Southern Alliance Mining's Rare-Earth Business Delivers Profits-But the Real Test Comes Next as SAM Moves Up REEx HREE Rankings

Highlights

• SAM's 40% stake in MCRE generated RM132.1M in rare-earth revenue and RM58.4M EBITDA in FY2026, implying a ~44% EBITDA margin
• Gerik produced ~3,600 wet tonnes of rare-earth carbonate in FY2026, but SAM has yet to disclose NdPr, dysprosium, and terbium basket economics
• SAM climbs to #6 in REEx Heavy Rare Earth Access Rankings, reflecting real ionic-clay HREE production but not yet separation capability
• Operating cash flow surged to RM65.9M from RM4.0M in FY2025, with net cash of RM151.6M and borrowings down to just RM8.0M
• The next valuation catalyst is Gerik's third and largest parcel, targeted to begin operations by mid-FY2027