Hancock Prospecting Takes A$680 Million Paper Loss on Rare-Earth Holdings

Highlights

• Hancock Prospecting has absorbed an estimated A$680 million 12-month paper loss on rare-earth holdings including MP Materials and Lynas Rare Earths.
• MP Materials posted 89% year-over-year revenue growth and 41% NdPr production gains, yet its share price remains weak amid investor risk discounting.
• Lynas reported record FY2026 revenue of A$977.9 million but was punished by markets over production misses and heavy rare-earth expansion cost overruns.
• Hancock expanded its critical-mineral exposure in May 2025 by disclosing a 6.26% stake in Rare Earths Americas, signaling continued conviction.
• REEx frames the losses as the 'Transition Vulnerability Window'—the period when Western supply chains need patient capital most but are least rewarded for it.