Lynas Rare Earths has reported improved safety metrics and a significant increase in revenue and profit for the financial year ending June 2026. The company’s 12-month rolling lost time injury frequency rate (LTIFR) improved to 0.9 per million hours worked, while the total recordable injury frequency rate (TRIFR) increased to 4.1 per million hours worked. Revenue grew to $977.9 million, up from $556.5 million in the previous year, and Net Profit After Tax (NPAT) increased to $222.4 million from $8.0 million.
Material actions and disclosures
The company also reported a 12% increase in NdPr sales volume to 7,337 tonnes and a 11% increase in total REO sales volume to 12,122 tonnes. Additionally, Lynas achieved first production of Samarium (Sm) oxide in Malaysia, adding to its separated heavy rare earth product suite. The company’s Malaysian operating licence was renewed for a period of 10 years, providing greater investment certainty.
Construction and commissioning of the Mt Weld hybrid renewable power station was completed, with the power station fully operational since January 2026. The average renewable electricity content in the second half of FY26 was 93%, well ahead of the targeted 70%.
Forward commitments
Lynas outlined its Towards 2030 growth strategy, which includes optimising performance from its 2025 capital investments, adding resource and scale, and increasing downstream capacity. The company also announced an expanded heavy rare earths (HRE) separation facility at Lynas Malaysia to increase HRE production capacity.
Lynas secured a 12-year availability and supply agreement with JARE, including firm offtake for 5,000 tonnes per annum NdPr with a US$110/kg NdPr floor price and an upside sharing arrangement when prices exceed US$150/kg NdPr, capped at US$10m/annum.
Additionally, Lynas signed a long-term partnership agreement with JS Link, Inc for the development of a rare earth permanent magnet factory in Kuantan, Malaysia, and entered into a framework agreement with LS Eco Energy for a long-term metal processing arrangement in Vietnam.
These initiatives reflect Lynas’ commitment to optimising its production assets and delivering towards its 2030 growth initiatives to meet customer needs today and tomorrow, while building long-term value for its shareholders.