
Iluka’s Eneabba refinery in Western Australia was roughly 60% complete as of the first half of 2026, with capex drawn to date exceeding A$1.1bn. The company signed its first rare earths offtake agreement, supplying 1,200 tonnes per year of magnet rare earth oxide to an unnamed global automaker from 2028. Commissioning has slipped from an earlier 2026 target to 2027, meaning Iluka is not yet an NdPr producer and remains a construction-stage stock rather than a current output story.
5. Energy Fuels (NYSE: UUUU)
Energy Fuels is already producing commercial-scale NdPr oxide at its White Mesa Mill in Utah and achieved the first US primary terbium oxide production in March 2026. The company completed its acquisition of Australian Strategic Materials on August 28, 2026, adding an operating metals and alloys plant in South Korea. Separately, Energy Fuels has agreed to acquire German magnet maker Vacuumschmelze in a deal valued at roughly $1.9bn, which would extend the platform through to finished magnets; that transaction is still pending and is targeted to close in early 2027. Construction began in July 2026 on a heavy rare earth expansion covering dysprosium, terbium, samarium and europium.
6. Neo Performance Materials (TSX: NEO)
Neo is not a miner. It operates in separation, metal-making and magnet manufacturing, and its second-quarter 2026 adjusted EBITDA of $57m was up 200% year on year, the strongest quarterly result in the company’s history. Full-year guidance has been raised twice, to $140-150m. Neo’s sintered magnet facility in Silmet, Estonia reached commercial production in September 2026 and began shipping to a Tier 1 EV traction motor customer, a genuinely new milestone that puts a Western company shipping finished sintered magnets into a European automotive supply chain today.
7. Arafura Rare Earths (ASX: ARU)
Arafura’s board reached final investment decision on the Nolans project in May 2026, and construction started in September 2026. Project financing, spanning senior debt, National Reconstruction Fund convertible notes, and equity from the German Raw Materials Fund and Export Finance Australia, was reported fully assembled by August 2026, with contractual close targeted for October 2026. Nolans is targeting 4,440 tonnes per year of NdPr oxide, backed by binding offtakes with Hyundai, Kia, Siemens Gamesa and Traxys.
8. Critical Metals Corp (NASDAQ: CRML)
Critical Metals Corp increased its ownership of the Tanbreez project in Greenland to 92.5% in April 2026, and pilot plant infrastructure is under construction alongside a 15-year offtake with REalloys. Tanbreez is still at exploration and evaluation stage, with no production, and its deposit is weighted more toward heavy rare earths, dysprosium and terbium in particular, and niobium than toward neodymium and praseodymium. It is the weakest NdPr fit on this list and is included primarily for stage-of-development and investor interest reasons rather than direct NdPr exposure.
9. NioCorp Developments (NASDAQ: NB)
NioCorp started mine portal construction at Elk Creek, Nebraska in February 2026 and released an updated feasibility study in August 2026 showing an expanded 40-year mine life across eight critical mineral products. The company holds meaningful liquidity following recent capital raises, but the project’s roughly $1.85bn build cost still leaves a substantial funding gap that has not yet been closed. NioCorp remains pre-revenue and pre-full-construction financing, and financing risk, rather than technical or operational risk, is the dominant issue for the stock right now.
10. Brazilian Rare Earths (ASX: BRE)
Brazilian Rare Earths continued reporting high-grade NdPr and heavy rare earth drill results at its Monte Alto project through mid-2026, with pilot plant commissioning targeted for mid-2026 in partnership with SENAI CIMATEC. The company holds a ten-year offtake with Carester for heavy rare earth concentrate and completed the demerger and IPO of its Amargosa bauxite-gallium asset (Alurion Resources) in July 2026, retaining an approximate 16% stake. Analyst sentiment has been consistently bullish, with Buy ratings and price targets in the A$6.07 to A$7.57 range.
| Rank | Company | Ticker | Stage |
|---|---|---|---|
| 1 | MP Materials | NYSE: MP | Producing, magnet shipments beginning |
| 2 | Lynas Rare Earths | ASX: LYC | Producing, record sales |
| 3 | USA Rare Earth | NASDAQ: USAR | Commercial magnets, pre-revenue mining |
| 4 | Iluka Resources | ASX: ILU | Construction, pre-production |
| 5 | Energy Fuels | NYSE: UUUU | Producing, expanding downstream |
| 6 | Neo Performance Materials | TSX: NEO | Producing, magnet commercialisation |
| 7 | Arafura Rare Earths | ASX: ARU | Construction, post-FID |
| 8 | Critical Metals Corp | NASDAQ: CRML | Pilot plant, exploration stage |
| 9 | NioCorp Developments | NASDAQ: NB | Early construction, pre-financing |
| 10 | Brazilian Rare Earths | ASX: BRE | Exploration, pilot stage |
Neodymium Stocks vs Rare Earth ETFs
Buying individual neodymium stocks concentrates exposure to a single project, jurisdiction or management team, while a broader rare earth ETF spreads that risk across miners, processors and Chinese producers alike, at the cost of diluting exposure to any single NdPr catalyst. Investors weighing this trade-off can compare the two approaches directly in our Rare Earth Stocks vs ETFs guide, or see the broader vehicle options in our Top 10 Rare Earth ETFs list.
Final Take on Neodymium Stocks for 2026
The neodymium stocks with the strongest near-term case are the ones already shipping oxide or magnets today, MP Materials, Lynas, USA Rare Earth, Energy Fuels and Neo Performance Materials, while Iluka, Arafura, NioCorp, Critical Metals Corp and Brazilian Rare Earths represent earlier-stage, higher-risk exposure tied to construction and financing milestones rather than current output. For related exposure, see our profiles of MP Materials, Energy Fuels and USA Rare Earth, and our Top 10 Neodymium Producers list for a pure volume-based ranking.
What is the difference between a neodymium stock and an NdPr stock?
In practice there is little difference. Neodymium and praseodymium are almost always mined and refined together as a combined NdPr concentrate, so nearly every company described as a neodymium stock is exposed to both elements rather than neodymium alone.
Which neodymium stocks are already producing?
MP Materials, Lynas Rare Earths, Energy Fuels, USA Rare Earth and Neo Performance Materials all have commercial NdPr oxide, metal or magnet output today. Iluka, Arafura, NioCorp, Critical Metals Corp and Brazilian Rare Earths remain at construction, financing or exploration stages.
Are neodymium stocks riskier than a rare earth ETF?
Individual neodymium stocks concentrate risk in a single project, jurisdiction and management team, whereas an ETF spreads exposure across multiple producers and processors, including Chinese companies, reducing single-stock risk at the cost of diluting exposure to any one catalyst.
Why is Critical Metals Corp on a neodymium stocks list if Tanbreez is mostly a heavy rare earth deposit?
Tanbreez is included for stage-of-development and investor interest reasons. Its resource is weighted toward dysprosium, terbium and niobium rather than neodymium and praseodymium, making it the weakest NdPr fit on this list.
